Fred's Myth
Nonhyphenated American
Compound interest.
Compound interest.
And you're going to get old too. You're going to reach the point where you won't be able to take care of yourself. You're kids if you have them and in you're case I hope not won't want to be bothered with you. Therefore in the end you will most likely need assisted living or direct nursing home care which will quickly drain you of your money leaving you to go to the only friends you have left in the world.......Medicare and Medicaid.
59 Dano
I just want to make friends!
You don't know the difference between wealth and income, do you?
MAKAVELI
Well-Known Member
Apparently you don't know either.
59 Dano
I just want to make friends!
Where do you people come up with this stuff?? Most old people don't live in nursing homes.
MAKAVELI
Well-Known Member
Please explain it to me.
Elderly Poverty Statistics - Economic Security | NCOA
Over 25 million Americans aged 60+ are economically insecure—living at or below 250% of the federal poverty level (FPL) ($29,425 per year for a single person). These older adults struggle with rising housing and health care bills, inadequate nutrition, lack of access to transportation, diminished savings, and job loss. For older adults who are above the poverty level, one major adverse life event can change today’s realities into tomorrow’s troubles.
Poverty Measures
- 21% of married Social Security recipients and 43% of single recipients aged 65+ depend on Social Security for 90% or more of their income. (Social Security Administration [SSA], 2016)
- More accurate measures of economic well-being—including the Elder Economic Security Standard™ Index and the Institute on Assets and Social Policy’s Senior Financial Stability Index—show millions of older adults struggling to meet their monthly expenses, even though they’re not considered “poor” because they live above the FPL.
- The 2.1 million older adults on Supplemental Security Income (SSI) receive, on average, just just $435 each month. (SSA, 2016)
- On average, older women received about $4,500 less annually in Social Security benefits in 2014 than older men due to lower lifetime earnings, time taken off for caregiving, occupational segregation into lower wage work, and other issues. Older women of color fare even worse. (SSA, 2015)
- Nearly half a million older adults aged 55-64, and 168,000 aged 65+ who wanted to work were unemployed 27 weeks or longer in 2014. (Bureau of Labor Statistics [BLS], 2015)
- Older workers of color are most at risk for unemployment, with older African American men twice as likely to be unemployed as older white men. (BLS)
- One-third of senior households has no money left over each month or is in debtafter meeting essential expenses. (Institute on Assets and Social Policy)
- In 2013, 61.3% of households headed by an adult aged 60+ had some form of debt. Among senior households with debt, the median total debt was $40,900. (Federal Reserve Board)
- In 2015, 2.9 million households with a senior aged 65+ experienced food insecurity. (USDA Economic Research Service)
- 3 out of 5 older adults (age 60+) who are eligible for the Supplemental Nutrition Assistance Program (formerly Food Stamps) are not enrolled. (USDA Food and Nutrition Service)
- In 2013, 33.8% of senior households owed money on a mortgage, home equity line of credit, or both. (Survey of Consumer Finances)
- Approximately 3.5 million older homeowners are underwater on their loans and have no home equity. (Trawinski & AARP, 2012)
59 Dano
I just want to make friends!
Nope.
Agreed.
Consider this: fifty years after the enactments of Medicare and Medicaid and the trillions of dollars that have been spent on them, access to affordable medical care for the average person is more of a struggle than it was before those programs were put into place.
MAKAVELI
Well-Known Member
That's what you get in a capitalist society.
Oldfart
Well-Known Member
Don't believe the interest rates we have seen for the same few years has provided much return as far as interest. Just like Social Security. Many will draw more than they paid into it. I would still like to have all the SS I paid in and let me invest it myself. I would be way ahead of what I will draw at retirement.
Here's what you're forgetting. The largest generation numerically speaking is the post WWII baby boomer generation . All 70 MILLION of them. The oldest is 72 . The youngest is 53. They're getting older and sicker. They're need for care will increase both in terms of complexity and cost. It's all in the demographics pal. The GOP sees this and their solution is to kill off the aged and poor by making premium healthcare the exclusive domain of the moneyed few. Remember one thing . Many in nursing homes today have been there for years and once while not wealthy were economically secure but to their complete surprise now have nothing.
59 Dano
I just want to make friends!
You keep focusing on income instead of wealth for some reason.
https://www2.census.gov/programs-su...ealth-asset-ownership/wealth-tables-2013.xlsx
Lines 17 - 25, column B...
Age of Householder Average Net Worth
Less than 35 years 6,936
35 to 44 years 45,740
45 to 54 years 100,404
55 to 64 years 164,498
65 years and over 202,950
65 to 69 years 193,833
70 to 74 years 225,390
75 and over 197,758
whenIgetthere
Well-Known Member
True. My mom wasn't wealthy a few years ago, but she never thought she would be considered poor. After a couple of years in a private retirement community, her money was gone, now in a home paid by medicare.
59 Dano
I just want to make friends!
And still, most old people don't live in nursing homes. Have you ever thought to replace your dumb posturing with actual data? It might help.
It will be fine
Well-Known Member
If I had to guess the reason for the struggle has more to do with stagnating wages than cost inflation caused by the programs. They have problems for sure, but my preferred solution is their expansion to full single payer not gutting their funding.
MAKAVELI
Well-Known Member
Vague numbers that mean absolutely nothing when you don't take into account income when no longer working.
MAKAVELI
Well-Known Member
Age of Householder
Less than 35 years 6,936 4,138
35 to 44 years 45,740 18,197
45 to 54 years 100,404 38,626
55 to 64 years 164,498 66,547
65 years and over 202,950 57,800
.65 to 69 years 193,833 66,168
.70 to 74 years 225,390 68,716
.75 and over 197,758 46,936
The second number in that table is excluding home equity. Quite a big difference, eh?
59 Dano
I just want to make friends!
Why would you exclude home equity in a calculation of a person's net worth? Do you even know what the term "net worth" means?
Oldfart
Well-Known Member
Tupac might be a lifelong double wide owner. They DEpreciate, not APPreciate.
MAKAVELI
Well-Known Member
Because excluding it gives a better picture of liquidable assets.
