RE: “Maybe I’m naive but I don’t think that many people did nothing to plan for their futures.
What do you think?”
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I don’t know where you live, but I know several near-or-in-retirement boomers living in (or from) CA who have saved little or nothing.
A few have worked a long time at jobs in companies still providing good pensions (OR govt. jobs, with the richest benefits) but the rest are screwed, or planning to live on other peoples’ money. They’d best not count on mine.
Social security cannot be counted on to support anyone, if it even continues to exist. That alone is not enough. Lots of people left jobs for various reasons and took their 401K money and spent it or invested it unwisely in risky schemes.
I WISH I knew a lot of people who had prepared or are preparing appropriately for retirement. CA is now a disgusting welfare state and getting worse every year.
I am naive. I didn't think about folks that would take money out of their 401k until it was time for them to retire.
This has to be one of the best sites on the web.
I could see a growth business in “community housing” for the elderly. A bed, three meals, a spot on the couch to watch TV - think a rooming house for the elderly. Charge something under the Social Security payout per month, minus taxes, Medicare, and a little for out of pocket expenses. It would be a tight financial game, but there will likely be a lot of old folks too poor to live otherwise and don’t have family to take care of them. And will need such accommodations for years before the nursing home is appropriate.
“All day care for adults”, as compared to “daycare”?