Re: SS pushed back to age 70. = Elle
But wouldn't the person need to understand investments and how and when to switch their money around? The working poor will not have much to invest. Some investments pay little and others pay more. Some lose money and in recessions don't they all pay poorly? I'm picturing people reaching 65 or 70 and and realizing the $15 to $25,000 (pick a figure) in their IRA is not going to last more than a year or two - then what? Where's the safety net? These people will have to turn to Welfare and may well lose everything they own. I have an IRA started over 25 yrs ago and although it did well over the years, it certainly didn't grow to the point I could live on it indefinitely. No more than 5 or 6 years perhaps - if I budgeted Very very carefully. SS will be there, or should be there if the fund is not looted by the politicians in power, until I die. It's a form of security not there with an IRA. People may be living longer Elle, but look at the condition so many are in with chronic disease such as diabetes, fibromyalgia/arthritis, heart disease and general old age afflictions. Of all the people I was able to keep in contact with in NYC and here, most have already passed away and before age 70. It's a shame if people have to work to age 70 and never know what retirement is. Not retire while healthy enough to do the things they had hoped to do before they die.
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