I won't state my opinion on how some of the people you refer to are expecting to get by. TBN posting rules.
Some are in subsidized housing with discounted utilities, free computers and cell phones and fully covered medical…
They're living in crap apartment houses, old hotels that have been converted to crap apartments, and other not so nice places.
Curious, who you think is responsible for this situation?
Just an observation of what happens to elderly people that for whatever reason do not have any retirement savings. All kinds of reasons. Poor planning. No planning. Drinking. Drugs. Mental illness. Misfortune. Poor health.
en.wikipedia.org
I can understand that feeling.
My brother in law works with homeless men in Arizona. He said most are mentally ill, uneducated, do not like rules, and have a hard time living in group settings. All they really want is a roof over their head, a place to sleep without getting stabbed, and something to eat.
Understand but Studebaker is a very small slice of the pie that is not not worth focusing on. Your other reasons are the majority of the problem. Mental issues (unrelated to drugs, etc.) we all own.Just an observation of what happens to elderly people that for whatever reason do not have any retirement savings. All kinds of reasons. Poor planning. No planning. Drinking. Drugs. Mental illness. Misfortune. Poor health.
One major reason here in South Bend was (most are dead now) loss of pension. Studebaker was a major employer here. The company went belly up and their pension fund failed. Thousands of people lost their pensions. It was the major factor in the establishment of ERISA (Employee Retirement Income Security Act).
Employee Retirement Income Security Act of 1974 - Wikipedia
When I got hired at my last employer back in 1987, I was kinda shocked at the number of old people working there part-time. It wasn't because it was a great place to work. It was because they all lost their pensions at Studebaker and had to keep working until they died. Many had to live in the worst parts of town because that's all they could afford. Some had OK housing, places that I would like to live in. But they were not paid off, so they had to keep working. These were folks in their 70s and 80s doing manual labor, standing all day. I became pretty good friends with most of them. Good folks with bad fortune.
You want some compelling reading, search up the Studebaker pension failure.
We have a very large homeless population here. I don't know the back story on most of them. Many are veterans with PTSD, mental illness, alcohol and drug issues. They don't have the best of living conditions. Wife and I also volunteer at the food bank when able. Lots of elderly people served by that organization.
Anyhow, many reasons elderly people end up with no savings.
Apparently that single pension failure is neither small nor unimportant in South Bend. Most problems are local in nature.
jamesclear.com
Great reply:"I know of a family where one brother saved and managed to retire early. The other brother didn't and is dependent on inheriting a retirement income. Both were raised in the same household so you have to assume by the same set of values and had similar opportunities."
Agree, but that was about 60 years ago. Is there anyone that worked there that was anywhere near retirement age back then still alive?
That is exactly what needs to somehow be figured out. Everyone wants to help those that truly need it.
Not everybody, if you read some of the threads here.
Man... I have been conned by hundreds of those "in need".
Once they get used to having a certain amount to spend it will never go down.
Unfortunately true.
My brother in law is a retired veteran. He gets 50% of his highest active duty pay, PX privileges and Tricare. He earned it with 22 years of service, including two tours in 'Nam as a helicopter pilot.
It went from Studebaker to Peabody. The coal miner health care and pension funds got invested in spinoff subsidiaries that went bankrupt, dumping the whole expense on the government while Peabody pocketed the money.
This is the reality those coming of age today will face. Even a good education is no guarantee. Look to India for an example, huge numbers of well educated people that no one needs to employ. Of course some will do well but the skills of many simply aren't needed.
Aside from the nuts & bolts of financial analysis and forecasting, this was the main point that profs in my MBA hammered on: Keep your eyes open to recognize change as it approaches and respond by creating new strategy to take advantage of what's new - The alternative is that you will get run over by changing circumstances.
Not only did it affect the people that lost their jobs and pensions, that kind of stuff trickles down to their children and grand children in the form of lost generational wealth.
When I was in I.T. it was just an endless upgrade in learning and certifications. If you stopped for a few years, you were way behind the system. As soon as you got comfortable with a system, it was obsolete.
Amen bro. In undergrad math a prof had said computerization of everything was inevitable. And the primitive 360-20 that we sent our cards to for overnight processing, was a faint headlight far in the distance coming at us fast, foretelling what would soon be commonplace. So get ready now for the changed world you will soon work in. That was good advice.
That right there about sums it up.
I struggle with automation vs people. My old/last employer's only meaningful high roller always said (and I think he believed) "the single thing I would like to pass on to my employees, is the ability to deal with change". Other than being ridiculously successful, the company is a bit of a turd, but, I think from his point of view of making people irrelevant for a living, his "heart" was in the right place.
You are correct, funny I had an IT shop as well, probably the most productive gig of my life.
term limits, people are lazy
i know what a UJ is. like a cv joint
