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Common Sense Party

(14,139 posts)
Tue Jan 17, 2012, 03:39 AM Jan 2012

Living on Social Security & Medicare: The Reality

Millions of retired Americans are frozen out of the health care system even though they've paid into it all their lives, because most of them rely on Social Security for the bulk of their income and can't afford the 20 percent of every medical bill that Medicare requires them to pay.

These numbers will grow enormously over the next 15 years as the population ages, whatever our economic future. Fundamental shifts in employment and incomes growing out of what's still being called the Great Recession will likely compound the problem for decades.

And demographic and other statistics strongly suggest that this is only the beginning of an unavoidable challenge to the idea of what it means to grow old in America, and to what many consider the obligations of government to citizens. In this pass, the political system seems unable to even concede the facts, much less design a practical response to them.


http://www.huffingtonpost.com/andrew-reinbach/living-on-social-security_b_1207974.html


Major buzzkill.

A very worthwhile parsing of the numbers to show that many of our parents--as well as many of us--are going to have a VERY tough time, indeed, making ends meet in retirement.

Difficult as it may be, young people MUST begin saving EARLY for retirement. It's not optional.
9 replies = new reply since forum marked as read
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Living on Social Security & Medicare: The Reality (Original Post) Common Sense Party Jan 2012 OP
Since everyone's retirement accounts have lost money in the long run that is a fools errand. kickysnana Jan 2012 #1
Accounts have lost money in the short run, not the long run. Common Sense Party Jan 2012 #2
People below a minimum income can't save... oysterbay Apr 2013 #8
++ cbrer Feb 2012 #3
We need to get the economy going. OllieLotte Jun 2012 #4
government policies are often regressive... oysterbay Apr 2013 #9
my 87 yo mom's SS and Medicare cover only a small % of her costs wordpix Jun 2012 #5
I have heard the horror stories as well. I'm sorry your mom has to go through that. Common Sense Party Jun 2012 #6
how much do you expect min wage workers to save? oysterbay Apr 2013 #7

kickysnana

(3,908 posts)
1. Since everyone's retirement accounts have lost money in the long run that is a fools errand.
Tue Jan 17, 2012, 12:16 PM
Jan 2012

We need to fix the broken ass-backwards, brutal, regressive system that uses the 99% as peasants to be taxed at the will of the 1% when their gaming goes bad. Smoke and mirrors.

I am st 60, and know now that everything we were taught was a lie to get us to keep going with the system that has been co opted since forever if you read Madison, Lincoln, Eisenhower. and Kline.

Common Sense Party

(14,139 posts)
2. Accounts have lost money in the short run, not the long run.
Tue Jan 17, 2012, 01:20 PM
Jan 2012

Investing for retirement is the ONLY intelligent strategy for the long run.

OllieLotte

(528 posts)
4. We need to get the economy going.
Sat Jun 2, 2012, 08:17 PM
Jun 2012

Taking a few dollars from the wealthy isn't going to do anything about a 1 trillion plus deficit and a stalled economy.

oysterbay

(15 posts)
9. government policies are often regressive...
Sun Apr 7, 2013, 06:19 PM
Apr 2013

cap-and-trade carbon taxes are regressive as heck. regulations generally have regressive effects. being poor is expensive. life is regressive in more ways than george will thinks.







wordpix

(18,652 posts)
5. my 87 yo mom's SS and Medicare cover only a small % of her costs
Mon Jun 4, 2012, 05:01 PM
Jun 2012

She's not only old but she also has advanced Alzheimer's and has been to the doc and emergency room not only for Alz. regularly but also for falls and small strokes. She needs 24-7 care. If I provide it, I can't work so we hire people and that is VERY expensive. If you're old and you go to a state-run institution, don't expect good care. I've heard many horror stories.

Common Sense Party

(14,139 posts)
6. I have heard the horror stories as well. I'm sorry your mom has to go through that.
Mon Jun 4, 2012, 06:22 PM
Jun 2012

For those of us younger, unless we actually expect the whole system to magically change, we NEED to save for retirement AND buy long term care insurance. It's costly, it's a sacrifice, but it's necessary.

oysterbay

(15 posts)
7. how much do you expect min wage workers to save?
Sun Apr 7, 2013, 06:11 PM
Apr 2013

Seriously, the most I have ever made in a single year is $17K, I have never had an employer-provided fringe benefit, and barring a miracle my income this year will be around $12K.

I think we should offer cubicle living like in Japan.

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