Comment by ironman1478
4 hours ago
Health care costs at the end of your life can eat everything you've ever saved and more. Cost of maintenance on housing is increasing and property insurance rates + HOA rates are going up. This idea only works under ideal conditions.
I'd be curious if the folks that are advocating for people to provide support to their adults kids also expect those adult kids to keep their parents living with them when elderly. I know assisted living facilities charge exorbitant amounts of money, to the point it's often advised to setup a trust, so the parent's assets are no longer viewed as their assets. These facilities apparently charge based on assets, where if you have none then suddenly the monthly cost to live there equates only to the value of your Social Security Income payments.
If my parents are indicative of anything, they're just going with the flow and believing it'll all magically work out.
Unfortunately that is the sad reality of the state of fiscal literacy in the country. We have work to do to prepare people for their own futures. Pensions were nice but this transition to private plans has been rough, with far too many believing their Social Security Income alone will be enough to sustain them in their golden years.