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View Diary: Americans' Retirements Are in Tatters. What Does That Mean? (129 comments)

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  •  Here's one of the BIG yet rarely discussed (1+ / 0-)
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    Dartagnan

    problems.

    Those that actually had a retirement plan spent or are spending their nest eggs keeping their adult kids w/kids afloat.

    When 50% of Americans now earn less than $26.5K/yr and 40% earn less than $20K a year, if Grandma or Grandpa have any disposable capital, you can rest assured their grandchildren will be the recipients.

    Also, so many soon to retire co-signed student loans for their kids (who are either having a hard time finding a job or are working for barely a living wage), and these elders risk having their SSI checks garnished if the loans are in arrears.

    The whole system is being set up to impoverish seniors, except of course, the top 1%.

    From Joan McCarter
    The 'greatest retirement crisis' in history looms large

    Take me, for example.  I have a nest egg, but my kids can't keep a roof over their heads without my help.  At some point, if/when I run out of cash I won't be able to pay my real estate taxes.  In my state, after 5 years, they simply take your home.

    I don't have enough to risk the Stock Market, and banks don't pay any interest (part of my retirement plan shattered by the FED, btw).  There should be a law that over 65 gets a higher interest rate, imo.

    And I am one of the fortunate ones facing destitution and homelessness if I live long enough.

    AND, because as a woman I was GROSSLY UNDERPAID for my mid-management jobs, and because I became unemployed during the Great Recession and unable to find a suitable job, I took early retirement.

    Now, I get $620 a month SSI less $100 for Medicare B.  The minimum SSI which affects mostly women, really needs to be raised, especially if they were forced into early retirement.

    Who can live on $620 a month?

    It's difficult to be happy knowing so many suffer. We must unite.

    by War on Error on Sun Jun 23, 2013 at 09:13:16 AM PDT

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