62 year old with no savings?!

valittu

valittu

Pre-takeoff checklist
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Marvin
I met a guy today who is 62, working, living check to check and has no family, savings or pension. I was shocked at how calm he was. I wanted to offer him some advice, but all I kept thinking about was how many ways a person can eat cat food.

How would you advise him?
 
I meet people like that all the time. They are everywhere.
I can't advise. I can only sympathize.
 
One or more divorces ?
 
Welcome to the new normal. Politics as inflicted against us in the new century is impoverishing an entire generation.
 
weilke said:
One or more divorces ?
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Or maybe medical problems? With the extremely high deductible and out of pocket insurance plans most people now have, a multi-year illness could esily put the hurt on an average family.
 
valittu said:
I met a guy today who is 62, working, living check to check and has no family, savings or pension. I was shocked at how calm he was. I wanted to offer him some advice, but all I kept thinking about was how many ways a person can eat cat food.

How would you advise him?
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It's about thirty years too late for advice.
 
The boomers that didn't rob the country blind also have bad judgment, it is just expressed differently.
 
My brother in law.....worked for a major U.S. Company for 38 years. In sales he was in the 100 percent club for most years. In retirement, his medical insurance became less. He had to resort to the V.A. , As he had flown B24s in WW2. His wife has had big medical bills also. He died recently, almost broke from medical bills, had to sell their house to pay bills. She gets by on very little and her children help some as do I. He was a careful spender, did not drink or gamble. Nice person, gentleman. It's now very common so many of you may experience this as you get older.
 
My point above. I had a major medical procedure about 1.5yrs ago, as it fell across the end of one year and into the next, i got to satiisfy two years of max out of pocket. Lucky me, that issue cost me $16k.

Now imagine a multi-year illness and maybe a sick spouse as well, and yeah. One can go broke, and that is the sad truth in new America.
 
This is the new norm. If you have money, there are ways to get it from you. Between the government and private corporations, someone is getting your money.
 
And a 401 K is not going to cut it. You'd better start a hedge fund or sell sub primes or dirivatives.
 
jmp470 said:
This is the new norm. If you have money, there are ways to get it from you. Between the government and private corporations, someone is getting your money.
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This is very true. Planned 'poverty' can be a wise way to go. Obviously you can get screwed either way. One thing for sure the old being retired for a few decades pyramid scheme is over. Live debt free without expensive accessories and it is pretty easy to get by with just a little work. Some sage climbing bum once said there is a leisure class at both ends of the economic spectrum. Might be the folks in the middle are the chumps.
 
valittu said:
I met a guy today who is 62, working, living check to check and has no family, savings or pension. I was shocked at how calm he was. I wanted to offer him some advice, but all I kept thinking about was how many ways a person can eat cat food.

How would you advise him?
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He will do just fine.
 
ClimbnSink said:
This is very true. Planned 'poverty' can be a wise way to go. Obviously you can get screwed either way. One thing for sure the old being retired for a few decades pyramid scheme is over. Live debt free without expensive accessories and it is pretty easy to get by with just a little work. Some sage climbing bum once said there is a leisure class at both ends of the economic spectrum. Might be the folks in the middle are the chumps.
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Yes, the middle used to be the middle class, now destroyed by greed. That's why most are flying worn out fifty year old airplanes....or just parking them outside.
 
Jimmy cooper said:
Yes, the middle used to be the middle class, now destroyed by greed. That's why most are flying worn out fifty year old airplanes....or just parking them outside.
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Destroyed by greed? :rofl::rofl::rofl::rofl::rofl:

Destroyed by liberalism convincing people the governemnt will take care of them cradle to grave.

You are flying 50 year old airplanes due to government over regulation. Look at European aircraft! :mad2: The US can't compete due to over regulation by liberals!

Look at experimentals! Reasonable regulation and the fastest growing part of GA! Seriously, Jimmy, you need to wake the **** up.
 
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valittu said:
I met a guy today who is 62, working, living check to check and has no family, savings or pension. I was shocked at how calm he was. I wanted to offer him some advice, but all I kept thinking about was how many ways a person can eat cat food.

How would you advise him?
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If he didn't ask for advise I wouldn't say anything.
 
