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The teenagers who do work pay into social security just like every other worker does. Most do not have access to a 401K plan because they don't work FT hours. Why? Because they are still in school and it is important for them to complete their education.
I would rather see a teenager focus on doing the things necessary to keep their college debt to a minimum - taking college credit classes in HS, earning merit scholarships, working PT to have money for their living expenses, taking online class, commuting from home as opposed to living on campus, graduating early. If they can graduate college debt free they will be setting themselves up well for their futures.
HS/College really isn't the time to focus on retirement savings. The exception would be the HS grads who go straight into the military or other FT career position like law enforcement, corrections, etc
Many companies no long match 401Ks, either. My current employer doesn't. My last didn't, either.
If I maxed my 401K the rest of my working career, I can burn every other dollar I ever make and still retire a multi-millionaire, so I should have enough to cover my needs by that point, although there is no guarantee. That means I will have the option of having a home aide or living in an ASL; it just depends on what my medical needs will be at that time. Three out of the four grandparents lived until mid-80s. The one that didn't I think would have lived to that age with modern medical care, but can't say for sure.
More recently, my uncle served as essentially a home aide to his friend girl that he really cared about. He used her government benefits to help move her closer to him so she could have her own living quarters. He took her to all of her appointments, and there were a lot of them. Eventually when it came to end-of-life care (a different topic than this thread), he got Medicaid to pay for it because her assets were spent down to zero. What he explained to me was that you can't qualify for that type of Medicaid care unless your assets are spent down to zero. Ergo, if I run out of money, which I don't think will happen, I suppose Medicaid will pick up the tab?
I have spent zero time researching how 100-year-olds and above are taken care of, but it's an interesting question, because they're still alive at 100+ and someone is helping them. Their kids most likely are definitely dead by then.
I suppose that nursing homes care for 100 year olds the same way that they care for their 85 year old "kids" or even their 65 year old grandkids.
I just pointed out that the government does, in fact, pay for our seniors.
Medicare isn't free (are you thinking of Medicaid?). You have to pay for Part B (outpatient medical care like therapy, medical equipment, etc) and if you don't pay for a supplemental to part A you will have big co-pays. They are quite expensive. Advantage Plans are free in terms of premium, but also come with hefty co-pays. Social Security and Medicare though are both programs workers pay into for decades. It may not match what you get, but it's not really the government "giving you" something.
Medicare isn't free (are you thinking of Medicaid?). You have to pay for Part B (outpatient medical care like therapy, medical equipment, etc) and if you don't pay for a supplemental to part A you will have big co-pays. They are quite expensive. Advantage Plans are free in terms of premium, but also come with hefty co-pays. Social Security and Medicare though are both programs workers pay into for decades. It may not match what you get, but it's not really the government "giving you" something.
Medicare and Social Security are only available to those 65+. I wasn't saying that Medicare covers the costs of assisted living. It's more that SS provides an income while Medicare covers healthcare - why can't those two resources be used more effectively for people who can no longer care for themselves? Too often we see the elderly becoming caregivers to their sick spouses because they don't want to lose their life savings. That's a heck of a thing to put old people through.
I suppose that nursing homes care for 100 year olds the same way that they care for their 85 year old "kids" or even their 65 year old grandkids.
That wasn't your question, which I went on to sufficiently answer in that I would have options depending on my health needs, irrespective of my current age post-retirement.
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Originally Posted by springfieldva
Who do you expect to take care of you when your own money runs out?
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Will you expect your 85 year old "kid" to help you?
Will you be calling a "pick up service" to come every time that you've fallen and you can't get up?
'Suppose in your glibness you want "specifics." I won't rely on either my kids (don't have any currently) or the government to take care of me.
Medicare and Social Security are only available to those 65+. I wasn't saying that Medicare covers the costs of assisted living. It's more that SS provides an income while Medicare covers healthcare - why can't those two resources be used more effectively for people who can no longer care for themselves? Too often we see the elderly becoming caregivers to their sick spouses because they don't want to lose their life savings. That's a heck of a thing to put old people through.
We just celebrated the 100th birthday of a WW2 veteran at the state veterans home. They take great care of them.
They should take good care of him. The guy has served his country and lived a long life.
But I would hope that a 100 year old former teacher would also be well taken care of. She, too, has given valuable service to her country. Same could be said for all 100 year olds, they have seen a lot in their lives and they have each made their own unique contributions to their communities and to their country.
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