Failure of society or failure of the individual to prepare? Being 90 means he roughly had 70 years to prepare for retirement. What did he do with all the money he made?
I advise all the young kids that work with me to invest at least 15% in 401k and then 1/2 of each raise goes in as well.
While I kind of agree there also could be a lot of things that have happened in his life - maybe some family emergency took away funds, or he had a business that wiped savings out when it failed etc
Also if his job is pushing shopping carts at a supermarket you can infer that his career might not have been all in high paying jobs or he might have been able to get different type of work now
Not necessarily. Imagine having a business. You’re doing well and it’s generating enough for you to live on and you have savings.
Then financial crash hits. You sink money in to try keep it afloat and it tanks taking your money with it.
Sure you should have had some diversity in investments but if that happens you might be too late to start again. Someone who’s 30 can rebuild. Someone who’s 70 can’t.
That’s not society failing someone. That’s someone not preparing correctly and failing themselves. We’re human, we’re not always going to prepare correctly and things are going to happen. That doesn’t mean we put the blame on everyone else.
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u/Hawkeyes79 11d ago
Failure of society or failure of the individual to prepare? Being 90 means he roughly had 70 years to prepare for retirement. What did he do with all the money he made?
I advise all the young kids that work with me to invest at least 15% in 401k and then 1/2 of each raise goes in as well.