Dying penniless represents great timing and a hell of a budget.
I have just enough to last me until I die, if I time it right.
Putting aside tgat social security was arguably a lame-brained pyramid scheme, Senator Joe Biden’s law to tax social security income from the retired elderly should give anyone the picture of how the government, particularly democrats,? rips off the elderly and Americans in general
Anyone paying attention, that is, which is about 0.5 percent of we the people.
Property taxes are the killer which also raises rent to ridiculous levels if you dont own/mortgage a house. New York for example, I’ve heard of people paying $30,000 a year just in property taxes alone. That is INSANE!!! On the other hand why anyone would retire in a blue state is beyond me.
“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.”
The difference in financial security between married and single seniors, as outlined in the article, is striking. While married couples may benefit from combined incomes that provide a buffer against financial hardship, single seniors, especially those who have lost a spouse, face a much harsher reality.
I am among those who are single, having lost a spouse. Fortunately, I have a 401(k) plan and an additional pension to sustain me through my retirement. Many couples anticipate reaching retirement together, that does not always happen.
“standard goals should be a paid for home in a low property tax area and not just SS as income.”
I did all that. I saved and sacrificed so I wouldn’t be a burden when I got old.
Paid off my property at 45! Saved every cent, remodeled my home so it could accommodate my disabled body and had my kids set up well for their future. Two wildfires and homelessness and having a tyrant government breach a dam and destroy the rest later, it’s all gone. Homes prices have tripled in 3 years. I’ll never be able to go home or Have a decent home in a familiar place to die in..
WHat good does it do to die with money in the bank. The government is going to take half of it. Better to die broke so you starve the beast ...
I think I would rather die with debt than money in the bank.
The amount of cash on hand when the second part of a couple passes should be minimal because you should have transferred the bulk of your assets to your children if possible. Our plan is to be renting our family estate from our boys as they will become co-owners of our accumulated assets which are even now being transferred to them in increments.
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?
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.
“IMHO too many people are lulled into economic crisis by believing that Social Security and Medicare will sustain them in retirement.”
No kidding! There are so many seniors in their 70’s and 80’s still working because they over spent in their prime earning years.
Another phenomenon, equally worse, one our financial adviser warned us about, are those with a 401K/IRA blow their wad the first few years of retirement. We know one such person. He blew through his IRA in 2 years and is now suffering as a low income person. After decades of hard work these people feel they deserve to live it up and by motor homes, new vehicles, expensive home upgrades and travel. This bunch I do not pity for they are too stupid to do simple financial planning.
Well,you can be damn sure that 95% of Rat Party voters die broke...and Rat Party Headquarters is doing their best to ensure that members of the middle class and working class do as well.