Never Saved For Retirement, Now What?

Discussion in Retirement Plans started by mildredtabitha • Sep 6, 2017.

  1. mildredtabitha

    mildredtabithaActive Member

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    I have seen many old people cry so much. They are given the notice to retire but they don't want to because they realize that they never saved. They are forced to leave the office and they start crying. They have no house to call their own because they always rented.

    What is your advice for someone like that? Where should they turn to?
     
  2. Jamille

    JamilleActive Member

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    I'm not sure what your country's retirement benefits are, but in my country, retirees get social security pension and retirement benefits if they've worked for at least 5 years with a company. Privately employed retirees can opt to receive 18 months of their pension in lump sum and for many, they can use that to build a simple house in the country side. They also get free access to health care on account of their previous contributions. In other words, those who work while they're still young will reap the benefits when they retire. Fortunately, internet has made it possible for retirees to earn money to cover their daily expenses. I recently read a work-at-home blog, for instance, that tells about a grandma who had to learn new skills to be able to work as a virtual assistant. Hats off to her as she does not just want to be a financial burden to her children or family.
     
  3. Alexandoy

    AlexandoyWell-Known Member

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    My parents are lucky because my father had a pension and they have saved enough. Having their own home is the big advantage of a retiree. My wife's mother is a widow and she had nothing when she had grown old. Until now, my mother-in-law is dependent on her children. It's a good thing that her children are kind and generous with her. I hate to think that I would retire with nothing. I am fortunate to have a home of our own which mortgage was already fully paid last year. We also have appliances and cars. So maybe I will be in good stead in my twilight years.
     
  4. lucykey

    lucykeyMember

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    I think that the best thing any employed person should focus on is to start investing in the retirement scheme so as to avoid the agony of going through stress after the work period. It is also a good idea as the employer also contributes towards the same scheme for you. This will help one to start even a business after retirement with the lumpsum being paid to continue developing ones family at large.
     
  5. Krissttina Isobe

    Krissttina IsobeWell-Known Member

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    Here in America there are all sorts of benefits and you can see what you qualify for at benefits.gov. There are things like rental subsidy where the govt. pays part of your rent, SNAP or foodstamps with a debit card, LIHEAP from your energy source and thrift stores to buy clothes from. If you have a Walmart and Target store they are cheap food and clothes too. I hope this helps, Senior Citizens facing the future. Now there is still ObamaCare for medical & Rx so, please apply for it. Be careful of Welfare for the laws are now changed from when Pres. Roosevelt first made Welfare, so rental subsidy is better. Every one of these benefits, has application every yr, check with the application place-they'll send you a letter when you have to reapply, every yr. SNAP is 6 months review and yrly reapplication. LIHEAP is yrly application too. All will help you live really well and find food giveaways like Foodbanks. Here where I live in Kalihi, in Hawaii, every Thurs. there is a Foodbank giveaway with fresh foods from pastries, breads, cereals, fresh veggies and fruits, canned goods all good quality not throw away type. You got to bring a push cart or a big backpack for it's a lot of food, all you can carry and they arrive every week, and all they ask is your id to qualify for it...though you got to wait your turn and if you're the last batch it can be 4-5 hours wait. Good luck. By the way there are places like Aloha United Way, to help you not become homeless.

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  6. littlewitch66

    littlewitch66Active Member

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    I hear about old people suffering because they are poor and don't have enough to buy food or heat their homes but my mum said she was never so well off until she became a pensioner. Maybe we have better benefits for our old people here in the UK but I still see people who appear on the news who die of hypothermia where they cannot stay warm.

    Mum had a small works pension but it was very small and her state pension. She had many benefits when she got to 80 and lived a comfortable life. She said it had all come too late for her because she wasn't fit enough to spend it. I suppose I was there to help should anything have gone wrong and I wonder if some people are left alone and do not know about the benefits they can claim so they drift into poverty.
     
  7. wallet

    walletActive Member

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    They should ask help from their relatives but is difficult for them because if they do not have their own house they have no place to live in, no money to pay the rent anymore.....probably is better for them to ask the help to the non profit organizations that help people in need.
     
  8. mildredtabitha

    mildredtabithaActive Member

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    I also agree. It is better to start saving early so as to avoid the stress after retirement. I agree that employers should be contributing in the same scheme although only few companies use this method.

    This could be another solution but even the relatives and family members cannot provide fully for them Maybe food and shelter could help but this retiree will still be stressed when they know they have nothing extra for emergency needs. Non profit organizations could really be the last solution.
     
  9. luri

    luriActive Member

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    It is never late to save for your retirement, does not matter whether you are 20 or 50, you should begin saving for retirement immediately. One of the best saving methods is saving money in fixed deposit bank account. Fixed deposit saving gives maximum returns.