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Austoman t1_j3t2sjt wrote

So i see no one talking about it.... I know this is posted to uplifting news, but it really isn't. First theres the fact that people are working into their 80s just to survive. Secondly the value of money is way less than people expect.

$100000 isn't anywhere near retirement money. Even if we simply assume he has to pay $10k a year to shelter (rent, property tax, care home expenses, or w.e), he'd run out in less than 10 years due to inflation. Moreover, that's just sheltering expenses. Power, water, food, heat and etc, on average in the US is about 6850/year [1500+600+4000+750] as of 2021 (average costs of each in US). So with that, it's about 17000/year, which gives him less than 6 years before considering inflation, insurance, medical expenses, travel (gas, bus, shuttle) and etc. So yeah 100k funding isnt enough to retire on even at 82 years old. An average person in the US will be forced to spend that within 6 years without considering many normal expenses beyond those needed to survive.

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GregorSamsanite t1_j3u5ii7 wrote

He should qualify for Social Security and definitely qualifies for Medicare, so $100k isn't meant to cover all of his expenses, but supplemental ones. Not saying that we couldn't do better (e.g. UBI in addition to social security), but any analysis of his budget needs to factor in his social security. He also mentions paying off his home, so it sounds like he may have some equity. Ideally he shouldn't have to, but at his age tapping into that equity is a real consideration.

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