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Old 07-25-2011, 06:35 AM   #21
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I know an old woman in her 80's... husband died in his early 40's (she was the about same age) Her husband did not have a high paying job. He may have had some life insurance from his company... but doing the math... he died back in the 70's... so it would not be much. Since company based life insurance is typically based on a multiple of one's earnings.

Somehow, she managed to get a job (relatively low paying), raise 3 kids, and pay off a house (which she still lives in).

She is in her mid 80's and is living off SS and still has a small nest egg of about $30k.

She worries about money of course... especially unexpected bills (like home repairs) and mainly her cost for prescription drugs (which may have changed a little now that medicare has some coverage... and I guess the doughnut hole may be gone now).


When I consider her situation and how she persevered... I tend to not feel too sorry for some higher paid middle class schmucks that scr3wed themselves.

They blew their money along the way and did not save for rainy days or retirement... I have little sympathy!!! Since they did not smooth their consumption along the way... they will have to balance the account in retirement. Sure it will be a sad story.... but of their own making! Some may say they lost their job in their 50's during this meltdown. Well many of us did too... but we managed it to make it our decision by LBYM, saving, investing, and working toward that goal instead of consuming every last penny!

That may sound harsh... there may be a few exceptions... but the vast majority of them did it to themselves!

Yeah but unfortunately the way things works is that these schmucks will end up getting bailed out at our expense.
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Old 07-25-2011, 06:45 AM   #22
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Originally Posted by rmark View Post
'Retirement was a three legged stool.Company pension,S.S. and personal savings.For younger baby boomers I don"t have to state the obvious. Good luck.'

Not really, pensions never covered more than about 45% of workers, so for most workers, small business owners, farmers, etc retirement has always been a two legged stool.
I think for some, retirement is turning into a one legged stool with a slightly pointy seat.
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Old 07-25-2011, 07:48 AM   #23
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I think for some, retirement is turning into a one legged stool with a slightly pointy seat.
Nominated for quote of the day.
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Old 07-25-2011, 10:57 AM   #24
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Nominated for quote of the day.
I think the pointed seat on the stool is actually reserved for those of us who were responsible.
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Old 07-26-2011, 06:45 AM   #25
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Jay,thats a sharp point you raised.
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Old 07-26-2011, 02:20 PM   #26
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Originally Posted by chinaco View Post
...When I consider her situation and how she persevered... I tend to not feel too sorry for some higher paid middle class schmucks that scr3wed themselves...
I don't know of any seniors who did not manage to survive their final years. They just managed down their expectations.
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Old 07-26-2011, 07:47 PM   #27
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I don't know of any seniors who did not manage to survive their final years. They just managed down their expectations.
Funny, I'm pretty sure none managed to survive their final years...
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Old 07-27-2011, 08:44 AM   #28
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Just throwing this out...Times have changed, of course. A hundred years ago the old lived with extended family until death. People did not move away and family stuck together...unless there was a reason...Industrial Revolution, Dust Bowl Days, etc.

I think we may be headed back that way again. Many young people are coming back home again...can't afford to live on their own, or can't find a job, etc. If older people cannot afford to retire... then family, (and possibly government for the ones without family), is the only thing left to support them. Our social and cultural ways are changing in only one or two generations before our eyes...
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