How will people survive with no money at retirement?
Even IF there is some sort of Social Security left say in 15 years. How will people survive if they had no investments, retirement plans or anything?
Even IF there is some sort of Social Security left say in 15 years. How will people survive if they had no investments, retirement plans or anything?
garry
you will survive , just dont expect to many luxuries , you cant afford the . have a stroke in your 50's and find out whats it like to survive on nothing .
?
They'll vote Democrat and get free stuff.
Isn't that easier than working and saving and living responsibly?
Christin K
They will have to depend on the kindness of others, family, or become homeless, like so many people are now doing.
Amy
If they are healthy enough, they keep working.
If they have family, they depend on them for money.
Otherwise they spend whatever savings they do have, sell their house, and apply for medicaid.
Note that Social Security will continue taking money in from workers. At the time the trust fund runs out, income is predicted to be 70% of what the system is supposed to pay out. So it won't be nothing.
What happens after that depends on what happens to the ratio of workers to retirees. If we gets lots of young immigrants and good jobs, there will be plenty of tax to keep paying at least at the 70% level. If we continue the current trajectory of aging population and replacing workers with machines, the amount of money for Social Security will plummet.
Latin Techie
Why is the retirement age increasing and getting closer to 70 ? People are working longer and there are many who will not live long enough to even retire ! Why worry ?