FROM CNN's Jack Cafferty:
Can you afford to get old?
In case you weren't already worried about your retirement, now comes word that it's getting more expensive to get old.
The International Monetary Fund says people around the world are living three years longer than expected. That's increasing the cost of aging by 50% - and governments and pension funds aren't ready for it.
Reuters reports the IMF study, coming out next week, shows that longevity is a bigger risk than previously thought.
Researchers say that if everyone in 2050 lived three years longer than now expected, society would need extra resources "equal to 1 to 2% of GDP per year."
In the United States alone, an extra three years of life would add 9% to private pension plan liabilities.
Life expectancy in the United States is approximately 78.5 years. According to the CIA World Factbook, the U.S. ranks 50th worldwide. At the top of the list is Monaco, where people live an average of almost 90 years, followed by countries like Macau, Japan and Singapore.
As medicine improves and standards of living go up in some of the developed countries, people continue to live longer. The IMF is calling on governments and the private sector to prepare now for those longer life spans.
Governments' options are fairly limited. Raise the retirement age, raise taxes to fund public pension plans, and lower benefits. A lot of countries are already considering doing all of this to tackle crippling national debts.
Another step governments could take would be to educate people on how to better prepare for their retirement.
Here’s my question to you: Can you afford to get old?
Tune in to the Situation Room at 4pm to see if Jack reads your answer on air.
And, we love to know where you’re writing from, so please include your city and state with your comment.
Posted by CNN's Jack Cafferty
Filed under: Longevity • Money • On Jack's radar • Social Security
Jack Cafferty sounds off hourly on the Situation Room on the stories crossing his radar. Now, you can check in with Jack online to see what he's thinking and weigh in with your own comments online and on TV.
I've been fortunate to have a good job and fairly good health and have been able to set aside money for retirement so yes I will be able to if Wall Street doesn't have another meltdown like it did in 2008 and I stay relatively healthy.
Jack: I can afford to get old, but I can not afford to live like a rich guy. I believe I can get old, but affordability comes into question after 85 years of age. I would like to live in my home for as long as possible, but it is more expensive to stay in ones home than to go into a nursing home. Retirement living is nice, but it can be expensive, and sometimes bothersome. I am retired right now, and I am living a better life than when I was working. I believe I have the resources to last another 25 years.
Not really. We have social programs making it possible to retire while companies pay low wages our whole life. What I think will be interesting is the instant and massive outsourcing that will happen when those programs go away, and people demand livable wages and pensions again.
If government at all levels weren't spending so much of our money, I could afford to get as old as I want. But government is the root of all evil, and destined to bankrupt the average citizen to the benefit of politicians and their enablers. Look at the nonsense perpetuated by the Federal Reserver: endless bail outs, all the while destroying the savings of the average American. Pity that so many fail to realize that the average citizen was better off in the free market of the 1800's, where the value of money increased and all people became wealthier. All pre-FED. And look at us now.
Ron Paul in 2012...
no, and burial expenses are prohibitive too. i'm waiting for ideas from your followers
Yes! Thank God for the Teamster pension, and the retiree medical that all of us paid out-of-pocket for while we were working. The medical is exactly the same, except you pay the doctor fifteen bucks for the visit...that part is a rip-off!! We do have friends that have no medical at all, with no Union or company pension, just 401(k)'s and the like. Most of their bad luck happened in the meltdown of 2008. It's a shame that we bailed out Paulson's friends, and nothing for the people that actually believed in these crooks! How and why folks like Paulson, Sandy Wild(CITI Group) and Robert Rubin (Clinton's treasury sect, and later board member of CITI Group) aren't rotting in jail with Bernie Madeoff is beyond common sense. It really proves.........money, does have it's advantages!!
Quick. Tell me how not to get old. It sounds as though feel we all have a choice. Good luck on that one.
This from a 76 year old who has been fighting a looseing battle for a long time now
METALWORKER in IL
No. I am already getting there and all prices continue to rise daily. It is very hard to afford getting old when retirement payments just do not make even a break even point. No noway Jack can any of us afford to get old.
I'm 85 and getting old is getting old.
At 54 I am hoping that I don't get too old because I certainly can not afford it. I used to think that I could retire with my social security which is projected to be a decent amount and sell my house and move somewhere less expensive than NJ. However, my house has lost about 25% of its value and social security is becoming a crap game. If I do get old and most likely need medical care in some degree, Medicare may not be there either. I am hoping either I get hit by a bus or the Mayan's knew something we don't!
I am 43 yrs old, 50K stored away for 401K....foreclosed property, lost all my savings due to a 50% cut in pay and 8 months of unemployment. No job security at the moment but at least I have a job. I can't even imagine my retirement. I plan to move overseas to Thailand, rent a cheap apartment and live a low cost lifestyle. American's won't learn til its too late. The USA will be like Greece in 10-15 yrs.
Why? Because everyone knows we need drastic changes but nobody is willing to vote for it. If I was President, I'd say "To Hell with Re-election" and just tell the truth to the American People. Guess what..I think Americans would respect this and re-elect him. But nobody has that kinda guts in Congress.
