America’s 60-Year-Olds Are Staring at Financial Peril

[TolmiePeak]

The very definition of moral hazard in action. Too big to fail is merely code for moral hazard on a grand scale.


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Exactly. Agree completely. Also using public funds to build stadiums for billionaires is another joke.

 

[Tia]

It would be one thing if these individuals didn't expect society to pick up the check if they behave foolishly

That is the hard part, they will apply to get what ever they can and cry to anyone listening . Been watching small examples in real life. There is a certain relative that has been living off one of her daughters generosity for the past 5 years or so, she'd never tell anyone this either.

 

[WManning]

It's not what you make but what you save! Every paycheck pay yourself first! My wife and I followed these rules since 1982 and funded our IRA accounts, in 2000 we converted to Roth IRA`s. Every year we maxed out 401k contributions and I have a union pension that was only 19% funded and fourtunately was made whole by the covid relief act. Today with savings, social security and pension we are fine but our expenses are under understand k a month. What money is needed depends on what expenses someone has. Going into retirement debt free is also a bkessing.

 

[ScoopKona]

That is the hard part, they will apply to get what ever they can and cry to anyone listening . Been watching small examples in real life. There is a certain relative that has been living off one of her daughters generosity for the past 5 years or so, she'd never tell anyone this either.

With roughly one third of the states having filial support laws, this will become a big problem for some families. It's truly going to suck to be the children of a wastrel hoarder. If I was in that situation, I'd seriously consider moving. Children shouldn't have to work into their 70s so their parent can buy every Hummel figurine ever made and hit the casinos like Mike Tyson in his prime.