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 would keep a reverse mortgage in the back of your mind. They are expensive but a good way to draw equity out if need be. You might do your research now before there’s a need & put you in a position to make a rash decision. Best of luck.
My folks had burial policies & your basically burying a brand new car. Told my wife to cremate me, put me in an urn & intern me at a cemetery. Burying $20-25,000 in the ground is insane to me.
I agree with that. My immediate family and relatives are spread around the country and the globe. They aren't going to spend any bucks to see my grave site in flyover country.
Yeah. I hope to be so lucky as to die broke.
Property taxes are indeed insane. Fortunately Texas and other states allow these taxes to be deferred till after the death of the homeowner. (Assuming you are over 65)
bump
That’s horrible. Where and how do you live now?
I had some savings or I would have never survived. It’s all gone now without me being able to replace my home or be able to even get back to my community. I just wrote a check to the Treasury department for $33,000. I got $25,000 for fire relief funds. 3 years later they demanded it back plus interest... said it was only a loan!
So I got to pay Bidens Treasury $9,000 for the privelrdge of losing everything in my life.
I pray for death and this christian gawd can’t even do that..
BTW... Our congressman Cliff Bentz is useless.
I turned this mess over to him 2 months ago and they were all gungho. They kept losing my paperwork and now they won’t return a call . I get a form letter thanking me for correspondence.
Time ran out so I paid..
Too old and sick to move again anyway.
-PJ
“Property taxes are indeed insane. Fortunately Texas and other states allow these taxes to be deferred till after the death of the homeowner.”
Don’t ever do it!!
It seemed like a great idea at the time, until my community and everything I had burned in an arson anarchists urban wildfire.
The state confiscated my insurance check and took out future taxes as well as all those years past with lots of interest. $15,000 was left to cover $350,000 loss. I objected and they said TOUGH.. algorithms..
And I just had to pay the Fed’s back for fire relief funds...
This government has destroyed everything in my life.
I told my wife to cremate me and put my ashes on a small raft out in the Gulf of Mexico with some tannerite and a timed trigger. Going out with a bang.
I remember your day to day details after the fire. And as I read of the nightmares you’re still going through, I stop and say a little prayer for you.
Not many people could deal with this like you do.
You need to tell your story
I haven’t dealt with it. I’m bat crap crazy. There is no dealing with 4 years of this.
I thank you for your kind thoughts. I get a lot of”YA SHOULD HAVE... FILL IN THE BLANK.” AND THE leftists who celebrate it are such fun.
My kids are going to be homeless soon.
It’s all gone.
https://freerepublic.com/focus/f-news/4218025/posts
I think I just did. Thank you
Trust me..no one wants to hear it.
That is pretty horrifying
It is crazy insane, but it was what my mom wanted so I did it. But, I mean...REALLY!?!
Yes it sure has been. I’m a basket case.
More....
https://freerepublic.com/focus/news/4222407/posts?page=15#15
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.