Finance: The Shtf When Ssi Isn't Enough

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Good video @LincTex, too bad it wasn't out there 30-40 years ago as it comes too late for many. For those whom it is not too late, stop spending and get saving! For those no longer able to save, should be turning to family, non-governmental organizations such as churches and community-based non profits, reverse mortgages, subsidy programs, etc. My church not only does Christian based financial planning but we also have a fairly sizeable budget for helping those from our church community that are in need. A few years back when utility prices were quite high we paid to heat the homes of a number of people who could not afford the unexpected increase.

When I look around at my generation and the next one, I don't see enough hard working people to be able to take care of their adult children let alone their parents.
 
We'll take a page Japan or South America's book, 3 generations living under one roof.

Oh, h3ll NO! I love my family.....but NO!!!:eyeballs:

Holidays provide enough together time. I'd pick up another job and pay their utility bills. LOL! I am thankful that I come from a fiscally conservative and hard working family. Parents and kid (one left to fly from the roost) do fine on their own. We helped MIL with some financial decisions a while back and hope that she has enough IRA money for the long haul since she didn't share that amount with us. Everything is paid for, so it's just a matter of getting by day to day. She knows she can ask us if she needed to, but I think she has too much pride for that. That's fine with me.....b/c mixing family with money is usually not a good idea.
 
We'll take a page Japan or South America's book, 3 generations living under one roof.
This used to be the way in Europe as well. In many countries, the oldest son inherited the property. He would marry and bring his bride home. As his siblings became adults, they would make their way, men often with a trade. It all depended on the family situation. So as the married son took over, his parents continued to live in the home as well. In many places, the oldest members, the grandparents, slept in the kitchen, where it would be warm for them. In some situations, younger sons with a trade would also live in the same home where the oldest brother was the owner. When America was being settled, it was the younger siblings who came, while the oldest son stayed on the home place, sometimes with the parents, and sometimes not.
 
More than half of all baby boomers don't have any retirement.

They are relying on Social Security to keep them alive....

What will happen to society ... when it isn't enough?!?


This is so true. I know several baby boomers who have to spend every dime they get--gambling, drinking, traveling, the latest and the greatest of unnecessary material goods. And then I know a few who are so tight they squeak. They "can't" do this or that, but, they are the ones with money, if they needed it.
 
We'll take a page Japan or South America's book, 3 generations living under one roof.

Much of the world lives this way. I think there is some merit to it. One of the greatest strengths and weaknesses of North American Society is our individuality. Now I would be the first to admit that there are family members I could not live with. Finding and maintaining the balance would be quite a challenge.
 
Much of the world lives this way. I think there is some merit to it. One of the greatest strengths and weaknesses of North American Society is our individuality. Now I would be the first to admit that there are family members I could not live with. Finding and maintaining the balance would be quite a challenge.
Agreed.



I was thinking more about this after my post. What happens to the bride's family if they didn't have a son?
 
Mom was raised by her dirt poor grandparents.

Mom's requirement before she would marry dad was he had to have a house.

Dad and Grandpa build a house debt free.

After their wedding they went to the Creamery and Dad bought a case of butter. Cheaper by the case. Mom thought she married a rich man because she never had butter growing up or at her Grandparents. Dad agreed to give a pound to mom's grandparents on the way back home.

We always had food to eat, a roof over our heads and dry warm beds to sleep in.

Dad worked his entire life up to retirement and expensive no hobbies. If he didn't have the cash it didn't get bought. On retirement He had a pension, SS, savings and a solid house with a new roof and siding.

Mom was tired of the carpeting and wanted new. Dad said, "We don't have money for that."

Mom wanted the garage floor painted. Dad said, "We don't have money for that."

When dad died I sat down with mom and went over her finances. Mom isn't rich but dad left her comfortable. "We had money for carpet and we could have..." was mom's reaction when saw the bank balances. "Yes Mom. Dad could have bought all these things for you but he was more concerned about you being financially secured." Dad was 12 years older then mom and husbands usually die before their mates, he had done the math.

Mom's SS is enough to pay for the M-F Caregiver. Her next biggest expense is property taxes.
 
I would gladly open my home to my parents, my wife's parents on the other hand... They are good people but they are accustomed to a very different quality of life, one where other people do the house work, lawn work, child care, etc. for them. Fortunately both my parents and my wife's parents have planned and prepared accordingly to have a very comfortable retirement.
 
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