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re: The amount of old people I see working menial jobs these days is way too high
Posted on 2/27/23 at 4:29 pm to GreatLakesTiger24
Posted on 2/27/23 at 4:29 pm to GreatLakesTiger24
quote:
if you want to retire with any guarantee of dignity
This post was edited on 2/27/23 at 4:41 pm
0
Posted on 2/27/23 at 4:30 pm to GetCocky11
quote:
I routinely see old people working pizza delivery, doordash, instacart, in grocery stores, in WalMart, etc. I saw an old guy at the grocery store this morning struggling to fill an instacart order.
Wtf happened?
Inflation
Average social security income benefit is $1681/month.
Back in 1970, making $15,000 per year was fairly strong.
Retirement targets were based on meaningless numbers.
Retirement inputs were insufficient for the printing press used by governments since then.
Posted on 2/27/23 at 4:30 pm to Dawgfanman
Dude made 4 statements and 3 of them were literally the opposite of reality lol. No wonder this country is fricked.
This post was edited on 2/27/23 at 4:31 pm
Posted on 2/27/23 at 4:34 pm to meansonny
quote:
Inflation
Absolutely.
Printing money has caused a rapid increase in inflation for goods/services and everyone has lost ground. We dont need more money, we need less inflation.
Keynesians are just "do gooders" with utopian visions that will fail because they sacrifice long term security for short term gain.
This post was edited on 2/27/23 at 4:42 pm
Posted on 2/27/23 at 4:37 pm to JohnnyKilroy
quote:You minimized it like it was a ho hum event. It is historic, it has been long lived and a record if you look at the last 40 years. Not insignificant.
So not record inflation. Got it.
quote:
Over HALF of people aged 65 or above have less than 100k saved.
Every source I just glanced at says this is not accurate. If you are going to say that inflation isnt an issue because we had 4% of years above what we have seen it is necessary to point out that you were 50% off on the median savings.
quote:
Ages 65 to 74
Average household retirement savings: $426,070
Median household retirement savings: $164,000
This post was edited on 2/27/23 at 4:41 pm
Posted on 2/27/23 at 4:40 pm to Dawgfanman
quote:And an 8% increase on half your income is not making up for 7% increases year over year.
Social Security makes up the majority of income for seniors (over 50% of income for over 50% of seniors)
I am glad they got the increase. But it still creates a problem.
We can say they didnt prepare, we can say that they would go broke with or without increases in living costs. Fine. But the topic at hand is why are you recently seeing older people working menial jobs.
Posted on 2/27/23 at 4:43 pm to tigerfoot
quote:
And an 8% increase on half your income is not making up for 7% increases year over year. I am glad they got the increase. But it still creates a problem. We can say they didnt prepare, we can say that they would go broke with or without increases in living costs. Fine. But the topic at hand is why are you recently seeing older people working menial jobs.
I agree. I was just pointing out most seniors saw a good deal of relief that made inflation more close to historic levels than not.
Posted on 2/27/23 at 4:45 pm to GetCocky11
quote:
I routinely see old people working pizza delivery, doordash, instacart, in grocery stores, in WalMart, etc. I saw an old guy at the grocery store this morning struggling to fill an instacart order.
Wtf happened?
This isn't really new except that a lot of them are now in the public eye because they are retail or delivery oriented rather than after-hours custodial or security guard-type jobs. Retirement is a tough gig for many. I'm in my 60s and didn't really have any 401K options until I was in my mid-30s. Fortunately, I have been in a position to max out my contributions for most of that time and will hopefully be able to retire in 5 or 6 years without having a part-time job.
People who lived all their life check to check will not be in a good position come retirement time and especially if some major expense occurs.
Posted on 2/27/23 at 4:47 pm to Dawgfanman
quote:
I agree. I was just pointing out most seniors saw a good deal of relief
Posted on 2/27/23 at 4:50 pm to tigerfoot
quote:
You minimized it like it was a ho hum event.
Compared to the mid 70s and early 80s? Yea it’s pretty ho hum. We’ve had elevated inflation for 2 years. 6 of the 9 years from 1974-1983 were higher than each of the past 2 years.
quote:
Every sourse I just glanced at says this is not accurate. If you are going to say that inflation isnt an issue because we had 4% of years above what we have seen it is necessary to point out that you were 50% off on the median savings.
Vanguards annual savings report, which is probably the most comprehensive data on american retirement saving behavior has the average 65+ year old at 88k in retirement savings.
Posted on 2/27/23 at 5:07 pm to Scruffy
quote:
Why do I need the Toyota Tacoma or Tundra when I can purchase the GMC Canyon for $20k less?
A Canyon is not 20k less than a Tacoma.
Posted on 2/27/23 at 5:10 pm to JohnnyKilroy
quote:You keep using the term 50%....I assumed you meant median. My bad. Average has an entirely different meaning.
Vanguards annual savings report, which is probably the most comprehensive data on american retirement saving behavior has the average 65+ year old at 88k in retirement savings.
Posted on 2/27/23 at 5:11 pm to tigerfoot
Both the median and average are less than 100k.
Posted on 2/27/23 at 5:53 pm to GetCocky11
Been noticing the ladies dancing at my local strip club have been getting older. There’s even one doing a school marm routine.
Posted on 2/27/23 at 5:53 pm to fallguy_1978
Medicare can't cover his bills.
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