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My father has Parkinson’s and my mother, who was his primary caregiver, passed a few months ago. They went from being comfortable with their finances and having a small, but nice home, to my father now going into a nursing home and likely lose everything he owns because of how expensive nursing care is. We are looking at $7k a month with zero assistance from Medicare and he has enough money that he doesn’t qualify for Medicaid but will burn through all his assets in just a short time. It’s ridiculous that people work hard and save and it’s all gone in a flash.
Let the debt die with him. Get that house into a trust, or out of his name however you can. Don't let greedy corporations steal the generational wealth he worked hard for and surely wants to pass on, and not have taken away by the health care industry. A few grand on lawyers and accountants now will save you hundreds of thousands down the line.
Your father needs to put his assets into a trust ASAP then. Once he divests through the trust he will qualify for Medicaid. It's unfortunate that we need to jump through these hoops, but it is what it is.
I've seen it go both ways. Things are so much better for the kids when assets are in a trust. Without it, I've seen people lose everything. Don't give the dirty debt collectors a dime.
Sorry to hear about that. This is one reason why I wonder if it's even worth saving for the future. Live the best life you can in your prime years and then let the pieces fall where they may in the end. You'll qualify for more programs if you didn't bother saving anyway.
If you want to pass on generational wealth you need a trust. It keeps those assets protected, and once you die the debt dies with you.
Assuming those programs still exist by the time you get to that point.
If the oligarchs continue to get their way, those programs will disappear. It doesn't serve them to have a class of people whose labor or income they can't exploit.
If you’re 40 or under it isn't worth saving. Retirement is a Myth for Millennials onward. Unless we get UBI, everything is going to go tits up anyway.
This feels like a self fulfilling prophecy
That is precisely the best time to save and invest.
How does giving everyone a UBI solve that we can't afford to pay the old pensions now? Gonna tax the UBI to pay for it?
Dunno your country's specifics, but in the U.S., the eventual social security deficits could be completely resolved by removing the caps on social security contributions.
UBI could be payed for by a radically progressive tax structure similar to the U.S. tax structure in the 1950s.
I've looked that structure up before, it only worked if you paid yourself. They just plowed all the money straight back into business expenses or acquisition.
In the U.S., the difference between average and median income is ~$25k/yr, so, if my logic is correct, it should theoretically be possible to have an UBI of $25k/yr (which would bring the average income on top of UBI down to around the median).
Well, I'll give you this. Most communists don't actually admit they want to drag everyone down to their level. The honesty is refreshing. That's not sarcasm, this is rare as hell.
Think of it as the circle of life. It's basically what powered the Boomers--all those freeways and suburb projects put money in their pockets. You give UBI and you drastically reduce homelessness, allowing more people to participate in the economy. Those with good incomes won't notice the UBI but for those without, it will save their lives.
that's called "crippling national debt"
Yet it has worked wonders everywhere it has been tried. Don't mix up your hatred for taxes with the viability of public programs.
Yeah...I'm not American. "Works wonders everywhere it's been tried" is a bit of an exaggeration, I've seen how this sort of thing goes.
No, you haven't.
You should read up on the ramifications of what amounted to an UBI test run in Canada over Covid. Phrases like "sold our future" appear too often.
Yeah, I'm not gonna put much confidence in programs ran during the shit show known as COVID.
You should look up, like, every other UBI experiment. Poorly run outliers do not a viable data point make.
Of course you'd deny the results of the biggest practical "test run", and point to the small scale feasibility experiments. Why am I not surprised?
You've been given some horrible advice. That or you're just not very smart.
If you believe the same retirement options that were available for boomers is realistically available for younger people, I have a 401k to sell you and a Social Security check is in the mail.
Without significant changes to the way we handle our economy no amount of savings now will make up for the shit that’s coming.
That being said, it should be noted I have a good paying job, I have a 401k, I have investments and none of that is going to carry any of us through to the retirement expectations that we’re being sold.
If you’re under 40, between automation and climate change, shit is going to get real very quickly.
Because the system isn't designed to work for even the upper middle class, or even the comfortably independently wealthy. The system is designed to continue diverting all of that hard work's rewards towards the wealthiest tier of wealthy.
Nobody is safe from this vampirism, not even those who would call themselves rich. As it is, wealth will always siphon down to the parasites at the bottom. We've all been fooled into thinking we're at the bottom of a pyramid (or, if you're lucky, somewhere in the middle), but it's really just a funnel, sucking everything down to a single point.