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Retirement Discussions / Retire Well on Less
|Subject: Re: SS conclusion||Date: 11/12/2003 4:29 PM|
|Author: decath||Number: 240 of 1461|
However, what about when Mr/Mrs Spending become too old and/or sick to work at Wally world? They can't survive on the $850. What then?
Now one can argue that SS was never meant to become a safety net but it has become one for many people. How's it going to fly when people start dying while the rich are still collecting their checks?
They would probably do what they do now. Go on some type of welfare. My grandma is a good example of someone who can't live on the SS with the lifestyle she was accustomed to (middle class and frugal). 6 months after her and grandpa retired, grandpa died and left her a small life insurance pay-out and pension. She refused to go back to work so she sold her home, bought into a modest retirement community and lived quite happily. That is, until she unsuccesfully timed the stock market. She quickly turned 120k into about 30k. Then cds went from paying 10% to 2%. By the time she was 75, she could no longer meet her financial obligations with the pittance of SS she got and 1/2 of Grandpa's postal worker pension.
Her 3 kids made a decision to support her with monthly checks so she would not have to change anything or go on welfare.
decath (I like your name 'workwayless' BTW) <grin>
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