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View Diary: Americans' Retirements Are in Tatters. What Does That Mean? (129 comments)

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  •  This is very important - I don't think most people (16+ / 0-)

    realize that nursing home care for elderly is paid primarily with Medicaid (or the family), once the individual's money is gone to the nursing home....

    Also if one person of a couple is in nursing care and the other is still at home (and doing alright), once the one in nursing care passes, the state will expect to receive half the value of the home the remaining partner is still living in - as in the state will collect on the deceased estate.

    •  And what we will see is reversal (14+ / 0-)

      and there will be a rise in 3-generation households and a rise in 2 generations of adults living together.

      Kids contemplating college, will live with their parents and commute because they can't afford to live on campus.

      Kids not contemplating college will continue to live at home, because even if they and their friends are working they will not be able to pitch in a get an apartment together.

      People will delay marriage, and when they marry they will plan to live for a few years with an older relative. who "just needs someone around."

      Young people graduating from college or graduate school can't afford to get married. They will live with an older person and perform some household and elder care in exchange for cheap or no rent.

      Parents who can afford to will continue supporting their adult children after college because they can't find jobs that pay well enough to get an apartment share with their friends.

      Adult children who can afford to will once again be taking their elder relatives into their homes and helping to cover the gaps in health coverage. That will make their own retirement savings goals harder to achieve.

      Etc.

      The fix is simple. Phase in a rise in the minimum wage to $15. Raise the cap on what income is subject to FICA taxes. SS and Medicare were predicated on steadily rising wages, and the notion that the worker's highest wages would come at the end of their working years.

      "They did not succeed in taking away our voice" - Angelique Kidjo - Opening the Lightning In a Bottle concert at Radio City Music Hall in New York City - 2003

      by LilithGardener on Sat Jun 22, 2013 at 10:56:04 AM PDT

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    •  That's why you have to protect your assets. (0+ / 0-)

      Upthread I mentioned that wealthy people spend a lot of money protecting the bulk of their assets.

      Newt 2012. Sociopath, adulterer, hypocrite, Republican.

      by tikkun on Sat Jun 22, 2013 at 06:42:58 PM PDT

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