@Marxist:"1) Discretionary income (half the population lacks
it), "Add up things that are already bought with
"discretionary money" such as cable TV, smartphone data plans,
cigarettes, alcohol, eating out, and a whole raft of other things, and the
number isn't anywhere near "half." It's just that
way too many people would rather be able to snapchat now than support themselves
in retirement. @Lou:"Long story made short, the
system that I loved so much gutted me of my five rental properties, savings,
401K and almost everything I had ever worked for. "This display
our biggest weakness with insurance, now and before Obamacare. Before because
there were policies with such limits. Now because covering this unlimited risk
has made policies VERY expensive and people making $35k/year have
"insurance" with a $10k deductible. Yeah, they won't
go bankrupt due to a huge medical bill. Instead, they'll go bankrupt
because they can't buy insurance for something big while also paying for
the routine stuff out of pocket.
To all you hardcore-capitalist-republicans the system of savings and investing
goes up in smoke in a matter of a couple of months if you get sick! Prior
to Obamacare and the changes in the laws (the previous system that you love so
much, the one that denies children healthcare or life time limits on coverage)
that system of insurance and healthcare was a huge joke! If you got seriously
ill, from no fault of your own, you could easily rack up medical costs of one
million dollars in less than a year. I WAS a diehard capitalist. I
went in for a knee replacement, no big deal, and found out I had cancer. Long
story made short, the system that I loved so much gutted me of my five rental
properties, savings, 401K and almost everything I had ever worked for. It was
all gone in less than a year. Had I not went back to work still sick we would
have lost our home. What a life changing experience! All this was before
Obamacare. Had we had the laws on the books from Obamacare we would not have
lost anything and the insurance companies would have had to pay what they are
suppose to pay!! Read it again. This is a reality check I would not
wish on anyone.
@SC Matt "Start saving for retirement long before you get there, and it
will be easier. The earlier you start, the easier it will be. "This is good advice, but to work a number of other things have to work: 1)
Discretionary income (half the population lacks it), 2) No prolonged
unemployment, else savings wipeout (it's happened to many), and 3) no
economic crashes (not realistic as we well know).Capital;ism
doesn't work for most people.
@Educator:"I bet if we give handouts to the rich and invade the
Middle East again health care would become affordable again! Right
repubs?"As long as we're using generalizations, here's
mine. "Liberals want a government handout, taxing the young family of four
to pay for the care of the old guy with hundreds of thousands of dollars worth
of investments."When you tax Peter to pay Paul, you can always
count on the support of Paul."But instead of a generalization,
how about truth? And here's the truth: The magic of compound interest.
That's how to cover the costs of long term care. Start saving
for retirement long before you get there, and it will be easier. The earlier
you start, the easier it will be. I'm going to have to pay for
somebody's long term care, either mine or yours. I'd rather pay for
mine and let you pay for yours. I'll save and invest. You do it in the
way that makes sense to you.
I bet if we give handouts to the rich and invade the Middle East again health
care would become affordable again! Right repubs?Get Educated
"... the average cost for a one-bedroom unit in an assisted living facility
approaching $42,000 a year in the U.S.,"--- With a median
household income in the mid-fifties, 42,000 would be well over the after-tax
income of most families.How to cover the cost of long term care?
(1) Die young, (2) don't get sick.
Capitalism doesn't want people to be able to retire, evidenced by the
gutting of pensions systems, let alone have long term care. The prospects for
boomers are grim indeed.