Dying Poor

[somarco]

More than 46 percent of Americans find themselves with under $10,000 in financial assets by the time they die, according to a new study examining financial status among senior citizens

Study: Almost Half Of Americans Die With Less Than $10,000 In Assets « CBS Connecticut

 

[senior-advisor-indiana]

More than 46 percent of Americans find themselves with under $10,000 in financial assets by the time they die, according to a new study examining financial status among senior citizens

Study: Almost Half Of Americans Die With Less Than $10,000 In Assets « CBS Connecticut

Tins would love to have that kind of money at any point in his lifetime.

 

[GreenSky]

Tins would love to have that kind of money at any point in his lifetime.

And you'd love to have Tin's money.

Rick

 

[billberry12]

OK folks, call me crazy, but my plan is to die broke. I plan to enjoy every dollar I can before I die. I have worked hard all my life, and I plan to get up each day, and try to live it like it could be my last one, because it could be. Of course, I'm 62, and that's a lot different than being 32. The 30 year difference is a heavy duty difference. All the things I have always wanted to do, I am doing now. The 30 year difference is well worth the price you pay for it. Renewals are the eighth wonder of the world.

 

[somarco]

While some aspire to die broke, living broke is a bigger issue for way too many. The unspoken question in the article is this.

senior citizens relying heavily on Social Security to help get them through their retirement years.

I have seen several articles on how many live on SS as their only source. Here is one that popped up in a quick search.

Social Security was the major source of income (providing at least 50 percent of total income) for 53 percent of aged beneficiary couples and 73 percent of aged nonmarried beneficiaries.

Social Security provided 90 percent or more of the income of 21 percent of aged beneficiary couples and 44 percent of aged nonmarried beneficiaries.

Too Many Relying Too Much on Social Security (Free Money Finance)

 

[Crabcake Johnny]

It's why my in-laws had to do a reverse mortgage.

 

[Justin Bilyj]

I saw this article on DRUDGE REPORT 2012® and I was thinking to myself, PERFECT article for ltc and annuities!

 

[Crabcake Johnny]

So people who retire with almost no savings and have to live off social security are great candidates for LTC and annuities? If I misread that I apologize in advance.

 

[Justin Bilyj]

Wrong logic, show people who have the opportunity to own vehicles to keep them from becoming one of the 50%.

 

[Crabcake Johnny]

Ok, my mistake. But we're dealing with two issues. One would be people who make enough to save but don't - or make enough to afford LTC but choose not to buy it.

The other issue is people who never earned a lot of money, always lived check to check and never had the ability to save or purchase LTC.