Community Chat

[Krimpette]

All this is so true.  I'm eternally grateful for a father who instilled save, save, save to me at an early age.  I think he feared that social security would no longer be available by the time I needed it.  Thanks, Dad!

I exercise at a senior center.  Fortunately, they offer a lot of programs for those in need.  Some folks arrive when the center opens in the morning and stay until late afternoon.  They have a lunch program that has a minimal cost....if you can afford it.  If not, you won't go hungry.

With so much wealth in this country, it's a real shame.

[ALRATIBA]

Social Security was never intended to be the sole source of income ... it's part of the "three legged stool" ..... pension / savings / social security.  

We learned that back in high school (1950s) - and from our families who grew up during The Depression.

Among my friends  -  no one is hurting financially.   None of us are wealthy but we are all comfortable in our retirement.  We planned ahead.  

[donovan]

This is why I have added The Department of Aging to my list of organizations that I donate to.  

[BlueFinch]

Sadly, many actually have saved and only expected SS to pay some incidental bills. Then the unexpected happens.  An individual, or their spouse may wind up in a nursing home, assisted living, or prolonged rehabilitation facility and burn through hundreds of thousands of dollars.  50 to 100K per year doesn't take long to wipe someone out.  

Unless you have long term care insurance, Medicare doesn't pay for this type of extended placement.  You can apply for Medicaid, but only after you have exhausted ALL of your own funds.

I know, I had POA for my mom and the cost of the last three years of her life was astronomical.  It was good she could fund her own care, though. It enabled me to provide the quality she deserved, without such placements.  If on Medicaid, not so much.

So, many do save, but they can be wiped out overnight. This is particularly terrible for a widow, or widower left alone, with limited funds for themselves.  

[CrazyDaisy]

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@ALRATIBA wrote:

Social Security was never intended to be the sole source of income ... it's part of the "three legged stool" ..... pension / savings / social security.  

We learned that back in high school (1950s) - and from our families who grew up during The Depression.

Among my friends  -  no one is hurting financially.   None of us are wealthy but we are all comfortable in our retirement.  We planned ahead.  

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You realize in the "real world" pensions basically no longer exist and a medical crisis can and will destroy any and all savings that you may have been lucky to accumulate.  So rather than patting yourself on the back perhaps you should be grateful for what you have.

[CelticCrafter]

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@CrazyDaisy wrote:

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@ALRATIBA wrote:

Social Security was never intended to be the sole source of income ... it's part of the "three legged stool" ..... pension / savings / social security.  

We learned that back in high school (1950s) - and from our families who grew up during The Depression.

Among my friends  -  no one is hurting financially.   None of us are wealthy but we are all comfortable in our retirement.  We planned ahead.  

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You realize in the "real world" pensions basically no longer exist and a medical crisis can and will destroy any and all savings that you may have been lucky to accumulate.  So rather than patting yourself on the back perhaps you should be grateful for what you have.

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@CrazyDaisy that's true, a lot of places have gone to employer matched (up to a certain percentage) 401k plans.  Once you run out of $ in your 401k that's it.

[ahoymate]

This isn't a new topic! We've heard about this a long time! Why bring it up again? Just read the news today, there is always discussions, reports etc. about this.

[CrazyDaisy]

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@CelticCrafter wrote:

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@CrazyDaisy wrote:

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@ALRATIBA wrote:

Social Security was never intended to be the sole source of income ... it's part of the "three legged stool" ..... pension / savings / social security.  

We learned that back in high school (1950s) - and from our families who grew up during The Depression.

Among my friends  -  no one is hurting financially.   None of us are wealthy but we are all comfortable in our retirement.  We planned ahead.  

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You realize in the "real world" pensions basically no longer exist and a medical crisis can and will destroy any and all savings that you may have been lucky to accumulate.  So rather than patting yourself on the back perhaps you should be grateful for what you have.

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@CrazyDaisy that's true, a lot of places have gone to employer matched (up to a certain percentage) 401k plans.  Once you run out of $ in your 401k that's it.

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Some small companies and family businesses do not even offer 401K programs, have become to expensive. 401K plans are also difficult to move around (lose value with constant sale and rebuy), most young people do not plan on staying at one job for long periods of time.

[suzyQ3]

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@ahoymate wrote:

This isn't a new topic! We've heard about this a long time! Why bring it up again? Just read the news today, there is always discussions, reports etc. about this.

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@ahoymate, first of all, the OP posted a current article on the subject. Second of all, this topic is worthy of occasional discussion.

[Cakers3]

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@suzyQ3 wrote:

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@ahoymate wrote:

This isn't a new topic! We've heard about this a long time! Why bring it up again? Just read the news today, there is always discussions, reports etc. about this.

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@ahoymate, first of all, the OP posted a current article on the subject. Second of all, this topic is worthy of occasional discussion.

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@suzyQ3   ^ THIS

The problem of poverty, be it senior, the disabled, or any person struggling to stay afloat is ALWAYS not only an important discussion but one of humanity, too.