What is the Point - Saving for Retirement?
Unless you are a multi-millionaire?
We hear about it all the time on the news. We are urged to save - save - save for "retirement".
I don't get it.
By the time one is old enough to retire, MANY have health conditions that wipe them out! Physically and financially!
They are not "Spring Chickens" anymore, so many can't even enjoy travel - or even simple pleasures in life.
The fact is that once the medical and drugs have exhusted your retirement funds (and they will), one cannot get any help until they've wiped out your entire liquid assets.
So far...they cannot take your home. One is still allowed to have one car, and I'm not sure today, but used to be $2000 or less "cash" per person or $3000 max/couple? (I think it went up to about $4000.00/couple max - not sure.)
Doesn't matter. I have been asked MY assets when I was younger and my son got leukemia. I was asked if I had any kinds of INSURANCE policies. (I'm sure they would have commanded me to cash those out, IF I had any.)
I just don't get it.
Exactly HOW much should one "SAVE" for retirement?
So you can pay a little longer out of your pocket?
Stretch the pain of exhausting all your hard earnings/savings out - thus prolonging the inevitable stress?
Add in inflation. Add in the rising cost of insurance and decreased coverage. Add in the cost of medical- whether it be simple office visits, or meds, or paying for that fancy new machine.
As someone said in so many words - they are banking on the baby-boomers to become ILL, for THEIR future livelihood.
Now, someone please set me straight on this big issue of "saving for retirement" please :)