Community Chat

[tansy]

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@Desert Lily wrote:

Many people in the area where I live were hit hardest by the Great Recession. 14% unemployment, 25% lost their homes, pensions depleted or wiped out. The best laid plans (financial/saving) can easily go awry. Of course things have improved the past few years, but wages have not kept up and there may not have been enough time to makeup for the great losses. Lazy people? No, hard-working people. Ignorant? No, bright professionals. I read where Einstein died in poverty. I think it's more like, "There for the grace of God go I."

I will receive a pension and small SS. I had planned on retiring this year but when I saw that Medicare A, B and Supplements D, F are costing me $400/mo as a single, I will work another year just to help pay for healthcare coverage by adding to my pension.

I also read that 75% of single mothers end up in poverty. Divorce isn't always a choice; it can be a necessity. I was a single mom, and on my salary there was no way to save a large amount of $. I'm grateful for having what I have. I know people who consider marriage, sharing homes, etc. just to help each other financially.

Systems are terribly broken and have sad consequences against the most vulnerable.

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Have you checked into the Advantage plans, @Desert Lily?  I am not single but I have good coverage for a bit less than $200/mo.

[NickNack]

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@judy0330 wrote:

@NickNack  I checked with our insurance agent and also checked online.  "Medicare covers these exams once every 24 months. If you are considered high risk for cervical or vaginal cancer due to abnormal Pap tests in the last 36 months, Medicare will cover the exams once every 12 months."   Maybe your gyn codes it in such a way that Medicare will pay.  (Vaginitis or something like that.)  Mine will not do that.

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@judy0330   I apologize.  I misread your post.  I see my PCP every year, not my gynecologist.  I no longer see a gynecologist.

[Carmie]

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@lovesrecess wrote:
I get only 40% of the SS I am entitled to only because I was a public school teacher. The law is called the WEP...windfall elimination program. God forbid that I get wealthy by having my full SS along with my teacher pension!

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Many police officers have this too.  instead of paying into SS while they were working, they paid into a private pension.

If they worked at other jobs and paid into SS, they are entitled to benefits, minus the money get get from SS.

When my DH wanted a police position, I talked him into a department that did not have their own pension in lieu of SS.

it worked out for us.  He now gets a pension and a SS check.

[Carmie]

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@Big Joanie wrote:

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@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.

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I have been saying this for years ....

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I studied Financial Literacy in Catholic HS.  I was one of two girls in my class.  The other girl and I wanted out of French lessons .  In order to do so, we had to take what was available in that time slot.

It was beneficial and I am glad I got a good start.  The class was usually reserved for boys back then.

[Carmie]

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@RetRN wrote:

Those half of seniors need to be accountable and not blame someone else. Needing money in your later years should not come as a surprise to anyone. It is everyone's responsibility to prepare for the future. 

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Many seniors did prepare for their future, but the bottom fell out. The stock market crash took out about 2/3 of my savings that I had in a 401k.  It makes me sick when I think of all that money that was lost.

This  happened to others too.  Unless your crystal ball is working, you don't know what the future will bring.

I really don't see seniors blaming anyone.  Life just happens.

[shopperqvc]

I saw this with my Mother and now again with a neighbor. People just don't realize that when the other person in a household passes away, the income for that household was just suddenly cut in half or more.

My Mother and Grandmother lived together. When my Grandmother passed away, it didn't dawn on me right away that the money coming in to the house was now half what it was. I suddenly figured it out when my Mother needed help with her utility bills and property taxes.

The same now for my neighbor. his wife just passed away a few months ago, and now he's behind on his property taxes. His utility bills are behind as well. 

That extreme cut in income really comes as a shock to people. It's just not something that those that will go through it seem to not think about, and those of us that were/are caretakers don't think about either. It just wasn't the first thing that came to mind when my Grandmother passed away. There were so many other things that were needed to be handled.

[lynnie61]

a few instances can instantly change lives.  A medical disaster, faulty, unfunded or misfunded pensions, companies that converted pensions.  I am very blessed to have been able to save.  My sister lost about 80% of her 401 when they converted to a cash option.  80%!  She worked 30 years and saved and saved for her 401 contributions.  Most of my friends will have NO pension.   Many people are now living 20, 30, 40 years after retirement (unlike those in the 1940 and 50s.) Two income families making minimum wage cannot save.  Many elderly families have entire families living with them (young family members can not afford To live on their own on their small wage).   Basic costs have skyrocketed.  Some worked and saved all they could, and it’s not enough.  Prescriptions that used to be very low costs are ridiculous.  If you have enough or a comfortable living and retirement, please be thankful.  You are blessed.  Some made poor choices, yes, but some with extensive salaries make poor choices too.  

[Blahblahvampemer]

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@Carmie wrote:

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@RetRN wrote:

Those half of seniors need to be accountable and not blame someone else. Needing money in your later years should not come as a surprise to anyone. It is everyone's responsibility to prepare for the future. 

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Many seniors did prepare for their future, but the bottom fell out. The stock market crash took out about 2/3 of my savings that I had in a 401k.  It makes me sick when I think of all that money that was lost.

This  happened to others too.  Unless your crystal ball is working, you don't know what the future will bring.

I really don't see seniors blaming anyone.  Life just happens.

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If you were able to minimize the payout, and look for other plans,you could have possibly made it back.  My dad has more in his two IRA accounts now than when he retired almost 25 years ago.  Selling his stock is what cost him $400K.

[Carmie]

@Blahblahvampemer   I retired about a year after this happened.  My company wanted me to move the money out of the company's 401k, which I did.  I reinvested in an annuity.  

It has made me money, but no where near what I lost.