We all want to live comfortably during our lifetime. I don’t think many would disagree with that statement. But I think we all really want to be comfortable when we reach the age of retirement.
I started to think about my parents and how comfortable they will be financially when they decide to retire. When I think about it my stomach starts to turn because I want them to be comfortable as any child would want for their parents.
See, when people retire they usually do so because they have saved enough money or are okay with the amount of social security they will be receiving from the government. Well it turns out that my parents have been self-employed for most if not all of their working lives so they just pay higher taxes than the average worker. So social security will not exist for my parents, at least not to live comfortably.
This is the case for many senior citizens today. Cost of living continues to increase and the amount that they receive at retirement remains the same or slowly begins to decrease. Many are cutting back on food, electricity and basic living conditions.
While nations are struggling to reduce consumer debt, senior citizens are fighting to keep basic necessities.
Many have to go back to work to supplement the income they receive from the government. Laws that are in place protect some from age discrimination but it is still a known fact that older men and women face discrimination when it comes to employment. It’s the same notion of older people costing more to employ.
Others are skipping routine doctor visits because of the high cost that is attached to each visit. Medical bills are a large part of the debt that senior citizens have and it is also the reason many continue to work. Some will not have medical insurance if it wasn’t for the company they work for providing it to them.
For many seniors, when they retire, it is like getting a pay cut in salary. Because of this their cost of living seems to skyrocket and they are forced to live a lifestyle that was not what they imagined working a lifetime for.
The sad part about this is how some seniors actually saved money in retirement accounts, only to lose the majority of what they worked for in recent market meltdowns. Let’s hope the market continues to increase so that many seniors can retire with dignity.