I have been on social security for 10 years. I am already old.
Social Security has had no cost of living adjustments (COLAs) for several of Obama's years. If you believe the government statistics that there is no inflation–you do not purchase food, gas, or go to the hardware store.
Medicare payments to doctors continue to decline until no doctor wants a medicare patient.
If inflation gets to double digits as in the Carter years, then: Social Secutity will be halved. No doctors will accept medicare patients. You will be out of luck–especially if you are unhealthy.
Lots of luck if you are 20 years from 65. By the time you are 65–you will have to be 75 or 80 to get on social sercurity or medicare.
Save and place every dollar that you can into your 401k plan! Your "self" in old age will be EXTREMELY grateful.
I'm already old Jack. I just can't afford to die yet.
President Obama...be a leader...be a President..and tell the American People a REAL plan/path to a successful nation in 10 years. You need to be honest. You need to be blunt. Fighting for 4 yrs for a tax increase on the rich, is a very small part of what needs to be a much bigger plan. Dealing with 6% of a budget deficit over 10 yrs is miniscule. We need a leader, not a political guy focusing on re-election. Americans will honor a man that is blunt and truthful. I even think that if you are honest and forthright, the public may not like what you have to say but they may RESPECT you for it enough to re-elect you.
I am already old and I long ago learned to live within my means.
Many are economically deprived going into old age by their own behavior. Too many of us are living beyond our means. We drink champagne where beer is the realistic option within our income. Various researches shows America’s individual savings at record lows, as their credit card debt is at staggering highs.
Given that, many complain about the disparity in wealth between the rich who are getting richer, and the middle class, who break their necks fighting to spend money they don’t have to make them wealthier.
If budgeting and savings were an orderly plan in American workers lives, one probably could afford to grow old.
Jack, I thought I could until I hit age 65. Now I am backtracking on everything I ever said. I am counting the pennies that I am not pinching. I quit work too early and now I am paying the piper. Not sure how long I can afford to live. I used to say "at least I have my health." Now I am not so sure.
If Republicans succeed in privatizing Social Security and replacing Medicare with a voucher, one percent of us can afford to grow old.
Depends on what the meanings of "old" and "enough" are. Are we talking living to 100? Then, no on both counts.
Carol in Northampton, Ma
I wish we had leaders that can simply say "I don't care about re-election, i care about the American people and the direction of our economy". Tell the people the way it is. Show them a year by year budget plan that slowly gets this nation closer to a balanced budget. This means limits on medicare, medicaid, unemployment, much smaller defense and yes, a real plan energy policy that revitalizes this nation. I think 95% of Americans feel this way. The real problem is that politicians care more about their job than they do the American people they represent.
Not any more! George Bush and his Republican cronies de-regulated this country right into the toilet. Their "trickle down" Reagan-omics litterally stole the future from the vast majority of people who worked hard and believed in America. Now Republicans want to eliminate Social Security, Medicare, Medicaid, food stamps, education funding, funding for the arts, and anything else that might reduce their profit margin.
Jack, it doesn't matter whether I can afford to get old not I am already there. My biggest fear is if a Republican becomes president losing my Social Security and Medicare or having it cut to a point where I cannot survive. I fear for my children and grandchildren because if the Republicans have their way there be no more Social Security or Medicare or even affordable healthcare. They will cut everything including taxes for the wealthy and probably be involved in a couple more wars. By then we will have become a nation of rich and poor. That is already happening faster than we can imagine.
When I evaluate the family's current debt situation and I am in my mid sixties, I have determined that I can't afford to die, so the alternative is to get old.
If the Republicans gain power, old people are toast. Every major Republican figure endorses Paul Ryan's plan to gut Social Security and Medicare. Everyone under 55 will lose the ability to retire or avoid bankruptcy for medical expenses.
Instead they'll get a discount coupon they can use to buy their own insurance in the open market.
How many insurance companies would be willing to insure a 70 year old with diabetes, heart disease, and cancer at all? And if they did, what kind of premium would they charge? They'd charge so much that even with the discount coupon, insurance would be unaffordable for 99% of Americans.
The only reason Paul Ryan set the cut off age at 55 is because older folks vote in large numbers, and he's hoping they'll be selfish enough to eliminate Social Security and Medicare for their children and future generations as long as they keep getting *their* benefits.
But if seniors fall for that and vote Republican anyway, they'll be throwing their kids to the wolves.
I thought I could afford to get old until discovering that many of my friends and family members couldn't afford it. So it looks like my retirement will be delayed but they're worth it. Good thing I enjoy my work.
No. I'm beginning to wonder if that is the point of all this insanity in our political discourse. Soylent Green, anyone?
I am 58, already an oldie to most folks, since I assume most folks are under 50. The retirement age is 67, and likely to go higher since the crooks have already spent the social security money once, and are working on spending it twice already. So I think the crooks will keep raising that bar, ( the retirement age ), and I will never live long enough to see it. Doug, Pepperell, MA.
I am old and I'm ignoring it. Just keep on keeping on. None of us are getting out of this alive so there's no sense worrying about anything.
