Without Savings: Retirement
” Markets are systematically driven by good and bad news. As the media outlets are controlled, one has to assume that all financially related news is purposely hyped up to create a soap opera-like moment. Forget the news and focus on the trend. Always remember that misery like stupidity loves company. We covered this topic recently; here is an excerpt from the article. Misery loves company and stupidity simply adores it. And the media’s are masters at making things look worse than they are and blowing things out of proportions. Gone are the days of telling the truth, today it’s all about the sensationalism and or even outright lies. ” Media Manipulates Financial Markets via Good & bad News
CORONA, Calif.—Roberta Gordon never thought she’d still be alive at age 76. She definitely didn’t think she’d still be working. But every Saturday, she goes down to the local grocery store and hands out samples, earning $50 a day, because she needs the money.
“I’m a working woman again,” she told me, in the common room of the senior apartment complex where she now lives, here in California’s Inland Empire. Gordon has worked dozens of odd jobs throughout her life—as a house cleaner, a home health aide, a telemarketer, a librarian, a fundraiser—but at many times in her life, she didn’t have a steady job that paid into Social Security. She didn’t receive a pension. And she definitely wasn’t making enough to put aside money for retirement.
So now, at 76, she earns $915 a month through Social Security and through Supplemental Security Income, or SSI, a program for low-income seniors. Her rent, which she has had to cover solo since her roommate died in August, is $1,040 a month. She’s been taking on credit-card debt to cover the gap, and to pay for utilities, food, and other essentials. She often goes to a church food bank for supplies.
More and more older people are finding themselves in a similar situation as Baby Boomers reach retirement age without enough savings and as housing costs and medical expenses rise; for instance Full Story
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