3 ms·

"More concerning are the 25% of Americans with no retirement savings whatsoever, according to the report." Is that true? What happens when those 25% retire or

"More concerning are the 25% of Americans with no retirement savings whatsoever, according to the report." Is that true? What happens when those 25% retire or can no longer work? Ahh: https://www.telegraph.co.uk/finance/personalfinance/pensions/9902745/The-best-pensions-in-the-world.html https://www.telegraph.co.uk/finance/personalfinance/pensions... - not too bad - the US got a C, UK got a C+. Now back to the headline: $400 in available readies? You do have to start measuring somewhere when looking into poverty but it is harder than it seems on the face of it. Many people will drain their balance regardless to zero or below, (nearly) no matter how well off. I recall being a youngish lad with an income of £30 per hour - let's realistically say ~£50,000 per annum (gross, pre IR45). At that point in my life, I too would often qualify for "can't find £350" right now. My real point is that you have to be really careful how you measure this sort of thing, ie trying to quantify bits of people's lives with simple pithy statements.

vkou 8y ago
> What happens when those 25% retire or can no longer work? They eat cat food on their meager social security payments.
- ryanwaggoner 8y ago
  I’m skeptical that this happens much. It reeks of urban legend. Now, I’m sure some seniors do this, but I suspect it’s due mental issues rather than fiscal concerns. Is cat food even cheaper than really cheap canned food?
  - dionidium 8y ago
    In my experience, nobody wants to hear this, but basic food is damn near free. I get it, I get it -- it's just a silly thing Sean Hannity says. It also happens to be true. Nobody has to eat cat food to save money. Have you priced beans and rice lately? It barely costs anything.
    - ridgeguy 8y ago
      Beans and rice ≠ protein, and yes, carbs are giveaways. But that's not all good. Anecdote here, but I knew two competent, capable seniors (each on Social Security) who in fact ate canned pet food because it was a source of meat that they otherwise couldn't afford. I doubt I knew the only two people in America who do that.
      - your-nanny 8y ago
        Beans have a ton of protein (@15g/cup) plus a lot of fiber.
  - FooHentai 8y ago
    >I’m skeptical that this happens much. http://www.wboc.com/story/23662934/some-seniors-in-kent-county-strapped-for-cash-eat-pet-food-to-save-money http://www.wboc.com/story/23662934/some-seniors-in-kent-coun... "Mr. Speaker, it was reported to me that there are seniors in my district who eat dog food when their food stamps run out,” she said. “I was appalled and went to see for myself, and I was dumbfounded." https://www.cnsnews.com/news/article/congresswoman-some-my-constituents-eat-dog-food-when-their-food-stamps-run-out https://www.cnsnews.com/news/article/congresswoman-some-my-c... >I’m sure some seniors do this, but I suspect it’s due mental issues "A woman in her 80's was eating dog food until a neighbor took her to a food pantry." https://www.nytimes.com/1993/11/16/nyregion/fear-of-hunger-stalks-many-elderly.html https://www.nytimes.com/1993/11/16/nyregion/fear-of-hunger-s...
dionidium 8y ago
They live on Social Security. Sometimes I tell people this and they seem surprised. It’s not surprising to poor people. My grandparents never had more than Social Security in retirement. It’s all my mother has (or all she would have if not for me). My uncle just died a few months ago, but he had been living on Social Security, too. Poor people don’t have retirement money. They live off their Social Security checks. It’s that simple.

vkou 8y ago

> What happens when those 25% retire or can no longer work? They eat cat food on their meager social security payments.

ryanwaggoner 8y ago
I’m skeptical that this happens much. It reeks of urban legend. Now, I’m sure some seniors do this, but I suspect it’s due mental issues rather than fiscal concerns. Is cat food even cheaper than really cheap canned food?
- dionidium 8y ago
  In my experience, nobody wants to hear this, but basic food is damn near free. I get it, I get it -- it's just a silly thing Sean Hannity says. It also happens to be true. Nobody has to eat cat food to save money. Have you priced beans and rice lately? It barely costs anything.
  - ridgeguy 8y ago
    Beans and rice ≠ protein, and yes, carbs are giveaways. But that's not all good. Anecdote here, but I knew two competent, capable seniors (each on Social Security) who in fact ate canned pet food because it was a source of meat that they otherwise couldn't afford. I doubt I knew the only two people in America who do that.
    - your-nanny 8y ago
      Beans have a ton of protein (@15g/cup) plus a lot of fiber.
- FooHentai 8y ago
  >I’m skeptical that this happens much. http://www.wboc.com/story/23662934/some-seniors-in-kent-county-strapped-for-cash-eat-pet-food-to-save-money http://www.wboc.com/story/23662934/some-seniors-in-kent-coun... "Mr. Speaker, it was reported to me that there are seniors in my district who eat dog food when their food stamps run out,” she said. “I was appalled and went to see for myself, and I was dumbfounded." https://www.cnsnews.com/news/article/congresswoman-some-my-constituents-eat-dog-food-when-their-food-stamps-run-out https://www.cnsnews.com/news/article/congresswoman-some-my-c... >I’m sure some seniors do this, but I suspect it’s due mental issues "A woman in her 80's was eating dog food until a neighbor took her to a food pantry." https://www.nytimes.com/1993/11/16/nyregion/fear-of-hunger-stalks-many-elderly.html https://www.nytimes.com/1993/11/16/nyregion/fear-of-hunger-s...

dionidium 8y ago

They live on Social Security. Sometimes I tell people this and they seem surprised. It’s not surprising to poor people. My grandparents never had more than Social Security in retirement. It’s all my mother has (or all she would have if not for me). My uncle just died a few months ago, but he had been living on Social Security, too. Poor people don’t have retirement money. They live off their Social Security checks. It’s that simple.