How will people survive with no money at retirement?
2020-08-23 11:50 am
Even IF there is some sort of Social Security left say in 15 years. How will people survive if they had no investments, retirement plans or anything?
回答 (13)
2020-08-23 12:33 pm
If people have no investments and not much social security, they keep working. It’s not as though retirement at a certain age is guaranteed, it all depends on the resources someone has. Someone who invests well, saves hard, and plans may be able to retire early, say at 55. Someone who plans less well may work into their 70s because they don’t have another choice.
2020-08-24 11:34 am
you will survive , just dont expect to many luxuries , you cant afford the . have a stroke in your 50's and find out whats it like to survive on nothing .
2020-08-23 11:59 pm
You should be able to live off your SS in retirement if you've had a decent job. There's always been a lot of scare tactics to get people to buy into the notion that SS won't be around. Even my parents generation from WW2,.. they talked about it to them in the 1970's. Now, it would be best if everyone saved for their own retirement and SS didn't exist. Don't bet on that ever happening. Also, when government does it for you and it's forced, there's no incentive to save for retirement anymore. My grandfather retired in the early 1950's on SS with $6,000 in his bank account and their house paid off, still married of course. ($6,000 would buy you a cheap house at that time in the city where they lived). He lived till 1960 after a long illness. My grandmother paid all his medical bills ( before Medicare) and buried him at one of the finest cemeteries' in the city out of that account and still had enough for herself to last a few more years with SS, including a vacation trip to Europe.
2020-08-23 11:52 pm
They will have to depend on the kindness of others, family, or become homeless, like so many people are now doing.
2020-08-23 11:40 pm
Unfortunately, many will end up on welfare, if that is even available. If it isn't they will try anything to avoid starvation from begging to petty crime.
2020-08-23 10:15 pm
If they are healthy enough, they keep working.
If they have family, they depend on them for money.
Otherwise they spend whatever savings they do have, sell their house, and apply for medicaid.
Note that Social Security will continue taking money in from workers. At the time the trust fund runs out, income is predicted to be 70% of what the system is supposed to pay out. So it won't be nothing.
What happens after that depends on what happens to the ratio of workers to retirees. If we gets lots of young immigrants and good jobs, there will be plenty of tax to keep paying at least at the 70% level. If we continue the current trajectory of aging population and replacing workers with machines, the amount of money for Social Security will plummet.
If they have family, they depend on them for money.
Otherwise they spend whatever savings they do have, sell their house, and apply for medicaid.
Note that Social Security will continue taking money in from workers. At the time the trust fund runs out, income is predicted to be 70% of what the system is supposed to pay out. So it won't be nothing.
What happens after that depends on what happens to the ratio of workers to retirees. If we gets lots of young immigrants and good jobs, there will be plenty of tax to keep paying at least at the 70% level. If we continue the current trajectory of aging population and replacing workers with machines, the amount of money for Social Security will plummet.
2020-08-23 10:13 pm
True many do work past 65 or die by then. I would rather have the money now as I doubt I would make 65 plus why would anyone want to and be old!
2020-08-23 5:33 pm
Why is the retirement age increasing and getting closer to 70 ? People are working longer and there are many who will not live long enough to even retire ! Why worry ?
2020-08-23 11:55 am
Smart people plan. But, I guess you could always ask Christ. Even though nobody has seen him in 2000+ years.
There are houses that room & board seniors in exchange for much of their SS checks. I think there is one I drive by every day. Its a fairly new 4 bedroom. It has Im guessing 6 seniors living there and the owner. Judging by the cars in the driveway, may which never move and never with expired tags.
Usually they are in cheaper more run down areas when the economics work better.
There are houses that room & board seniors in exchange for much of their SS checks. I think there is one I drive by every day. Its a fairly new 4 bedroom. It has Im guessing 6 seniors living there and the owner. Judging by the cars in the driveway, may which never move and never with expired tags.
Usually they are in cheaper more run down areas when the economics work better.
2020-08-23 12:57 pm
For those who have paid into a ss account, they will be due those funds. It is not enough to live on. Not nearly enough. It was meant as a supplement only - as is well known. IF ss is eliminated by a government at some date, then people will have more money (because that money is no longer being taken out of their pay checks for ss) and you can take that money and invest it - in a "secure" investment, which is what you should do. Not gamble with it and not invest it in risky business, because you would be gambling with your future. If you don't do that, then you live on what you have. If it isn't much, whose fault do you think that is?
2020-08-26 3:37 am
Soon in Canada we will have a guaranteed income provided by government and they will make as much for being lazy bums as some seniors make who worked 30 years and retired.
2020-08-24 1:14 am
They'll vote Democrat and get free stuff.
Isn't that easier than working and saving and living responsibly?
Isn't that easier than working and saving and living responsibly?
2020-08-23 11:19 pm
No money, no retirement. People need to plan accordingly.
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