Exactly,Phil. And I'll add an example I'm personally familiar with from a few years ago. Husband was receiving a little more than $1,100 SS and wife about $800. Neither had a pension. They owned their modest two story home and their car. The home was old and required a fair amount of maintenance. Even with special provisions for seniors property taxes were pretty high in the area. Add to that insuance and utilities and you had a good sized nut that didn't drop a penney when he died. She got his $1,100 but the household income dropped 42%. Now why didn't they save lots of money while they worked? Maybe because they were raising kids and sending them to college. Maybe because his first wife had Alzheimers for 20 years at a time when public aid didn't help unless he depleted his assets and put her in a nursing facility. He might have worked more in retirement but he was at home caring for her. Or maybe they just never figured on living into their 90's and thought they had saved enough.The good news in this case is the kids stepped up and helped the widow. Don't count on that in this day and age when the kids are moving back to mom and dad's and can't make it themselves.
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