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re: Why are so many people broke by the time they reach senior adulthood?
Posted on 5/18/25 at 4:46 pm to Narax
Posted on 5/18/25 at 4:46 pm to Narax
quote:
That's what people need to realize, not everyone earns enough to fully drop 10-20% into a retirement account.
Even a 401k of $200,000 won't go very far, especially over 30 years.
Not True!I didn't know what an IRA was until I was about forty years old. Started investing in Mutual funds, that I selected.
Lived through the Real Estate Bubble, Dot Com Bubble, and 9/11. Never wavered and let it ride. My Wife was an RN ,and I was a Maintenance Engineer and later a Nuclear Construction Engineer. We paid for two Sons College Education, No Loans. Paid for a Nice home on 10 Acres.
Retirement has been great for both of us.
I Marvel almost daily, how life has been so rewarding for a barefoot Country Boy who grew up poor, picking cotton in Franklin Parrish.
I'm nor bragging just trying to give confidence to young folks who may be looking at their future, to contrast the BS being spread.
I was as Ignorant about the world, when I left Louisiana, as anyone. Joining the Navy allowed me to understand what was out there, if a person had a goal and a plan. Fortunately I met a young woman of similar background. She and her family existed on a small Tobacco Farm, my family and I existed on a small cotton farm.
Life has been good to me.
1
Posted on 5/18/25 at 4:52 pm to L.A.
I wonder how many people posting snarky, uppity comments here will have their fortunes drastically change by the time they get to retirement age?
Never say never!
Never say never!
Posted on 5/18/25 at 4:56 pm to Narax
quote:
Purchase Price?
Size?
Salary at time of Purchase?
Mortgage size?
$17.500
1000 SF or so. 2 bed 1 bath Needed work. Not a ton but some
Salary? I was in school working part time. Eventually went full time
$10,000 I had saved money while in the military.. Had maybe 3 pairs of jeans and 3 or 4 tshirts...
Posted on 5/18/25 at 5:18 pm to L.A.
quote:
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?
I understand what you’re trying to say but it’s closer to 40-45 years. Honestly tho it’s way less than that because you dont start out making 100K in your first job. Also if you have kids that’s 20 years you are supporting or raising them. So I would say there are 10-15 years where you are making great money with kids that’s are grown where you can put away serious money and that’s if you don’t have any life changing things happen along the way. Combine this with wages not keeping up with inflation since the 60’s and you have people who make enough to scrape by but not enough to save 20% of their income. A few missteps in 40-45 years and you can be without when you are 65. It’s easy to understand.
Posted on 5/18/25 at 5:22 pm to RoyalWe
quote:
$100/month invested over 35 years at 10%
You aren't even remotely serious.
The DJIA and NASDAQ have made 10%
Nothing about your previous claims of investing in dividend funds as a solution to selling stock.
You are flipping your story significantly from do Dividend to do no dividend and then flip at the end.
You still have to flip all your stocks.
quote:
However, don't tell me you can't save and get a terrific nest egg for retirement. It doesn't take a high paying job. It just takes doing it.
Yea you sure backed up significantly from high dividend is the best...
I pointed out that the rate was lower than non Dividend stocks and now after you seem to have spent some time on Google you agree.
Posted on 5/18/25 at 5:33 pm to Narax
quote:You just going to ignore my first statement where I said you wouldn't do this if you're investing for growth?
Nothing about your previous claims of investing in dividend funds as a solution to selling stock.
I was responding to your comment about "once you sell it then you don't have it anymore" comment. Well, if you're at the income stage of life then don't sell your assets for income. That's all I was saying. :-)
Posted on 5/18/25 at 5:56 pm to L.A.
The short answer is that most Boomers did not save nearly enough to live on in their old age, which thanks to modern medicine is going to last twice as long as their parents golden years did. Some boomers were well prepared but most, by a very large margin, hardly saved at all.
Posted on 5/18/25 at 6:53 pm to L.A.
