Posted on 03/04/2024 3:49:10 AM PST by where's_the_Outrage?
The financial landscape for many Americans is far from secure, as recent studies shed light on the alarming state of savings at life’s end. According to a report from the National Bureau of Economic Research, a significant portion of Americans – 46% to be exact – exit life with a sobering financial snapshot: $10,000 or less in their savings accounts. This revelation strikes at the heart of the retirement crisis narrative, contrasting the security of pension plans and Social Security benefits with the harsh truth of inadequate personal savings.
The study followed seniors from 1993 to 2008, revealing a complex financial situation among retirees. It was observed that individuals who were married when they retired but became single due to the death of their spouse typically left behind a median annual wealth of $600,000. This can be partly attributed to the combined incomes from pensions and Social Security. On the other hand, single seniors had a more challenging financial scenario, with many living on less than $20,000 per year and exhausting their savings to below $10,000 by the time of their death. James Poterba, an economics professor and co-author of the study, pointed out that the financial status of the elderly is diverse, and making broad generalizations is not appropriate.
These findings are underscored by additional insights from The Motley Fool Ascent survey, which reported a median savings account balance of just $1,200 among Americans in 2023, a marked decrease from $4,500 the previous year. The data, mirroring Federal Reserve statistics, reflects the financial strain experienced by a majority of Americans, with 71% holding $5,000 or less in savings. Forty-one percent have $500 or less.
(Excerpt) Read more at msn.com ...
“I think I would rather die with debt than money in the bank.”
It’s a cute idea on its face, but if you have children, I’ll bet they feel differently. My father managed the family’s money badly, so for 20 years we supported them — Dad until he died in 2008, and we’re still supporting Mom.
In the suburban counties around New York City, a $30,000 property tax bill is the price patents are willing to pay for what is basically a private school system.
I’d like to know how much they had in the bank a year or 2 before they died. IOW, how much of their savings was eaten up by hospital & end of life care?
In addition to what I stated above, I would mention that I pay no property tax, home(humble as it is)is paid for. If I fixed everything that needed it right now, I guess it would eat up my emergency funds.
“This is the home anyone can afford “
If you only had a clue how hurtful your pollyanna preaching is. It only makes you feel good. It just adds to my pain.
Grow up.
I don't and my statement was based on having no survivors.....
If I were given a medical diagnosis of only having 6 months to live, I might go out and purchase a Lamborghini to enjoy during my end days.......LOL!
0% took any of it with them.
“I’m spending my kids inheritance”
Medicaid takes their money.
maybe they spent their $$ before they died.
.
Washington DC delivers to the democrat base and folks who imitate that lifestyle have it made...
I have a friend who figured it out - she’s elderly and ‘poor’. Sold her home early enough, dumped the money, and now receives ‘medicare extra help’. Her latest discovery is how she can have restaurant meals delivered to her home for free. Three meals a day - seven days a week. Last time I talked with her she was reading off the menus... Democrats know their base and take care of ‘em.... Gays have grant based perks that amaze. If we had a free press that wasn’t stupid and entrenched they would look past the pity party stories and see how government rewards it’s own.
Exactly what I was thibking
Medicaid doesn’t take it.
People spend down so that their fellow taxpayers pick up the tab.
The people who do this had better have loving family nearby.
You get what you pay when you’re a dual-eligible.
And that’s lousy care.
“I might go out and purchase a Lamborghini to enjoy during my end days.......LOL!”
Hmmmm... A car. I guess I’d book myself on an around-the-world cruise, and then see in which country I’d meet my demise. It’s like a game of musical chairs. At what point are you the one without one?
We don’t have kids, either, and are spending freely, but not crazily. We want to be able to leave some to a couple of charities, nieces, nephews, etc. If we can’t, we can’t.
California, I'm guessing. I am so sorry... I hope you at least have somewhere safe to stay.
“addition to what I stated above, I would mention that I pay no property tax, home(humble as it is)is paid for. “
I assume property tax deferral like I had. That seems like a good idea until your home is lost to a natural catastrophe. The state took my insurance check, took out all the past taxes plus LOTS of interest and the 2 next years taxes promising to pay me back ‘someday’. By the time they were done I got about $40,000 which doesn’t buy anything.
If I die with $10k still in savings, I’ll feel like I died rich. LOL!
Oregon and California.
I bought an old mh many miles from my community. Safe??
Lol
Nothing is available except for illegal aliens.
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