Reply to Median Retirement Savings of Pre-Retirees is $17,000

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Reply to "Median Retirement Savings of Pre-Retirees is $17,000"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Wow, that’s eye opening. I knew the numbers were low, but didn’t realize it was that low. Easy to forget the number of people living paycheck to paycheck. [/quote]
OP here. Yes, we have a real problem facing us, as a nation. The vast majority of people are unprepared for retirement, and with the disappearance of pensions in the private sector, they will have nothing but social security - and that's not enough.
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People have been living on just their social security checks for a long time.  It isn't fun but this isn't a new thing, either.

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How can they live on $1200 a month? Even if their home is paid off, they can have property tax of $500 a month. And then there's food, utilities, gas money and car expenses, Medicare premiums, household stuff, and more. [/quote]

I don't know how they do it.  But if you think that every senior citizen in this country has a paid off house in a high income area with high property taxes....you would be wrong.

There are people living in homes that are worth under 30K.  Some live in low income rental housing.  They probably utilize food pantries when their money runs out.  They may not have a car....so gas money is not an issue.

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