Jack , I am old , and NO I cannot afford it ! But since I like living I will do the best I can , and hope the GOP does not make it worse for me in the future. I do not trust them to care about me or seniors. Especially those that rely on SS or do not have a million bucks in the bank. ....the party has changed to much so i will vote for my best interest ...which as a women and a senior is not the republican party!
No, I believe I am going to need to work until either death or disability, There is a tidal wave of social needs heading towards us, including underfunding just about everything in sight. People want social benefits but are not willing to fully pay the cost for them. Both businesses and governments are shifting to defined contribution health and pension programs which helps them, but ultimately may leave a significant number of individuals and families in health and pension poverty. That is why I will need to keep working.
– Full/open competition for all insurance companies, nation wide
– Set Limits on all healthcare related lawsuits.
– All lawsuits – The suing party and or lawyer must post a bond at the start of a claim. If the claim is deemed to be without any merit, the claimant pays a penalty. If you have a real claim, this should not scare away anyone.
– Limits on all healthcare, medicare and medicaid coverage (That's right, when you run out, you may just die. This is reality of life people. God doesn't care if you come home now or next month. So deal with it!)
– Increase retirement age on all people 55 yrs old or younger, to an age that always maintains the financial viabiability of the system. In other words, if the package we put together requires retirement to be at 72 yrs old, so be it, retirement is at 72 yrs old. WELCOME TO REALITY people!! Pay more taxes and maybe this number can reduce. If you want retirement at a lower age, then the public should vote for higher taxes to fund a lower retirement age.
– Immediately adjust all Medicare & Social security contributions for each working individual to adjust to today's costs & inflation rates. The public need to pay the cost today to pay for the services being provided.
– Reduce all Goverment Employee (including Congress) retirement benefits to be equal to the Average American hard working employee.
If you put this plan in front of the american people..how many would complain?
I can't afford to get middle aged, Jack. Ask me once I get another full-time job. If I do and can pay down my mortgage, then yes, we will survive. If not, then retirement will not be pretty or much having to do with leisure. As I have 4 siblings and my wife has 6, we won't get much when either set of parents die – if they leave anything. Our kid, however, will likely at least get our condo – unless it is sold for nursing home care.
Not in Canada! The Harper goverment has just introduced legislation to raise the official retirement age from 65 to 67, which means we'll have to wait 2 more years for our "old-age" pensions and Walmart careers to kick in. So much for the golden years, huh? Tin-cup years is more like it!
I am 69 years "old" and, no, I can't afford it! But then in these times, not many folks – young, old or indifferent – CAN afford it!
Martha, Rew, PA
Hell, I can't even afford to die much less get old.
well I have been retired for 4 yrs. now and am going back to work. It is boring out here anyway. As far as affording it.I plan on putting a bullit in my brain rather than give my hard earned money to some "JOB CREATOR" so they can summer in Mauntauk.
Can you afford to get old?
It's the way of all flesh. I watched my parents, knew I was the next generation,
and prepared myself in case I should live to reach it. When you muff up, don't
worry, just say "I've reached it now" (smile) and believe God's word from
King David "I have been young, and now am old; yet have I not seen the righteous
forsaken, nor his seed begging bread...The righteous shall inherit the land,
and dwell therein for ever" (Psalm 37: 25, 29).
When the changes come to Medicare and real cuts are made it may be difficult but I'd rather take my chances and live to be 99 years and 6 months than give up now.
The only thing you can afford as you get older is to learn to do without. It's appalling to consider lies, greed and corruption as normal and acceptable; as in stealing our tax paid-for SS funds to continue to give tax cuts to the rich. Lost in American politics: decency, honor, morality and patriotism for your country.
Not if Paul Ryan and rest of his "compassionate, conservative Republicans" have their way. BTW, how many jobs has he created anyway?
It depends on how you define "afford' and "old". I'm already old and I am happily retired. I'm not a wealthy tycoon that some dream they will be in retirement, but I wasn't that when I was working all my life. I am happy because I had no great expectations that life would suddenly bloom into a lavish lifestyle for me when I did. I did all the traveling that I wanted when I was working and young enough to enjoy it. I still go here and there, but my mind set is to have a full life and I've about done that. If they don't screw up Social Security and medicare, I'll be just fine.
I could have before Bush Jr. and his henchmen came to power and bankrupted the government, just like they said they would.
I'm young Jack but I will definitely be able to afford getting old because I'm not naive enough to think that social security will still be around. Even if social security somehow defied the odds and managed to still be around when I get ready for retirement, there is no way I could afford food and housing, much less my marijuana or internet. And without those pivotal things, how would I be able to write comments to you Jack?
Your question reminds me of the old story of the ant and the grasshopper. The ant worked hard all summer and stored away food for the winter. The grasshopper fiddled away his summer and had no provisions stored up when winter came. Even in today's workplace, the ants can still afford to retire. They never give up looking for work and they work hard to earn advancement. They waste little, are not self-indulgent, and save as much as they can. It's easy to be a grasshopper. It's a little harder to be an ant, but definitely worth the extra effort.
YES, Jack, as long as the Republicans don't STEAL my Social Security and Medicare like the so called Paul Ryan "budget" proposes.
No, but then I have refused to grow up and get old. If I do some day(I am 55), I will live with my kids they did for the first 25 years of there life so I get to return the favor.
Retiring modestly but comfortably at age 65 cost about $1 million dollars for a couple. A million dollars is the stuff of lotteries for most Americans. Tea Party Republicans can' afford old Americans but they will have taxpayers spend whatever it cost to protect Israel. Go figure.
Since I am a 1% of the 1% yes but since I'm retired and living within my means it may be more difficult but I'd rather live to be 90 without medical care than die today with it.
Yes I can. I am old and spend the day sitting on a couch waiting for the next government cheque to arrive. Anyway, consider the alternative to getting old.
Jack a few years ago I said yes but my bank account being attacked food gas price my retirement is to small to be active . chuck paree anderson in
Jack, I'll be 73 next month (no gift please), & hope to live at least 20 more years. If so, the way medical costs increase every year plus political ineptitude to control costs & fraud, probably not. My wife went to the emergency room twice within 2 days & they had to fill out all the standard paperwork again & of course bill medicare. The way I see it, the only 'Hope' is in Arkansas.
David, Las vegas
No, Jack, but at age 54 I am one of the baby-boomers who hopes to live a long a fruitful life even if it means being a burden to my kids, the state and the Federal government.
Jack, the question is, can I live on what I make now!!!!!!!! Food is jumping as fast as the gas to get me there. If I could pay my bills like Mr. Obama, with imaginary money, then yes I could make it to 78........
Hell No! I expect the suicide rate to skyrocket as Republican survival of the greediest polices force old people to work until they die or until no one will hire them. The Republicans want this to be an angry, greedy, uneducated and callous nation. Don't be surprised when 70 year old suicide bombers start showing up at Goldman Sachs or any of the other swindlers who are stealing and destroying pension plans. Good luck to 'em!!! cy from arlington, va
Wasn't planning on getting old.
As more and more of of our country's wealth is transfered to the upper 5%, most of the rest of us will never be able to afford to retire, or get health care, or live comfortable lives...or get old. Work for the 21st century version of "the company store" until you die, until some day the wage slaves revolt and take back by force what the rich and pwerful have stolen from us all.
Jack I am so broke now , I can't afford to pay attention. (thanks to Henny Youngman). Retirement is no longer a word that appears in my vocab. I may be able to live longer, hopefully now i can work longer too-have no choice.
First of all, projections out to 2050 may be amusing but they are essntially useless. Hell, if the Mayan calendar is correct we've all got only eight months left. Most people nearing retirement age will never see 2050 and very few under 40 have even given it much thought. I suggest you focus your questions on the here and now and leave the abstract theoretical stuff to the philosophy majors.
I can if I become a politician.
As long as my wife stays healthy and works, I'll be fine; just don't tell her that I said that.
nope i know i am 32 right now and ss won't be there so i am living and doing my traveling ahd having fun while i still got money
I can barely afford to be young Jack. My wife and I were married in February and really have to watch our pennies. I've accepted the fact that I will have to work most of my life even if I live a modest lifestyle and stay away from debt. The advice I got from my grandfather was to live moderately, save heavily, stay away from debt and pay cash.
In my case I am retired and on Medicare. I can afford to get old and healthy. And I don't have to go to florida to retire either, I am in Florida. I am consider to be rich on the poor side.
Talk about on the horns of a dilemma. The medical community is working hard to make us live longer and charging us along the way to the point that we no longer can afford to live longer. I guess you pay for what you get, but in this case, you pay for what you can't get.
I am already old. Believe me, if you elect romney be prepared to work until you drop. He and his bunch don't have any feelings for the elderly, unless you are very wealthy.
$35,000 was the most we ever had to live on.
As far as being prepared for retirement, how can you do that on minimum wage or less? I feel so sorry for needy people and I think if you are a Christian you would not be taking food stamps and aid away from them.
Sure your can if have good health insurance, a 75000 a year income, home paid in full, but how many old people have all that?
Can you afford to get old?
That depends Jack, if we have Social Security and Medicare then we have a chance. If the nation follows the GOP Ryan plan and seniors have to fend for themselves to find an insurance company to insure them then NO – no would be able to afford to get old except the Romney's of the nation.
No I cannt afford to get old .I'm 69. I was medically retired at 56 following my 2nd heart attack, bypass surgury and an artificial heart valve. The alternative is even less palatible.
I am old, and take it from me, I can’t afford it. Just before the dot com bust, I was sitting pretty, not wealthy, but very comfortable. That comfort would include a good sized motor yacht and a comfortable home. Then I lost 1/3 of my wealth from the dot com thing, then I lost my job and too late to find another, then 911, then the Bush years, and now Obama. And in case you haven’t noticed, they have already cut back SS benefits several times, frozen benefits, raised the retirement age, raised taxes (on the not rich), and they tax benefits which was not part of the original plan. As my father advised me, for health reasons more than anything else, “Don’t get old.”
Yes, if you work hard, save for retirement, and live modestly. We did.
