What Happens When You Outlive Your Financial Resources?

[Karenina]

It's a reality MANY are facing now having "done everything right". Just wondering how we're feeling...

50+ please do check in!

http://www.youtube.com/watch?v=YdRs1gKpeGg

[CTyankee]

1. You go and live with one of your kids and give them your SS check each month

for your "keep." You watch the kids, clean up a bit after supper, do some laundry. It's good when you are old because you lose some of your sensation of taste, so you don't have much appetite and tea and toast are pretty cheap.

[SoCalDem]

6. or you share your home with a few other SS recipients

and share the work/expenses.

I can see this happening more now that homes cannot be sold for enough to downsize & live alone.

We had planned to buy a smaller place for cash, but now that our house is worth less (worthless?), we will stay put, and whichever of us ends up alone someday, will probably share the house.

[CTyankee]

9. Yep, my plans for downsizing with some nice cash from the profit on my house went up in smoke.

My dear former sister in law downsized a number of years back, sold her house and moved in with a friend who rented out part of his house to her. Unfortunately, he was an alcoholic, as she was, and she was dead of cirrhosis only a few years later...sad...

[SharonAnn]

13. Oh, yes. I forgot about that.

[Karenina]

20. I have a difficult time imagining

such arrangements working out well on a large scale, particularly for those who have always considered themselves independent.

Lately, I've seen many clips of Greeks speaking about "austerity" and its effects. The older ones are desolate, despondent and suicide is way up. The 20 somethings are fleeing in droves. I've heard it described as economic genocide...

On a lighter note, your sig is hilarious! :rofl:

[SoCalDem]

21. I'm sure it would not be fun to do, but if it means holding onto your home

I can see people doing it.
There was a time when multi-family living was the norm. It makes sense too when you consider resources.. A/C is expensive and many older folks do not use it because they cannot afford the utility costs...............sharing could mean that they could be comfortable in the hoy weather..

[roguevalley]

16. agreed, CTyankee. Good thing your appetite drops as you age

so that the bologna that you share with your dogs is bearable.

I am on my own but I have vigilent sibs and their younglings. I expect that they will make sure I am safe when I'm old and eating cat food.

[dems_rightnow]

2. Soylent Green

Great solution!

[sarcasmo]

3. More tent cities will crop up. You could also squat in one of the many foreclosed homes.

[Fuzz]

4. Renew renew

[Karenina]

27. ???

Renew WHAT? :shrug:

[razorman]

5. You die hungry.

[lifesbeautifulmagic]

7. subsidized housing and utilities

food stamps.

Realistically, if you do not have kids or other relatives for support, this is the only way.

http://www.co.pierce.wa.us/pc/abtus/ourorg/humsvcs/altc/adrc/lowincomehousingtacoma.htm

[SharonAnn]

8. I'm deathly afraid of that. I'm 66. My younger siblings are in worse shape.

I've done everything right.

Worked for a company with a retirement plan.
Contributed to Social Security.
Saved the maximum every year in IRA and 401-K.


The Wall Street vultures have taken a lot of value out of the retirement plan and the IRA/401-Ks.

Now they're after Social Security.

They're like zombies, or "giant vampire squids wrapped around the face of humanity relentlessly jamming their blood funnels into anything that smells like money" as Matt Taibbi said about Goldman Sachs.

[Karenina]

17. Remember Ross Perot

and "that giant sucking sound?" How many millions of us will find ourselves in untenable positions? May your nose remain above the water line, SharonAnn. :pals:

[RebelOne]

19. Don't worry about your Social Security.

If you are already collecting it or near retirement age, your benefits will not be cut. I am not worried, as I have been collecting benefits for the past 7 years. And in January, there will be a 3.5% COLA raise. But of course, Medicare payments will be increasing, so it will even out.

[Yupster]

23. You saved $ 15,000 a year into your 401 k's

every year your whole working life and you're introuble for money?

You should have hit $ 1 million back 20 years ago.

[Tikki]

10. Because he hired on so young...

and retired young...we know all that left with him after 30 years
on the same job will have to make it through the next thirty.

Go slow through the savings and benefits even though we are tempted to go all out...we go slow.


Tikki

[KaryninMiami]

11. For those of us without kids- how about Senior boomer communes

We can all chip in - think about it- could work, right? Otherwise, I'm thinking we're in big trouble come retirement- not that many of us will get to retire...

[Karenina]

24. Did you try out the commune thing 40 years ago? n/t

[Still Blue in PDX]

12. I'm hoping to stay healthy and cogent enough to go on working.

I've been with this employer for almost 39 years (I'm 57) and see people retiring. They must have done a lot of things smarter than I did.

We refinanced the house. I'm working two jobs. One kid at home, ostensibly in college, unemployed. One husband, unemployed.

I'm exhausted so I'm on DU here at work, trying unsuccessfully to stay on task. I have nightmares (dreams?) almost every night of being fired.

:argh:

[Kolesar]

15. Hang in there

I went through a similar situation myself. It was complicated. I survived.
Here's my moral support.

[OffWithTheirHeads]

14. Well, if you like The Pizza Guy, you eat used food (shit) and die.

Republicans haven't cared about you since you were a fetus.

[Karenina]

18. . .

“The illusion of freedom will continue as long as it's profitable to continue the illusion. At the point where the illusion becomes too expensive to maintain, they will just take down the scenery, they will pull back the curtains, they will move the tables and chairs out of the way and you will see the brick wall at the back of the theater.”
― Frank Zappa

[panzerfaust]

22. U Die

A lot of us are looking at that - with the theft of our "investments"

[RagAss]

25. "These are the days of miracle and wonder...."

[Karenina]

26. Love your sig!

:spray: Max Keiser has been promoting their return to use! :rofl:

[Karenina]

28. Happy Monday to all (I'm some hours ahead, must sleep)!

Please fasten your seat belts. Turbulence ahead. :grouphug: