80% of older Americans can't afford to retire. And COVID-19 isn't helping

More than 25 million older Americans are financially insecure - living at or below the federal poverty level. We spoke with a few senior citizens who shared about their economic challenges.
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[@sanjosemike3137]

Because I was born poor on the streets of Detroit. I know poverty. I had to sell (or try to) magazine subscriptions by ringing doorbells in poor neighborhoods. The tired housewives thought I was from Mars!! Obviously there was no "estate" for me. I got the message early on: When I was about 8 our family went to a restaurant (about once/year). I looked at the menu. It hit me like a brick in the head: I CAN ONLY DEPEND UPON ME TO PAY FOR MYSELF. NOBODY ELSE WOULD EVER DO IT.. Poverty as a child is a kind of a gift. It centers you when you are very young. You have no illusions. You study and learn about survival and money. I got my own business. I retired at age 53. I paid back all of my college loans. Fortunately I married a woman who liked to save as much as I did. Fifty four years later: Same woman. I could probably give you advice. You are probably looking at getting it from me. We started saving from the beginning. I mean when we were poor. Thank God I went into the right profession. I think it was a gift from God. Sanjosemike (no longer in CA)

[@roseemich]

One of the reasons why we are planning on becoming debt free before end of this year so my partner and I can start to build wealth when 2021 comes. We started our debt free journey this past June and started with $47,500+ now we are down to only $10,000+ !

[@back2the80s]

Easy to say when you have a partner to help

[@robertcampbell9992]

I was fortunate to have good advise, my grandfather always said, if you can’t pay for it, you don’t need it. Save up and pay cash and live your life that way, 65 retired and living well, Still subscribe to that advise.

[@rustykatt3870]

👍😊

[@JoshIsOnAMission]

And this is why we need to have open financial conversations. Gotta get rid of debt and start investing sooner rather than later.

[@roseemich]

so true!

[@bigshoe84]

Exactly! These people telling sob stories about not having any money saved up yet lived life keeping up with the Joneses and spending more than they made knew they would get old eventually yet did nothing to change it.

[@JDrocks4ever]

We need to do a lot of things, but we won’t. We’re distracted

[@bigshoe84]

@Ben Ryan Black ok

[@Raymondjohn2]

Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.

[@hermanramos7092]

Things are strange right now. The US dollar is becoming less valuable because of inflation, and other powerful nations waking up to trade in their own currencies. Good thing is, a lot of people still turn to the Dollar because of the safety is somehow assures. I'm worried about my retirement savings of about $420,000 losing value because of these factors and more. Where else can we keep our money?

[@martingiavarini]

Well, I suggest you make a diversification plan because it's been harder to build a good portfolio that stays afloat since COVID. Personally, I garner knowledge from a brokerage Adviser whom I work with, and I've actually made over $350K with their help since February. Very effective defensive strategies are used to protect my portfolio and make profits despite the ups and downs.

[@hermanramos7092]

I find this intriguing. Could you please provide me with the means to get in touch with your Adviser? I am concerned about my dwindling portfolio.

[@martingiavarini]

My advisor is "Natalie Lynn Fisk". In terms of portfolio diversity, she's a genius. You can look her name up on the internet and verify her yourself. she has years of financial market experience plus she is also FINRA & SEC verifiable.

[@hermanramos7092]

Thank you for this Pointer. It was to find her handler, She seems very proficient and flexible. I booked a call session with her.

[@DiabeticDawg]

Everybody takes for granted the simple pleasures we have in the western world. Living lavish, consuming beyond their means, all typical.

[@rokyericksonroks]

It’s coming to an end. Will it be the proverbial “soft landing”? I doubt it.

[@fu8896]

most people don't know what money IS. Money is NOTHING but ACCOUNTING. Wealth is ENERGY

[@blacklyfe5543]

Most people know what money is just not how to utilize and invest it.

[@hermanrogers1325]

It is good to have most things payed off for retirement like mortgage credit cards and car but social security is not enough to live on but it helps if you get 12 - 17 hundred dollars a month

[@debbieframpton3857]

Hopefully by 70 you would not have a mortgage but I know several people that do and they have to continue to work because their social security is not enough to make their bills I have one friend who is 73 and he is still making a house payment and he's never going to be able to quit working part time he used to ask me how come I was working any overtime I could get was I going to leave all my money to my kids my reply to him was because I don't want to be you still working to make my house payment I quit working at 65 but if I had wanted to continue it would have been because I wanted to not because I needed to to pay my mortgage

[@richardgreene7329]

R u related to Peter?

