The most vulnerable retirees struggle to survive even with government help

  • Article by: PATRICK SEMANSKY , Associated Press
  • Updated: December 29, 2013 - 8:30 AM

It isn't the retirement George Warren dreamed of.

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karendavid816Dec. 29, 13 6:34 AM

An unreported story of the struggle of fixed income seniors has to do with the ongoing policy of the Federal Reserve to force interest rates lower than what a free market would be. Millions of seniors relying on "safe" long term savings certificates or government and corporate bonds for some interest to supplement their social security have suddenly found that 5% or 6% interest rates are being replaced with .1% or less rates. For some reason, the politicians that usually pander to seniors have ignored this issue.

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TJFHRBDec. 29, 13 9:03 AM

Social security should be strengthened (not cut) because half of us are incapable or unable to save for retirement. The higher 2013 taxes on high income earners are a step in this direction. And high earners pay income tax on 85% of their SS benefits. Many folks can't save a dime or get into a home that they own and pay it off before they turn 60. Even modest savings coupled with home ownership can provide a foundation of financial security that would avoid the type of situation described in the story. Those of us who work, pay our taxes, and save, are asked yet again to write out a check.

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FrankLDec. 29, 13 1:07 PM

TJFHRB, baloney! The problem is not the inability to save, but the willingness to save. Even in college, when I got extra shifts at work or overtime, I made sure some got put away. Spending was relegated to essentials, smartphones and going to bars are luxuries. Gaining extra shifts was easy, just be willing to work Sat nights and holiday weekends.

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