another gloomy retirement article

[Mdlerth]

Sympathy, shmympathy

Wait just a second. A senior citizen couple travels to fancy resort areas across the country in their RV, picking up odd jobs in Vacationland to supplement their retirement income. Holy Shangri-La, Batman! That's living the dream for a lot of folks here!

So why exactly am I supposed to be moved to tears?

 

[Teacher Terry]

The couples we met had no plans to change their lifestyle. But they weren't traveling either. Basically 5 months in Denver and 7 in Arizona. Fairly low cost because their rent was 400/month for the site. Amethyst: yes I wondered also if they were too proud, etc to take the easier way out. Or maybe too long a wait for low income senior housing.

 

[Teacher Terry]

Mdlerth: I would not call scrubbing toilets, floors, etc in your 70's as "living the life."

 

[Amethyst]

I know a high-income retired couple (2 former GS-15s, combined pensions would be $180K+) who sold their home and bought a brand new tractor-trailer, fitted out as a luxury RV. They travel from relative to relative all across the country, towing a car and 2 motorcycles. They really are living their dream, and will keep on doing it until they physically cannot.

The couples we met had no plans to change their lifestyle. But they weren't traveling either. Basically 5 months in Denver and 7 in Arizona. Fairly low cost because their rent was 400/month for the site. Amethyst: yes I wondered also if they were too proud, etc to take the easier way out. Or maybe too long a wait for low income senior housing.

 

[daylatedollarshort]

I thought the article made many valid points, especially the decreased buying power of Social Security.

 

[Mdlerth]

Mdlerth: I would not call scrubbing toilets, floors, etc in your 70's as "living the life."

What about mowing the lawn on a John Deere rider, or collecting tickets to whale watching daycruises? I don't think I'd equate those with relegation to the salt mines.

 

[foxfirev5]

Mdlerth: I would not call scrubbing toilets, floors, etc in your 70's as "living the life."

Not to beat a dead horse - but in many ways it's the life you choose. I know many, yes many back in the hills of PA that live a better lifestyle on less. And they don't scrub toilets to get by.

 

[Luck_Club]

As for the rest of the article, I can't comment any further because I would get too
P _ _ _ T _ _ _ L

+1
Empathy. Sorry what is the back story on these two couples living in pretty nice RV's with a SS & Supplemental retirement income of close $59K a year? Empathy I have for the 70+ year old that shows up as a new cashier or deli kid at the local grocery store. But only for a second or two.

Reminds me of my in-laws who also continue to work at 72. I can tell they are starting to get really tired, but keep going. A recent $1500 windfall went to a new stove, though the old one was still working. This was great because there was enough left over to finish paying off the 3 year old frig, which freed the cash flow up to buy the dishwasher on time.

 

[athena53]

Interesting article and I think it's good that these things appear in news feeds- maybe more people will get "scared straight" into LBYM and getting educated about investing, which is a lot less complicated when ETFs are available.

And, while I knew that the "core inflation" rate they used for the SS COLA left out some key elements of seniors' budgets such as food and medical care, it was really telling to compare the 86% COLA increases since 2000 with the increases in the costs of Medicare B premiums, etc. which have far outpaced the SS COLA.

 

[foxfirev5]

Interesting article and I think it's good that these things appear in news feeds- maybe more people will get "scared straight" into LBYM and getting educated about investing, which is a lot less complicated when ETFs are available.

And, while I knew that the "core inflation" rate they used for the SS COLA left out some key elements of seniors' budgets such as food and medical care, it was really telling to compare the 86% COLA increases since 2000 with the increases in the costs of Medicare B premiums, etc. which have far outpaced the SS COLA.

I don't want to hijack the thread - but I do pity the fool that thinks they actually have a COLA'd SS benefit.

 

[karen1972]

When you are talking $22,000 for a couple in SS, they must have been making near minimum wage their entire lives. At that point is a trailer really that big of a deal? What were they living in before that?

Grew up in a mobile home my entire life and we never considered ourselves poor... we certainly lived a heck lot better than others I knew. It doesn't matter if you make $1 or $1M some people are just better at managing money than others. Those that don't manage it well should be expected to work longer. Also hard to feel sympathy given the story.. my dad was 81 and still working on a farm and my mom still mows the lawn on 3 acres the house sits on..still made all the wood needed to burn a fire for a wisconsin winter.. this is not uncommon in my home area... its a farming/country life.

 

[Senator]

I think the moral of the story is this. If you are not bright enough to save money, you have to work.

People are living longer, more expensive lives, often without much of a safety net. As a result, record numbers of Americans older than 65 are working — now nearly 1 in 5.

 

[W2R]

At some point in life, I confronted the very tough realization that I could depend on nobody to take care of me, so I had to take care of myself, emotionally, physically, and financially.

I also realize that ironically, in a sense I was lucky to have endured the circumstances that led me to this conclusion. I do feel empathy for those who never figured that out and sadly ended up old, alone, miserable, sick, and destitute.

Basically, "Baby, baby, it's a wild world", not just for young girls but even more so for the elderly, especially those in nursing homes and completely defenseless.

But if you want to leave take good care
Hope you make a lot of nice friends out there
But just remember there's a lot of bad and beware...

 

[candrew]

I also realize that ironically, in a sense I was lucky to have endured the circumstances that led me to this conclusion. I do feel empathy for those who never figured that out and sadly ended up old, alone, miserable, sick, and destitute.

DW & I did our best to make the most of opportunities presented to us. That included working hard, saving and LBOM. At the same time, it is not lost on us that the lives we are fortunate to live now may not have turned out so well if not for a break or two that fell our way. We're also not foolish enough to believe that tomorrow will always end up following today (apologies to Led Zeppelin).

Although agnostic in my religious beliefs, a verse from Romans 12:3 seems apropros - Because of the grace given to me, I can say to each one of you: don't think of yourself more highly than you ought to think.

 

[athena53]

Although agnostic in my religious beliefs, a verse from Romans 12:3 seems apropros - Because of the grace given to me, I can say to each one of you: don't think of yourself more highly than you ought to think.

I try to stay humble. I know part of it was discipline and hard work. The rest was the grace of God or, if you prefer, luck. Parents who valued education, no major health problems, no periods of long-term disability or unemployment, and good results on selling two of the homes I've owned.

An earlier post mentioned that some Europeans are surprised when they see older people working here, but many of the European state-run pension plans which allow retirement at early ages are struggling financially. Decreasing birth rates mean fewer young people in the workforce are supporting more retirees. They're realizing it's not sustainable.

Seeing older people working, especially those in low-paying jobs such as grocery store clerk or handing out cheese samples, always makes me wonder if they're there because they like to interact with people or because they need the money. It's another thing that motivated me to save for retirement.

 

[imoldernu]

Up to you to judge:

1. Half of the U.S. Population has an Intelligence Quotient of 100 or below.

2. Net Worth

 

[Teacher Terry]

For some people working p.t. in retirement is a way they get their social needs met. Like others I was fortunate to be born in this country, have good parents with values raise me, ability to get an education, etc. If I had been born in a very poor country the outcome would be different. While many people work hard and do the right thing luck also plays a part in how our lives turn out.

 

[jollystomper]

A couple of thoughts after reading the article:
- It strongly implies that any retirees who are well off either inherited their money, or obtained it through magic ("I don't know where they got the money").
- The article implies that 401Ks are "too complicated or most people", and make it seem like the villain... instead of going to the root cause of what type of education is available about 401ks and do people has access to it.

I have lots of empathy for these folks, and in real life I see this up close and personal with relatives. But I get concerned that articles like these feed the notion that "if you are doing well, it is because you took something away from someone who is not doing well, and you took it in far greater proportion than you need".

 

[ownyourfuture]

A couple of thoughts after reading the article:
- It strongly implies that any retirees who are well off either inherited their money, or obtained it through magic ("I don't know where they got the money").
- The article implies that 401Ks are "too complicated or most people", and make it seem like the villain... instead of going to the root cause of what type of education is available about 401ks and do people has access to it.

I have lots of empathy for these folks, and in real life I see this up close and personal with relatives. But I get concerned that articles like these feed the notion that "if you are doing well, it is because you took something away from someone who is not doing well, and you took it in far greater proportion than you need".

Well stated

 

[marko]

A couple of thoughts after reading the article:
- It strongly implies that any retirees who are well off either inherited their money, or obtained it through magic ("I don't know where they got the money").
- The article implies that 401Ks are "too complicated or most people", and make it seem like the villain... instead of going to the root cause of what type of education is available about 401ks and do people has access to it.

I have lots of empathy for these folks, and in real life I see this up close and personal with relatives. But I get concerned that articles like these feed the notion that "if you are doing well, it is because you took something away from someone who is not doing well, and you took it in far greater proportion than you need".

+1

 

[Hermit]

So what is so bad about living in an RV

I live in a very old RV and have since I retired in 2013. I do my laundry at the laundromat on a regular basis (25 miles down the road). I clean the restroom at the community "ranch house" fairly regularly and probably will still be doing this after I reach 70. I don't travel much at all. I don't have a TV. I am also pretty active on this forum because I feel I fit in pretty well. I am living the retirement life I want. I hope there aren't too many of you who feel sorry for me.

 

[Aerides]

Whether thru poor choices or bad luck... or a combination of both, or being born wrong... more than most will end up like those in the article.

I would think it's important to all of us to recognize that our NW is most likely a combination of luck/work/and birth-accident. If I think that my success vs. those in the article is all "I'm better and smarter and it's all me" then I'm hollow and wrong.

 

[meierlde]

Re the question of the past, If you look at census records of your ancestors that lived on farms, where the husband died before the wife, you see a lot of cases where the wife stayed in the house while a son inherited the farm. I suspect part of the deal was to take care of their mother to get the land. One interesting feature of looking at census records is to see what peoples living arrangements were in the past.

 

[aja8888]

Whether thru poor choices or bad luck... or a combination of both, or being born wrong... more than most will end up like those in the article.

I would think it's important to all of us to recognize that our NW is most likely a combination of luck/work/and birth-accident. If I think that my success vs. those in the article is all "I'm better and smarter and it's all me" then I'm hollow and wrong.

Birth-accident?

 

[RobbieB]

Oh yeah, there are lots of people who are birth accidents. Or "oops" or the condom broke or the pill failed or the diaphram leaked.

Love child