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Old 04-03-2016, 06:19 PM   #8 (permalink)
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DaveNJ's Avatar
Join Date: Nov 2005
Location: Brooklyn
Posts: 1,015
Originally Posted by Sparrow View Post
i'm kind of hoping some kind of cancer takes me out before i become an old beggar lady.
I hear this sentiment a lot from folks in my generation, and I find it to be off the mark. It's absolutely true that Social Security alone won't provide most people with a greater than poverty existence, but tax-advantaged savings options exist and are available. I get that it sucks to think about, but preparing financially for retirement is like going to the gym and visiting the dentist regularly.

The reality is that as a group, we're likely to live longer than ever, so it's on us to prepare for those years in order to ensure they aren't filled with misery.

Maybe it's just that I'm around this stuff at work all the time, but it feels like there's a wave coming of people whose plan for retirement is "get big enough to live it up or else kill myself", and the reality is that the latter is a horrifying (and unlikely) option.

I just worry that there are going to be a lot of miserable people a few decades from now who won't be clamoring for option B but will be stuck with option C, which will be below poverty line living on Social Security. It bums me out because I have had very little success convincing people in my age cohort who aren't already convinced.
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