Reply to Ivy League grad, still renting an apt. age 70

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[quote=Anonymous][quote=Anonymous]Op here. My family goes back 4 generations in the US. My inheritance was a mixture of cash, General Electric and Sears stock (which have done miserably in recent decades). I live modestly and have supportive friends and my sister’s family. Reading this board makes me realize I’m not the only one in this situation and I feel better. [/quote]

Most Americans will retire on their social security and not much more. This board, and even popular culture, tries to paint a picture of everyone (especially if white) being affluent and having generous retirements and generous family inheritances but for most people, black or white or whatever, this is absolutely not true.

I would imagine you already know how to live frugally and are used to it and aren't extravagant. As long as you have realistic expectations about what you can do in retirement, no Viking tours for example, and are content to live in a simple apartment and have a simple life where pleasures revolve around being with your sister's family and small local activities, that's going to be the average retirement in the US. I would explore options for subsidized senior housing to minimize your living costs and between that and social security, you will live a simple and decent life. "Fixed income retirement" used to be a common term that seems to have gone out of the window in recent years, which is a bit of a shame. 
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