re: Why are so many people broke by the time they reach senior adulthood?

2%: bad luck/ poor health outcomes
98%: bad decisions.

Personally, I think this is why pensions need to make a comeback. If you give people a choice of how much to invest in their 401k, most won’t invest enough, and will spend it too aggressively at retirement.

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That number is way to low. What is average?

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If you have to ask you might be in the below average intelligence group

Particularly if you think 175 million is "too low"

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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.

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A good friend of mine opened her first restaurant during Covid. She has just opened, they were telling her it would be best if she close down. She didn’t, I was a customer there two or three times a week, I wanted her to make it. Her and her employees withstood it. This past January, they have been open 6 years. The little girl never quit. She named the restaurant after her Dad. It’s located right outside Houston, Tx.

Captain Brads!

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a large percentage of people reach senior adulthood with only social security for an income and thus cannot affording housing.

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I believe the social security part of it. Lots of people wait way to late to start saving for retirement. I assume they were under the impression years ago that it would make up the bulk of money needed in retirement. I think they estimate now maybe 25% should be from SS. As far as housing, I don't get that part. Unless you've worked a minimum wage job your whole life, how could you not make enough to make modest monthly payments on a mortgage?

Well, I just retired at the end of February at the age of 73. I would have stuck around for two more years if not for my medical issues (stroke).

Started planning in my late 20's by setting myself up to have a military retirement as a reservist (where you start getting your pension at 60). If you told me on 9/11 that I was going to retire from active duty at 55 rather than as a reservist at 60 I would have said you are crazy...most of you old timers here know my story.

Then I kept working as a civil servant until I had 30 years civilian service. The thing I have to worry about are additional medical expenses. When my wife was hospitalized last year, those bills and the doctor bills weren't the problem, it was paying for the full time home health aides that took the money out of savings.

As for me personally, my VA rating is high enough that if I have to go into a nursing home, I go to one of the Veteran's homes in Mississippi (which is pretty good to military retirees and disabled veterans).

I have a really good retirement income. As long as I don't have to pay for home health care, I'll be in good shape.

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My question is why. You have 65 years to prepare for retirement and you have no savings, can't pay rent, and your only income is SS. How does that happen?

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Same reason people borrow $120k in student loans for a gender studies degree. They live in the moment and think they just figure out something when it's time to cross that bridge.

I think you are going to see a huge movement about how SS doesn't provide enough to live on and they'll want to bump up the benefits or means test...

Ten cents on the dollar? There's a kickback in there somewhere. Sounds like a deal the city of Houston would do by former mayor.

Not everyone has the education for high paying jobs that allow for savings along the way. Also, not everyone had jobs with retirement benefits and couldn't afford to or didn't pay into 401k type accounts.
I for one am retired and only have my monthly SS check like many others do. Yes I am a poor, living in a mobile home and off my monthly SS check and deal with it. So I guess I'm classified as white trailer trash in most eyes.

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I notice you're not disputing his claim that you're a trust fund baby that never had to earn anything Is that true?

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Im likely the most educated person on this board. Total degrees-wise. Not that that means anything. But I did do some things on my own. I’m not going to apologize for my family or their planning. Maybe Roger’s family should have done the same.

Many, Many decades of bad decisions