90 years old and 233k is a "chance" at retirement...
We can't keep ignoring this shit, it needs fixed and not just by donation websites.
this post was submitted on 03 Jun 2024
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Orphan Crushing Machine
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Yup. This is a direct consequence of the removal of pensions and wage suppression. Without meaningful change, even those with healthy 401k savings are likely to have trouble retiring.
But think of all the jobs in the orphan crushing industry!
At the risk of coming across as insensitive, I really wonder what happened in this guy's life leading up to this. He lived through the "easy times" where boomers were buying houses on a single income, in fact he had a 10 year head start on them. The article says he only receives $1,100 from social security - so does he have $0 savings / investments at 90 years old? Genuinely curious, not taking a shit on him - this will be me at 90 too, if I last that long.
Mental or physical problems, ptsd, whatever. Many ways you can get fucked over by life.
$233,000 is not retirement money.
That’s just over $6k/year in interest at a modest 5%.
Or at his age he can take an extra ~$20k+/yr for a while of straight cash. Might be the better choice.
That's retirement money if you die soon enough
You might want to check your calculator again. $233k * .05 = 11.65k
I agree that this isnt anywhere close to lavish retirement money but if he withdraws $20k/ year plus takes his full social security payments, he can probably replace the cart pusher wages. So that's still retirement money, just a modest retirement.