We could all afford to get old if we overthrew the financial reform status quo abuses continuing to drain our incomes with supply and demand squeezes within artifical perception of housing values that empower the fuedal landlords,Commercial and Residential Speculators.
No, I cannot right now. Too busy supporting the "other" 50% of American slobs who don't pay their share.
Almost every time I age 10 years, about 5 years of retirement savings is cut in half by some bubble bursting, bank bailout or other bad bull-hockey. If nothing else is, at least my hair is getting quite diversified between brown and grey.
It's gonna happen whether I can afford it or not. The real question is will I be able to have a life or will I be forced to subsist on Dog Food and the benevolent kindness of Paul Ryan.
No-and I'd end it all right now if it weren't for your show. Thanks to you, I'm alive and poor.
No, but we can always fall back on the GOP version of health care and die.
Politicians have no concept of getting old because they retire with a ridiculous stipend which we, as taxpayers pay, so they just do not care. I realize that we older people have to be accountable for our own savings for retirement, but social security must be preserved so we have a minimum amount of money coming in to supplement the money we can live with; after all, we have paid i to the fund. Getting old sucks, so we just want to survive in a respectable manner.
No, I cannot afford to get old. Or even much older than I am right now. I'm close to retirement age, and I have saved for retirement, but not to cover the medical realities of being a diabetic with a family history of heart problems. Ultimately, I'm likely to be totally disabled or in serious need of expensive medical interventions. When that day comes, as it can come to even the most prepared, it would be better for my family if I just went ahead and died. I don't have a death wish, but I'm faced with a situation where I cannot possibly afford to take care of myself given the resources available to me.
Disabled Vietnam vet living on fixed income, really wish I could say yes, but I can’t. Thank you for asking though.
Can't afford not to.
Can you afford to get old?
Answer : In my case, another 9% on my Pension plan would not be too bad. Wish I was getting an additional 9% Now.
Then again ; It all depends on what you mean by "old" and "afford" If I end up getting senile, and have dementia, Just shoot me.
I can only afford to get old as long as the Democrats protect Social Security and Medicare. Republicans want to gut health care and social security so they can use the taxpayer's money to finance wars and give taxes breaks to the wealthy,then blame me for not saving enough money .Why don't they do away with their goverment pension and depend only their savings in a 401k.
Too late, already there.
The prediction by the research community is if you are living in the year 2030 the advancements in genetics and medicine will increase life expedience to 120 years old.
Working until 100, 80 years on the same job, yuck, thank God I'm old now.
The biggest problem about growing old is the Republican Party and their philosophy. They want to get rid of every program there is for the average income of workers such as, social security, health care and medicare (which we pay into and they control). They want the rich to pay less in taxes than the working class. And they want you to support there industry or manufacturing products. They can live the good life at your expense. They insult you by paying a low wage, with right to work laws supporting them. They want you to buy expensive insurance (which they invest in) to protect them if you fail. And you will fail because of low ages, rising costs, high rates and corrupt practices of the banking industry...and let's not forget the many Representatives who take bribes from Corporate America to do it corporates way...in other words you work from the cradle to the grave and get deeper in debt. Can I afford to get old. Yes, because I didn't let the Republican party influence me. The United States has become like the children's story about the Emperor that wore no clothes. Everyone in the world sees ( the children) but "We the People" are afraid to take a stand. Oh! I forgot not everyone "It's Spring, it's time to find my local chapter of the Occupiers".
I can't afford to get old and I can't afford to live, and since I'm not suicidal, you're stuck with me Jack, I'm sorry.
As long as I keep working, I can afford to get old. Our politicians have made sure they can retire but have sold the rest of us a bag of goods by leveraging social security to pay for their largess. Now that the working population is starting to shrink and will continue to shrink, all of the other social programs will suffer because no one in DC was willing to fix them so they were sustainable. WE only have ourselves to blame.
My husband and I are 60 and 61 and still have two boys in college. We have paid off our house and have little or no outstanding debts. We have saved as much as we are able for retirement and have decided we will have to learn to live off of what we have. I was raised by two depression parents who taught me never to go into more debt than I could easily pay off and to make do with what you've got. Here's hoping that works!
I will work till I drop no getting old for me. I guess it is my own fault though I come from a broken home and didn't go to college.
Well hang on to your pensions because while you were sleeping. ALEC is working within State Governments to privatize everything from Education, prisons etc....when that happens, look out.... pensions will be a thing of the past, and minimum wage jobs will be the order of the day.....i am so surprised that the media doesnt make a bigger deal out of this.......Governor JIndal in Louisiana is busy doing just that, and no one in the media cares......would someone please take him away from here......hope SS lasts as long as I do.....
No I cannot afford to get old. My income is low. I MAY get 200k when my parents pass, however that could be gone by then. I do not plan on it but I do hope for it. I would be very careful with it.
Getting old (whatever age that is) is not a matter of choice; it's a matter of genes, luck and medicine. Affording it translates into stretching whatever resources you have for as long as you have. I get a kick out of retirement planning commercials that show some person in his early 50s carrying around a retirement number of $1.3 million. Nice thought. Too bad it doesn't stack up against reports of the average retiree banking $25,000 and the average 401(k) amounting to $100,000. When will the retirement conversation get real?
