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Reply to "What happens to people who saved nothing for retirement?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]For most people living paycheck to paycheck at Min wage or slightly above, SSI is basically income replacement. They do fine and basically maintain status quo. Often their families doing better because they can now be available to provide care to grandchildren. It’s families making 100-300k that need to be careful and may be in for a rude awakening. Those families need to make sure house paid off and no significant debts. They have option to move to lower cost of living location to payoff any debts with home equity and scale down their lifestyle to live on SSI. It will a be hard adjustment. [/quote] This was my thinking too. Its the high earners living like there is no tomorrow that are in for a rude awakening. $5k/month in social security isn't going to keep them in the lifestyle to which they have become accustomed. [/quote] Most high earners are saving in 401k/IRAs. they will have much more than SS check[/quote]
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