71–80 of 198 posts
401K is a massive Wall Street ripoff and a massive failure. The disaster is just beginning.
What are their returns, compared to say, social security investments or private pensions?
Much better than controlling my own retirement.
Why don't these people move to a place where it is much cheaper to live? Costa Rica , Panama, and Mexico all come to mind. Living in the US is expensive and you can live much cheaper in other countries and have the adventure of living in another country. https://internationalliving.com/countries/costa-rica/cost-of...
Its tricky to feel sympathy w/ the lady in this article. She's part of the most benefitted generation, the "hardships" shown are induced by her own choices (expensive dinner, speeding ticket) and by world standards she's won the lottery to even be alive and living comfortably at her age. Alas, thats the trick with other people's stories-- difficult to project how it would feel if I were in their shoes.
These backdoor taxes on the poor exist for only one reason: concentrations of wealth work very successfully at avoiding most taxation.
Before Social Security, over 70% of seniors died in poverty. Today, that number is less than 10%. The amount of transfer payments to the elderly is so much larger than to any other age group, but unless you're willing to let those below the median income die in abject poverty, it's necessary.
I'm not an advocate of "debtors prisons" as a traditional concept, but I'm also very reluctant to sympathize with those living on a fixed income who refuse to pick up and move to an area where the cost of living adequately aligns with their financial means. As in, if a person is old and broke, they should be grateful to have the freedom to move to a cheap place to live, not bemoan that they can no longer afford their…
EDIT: Really, I can't tell.
Earlier quoted context omitted.
Cost of living is not the problem (except for healthcare cost inflation, which Medicare could mitigate if someone could gut Congress of representatives preventing Medicare from negotiating with pharmaceutical companies). The problem is that everyone who collects Social Security is living longer. The question is: How can you continue to provide a high quality of life to seniors without bankrupting the country. It can…
The answer is that SS age gets pushed back along with average lifespan
The answer is removing the social security tax cap at ~$120K (this causes SS to become solvent in perpetuity immediately). This will be done regardless if the SS fund goes broke and must be propped up with the general fund, its just how long you want to kick the can for. (EDIT: Medicare has no cap on the amount of income taxed, only Social Security)
The answer is you increase basic social safety nets that have little marginal cost (there's enough food to feed everyone; distribution is the problem).
I feel so sad when I read stories like these ones... a 300$ ticket is the difference between being broke and having food on the table for her. To me it says a lot about our society if we can't take care of our elderly.
While I agree with your sentiment, I do not agree that it is my responsibility to take care of your parents. I want to take care of mine, and socializing these costs just means I'm forced to pay for your parents at the expense of mine. There is no replacement for the family unit. Obviously I feel differently about people who have no family, but that is the exception not the norm.
I feel so sad when I read stories like these ones... a 300$ ticket is the difference between being broke and having food on the table for her. To me it says a lot about our society if we can't take care of our elderly.
While I agree with your sentiment, I do not agree that it is my responsibility to take care of your parents. I want to take care of mine, and socializing these costs just means I'm forced to pay for your parents at the expense of mine. There is no replacement for the family unit. Obviously I feel differently about people who have no family, but that is the exception not the norm.
Westfall — 5 feet 1 tall, with a graceful dancer’s body she honed as a tap-dancing teenager — is as stubborn as she is high-spirited. But she finds herself these days in a precarious place: Her savings long gone, and having never done much long-term financial planning, Westfall left her home in California to live in an aging RV she calls Big Foot, driving from one temporary job to the next. This is just shameful. You…
>But there should be no hesitation at all about applying it to seniors. As in, right now. So something like social security. Which she is already receiving.
> she pulled into the Town & Country Family Restaurant to take the edge off her appetite .... After much consideration, she ordered the prime rib special and an iced tea — expensive at $21.36, I guess that is really bad for US.