So when they hit age 70 they'll have nothing. Not even a small condo paid off. So what happens?They'll get $1500 a month in Social Security let's say. Tax that, they're left with $1250?Rent, lights, phone, water, food?If they have no other options, they can always move to Mexico or Ecuador or someplace where you can live (and live well) very cheaply. I've read articles in International Living about couples who retired to Ecuador and live very full lives (no skimping) on $1,000 a month -- or even less. (And that includes medical care.)Or stay in the States and do a "Golden Girls" thing -- three or four retirees sharing a house together to cut living expenses.Where there's a will, there's a way. But it might require thinking outside the box.
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