[@debbieframpton3857]

Not sure why a person in their 70s would have a mortgage unless housing prices were down not sure why this lady did not sell her house before she lost it back to the bank

[@back2the80s]

You don’t know what her situation is last. Cost money to maintain a house

[@debbieframpton3857]

@@back2the80s , Depending on where you live I live in Central Illinois when I had a mortgage it was much cheaper to have a mortgage insurance and upkeep then to pay rent. I personally would rather live in senior housing then be paying a mortgage at 70 years old . I would have sold the house and try to recoup some money then let it go back to the bank

[@boxer6796]

This is really sad.

[@stephtraveler7378]

25 million (that you say is living below the poverty level) is only 7% of the population. Many of those are not poor, nor living in poverty. Wealthy retirees and FIRE peeps claim minimal taxes. They live on cash, not reported income. Your headline is misleading. First, a poor person in the US has 35 times better standard of living than most other countries. No one, that is not mentally ill, is starving. There are numerous programs for those that have the will to participate and comply with the laws. Those that choose to break the law get eliminated from the programs. Sorry about that but guess who owns those bad decisions.... Secondly, retirement living is based on retirement expenses. Its quite easy to live on little money. FIRE peeps are doing it with style. Problem is, most are unwilling to give up the image of the Kardashians....and waste their money.

[@firefeethok_tui2355]

I think you are wishful thinking. Third World cost of living is nothing like the United States. Your comments sound good on paper but in reality there and true. And if you want to call retiring just barely existing the way you have laid it out that’s a shame after working and contributing for most of one’s life. People on Social Security cannot rent an apartment so they live in their cars. Your whole paragraph is just super misleading. And I say this based on what I see in an emergency room on a regular basis in a city for people who are not drug addicted not mentally illAnd are trying to survive. Older Americans that labor through the 60s 70s and 80s their bodies are torn up for manual labor and there’s nowhere for them to turn. If you consider eating out of a shelter or scrounging for food or doing all of the other things you suggest like you’re using “social programs”. You just don’t really understand how difficult this type of lifestyle is.

[@richardgreene7329]

I take it you've never visited denmark Sweden or Germany free education to college level free health and dental care if you need assistance the government will provide you with housing try that here! You really need to get out more as well STOP RELYING on corporate criminals C.E.O.S for the truth they don't pay taxes pay inferior wages to workers see Jeff Bezos and could careless for you their sole destination is profit before people.

[@richardgreene7329]

I take it you've never visited denmark Sweden or Germany free education to college level free health and dental care if you need assistance the government will provide you with housing try that here! You really need to get out more as well STOP RELYING on corporate criminals C.E.O.S for the truth they don't pay taxes pay inferior wages to workers see Jeff Bezos and could careless for you their sole destination is profit before people.

[@kerirobicheaux6629]

The bigger dilemma is that we cannot get our resumes through for employment. I was a VP for a Fortune 500 company, an MVP for Dun & Bradstreet, and a top Realtor. I could not get my resume through so I started my staging and decorating company. It has been difficult to start something with nothing, but I did and am just squeaking by during the pandemic. I did not take loans for businesses nor unemployment as there are families that need it and it is just me, and I was old enough to know there was only so much money that would be available to those in need. Being just myself, my faith will see me through. We need to stop ageism. It is very real. I know other friends who also can't get work because their resume isn't being looked at, either. Very sad.

[@copaseticguerra9646]

You benefited from ageism. As a VP you know how expensive an older worker is, and how the younger workers resent working with older workers.

[@kerirobicheaux6629]

@@copaseticguerra9646 First of all, in business, there needs to always be respect at the forefront. Being younger does not mean that you lack value. Just because you are younger does not mean that you should be so immature as to resent a skilled, mature boss. As for your assumptions, I was a VP when I was in my 20's. I had posted, "I was" not, "I am." Reading carefully before responding is always a good thing to do, too. One day, you, God willing, will be older and in the same boat as mature workers are. So, in my final statement to you, you lack business maturity. Work on that.

