Community Chat

[phoenixbrd]

@NicksmomESQ   This is how I feel every time I witness tent city in Los Angeles.  Many have fallen upon hard times through unexpected events.  I feel very grateful every time I see this and wonder if there is a solution.  San Francisco is overburdened with this situation. It was not like this when I was young.  We need to help our people and it is difficult to know how to resolve this problem.

[Laura14]

---

@deepwaterdotter wrote:

@Laura   Hope your family can help you out with expenses.  Maybe a roommate?

---

@deepwaterdotter   My family does help me out with a specific living arrangement but I should be able to take care of myself. 

Trust me, there are a lot of tears on this end when you've literally done everything right in life and you still can't afford the basics like you once did on a salary that was half what it is now. 

[Abrowneyegirl]

@phoenixbrd 

A decent financial class would also help prevent students from taking out huge student loan debt!

Credit card management would be another asset.

Perhaps those questions should be on the SAT instead of the radius of a circle!!

[Nuttmeg]

---

@ALRATIBA wrote:

---

@CrazyDaisy wrote:

---

@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.  

---

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.

---

@CrazyDaisy 

In "my real world" .... pensions do exist.  All of us worked for a living for many, many years .... and do collect pensions. 

Saving isn't that difficult if you live within your means.  I worked until I was over 68 to save enough to be "financially comfortable."

Medicare and supplemental insurance covers most expenses.  I recently had a medical issue that required hospitalization and now physical therapy.  Almost entirely covered by insurance.  

My sister is in an assisted living facilty (dementia).  The proceeds from the sale of her house more than covers the cost of care.   My aunt was also in assisted living .... her savings covered her care. 

As I said above .... if you live within your means - saving money isn't that difficult.

-------------

ETA:  When my father died my mother continued to receive his pension.  Most pensions have a survivor option.

---

@ALRATIBA 

You are a very fortunate person to have made enough money during your working life to be comfortable in retirement. 

Many folks did not have that opportunity.

I know of a few spouses drawings the maximum amount from a pension. The surviving spouse gets nothing when they die.

Younger folks today, have to start saving the max into a 401K . I still remember my first pension deduction, and that was 48 years ago. 

[Big Joanie]

---

@phoenixbrd wrote:

I have always thought that there should be a high school course in financial preparation 101.  Social security is not a living wage and was never meant to be.  Preparation for retirement years should begin your first job.  If possible, seek jobs that provide pensions.  This is a result of not educating our children.

---

I have been saying this for years ....

[Big Joanie]

I have always told my kids .. the money you have when you

retire is all the money you will ever have .... they still want

that new phone !!!

[deeva]

How many employees counted on a pension that somehow was underfunded by pension administrators.? Now those folks have to struggle in retirement.

The Chicago police and fire departments are perfect examples. 

GM auto workers have had their monthly pension reduced along with their great medical benefits.

My pension was funded 100% by my employer. When I retired, I chose a lump sum and rolled it over to an IRA. One of the best decisions I ever made.

Those co-workers who took the monthly payment are getting about a third of what they were promised. And newer employees no longer have a pension. 

[proudlyfromNJ]

---

@Abrowneyegirl wrote:

@phoenixbrd 

A decent financial class would also help prevent students from taking out huge student loan debt!

Credit card management would be another asset.

Perhaps those questions should be on the SAT instead of the radius of a circle!!

---

@Abrowneyegirl  My husbands nieces wouldn’t have been able to go to college if they didn’t take out student loans. The parents didn’t believe in paying for college for them.

All have great jobs and are still paying off the loans. And they didn’t go to any Ivy League schools.

[suzyQ3]

It's fine and dandy to preach saving for retirement. But today more and more jobs are now in sectors whose pay is relatively low and have few benefits, so it''s often impossible to squirrel away money.

[SahmIam]

A few things:

1) Wage stagnation

2) Expecting individuals to "educate" their children on finances when they themselves don't understand it

3) Pensions are NOT guaranteed. I witnessed this first hand with those near and dear to me. After 25 years, numerous professional awards (known no matter where you live in the world), working with some of the most powerful people in the world...it meant nothing  when a new owner took over...the pensions AND life time healthcare benefits were TAKEN AWAY. 2 letters are framed and hung in their home office as they are identical other than one reading "Pension benefits" and "Healthcare benefits". The biggest insult from this person? This line at the end of each letter:

"We apologize for any inconvenience this may cause".

4) Health issues/accidents. You never know. Really...you NEVER know.

5) Corruption among the upper echelon of ANY company. They walk away with a slap on the hands. The people whose lives they ruined get.....nothing.

I could go on but why bother. There will always be those who believe that anyone who isn't doing well as they are deserve it. Whatever. *shrug*