How not to be poor?

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I married a prudent man who remained employed at the same place for 36.5 years. He had a 401K plan and contributed to it as well as deferring bonuses.

God blessed us--the stock market did not collapse until he had been remunerated--that helps.

It is a matter of good fortune for us. Not everyone has been so lucky. My husband was a very good employee, but we have seen good employees bite the dust.

My hubby was promoited and drew a good salary. We worked hard,, but no harder than poor people work.
We stayed married to each other.

Your question is hard to answer.

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My husband was also a "good employee." I also had a business which had a building I also owned and that money was used for retirement as well.

Part of my husband's good employee status was his being "in the right place at the right time." When he took the job with the airline, they had not hired anyone for five years. He was in the first class of twenty and told they would advance faster then any employees had in many years.

Thus he was in a pretty good position when it came to retirement. He also gets social security as I do also. However, the stock market drop doesn't help. We also have an excellent financial helper, and my husband's having majored in economics was an advantage.

Carol

LC wrote:

In the "Whining Seniors" thread, it was mentioned that most people over 65 rely on Social Security for half or more of their income.

If this is true...

It is true according to the Social Security Administration.

http://www.retirement-usa.org/facts?gclid=CLX-graizqQCFQu87QodM3YfmA

LC wrote:

If this is true, why? And, more importantly, what did you do before age 65 -or what are you currently doing if under 65- to NOT be in that position?

You can elicit and receive individual answers to those questions, which will provide anecdotal evidence, but there are many wider reaching answers.

One is that the economic downturn (whether you want to hear about it or not) forced many people to use their retirement savings for day-to-day living expenses.

Another is that most people did not earn enough during their productive years to support their families and save for retirement, too.

And a bigger reason is that many people were lured into the "have it all now" mentality by a predatory credit system that let them borrow more than they could afford to pay. You can argue rightfully that it was their own fault, but the situation exists nonetheless, and unregulated financial institutions preyed on human nature when they took advantage of a basic human weakness fed by the wants of people who are uneducated about the potential consequences. Nobody listened when the experts said this would happen. Even Greenspan expressed surprise that the free market economy collapsed that way.

10/14/2010

The only women I admire here are Shelagh, Alice, Carol, Betty,
LC I can't and won't admire because of her " Brain Dead "
attitude towards seniors !



Cheers..Joe

It's okay, Joe. We can have differences of opinion. LC is unique and interesting. She certainly keeps us on our toes.

LC,

Another way not tp be poor iis to inherit a lot of money.

I agree with Alice. Because we sometimes disagree does not mean a lot. LC sees things different than many of us at times, but that doesn't mean I lack respect for her and her views.

She does keep us on our toes and keeps us thinking.

Carol

LC is the new Shelagh.

Dear Shelagh,
You, my dear, are one of a kind! Unique in all the world.

Love,
Betty

Dear Betty,

For better or for worse, this is indeed true.

Another aspect of poor seniors is that women outlive men. Therefore, their retirement needs are for a longer duration. Many worked in their home and had no social security savings of their own. Long-term illnesses broke the savings of many senior couples leaving the remaining spouse, often female, without needed finances. The cost of medicine is astronomical. Seniors living alone have no one with whom to share expenses; their costs are as high as those for two people yet with one income.

Men are more apt to be hired in their 50's and 60's than women; forcing many women into early retirement to survive at a lesser income in pension and social security.

Investments that were considered secure, fell in the many market downturns. No one has a crystal ball.

No one sets out to be poor. It just happens. Like a disease or misfortune, it can take one unaware. Some people do all of the right things and get a bad outcome.

The same thing holds true with health--when I was hale and hearty, it was a mystery to me how some people could sit around alll day long while I was out climbing mountains and conquering the world, that mystery has been resolved.

The poor will always be with us. We need to get a better spirit towards them. We never know when we will join them.

Q: What would you do if you won the lottery?
A: Keep writing until the money is gone.

Q: How can a writer have a million dollars?
A: Start with two million dollars.

Q: What do you call a writer with no significant other?
A: Homeless.

Al,

Too true!

Another way not to become poor is to stay healthy. In the past, healthcare expenses could wipe out a family. To some, they would be in the whining catgegory.

Good point, Abe,

Some people lose their homes with their health.

I know nothing about millions nor Social Security either. all security, physical and financial is in on my own hand, being over 65 I still working every summertime making quite good incomes.

You are so right about health. I dated a man whose wife was diagnosed with cancer when he was between jobs and had no insurance. At the time, he owned radio stations and lived a high life with planes and fast cars and boats, a summer cottage and a gated community home. He had just sold several stations in negotiation for a larger one. He let his insurance drop because it was tied to one of the other stations. By the time I met him, his wife had passed and his attorney negotiated with the hospital to sell all his assets to cancel the debt rather than him going bankrupt. His attorney and friend introduced us. He lived in a little duplex rental with a second-hand car and sold advertising for televison. The losses took their toll; but he was still a lovely person to hang out with for a season, enjoying bike trails and jaunts to little backwater towns and antique shops. The elan of the television crowd was fun, too; but he missed being the owner of the media, major.

Quote :

but he was still a lovely person to hang out with for a season,

Why just a season?

Hard to say why "just a season." Sometimes that spark that leads to "forever" just doesn't occur even though you enjoy a person's company and appreciate them.