I can afford to get old as long as I don't retire. But I can't afford to keep young either!!!
I see by the posts here that the Republicans are the blame again. That means after three and a half years Obama gets another free pass. Wow, what a lucky guy..
Older people cannot afford to live on fixed incomes due to INFLATION. Prices aren't going up, the value of the dollar is going down. We simply can't buy as much as we could even 10 years ago. END THE private banking cartel known as the FEDERAL RESERVE!!
I am sure I will be able to retire when that day comes. I am comfortable with my current rate of savings, and even comfortable weathering several economical downturns. Unfortunately I am not the norm in my age group. So many of my peers "need" to have things they can live without, and don't feel they can afford to put money away for retirement. I have lived without cable, and have limited my expenditures to primarily those that make sense in planning for the future. If we want to have a retirement that is free of debt, we need to learn to live within our means better, and that means we must stop spending money that we don't have.
If you can afford to retire please don't brag too loud or you can bet those rightwing pundits and politicians in DC will find a way to make sure you can't.
I have great plans for my retirment! I'm looking forward to being dumped in a tax payer funded privately run old folks home with minimum wage caretakers that hate their jobs and treat you like trash.
I'm 35 and already gave up on the idea of retirment.
I'm 30k in debt with school loans.
I have a chronic health condition.
I have minimum government sponsored healthcare (not medicaid).
I can't find a full-time job. I'm currently working part-time for 12$ an hour averaging 25 hours a week while on food stamps.
What kind of retirment can I possibly save for? I decided to invest in a van with solar panels and a backup generator so I can travel and enjoy life while I still can. The whole idea of a happy retirment is long gone for most of us under 40.
I am 76 years old and retired, fortunately I have enough put aside to enjoy my retirement. I find it so interesting that so many people blame the republicans for the condition Social Security is in when it has been the democrats that raided the fund. Now they want to and need to raise taxes to cover the IOU notes that are in the fund empty box.
Forget growing old, my generation may barely be able to afford to finish growing UP! Between massive student loan debts to try and get nonexistent jobs and the certainty that social security will NOT be there for us, it paints a pretty bleak picture.
I'm 19, am barely making it through college, and every woman I get involved with wants to party hard and die young. I'm starting to think that the joys of growing old are just a fantasy for my generation. We're just a population of spoiled, stupid, hedonistic children being expected to thrive in a country that fiercely wants to uphold a sink or swim manifesto. I can tell you honestly Jack that the majority of people within my generation are better off not getting old, as we'll drag this country beyond the gutter, we'll put it completely face deep into hell.
Yes, I can afford to retire. I've turned things around! I live in my daughter's basement!
Dunno. I'm 81, I'll let you know when I get there. Meanwhile living lean keeps me younger.
Life expectancy in the United States is approximately 78.5 years. That means I only have 11.5 years left. If Mr. Obama is NOT elected this year, I will take my 401K out in cash and move to Europe. THERE, at least I won't have to spend my entire SS check on health care.
My government pension is enough for me to get old. It's just not enough to stay old and alive. I pay huge insurance premiums but still can't afford to go to the doctor, the insurance company always has a reason in fine print why they don't pay. Neither political party can relate to any of us: they're too busy lining their pockets.
In the future there will be time travel. We can simply travel back in time and never get old!!!
Remember "Logan's Run"? Euthanized at 50. Think of the money we'd save.
Thanks Jack for your concise comment: "Save a little more" I would only add save a little more over a life time; it works.
Historically, life expectancy has continued to rise.. It was up to professionals to recognize that the growth of life expectancy would have an affect on the economy, but they seemed surprised now. Failed economic policies from the past and current administration have put a large burden on the elderly. Perhaps for our future seniors it will be affordable, but I assume the current elderly feel the burden strongly.
I don't plan getting old Jack
Well now, let's see. I am 50-years old, single, own a luxurious 2-bedroom, 2-bathroom condominium that is paid in full (i.e. – mortgage paid off in 2009), a new 2010 Honda Civic Hybrid (paid off in October 2011), $0 debt to include credit cards, outstanding loans, etc. In addition, I am in fairly good health, have a great job in Information Technology, along with $232K in taxable and $322K in tax-deferred accounts. I contribute the maximum amount allowed into my tax deferred account (i.e. – $22,500 for 2012 – 401[K] per IRS guidelines), in addition to which, I am earning 5.12% and 2.96% on two separate taxable CD accounts, one of which is set to mature August 2013.
I believe I am doing very well for myself and could most definitely afford to get old, provided my health remains intact. Now, all I need is a nice, honest and sincere lady to share it all with, and NO GOLDIGGERS PLEASE !!
No Jack. With wages low and prices high, there is no room to save and when you factor in healthcare that is making people live sicker longer it is a recipe for disaster. We need to change healthcare to enhance wellness to keep costs down, significantly raise wages so they represent at least 90-95% of product cost or even higher to increase affordability and fund retirement, and raise the retirement age to 75 by 2025 , 80 by 2050, 90 by 2075, and around 100 by 2100.
