A Boring Dystopia

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This 81-year-old still works at Home Depot to support herself and her 90-year-old husband (www.businessinsider.com)

submitted 2 months ago by return2ozma@lemmy.world to c/aboringdystopia@lemmy.world

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[–] partial_accumen@lemmy.world 52 points 2 months ago* (last edited 2 months ago) (36 children)

I feel sorry for the 81 year old and her husband. However, they have made nearly every wrong financial decision over most of their lives.

In 1994 husband was making $90k a year and quit that job to start up a band and teach music lessons
They bought a fixer-upper house in 2002 to flip it, except they still had it in hand in 2008 when the real estate market crashed
They had $75k in the market prior to the crash, and sold it all at the bottom of the market before the rebound.
They never saved more than $10k in a 401k
They defaulted on their mortgage in 2015 and lost he house, but did gain $115k from the forced sale.
They declared bankruptcy (it doesn't say when). Usually this protects the house, as in you're not kicked out. So I can't quite square why the house was forced for sale if they were under bankruptcy protection. This is a clue they had a lot more debt than just the house.
"The income from a side business Lydia had started to help people downsize their homes, and the piano lessons that Bill gave, weren't enough." This was 2015 and at best their only income was a couple small side hustles. Admittedly they were in their early 70s at this point.
Even today it looks like they're spending over 20% of their income on car related expenses (payment, insurance, gas).
They're also still living in Connecticut which looks to be more expensive place to live. A quick Google search of West Virginia 55+ one bedroom apartments go for $450-$900. So they could probably cut their rent in half if they moved to a cheaper city/state.

They've truly had some horrible timing and luck, however I truly hope their situation improves.

[–] YtA4QCam2A9j7EfTgHrH 79 points 2 months ago (3 children)

Who gives a shit? No one should have to spend their 80s working

[–] MissJinx@lemmy.world 43 points 2 months ago* (last edited 2 months ago) (3 children)

I understand the sentiment but what he is saying is also important. Imagine, starting tomorrow everyone above 60 will get 5000 dolars every month. Will this couple in particular be able to live with it or will they make more bad choices.

I'm 100% pro supporting the retired community but Financial literacy is also very important, otherwise it doesn't matter how much money you give them.

It's so important to teach finamcial literacy from an early age

edit: just to add I'm not american. My.mother is 70yo and in my country retirement is supported by the government, but she still makes shitty choices from time to time.

[–] a_wild_mimic_appears@lemmy.dbzer0.com 21 points 2 months ago

That's why you don't give out money, you subsidize what people need in their age - rent, mobility, care. You can't make wrong decisions with money that is bound to services - it also means whatever comes, they are neither threatened by homelessness nor isolation. But that would be socialism, and we know how the US thinks about that, regardless of consequences like letting old people die in the streets.

[–] Delphia@lemmy.world 6 points 2 months ago

I will be able to afford to retire where I live, I cant afford to retire in Manhattan or Monaco.

[–] cute_noker@feddit.dk -2 points 2 months ago (1 children)

Imagine, starting tomorrow everyone above 60 will get 5000 dolars every month.

Is that really the only solution? A one liner?

It should rather be possible for some people to live in a retirement home.

[–] FuckFascism@lemmy.world 5 points 2 months ago (1 children)

I'm sure it was just an example.

[–] cute_noker@feddit.dk 0 points 2 months ago

An example of something that doesn't work, is not a very good argument that it is impossible to make work.

[–] partial_accumen@lemmy.world 9 points 2 months ago (3 children)

Who gives a shit? No one should have to spend their 80s working

They are today still making choices which are forcing them to work. They might be able to not work if they move to a cheaper area and give up their expensive car.

[–] sexy_peach@feddit.org 10 points 2 months ago

Like move to a different state? They have family and friends there probably and also moving can be expensive.

But I agree, some people can make bad financial choices, but mostly it's not educated choices. So they need help either way, probably financially and consulting.

[–] surewhynotlem@lemmy.world 4 points 2 months ago

What you said doesn't address what he said.

[–] chilicheeselies@lemmy.world 3 points 2 months ago

Then they have a new problem; isolation. Given having to work or be isolated, work is better

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