[@copaseticguerra9646]

@@kerirobicheaux6629 I learned from my elders. Lol. Nope. I have businesses and retirement and investments. Haha

[@freakinfiretruckxx]

Young people are their resumes being looked at and still don't get hired. Welcome to the world, you are late.

[@TheOnlyPink]

Shut up. Our goal is to put you old farts on the street. Since we were born, your goal has been to oppress the youth. you told 18 year olds to go to college for a job, gave us unpayable student loan debt, only for you to demand 30 years of work experience for an entry level job after graduation, and told us we needed 800 credit scores at 18-20 years old in order to buy a house or car, or apartment. Why should we hire yall when youve gone out of your way to oppress everyone due to age or race? Your entire generation can go straight to 🔥

[@LetsLearnEconomic]

Okay, everyone here talking about how we will avoid this problem. What about them?

[@TheOnlyPink]

Good.

[@fififinance7469]

The plan of financial freedom is great, but I don't think I'll want to give up working eeek. However, I would like to have rental investments that generates an income stream to give me the option to be free to move around the world, cliched i know... it's the idea that counts. As Freddie says 'Born to be Free'.😎

[@bookmagicroe9553]

Be careful of rental investments. My son gave it up. Renters didn't pay, others damaged the property, normal wear and tear needed continuous attention, higher property taxes on rentals, etc. etc.

[@TheBryanmauro]

As a progressive woke minded person I think we should implement the carousel from Logan's Run to limit retirement population in order to assure the Social Security funds. Of course I would recommend increasing the age from 30 to something more reasonable like 45 or 50 before folks are to report to the termination ritual. Thoughts?

[@sandybeach3576]

Work union live better.

[@tonyl6385]

I agree, at 55 working in sales had to take care of my elderly fsther for 4 years and not working. Couldn't find a job, thank God I was able to land a Union job doing college security. Doesnt break the bank, but the benefits are great small pension but better then nothing. The best part I can actually work here for 20 years if I wanted to. We have guys 74, 82 still working there. Amazing because no one, not one call on my sales resume. God was and is very, very kind to me. All the glory to Him, regardless if I was working or not. All the glory to Him.

[@jdvandy8528]

Who can save Much in this taxes to death , health ins cost , high bill World … I have a shot gun that’ll be ready when I run out of moola .. I’m satisfied with relaxing from 60 to 65 then calling it a life

[@margaretghirardello5933]

We in sixties get soc sec we small pension we still have me. Mortgage hubby been retired eleven years he retired fifety eight no savings but refianiacd twice still have egyity in home we use money pay bills upgrade townhouse we do ok not rich but we lilu luckier then lot s niorsm that rent rooms lives with kids have work mis seventies some older lot seniors r hurting hungry struggling

[@schawnettarobinson8584]

You can do everything right, and you can still lose.

[@smithlarryy381]

You really beautiful, I like your profile picture ... Am Barrister Smith Larry I work as a lawyer over here in Northern Carolina, I have one daughter and am very wealthy, I would love to have someone like you to be my wife. I know I need a wife to make me happy for ever till the end of time .. please reply me ur email so we can talk better to know each other.

[@mbords01]

Schawnetta Robinson, ... exactly; let alone just living like everything is in g...d's hand.

[@schawnettarobinson8584]

@@mbords01 I believe in trying. One fate is one’s destiny.

[@boxer6796]

Usually the greedy ones who think they did everything right, and didn't listen.

[@schawnettarobinson8584]

@@boxer6796 maybe?

[@capassoluigi7387]

I jump fro the 39th floor!!!! Bye bye!

[@bocabec6744]

Losing her home to foreclosure is an awful experience. I bought my home in 1976. When it paid off, I rolled the payment into a condominium in the tropics. If all I had was Social Security it would be very tight, however I can live on very little. Fewer trips to the dollar store. Stock up on sale items. Use fans more often. Buy cat food in bigger bags. I never planned well for retirement, but after crunching numbers knew I wanted to get out at 62. Now I'm 74. There always ways to cut back. And still enjoy life. Who needs to go on a cruise and get sick? The food is gross. The cabins smell.

[@satnamjt607]

Just do the opposite of society does. The herd thats the trap.

[@ebx100]

Good thing Kayne West's companies got millions in desperately needed federal aid

[@Firul4is]

Spend all your $, you have NOTHING. Go and take a class with uncle Dave

[@jivangill]

Keep voting democrats people good job