They are building affordable housing. Because people are escaping Cally and other outrageous COLA States...
But why in a well to do neighborhood?
Not everyone is a baller like Frasier Crane and Niles.
But why in a well to do neighborhood?
Not everyone is a baller like Frasier Crane and Niles.
Posted on 5/18/25 at 6:58 pm to pevetohead
quote:
Meanwhile boomers will brag about going on their 5th Caribbean cruise in a year.
This is why. My in laws have tons of credit card debit but no emergency money. However they go to Dollywood once or twice a year, 2 cruises a year, and a trip to Disney or Universal. All just to eat the food they are in too bad health to really walk around or enjoy anything else. Cherry on top is instead of taking super cheap ($79) Breeze from Huntsville to Orlando ( 2 hour flight) they fly first class to be able to check a bag and sit in the lounge and end up having layovers in ATL
Posted on 5/18/25 at 7:03 pm to Mo Jeaux
quote:
Because they live in fixed incomes that don’t keep pace with inflation.
No their spending does not keep pace with their fixed income
Posted on 5/18/25 at 7:06 pm to L.A.
quote:
How does this happen?
Poor health.
The system will take payment if you have funds available until there’s no more left and then - voila - all else is free, leaving the healthy spouse destitute.
Saw it with an in-law
Posted on 5/18/25 at 7:08 pm to L.A.
People don’t understand delayed gratification nowadays. I sacrifice now so I can travel and live comfortably as a senior citizen.
Posted on 5/18/25 at 7:49 pm to L.A.
quote:
Evidently a large percentage of people reach senior adulthood with only social security for an income and thus cannot affording housing. How does this happen?
uhhhh, why did you think SS even became a thing?
It aint just today, its been since time immemorial.
Posted on 5/19/25 at 8:16 am to lsuconnman
quote:
Weren’t you the one that announced to everyone that you sold all your stocks and went to cash after trump announced tariffs?
Nope.
Posted on 5/19/25 at 8:20 am to L.A.
quote:Either you never earned enough to live comfortably while saving, or you chose to live for the moment, believing that tomorrow was uncertain or not guaranteed.
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?
Posted on 5/19/25 at 8:28 am to Harry Boutte
quote:
175 million people in the US have a below average intelligence. Just our stupid people alone would be the 8th largest country in the world.
And the bottom half of our population is still smarter than the top half of Afghanistan, Pakistan, etc.
Posted on 5/19/25 at 8:30 am to L.A.
I know from my Parents experiences, the Portfolio Managers they trusted with their investments were more concerned with their commissions than properly managing my Parents money. Luckily my Parents are both Pensioners and didn't have to rely on 401K's and what not. Buyer beware.
Posted on 5/19/25 at 8:31 am to L.A.
Do you even Medicaid?
Posted on 5/19/25 at 8:41 am to L.A.
quote:
I do. And I'm trying to understand what they are. Hence this thread.
You don't understand the millions of ways a 65 year old person can end up with nothing but social security? Hell, there are a million ways they could end up there, without it even being their fault. Your brain won't feed you scenarios in which seniors end up with nothing except SS?
Posted on 5/19/25 at 8:50 am to Gus007
I'm with you on this. My uncle gave me a copy of the pamphlet below and it changed my life. I was in my early 20's. Started paying myself first and watched my spending. Retirerd early and no money worries. Kids going to make out when I croak, but being a Boomer I can't help but think of ways to screw over younger generations. Always thinking about it as I got mine.
For the young just starting out in work force, just don't participate in the feeling sorry for yourself, and make no excuses. People are lining up to get in this country because you can make a good living here and a future for yourselves.
Common Sense by Art Williams.
https://openlibrary.org/books/OL24926445M/Common_sense
For the young just starting out in work force, just don't participate in the feeling sorry for yourself, and make no excuses. People are lining up to get in this country because you can make a good living here and a future for yourselves.
Common Sense by Art Williams.
https://openlibrary.org/books/OL24926445M/Common_sense
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