He's one of many, I see it all the time. Social Security, Medicare, and whoever AARP tells him to vote for are the safety nets.
 
Everskyward said:
If he didn't ask for advise I wouldn't say anything.
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That's the best answer yet.

I know people that spend everything they make because they are afraid of dying with unspent money. And there is always (?) Social Security and Medicare, so why plan for the future?
 
Geico266 said:
Destroyed by greed? :rofl::rofl::rofl::rofl::rofl:

Destroyed by liberalism convincing people the governemnt will take care of them cradle to grave.

You are flying 50 year old airplanes due to government over regulation. Look at European aircraft! :mad2: The US can't compete due to over regulation by liberals!
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Your totally wrong. Liberals had little or nothing to do with it. My family was in the furniture manufacturing business. Most of it is now in China, being made by 45 dollar a month employees, living in dormitories housing thousands. So it was 600 employees gone in a small town , non Union. This happened all over the country, hundreds of factory's closed. If you read the history carefully you will find I'm right. Name calling ain't gonna cut it. We must change it. Ross Perot ran on this years ago but greed beat him, cheap labor. . A race to the bottom. Same with autos, refrigerators, on and on. The middle class bought the new aircraft. Beth steel people, gen motors people, etc.many are gone, not coming back. Please explain European aircraft....model? Country, ? who can afford them and what are they!? In this country they buy a fifty year old one for too much money and have to tie it down outside!
 
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valittu said:
I met a guy today who is 62, working, living check to check and has no family, savings or pension. I was shocked at how calm he was. I wanted to offer him some advice, but all I kept thinking about was how many ways a person can eat cat food.

How would you advise him?
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Did he ask for your advise?

How calm he was, lol, what is he sposed to do, run up and down the streets screaming :rolleyes2:

Money is nice, but not everyone lives their life off a excel sheet, frankly freedom is ether being rich or off the grid, being in the middle class is living like a slave.

Very presumptuous to think you're in a position to offer LIFE advise to this 60yr old man in the first place, sounds like a great way to get punched in the face.
 
the goal is to die pennyless. i'd say he is doing fine.
 
I worked with an old guy at a machine shop in Iowa, He said his retirement plan was to kill someone who deserves it and sit back and wait for the cops to deliver him to his new retirement home. I actually don't think he was kidding lol.
 
MotoFlier said:
I worked with an old guy at a machine shop in Iowa, He said his retirement plan was to kill someone who deserves it and sit back and wait for the cops to deliver him to his new retirement home. I actually don't think he was kidding lol.
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You know, if you're old and homeless that might actually be a good way to go.

I might hesitate due to prison violence, however.
 
Jimmy cooper said:
Yes, the middle used to be the middle class, now destroyed by greed. That's why most are flying worn out fifty year old airplanes....or just parking them outside.
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When the day comes that you finally get help, and the docs find a way to help you overcome chemical imbalance, you will be SHOCKED to discover the real world...
 
When I worked in Dade County FL in the 1980's, I saw what trailer park poverty was like for the first time, and it wasn't pretty.

Motivated me to have a plan for the future.

Now, retired at age 65, I'm very glad I did! :yes:
 
dans2992 said:
You know, if you're old and homeless that might actually be a good way to go.

I might hesitate due to prison violence, however.
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Have you heard some of the nursing home abuse stories?? Its a coin toss at best which one you would be safer.
 
MotoFlier said:
Have you heard some of the nursing home abuse stories?? Its a coin toss at best which one you would be safer.
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White-collar crime is the ticket to a nice retirement at a plush federal joint. All he needs to do is set up a Ponzi scheme, and he's home free.

Rich
 
A quick look around the net suggests that fully 50% of >55yr olds have less than $100K saved. Not saying that because there are so many in his shoes makes it more acceptable; the contrary...it's a sad epidemic.
 
valittu said:
I met a guy today who is 62, working, living check to check and has no family, savings or pension. I was shocked at how calm he was. I wanted to offer him some advice, but all I kept thinking about was how many ways a person can eat cat food.



How would you advise him?
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He will be fine. We've decided to be a welfare State. There's no backing that bus up, once it's gone off the cliff.