The retired and handicapped were receiving cost of living raises since I can remember, until President Obama took office and cut them off. If this President continues to give money away to all who say they are in need, then the answer to your question is no, if he is re-elected I can foresee the old getting less, since the healthcare costs for the old and handicapped are just too expensive, so the aid will not for keeping old folks alive, they will see that as a drain on the ObamaCare budget, the old and handicapped will be last on the list... just like on a commercial Jet, the steward will tell you if you are in a wheelchair you are last to get off in the event of a problem, they don't have the time to save you as others may perish in the effort.
I can"t afford now, while I can still work. I surley won't be able to afford then, when I can't work and the government decides to stop entitlements as they call them. We just need to work until we die on the line and they drag us off. Somnone will be waiting at the door for the luck of finding a job.
If Romney and the GOPer's take over Congress and the White House, you will not be able to grow old, especially if you get sick, unless you're already wealthy. And IF you can hold a job, you will work until you die, with no Social Security or Medicare. Work at slave wages no doubt. So get rich and you can afford to grow old.
Well Jack, if the Ryan budget or anything similar gets adopted the answer is NO, I will not be able to afford to get much older. However, I'll drag myself to the polls with my last ounce of strength, along with every one of my elderly friends, and we'll collectively vote our best interests. If the Republicans win anyway maybe all us old folks will decide to "stand our ground" and act in "self defense." I've paid a fat percentage of my income in taxes all my life. I thought that was to buy us civilization. Looks like all it's bought is us plutocrats.
I am 59 years old. Can not tell you at this time whether I can afford to get old or not.
Check back on me in June when the Supreme Court rules on ObamaCare. I will give a tepid response.
Check back with me again after the November presidential election. Again, give you a tepid response.
Check back with me for the final time January, 2013 when the Bush tax cuts expire that the all dem congress and whitehouse voted to extend in 2010. I will look at my first pay check stub 2013 and see the taxes deducted along with my insurance going up. Will give you definitive answer at that time.
I bought a tire gauge in 2008 and it does not work, along with a lot of people.
Until we get more tax payers(jobs) than tax takers, we got a real problem in this country.
Maybe I should join the UAW and get exempted from Obamacare and live happily forever?
No, I can't afford to get old because I'm not part of the 1%. They and the Mitt Romneys of the world are the only ones who will be able to afford to get old (retire). And Congress, of course, thanks to us taxpayers for fully funding their pensions (while we've lost ours), their full health insurance (while ours is being cut back or we don't have any).
I've worked hard and been frugal my whole life. I've scrimped and saved, but you can only save so much when your rent, groceries, insurance, and gas goes up faster than inflation, while my salary remains the same or goes down.
And we have a greedy Congress and corporate America to thank–Congress for robbing SS and now for planning to eliminate the social safety programs we've paid into all of our lives. I'm so disgusted with them.
We can afford to get old as long as individuals take responsibility for their own health by engaging in healthy behaviors, self-care and use preventive services. Healthcare resources are finite and with the continuous rise in healthcare costs it has become even more crucial for each person to do his or her part to take the best care possible, be accountable and responsible for their own healthcare decisions.
Not once the Right and the 1% get done with me.
Can you afford to get old ? After 30 years in Manufacturing back East – I have my pension mailed by direct deposit – I moved to where the gas bills are cheaper – don't have to shovel snow – (The A/C Bills cancels out the high gas bills) & have started a part time business on my own, while still drawing my pension. So – as long as my health is 1/2 way decent – I guess I Can afford to get 'older' – – The only thing I miss is the fall foilage – down here, the leaves Just turn brown, and get so small they Finally Fall Off the Trees in mid January sometime, then they start budding out in March.
Other than that , Life Is Grand !! Thanks for asking, Jack.
The answer is a resounding "NO!" I'm hoping I even get to see a penny of the Social Security I've been paying into for the past 40+ years. And don't even get me started on the Medicare issue. My 86 year old mother is on both and just had 2 major cancer surgeries in 3 weeks. She is potentially looking at 5 months of chemo, 2 months of radiation and 5 years of hormone blocker therapy. Since I'm the caregiver, I get to see just how much these things cost and how much red tape we go through because her insurance company and Medicare don't want to approve the specialist referrals her doctors order. So, at 58, I'm pretty much living with her and my husband is still living in our house 150 miles away and we're trying to figure out how I can work AND take care of my mother without losing everything. So much for the American Dream and the Golden Years. It's more like the American Nightmare and Aluminum Foil Years for us.
No worries the "Logans run" bill will pass. Almost seem like a plausable idea considering population and the cost of health care.
Our standard of living will (thanks to our "leaders") continue to decline. The republicans sold us out to make a few rich. And the democrats have done nothing about it.
So what's the alternative? Commit suicide when you're 80?
I am a nurse and unfortunately, very few of us get any sort of a pension. I have only what I am able to put away in my 403B and with 3 children and 2 other family members that stay with me, that is not always as much as I would like. My fellow nurses and I always joke that we will have to attach a basket to our walkers and don diapers so that we can continue to pass meds and do patient care well into our dotage.
