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Planning to retire or have you, too, given up? - This is a dilemma

Posted: Jun 15th, 2019 - 9:10 am

Many of us spent our best years in MT, not cultivating any other education or experience.  Our wages have consistently diminished.  Many got into any savings they had either as a result of the early 2000s (near crash) eating up investments or purely MTSO reorganization dealing us out.

This is why we desperately need Medicare For All and a strengthening and INCREASE for Social Security and disability programs.

I KNOW we don't see ourselves fitting into the following description....I also KNOW some MTs do.  If you are one of the fortunate, please do not be too harsh judging the history of others in your responses...please.

 

A new study out of UCSF showed that almost half of all elderly homeless people became homeless after age 50. These statistics tells us that whatever the problem is, it’s related to age. The question we need to ask ourselves is, why are the elderly falling through the cracks?

Lack of Retirement Funds and Savings

The people who are most at-risk for falling into homelessness at an older age are poor middle-aged individuals. They’re the ones making ends meet through low-wage jobs, but not making quite enough to put money away for retirement.

Their jobs also aren’t as likely to offer adequate retirement benefits. Only 23% of workers have pension plans, and only 15% of those are in the private sector. Low-paying jobs are the least likely to offer pensions, and even when employers offer programs like a 401(k), they’re not utilized as much by workers with low incomes.

People in general, homeless or not, are less confident about whether they’ll have the money they need to get through 20-40 years of retirement. A big part of this is debt. Around 77% of families with heads of households between ages 55-64 are in debt. This is a big problem when finances are already tight. More money owed means less to put into savings, along with the frightening possibility of foreclosure or wage garnishment.

As a result, more people are expecting to have to work post-retirement. Many don’t even have a definite age at which they’re aiming to retire. There simply is no end or relief in sight.





LINK/URL: Planning to retire or have you, too, given up?

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