Quote:
Originally Posted by Aces4
Normal? Cold comfort to those, and there are so many, who were able to make ends meet and put a little away for retirement. They now live on the edge of expenses and are terrified if there is a medical expense that pops up.
A woman spoke with me in general pleasantries in a store and then shared after we both commented how much a certain product had gone up in price. She was single, late fifties and terrified by her current situation in which her apartment building was sold and she couldn't afford the apartment rates now. She wanted to stay out of the inner city pockets of crime and didn't want a handout but asked me to pray for her. She had never faced anything like this in her life. And everything had gotten so pricey.
I encourage the forty and fifty year individuals to blow through their retirement money, you will be handing it out to the millions who have nothing down the road and the future is bleak.
It's easy to say as seniors who pockets are full that it isn't bad out there. It's a mess.
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I would encourage folks NOT to blow through their retirement money! Do save or invest what you reasonably can. Unlike what I interpret as your "doom and gloom" assessment, pretty much across the board, things have gotten better in every sector. But, prices have gone up and we feel that crunch. But, here in the U S, we are doing far better than other countries in reining in inflation. Covid was a world wide phenomenon that cause the global economic flow of goods and services to come to a halt. As the demand continued for those goods, the prices naturally went up.
Nothing is perfect and there will (sadly) be tales of woe, still, the economic news is good overall. Records in the stock mkt, phenomenal job growth, lowest unemployment rate, etc. I'm retired and living on a somewhat fixed income (savings and investments when supplement is needed). I live modestly, but comfortably. We should be OK unless something changes.