Jack, I am old in years, young at heart. I started a small business when I was 60, got tired of Corporate America, enjoy what I do, make a decent living and hope to continue to do what I enjoy, as long as my health continues to be good. Got some good news today, that beer drinkers are more creative & problem solvers than non-drinkers, so for now, "Cheers".
Only we both end the obscenity of shareholder-driven, private health care, which focuses on the cultivation and prolonging of chronic illness and not prevention and remember we are the United States, not the separate union of special interests, which is where we are today.
I am 68 years old and when I hear or read reports like yours on the cost of aging, in terms of the U.S. economy, I feel like I should apologize for eating right and exercising. The health experts did not tell me it would cost my country so much. I should have stayed on the sofa with that bag of potato chips.
Get ready for the sequel "The Hunger Games – Run Grandma Run!"
We can all afford to retire, as long as our government keeps its promise, with the contributions we paid through our payroll, IF we stop supporting any foreign country, stop wasting tax dollars on the people who are here illegally, bring our manufacturing jobs back to America, stop paying elected officials as soon as they are voted out of offfice, and make sure our government STOPS SPENDING MONEY WE DON'T HAVE!
If that's not enough, it will be an excellent start.
Jack, Great question. Answer is NO. Healthy wealthy and wise have gone out the window for the middle class folks.I have a DNA attached to my health failure.As long as I stay somewhat healthy,I can get by for now. Another recession will bring all the old folks down.Money will run out. Saving money is different today than before because one can not let it sit in negative growth.I'm live in Philadelphia,pa.
A better question is – can you afford to be born??
Considering the government infers all americans are in debt when they are born
It appears that the government employee – only look at americans as tax revenue
When you factor in their spending habits – Lack of accountability – Side deals – and the politician's own self interests
There is nothing left but more debt for the newly born tax payer
Now that I'm approaching 50 – My retirement planning must include becoming an ex patriot – because I will not be able to afford to live in the United Government States
Get old? I can't afford to live now. It's hand to mouth with an occasional dip into my kids college account. I'm grooming them now to go into the military for the college funding. Fat greedy business is sending jobs overseas faster than I can get an education for the next job. There isn't any money to put away into any savings plan, I'm lucky to be able to get the internet cheap.
Forget about getting old, it's too expensive to just be.
Are you kidding me Jack. With the chips the government is going to require before long, they can send us to heaven at will. when we are deemed useless and of course, old....... Carol
Sure my husband and I can afford to get old. We are after ll in Mitt Romney tax bracket. I do not however drive a couple of Cadillac's.
One can't afford be any age let alone old. College, housing, preventive medicines, etc.
Let's face it, we're all being priced out into the streets regardless of age.
Well Jack I've read most of these responses and i'd have to say its pretty close to unanimous.
And by the way Jack can you bring yourself to acknowledge that your viewers continuously pointed blame specifically at Republicans? Think of it as a poll.
Sure ya can afford to get old. You just can't afford to allow people that think it's ok to kill the unwanted young or old to know where ya live or it's into the processor ya go for food chips. Can ya say Solent Green, and how did they know about the Green movement way back then??
I'm retired but for health reasons, my heart is in bad shape. Chances are I won't see 60. So I expect to have plenty of money for retirement. Regardless however I don't have the desire to blow through my money. Just planning on having some happy and calm last few years and have something left over for my children.
The question isn't "can you afford to get old" as much as "can you afford to be a dependent"?
Whether it's age, weight, injury, disability or some other cause, we're talking about additional years of dependency or at the very least, lower productivity.
The country cannot afford additional years of dependency or lower productivity from our population given our current budget and job crises. And sadly enough, on top of a longer living (God bless them) elderly population we also have a less ambitious and growing (in weight) younger generation that's not performing nearly as well as they need to in school.
We're soon to be squeezed with dependency and lower productivity from both sides without any additional jobs or able bodies to substantially increase our GDP.
As The Who says; "Hope I die before I get old".
We both are already old and doing just fine. We retired in our early '60s and now 13 yrs later are financially secure investing conservatively, living within our means, but able to enjoy some travel and an occasional movie or dinner out. The secret is to move to a less expensive part of the country, and live within our means. Don't believe the economists who say we need millions to retire comfortably, ask someone like us, no millions before or after retirement. Just don't squander thousands on sky-high real estate taxes.
Single-payer health care system is the answer to getting old. I only wish the media would start being honest to people about the topic.
The only way we can afford to grow old is to have the money we pay to Social Security go back in our own pockets. Let me invest that money and live on it when I'm old.
Thanks to the recession, I am wiped out. I am 47 and have a 9 year old to raise by myself. I pray he will be able to afford to get old but even that is looking bad, very bad.
My wife and I can afford to get old because we have never felt we needed much beyond the basic necessities. My mom and dad had five children and yet lived in a two bedroom house with one car between them. Since my wife and I are willing to live that simply ourselves, we should be fine. Also, because we have chosen to live simply, we have been able to save for our retirement as well.
I am 53 and will be surprised if I make it to 65 so the Gov. wins with me!