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Reply to "I always hear that people are living beyond their means, but…"
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[quote=Anonymous][quote=Anonymous][b]It will not be evident until retirement[/b]. People can live on cash flow while they have that cash flow. When the source of that cash flow is employment income, and employment ends, income has to be replaced by something else. That can be income from deferred compensation, pensions, Social Security, annuities, or investments/savings. People with little real wealth will have correspondingly few or only low-value such post-employment income sources, and their lifestyles will have to adapt accordingly. [/quote] It’s this for UMC. A lot of people have taken out equity from their house to fund a country club, second home, remodeling etc. When they retire they will need to sell to downsize. [/quote]
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