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Retirement planning is something I did starting in my 20's. Planning and investing was always a daily part of life: saving, learning how to invest, improving my job skills.
You're asking what you can do now if you did not, for whatever reason, garner the savings. You're going to jump on me, but my answer is, you're screwed.
Everything I know about retirement planning is based on the idea of 'wealth accumulation' through the decades. If you did not have a good income leading to good SS benes, it's too late. If you don't have savings, it's too late. If you're already living marginally, meaning you're barely able to pay rent, buy food, purchase clothing, there isn't much you can do other than look for various types of 'welfare' --- freebies, subsidies. Of course, there is the obvious: try to get some type of job. How realistic that is for many seniors is questionable.
It seems, from your posting, you think there is some way that seniors who have not saved, have 'marginal' income, can now 'take charge' of their finances and make things better.
It kind of seems, from your own postings, you know this cannot be true. I make no judgement, just a dose of reality. SS was never intended to be a 'pension plan' --- it was created so that seniors had a roof and some food.
"...Why is everyone a victim? Take personal responsibility for your life..."
- You know, this same thing has been discussed over and over and over here..
It has not. And please explain why you have such problems with continuing such discussion, and especially, the negativity.
- you are not interested in what I have to say..
Please add something of more substance than negative vitrol and what you say might have merit in relation to the stated focus of the discussion.
- and since this is your issue..
It is not Just MY issue. It obviously pertains to a large sector of society. Whether or not you admit it, the reality is not going away.
- perhaps you should offer some solutions that you think others will accept and that have the possibility of being initiated
And why don't you? That's exactly what this discussion dedicated to. It's open to your positive input just like anybody else. It's also open to any explanation for your negativity, your show of disdain for those who don't have.
The folks who have commented have done things "right" and are in the same predicament as if they hadn't. This discussion isn't about what's "wrong" with that, but how to go forward in a positive way.
- I wasn't exposed to anything different......................I graduated from High School and I don't recall any courses on investing.............................we were taught that if you got good grades you might have a chance to go to college but only if your parents could afford it........................
Y'know, the same happened here. One of the most useful high school courses, General Business was taken off the curriculum my freshman year. At that time, of course, I knew nothing about its impact. That wasn't to hit until recently. I got the good grades, went to college even though my parents couldn't afford it, quickly becoming an independent working college student as a freshman. My focus was on getting a job, not doing business, having my own.
As in your school there were no courses in economics, investing, and still are not today. What I find appalling is that Shakespeare was jammed down our throats then, and is still being jammed down students throats as a "requirement" for graduation today. I use Willy as the scapegoat for the the fact that this is taught the way it is, using up valuable classroom time, instead of the courses you mention, and has little to questionable use in the real world. In many if not most schools, "English" is taught an hour a day, 5 days a week. We were taught real English in grade school: The structure, how to lay out and diagram sentences and the like, about the language itself, what verbs, adjectives, etc., were, and how to use them - the beginnings of composition. Think of the impact replacing this period with Introduction to Business and related courses like you mention can have. With 4 years of that Before college - - - Whew!
As retirees, what can we do? The challenge is finding things we want to learn, things we want to do, stuff that drives us. What we're faced with is having to DIY - Do It Yourself. Finding what we want to, and can do, is challenging to say the least, as is figuring out one's own skills. Factor in finding things to do that make money and it becomes more complicated yet. We weren't, and aren't, schooled that way. The practical courses you mention are invaluable here. I waded through 50 years of doing to find the 3 or 4 things I do now. I'm bald from it!
Here's one example of how to directly help:
A friend came to me asking for help last month. No one person among us could afford to help him enough to do any good, but once a help group was voluntarily created, the picture changed. Nobody has much but collectively . . . .
- I believe you and I may have discussed this before - Seniors on limited income can take that amount and change their lives so that it can go further.
- 1. Work longer if they can - course, then you have to keep in mind taxation on the SS benefit if early retirement was taken.
Yes we have. Working longer is more than it seems. If you are not working and don't have any money at all, what can you do? That one hits hard and fast once one hits the streets. Homelessness is a loop where there is no money to look for work, the bottom to the cycle of poverty.
So what to do? No one strategy works for everyone, but here's one step that helped me forward in a big way: A person, especially a homeless person, needs a vehicle. Why?
Sounds silly but is very true, especially in a country built on mobility. One has to get to the job and an apartment won't get you there, Duh . The vehicle that did the trick for me was only a broken 80s small pickup found for junk price. It didn't run but I knew how to fix it. That and some camping gear got me to the minimum wage labor pools and eventually to other towns and better jobs. And no, that "good" job has still not raised its head, nor am I "expecting" it to. The bottom time drilled the tome home that one can't wait on jobs to come to them - Jobs have to be either created or found.
Next step? We'll see.
- and since this is your issue.. perhaps you should offer some solutions that you think others will accept and that have the possibility of being initiated.
Help someone and document what you do so the process can be repeated? Post here as you go.
Thank you and glad to have you back in the mix.
I'm seeing so many folks who didn't make it even with what might be thought of as good preparation. The idea of having, say, $100,000 as a "nest egg" and being secure today is not the same as 1965, or 70, or even 90. This in itself accounts for some of the difficulties. The working value of that amount is not the same. Compound that with - Through Nobody's Fault - we did not re-tool ourselves for business after World War II. Jobs, opportunity, went away while we played. We didn't steep ourselves in economics, business, high level machine work, and especially not in people knowledge, like cultural and geohistorical studies.
That's why the emphasis on not asking how or why. There are many "reasons" and/or none at all. How many of them matter until after an upgrade? And what can be done about water over the dam anyway? We're dealing with individuals.
Why do you have such problems with people who didn't do the same as you? Especially exhibiting such negativity, disrespect, and disdain for fellow humans?
Positive feedback would be appreciated.
You know, this same thing has been discussed over and over and over here.. you are not interested in what I have to say.. and since this is your issue.. perhaps you should offer some solutions that you think others will accept and that have the possibility of being initiated.
My heart goes out to seniors or anybody who are not somewhat prepared for whatever their future brings. However, I will have to admit, my 1st thought is WHY and I do get frustrated with the answer; usually very much the same answer. Preparation is everything when you know something will happen.
For most of my working life, I was self-employed and knew from the beginning that there were things which I had to provide for myself, had to be done by me, alone. I did plan along those lines and my lifestyle through the years mirrored those priorities - health insurance, retirement savings, other savings, disability insurance, paying into the SS and Medicare system, etc.
Today, I guess you would consider me a "Have" but a very longed planned out "Have"- I live within a budget - a budget that I have established based on my income from the sources which I have planned. Not rich but comfortable, at least within my life.
I see a future (actually NOW) where a lot of seniors (boomers) have to be provided for in their retirement years with government and/or charity provided subsidies - food, housing, transportation, medical cost, caregiving, LTC, etc. These things will supplement their retirement income from only SS or SSI or those with only SS and a bit of savings.
I believe you and I may have discussed this before - Seniors on limited income can take that amount and change their lives so that it can go further.
1. Work longer if they can - course, then you have to keep in mind taxation on the SS benefit if early retirement was taken.
2. Meals on wheels, SNAP, food banks, gardens, community gardens to supplement the food budget
3. Subsidized housing -
4. Medicaid - Extra Help - Dual Eligibility for medical needs.
Not the retirement idea that many envisioned, I'm sure, but choices made in all those previous years do have consequences.