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Posted on 5/18/25 at 11:19 am to L.A.
In defense of some people(not all), many were forced into bankruptcy during Covid. Many small business owners lost their businesses because they were deemed non essential. I’ll never forgive people for what happened during Covid. Anyone who wanted to work and stay open should have been allowed to.
This post was edited on 5/18/25 at 11:20 am
Posted on 5/18/25 at 11:19 am to L.A.
quote:
Why are so many people broke by the time they reach senior adulthood?
Because social security is a scam.
Posted on 5/18/25 at 11:20 am to L.A.
quote:
That was my first thought too.
Seniors can blow through fortunes on healthcare
Our system is broken
Posted on 5/18/25 at 11:20 am to Sidicous
quote:
Not everyone gets 65 years.
My health absolutely cratered at the peak of my career (radiology manager over a chain of 17 surgical hospitals, the average $ for just one hospital is 100k/year, do the math).
Been unable to work for over a decade now and turn 61 next month. Plus lost a house to looter/vandals that insurance refused to cover (all contents included).
I own a small closet of clothes and a 2009 Mitsubishi. That’s all. I have zero income except about $1 interest/month on a checking account. And I spend large portions of the year hospitalized.
There’s people worse than me out there in every city. shite happens and sometimes it won’t wash off. Just be glad you are able to crap on your own in a clean toilet.
Jesus, brother, that's a heartbreaking story. I'd gladly pay extra taxes to help you out.
Posted on 5/18/25 at 11:21 am to Sofaking2
quote:
In defense of some people(not all), many were forced into bankruptcy during Covid. Many small business owners lost their businesses because they were deemed non essential. I’ll never forgive people for what happened during Covid. Anyone who wanted to work and stay open should have been allowed to.
This is very true. The people who did this deserve public, humiliating, capital punishment. The people who mocked these business owners as irresponsible for not being able to ride it out and keep everyone employed also deserve the same.
Posted on 5/18/25 at 11:21 am to Mo Jeaux
quote:truth hurts son
Sure, paw-paw.
Posted on 5/18/25 at 11:22 am to Mo Jeaux
quote:
Because they live in fixed incomes that don’t keep pace with inflation.
Does SS actually keep pace with inflation?
I doubt many pension plans do.
Inflation may need to be redefined. Home owners insurance, medical care, and food should be the primary drivers of a retirement plan’s inflation calculation.
Posted on 5/18/25 at 11:23 am to L.A.
Just think if they all had just half the investing know how of our Congress.
Posted on 5/18/25 at 11:23 am to Powerman
quote:
That was my first thought too.
Seniors can blow through fortunes on healthcare
Our system is broken
I saw it happen to friends of ours in Los Angeles. The wife suffered renal failure and spent her last years in and out of hospitals. Sometimes she'd be there a month or two at a time. They blew through savings and ran up millions in medical debt before she died
Posted on 5/18/25 at 11:23 am to AuburnTigers
quote:
truth hurts son
You really think that the “youth don’t want to work” and that they’re just jealous of all the “hard work” boomers put in?
Posted on 5/18/25 at 11:24 am to Willie Stroker
quote:
Does SS actually keep pace with inflation?
No.
Posted on 5/18/25 at 11:25 am to L.A.
Living beyond their means.
Living with debt
Living with debt
Posted on 5/18/25 at 11:25 am to L.A.
quote:
Why are so many people broke by the time they reach senior adulthood?
Because we have price controls on the most used commodity in the U.S. economic system, money.
Congress has given the Federal Reserve the authority to control the supply and costs of the U.S. dollar. That is price control on our currency.
If we had a static supply of currency the prices on goods would naturally decrease over time because supply of goods in general in all economies increase over time.
But through fractional reserve banking and Federal Reserve asset purchases the supply of money is sufficiently increased every year so that prices increase by the Federal Reserve's stated goal of 2%.
A retiree could buy $100 of groceries in 2010, now cost them $148 (and that is government inflation numbers).
Did the supply of food products decrease? No. Commodities making food products increased. The money supply increased. The increase in the supply of money increased food prices.
Posted on 5/18/25 at 11:25 am to L.A.
quote:
I saw it happen to friends of ours in Los Angeles. The wife suffered renal failure and spent her last years in and out of hospitals. Sometimes she'd be there a month or two at a time. They blew through savings and ran up millions in medical debt before she died
That's horrible
And the unfortunate reality is medical bills can cripple people financially before they even get to retirement age
And yet the boot lickers will defend our system to the death
Posted on 5/18/25 at 11:26 am to Sofaking2
quote:
In defense of some people(not all), many were forced into bankruptcy during Covid. Many small business owners lost their businesses because they were deemed non essential. I’ll never forgive people for what happened during Covid. Anyone who wanted to work and stay open should have been allowed to.
I had not thought about that.
Posted on 5/18/25 at 11:31 am to GumboPot
quote:
Because we have price controls on the most used commodity in the U.S. economic system, money.
Congress has given the Federal Reserve the authority to control the supply and costs of the U.S. dollar. That is price control on our currency.
If we had a static supply of currency the prices on goods would naturally decrease over time because supply of goods in general in all economies increase over time.
But through fractional reserve banking and Federal Reserve asset purchases the supply of money is sufficiently increased every year so that prices increase by the Federal Reserve's stated goal of 2%.
A retiree could buy $100 of groceries in 2010, now cost them $148 (and that is government inflation numbers).
Did the supply of food products decrease? No. Commodities making food products increased. The money supply increased. The increase in the supply of money increased food prices.
Very well said. Standing ovation from the lovely banks of Bayou Desiard.
Posted on 5/18/25 at 11:31 am to L.A.
So lets look at it through
79% of them own their own homes
24% have a mortgage
54% don't have a mortgage
22% are renting
A 2023 survey indicated that 68% of parents have made a financial sacrifice to help their adult children
A 2025 survey found that 50% of parents are helping their adult children offset financial pressures, with an average monthly amount given of $1,474.
Their average income at 65 was $64k Pre Tax $58k Post Tax
Average Social Security is $24k a year
$200k would be gone by 75.
Selling the home if they have it could net another $350k on average. But they would probably clear only $300k.
So if they have a house, by cutting their expenses 20% they could make it to 90.
And that's before inflation, assuming they have a home to sell and no mortgage.
Often they are pressured by their children to not sell the home, as they know that it decreases the inheritance.
quote:About 21% of them live with their children (Often in the home they own)
Median Retirement
Ages 65-74 $200,000
Average Retirement
Ages 65-74 $609,230
79% of them own their own homes
24% have a mortgage
54% don't have a mortgage
22% are renting
A 2023 survey indicated that 68% of parents have made a financial sacrifice to help their adult children
A 2025 survey found that 50% of parents are helping their adult children offset financial pressures, with an average monthly amount given of $1,474.
Their average income at 65 was $64k Pre Tax $58k Post Tax
Average Social Security is $24k a year
$200k would be gone by 75.
Selling the home if they have it could net another $350k on average. But they would probably clear only $300k.
So if they have a house, by cutting their expenses 20% they could make it to 90.
And that's before inflation, assuming they have a home to sell and no mortgage.
Often they are pressured by their children to not sell the home, as they know that it decreases the inheritance.
Posted on 5/18/25 at 11:33 am to Mo Jeaux
quote:
Does SS actually keep pace with inflation?
No.
Yes it does by law.
Posted on 5/18/25 at 11:33 am to Narax
quote:
Yes it does by law.
Bless your heart.
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