Financial Collapse Update: Retirement Crisis USA

Looming Crisis for Elderly

This is ongoing and isn't just limited to the USA.  Expect many Western countries to face this gloomy future.

One good part of it is the use of funds and resources earned by citizens to support so many others that just arrive into the country legally and illegally and get benefits greater than many citizens can expect.  It is the world inverted.

Solution:  It won't likely be solved for the country by the politicians or government so you should set your plans for survival in old age with some comfort by being realistic.  Consider how much you really need and the problem with saving too much at the expense of your current life is that often the government will means test you and deny your earned benefits thereby leaving you in the same position as someone that never saved.  They get free healthcare and you pay, they get subsidized housing and you pay full rate, they get food stamps while you shell out cash every day for your meals, and on and on it goes until at the end the government will take all that you have.

The best answer seems to be to own your own home with no debt and consider what the taxes on it will be when you decide the size and cost.

Set aside hard assets in addition to your home such as silver, gold, and other precious items.

Have some protected savings in insurance products and retirement accounts that offer liability protection and are tax efficient.

Have cash.

Have paid off vehicles.

Have some way of guaranteeing your health coverage by either being a veteran, a government worker, or have little enough in the way of income that you qualify for full government protection in the form of Medicaid until you are eligible for Medicare.

Have family and friends that comprise a support group.