Post by JustMyOpinion on Sept 4, 2008 21:08:09 GMT -5
TBD, people do their best to plan based on trust in the companies they work for, and personal knowledge of investing. What if "John Smith" invested his money in a profit sharing/stock/401k plan and the company folds? Well, he's gonna lose a big chunk of his nest egg isn't he? Or, what about the person who has 1 year left before retiring and the company lets him go to avoid paying retirement? That is a lovely little trend...
What if your wife becomes so ill she needs long term health care? Maybe your retirement includes that if you were/are a state employee and paid into CalPERS, but if not you are looking at paying out of pocket which can run thousands per month depending on the level of care. If a senior lives alone and can't pay for care their assets will be drained down to $2000, and at that point some relief will come, and their home is protected until they pass away but at that point the lien the state has slapped on your property will be activated. I hope little "Johnny Smith" wasn't counting on a big inheritance.
My parents have planned well, my mother retired form Pac Bell with a nice retirement package, they too moved out of state and paid cash for their home and have done fairly well, however, they are starting to feel the cutbacks on drug coverage and their choices for doctors have become almost nil since now they use Medicare. By the time we are in that league some of the perks we thought we've earned may not be there.
Oh! And by the way, thank you for ASKING my opinion rather than assuming. To make my position clearer, I do feel that we as a society should help the young who need support whether it is educational, medical, safe home care etc, and for seniors who find themselves hungry, cold, without medical care, and homeless. If we only help ourselves, and don't care about our neighbor in my opinion we've failed as a society. "It takes a village!"
And to add, I do not want to pay for some LAZY ASS who is physically and mentally capable of fending for themselves, just to make it clear!
What if your wife becomes so ill she needs long term health care? Maybe your retirement includes that if you were/are a state employee and paid into CalPERS, but if not you are looking at paying out of pocket which can run thousands per month depending on the level of care. If a senior lives alone and can't pay for care their assets will be drained down to $2000, and at that point some relief will come, and their home is protected until they pass away but at that point the lien the state has slapped on your property will be activated. I hope little "Johnny Smith" wasn't counting on a big inheritance.
My parents have planned well, my mother retired form Pac Bell with a nice retirement package, they too moved out of state and paid cash for their home and have done fairly well, however, they are starting to feel the cutbacks on drug coverage and their choices for doctors have become almost nil since now they use Medicare. By the time we are in that league some of the perks we thought we've earned may not be there.
Oh! And by the way, thank you for ASKING my opinion rather than assuming. To make my position clearer, I do feel that we as a society should help the young who need support whether it is educational, medical, safe home care etc, and for seniors who find themselves hungry, cold, without medical care, and homeless. If we only help ourselves, and don't care about our neighbor in my opinion we've failed as a society. "It takes a village!"
And to add, I do not want to pay for some LAZY ASS who is physically and mentally capable of fending for themselves, just to make it clear!