I laughed today when I saw another "news" headline that said Greece was "running out of money". I'm pretty sure if you have massive debts, you ran out of money a long time ago. Germany just doesn't have any good reason to invade, since then they'd be responsible for the people there, too.

Where are we at now, have we hit $20 Trillion yet? Dude has no worries. He won't starve as long as our loans look a tiny bit better than Greece's loans.
 
tonycondon said:
the goal is to die pennyless. i'd say he is doing fine.
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The goal used to be to build wealth and try to leave it to family* to make each succeeding generation a little better off. There were always bound to be more failures at that goal than successful people.

We've now labeled those who's families succeeded at it, "evil rich people" and "trust fund babies" and the like. And granted, some of the offspring truly grew up to be azzhats, knowing they could do or buy anyone, ahem, anything. So some of the disgust is earned rather than just a stereotype.

*Obviously the goal of leaving it to family may not apply if you're single. And you don't want to leave it to the kids if they appear to be already turning into azzhats, as mentioned above. You know if they're going that route. Jut don't do it. LOL!

We will probably change our Will documents soon to leave anything we have left, if anything, to nieces and nephews unless a better option comes along.

Sure as hell not leaving it to AOPA. LOL!
 
Could be worse, could be living the rent to own lifestyle, owing money on everything from your house to your car, to you washing machine :dunno:
 
dans2992 said:
You know, if you're old and homeless that might actually be a good way to go.

I might hesitate due to prison violence, however.
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As someone who works for a private correctional healthcare company, I would strongly recommend against this plan. Quality of care if you have medical issues isn't exactly top notch in those facilities that have gone private. It's a race to the bottom and everyone is trying to get there first.

Sent from my Nexus 10 using Tapatalk
 
You didn't say what his social security check would be. My wife and I are 63, and we'll actually do better on social security and medicare advantage than on what we can keep after taxes and Obamacare now. Which means we can live quite comfortably. My major concern is long term care and making sure that I can pass down most of my assets to my daughter and grandson.
 
Florida Cracker said:
When the day comes that you finally get help, and the docs find a way to help you overcome chemical imbalance, you will be SHOCKED to discover the real world...
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That's just plain insulting. Just because someone doesn't share your ideology doesn't mean there is something wrong with him.
 
James331 said:
Did he ask for your advise?

How calm he was, lol, what is he sposed to do, run up and down the streets screaming :rolleyes2:

Money is nice, but not everyone lives their life off a excel sheet, frankly freedom is ether being rich or off the grid, being in the middle class is living like a slave.

Very presumptuous to think you're in a position to offer LIFE advise to this 60yr old man in the first place, sounds like a great way to get punched in the face.
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Just what I was thinking.... Did you go up and ask the guy how much cash he had? Funny thing is lots of old guys still working and look like they have nothing have millions stacked up. This dude probably laughed and called you a dumb **** when you walked off. LOL!
 
What a lot of us here too easily forget is that there are many people who spend all their lives being barely able to survive on what they earn, much less put away something for retirement. If they work for one of the few remaining halfway decent employers or belong to a union, they'll have some sort of pension. But for a good percentage of those who don't, it's hand to mouth -- and ends still may not meet.

Rich
 
RJM62 said:
What a lot of us here too easily forget is that there are many people who spend all their lives being barely able to survive on what they earn, much less put away something for retirement. If they work for one of the few remaining halfway decent employers or belong to a union, they'll have some sort of pension. But for a good percentage of those who don't, it's hand to mouth -- and ends still may not meet.

Rich
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The new people these days seem to be VERY lazy. I see this everyday at my job. I have been at the same company for 23 years. I work 60 hours every week if overtime is available which it usually is. I have done this since the day I started here, plus I hussle doing side stuff. 90% of everyone else here can barely make a 40 hour week and complain daily that they are behind on bills.
They hate on me because I have airplanes, bikes, a boat etc.... I always tell them get off their lazy ass. I didn't get all this stuff overnight and nothing was handed to me.
 
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valittu said:
How would you advise him?
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Move to a state that offers more free stuff. For example the one immediately north of his. Send him over, we can always fit in another one.
 
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