A friend sent me this article recently. This Is What Life Without Retirement Savings Looks Like. It talks about the financial issues facing many seniors.
As a home health nurse, I worked with many seniors. I saw many who struggled. There were people who skipped medicine because they didn’t have the money, or didn’t eat well, had clothes and furniture well past their wearing out point, and houses in need of many repairs. They also had medical problems, and far too many were socially isolated which is not healthy. Social workers were called in, resources were scrounged, but there is only so much you can do when there isn’t much out there. And, according to the article, the situation is likely to get worse as more people reach retirement age without adequate resources.
This is exactly why we are in Panama. Even if we worked until 70 it would be very difficult to live on our social security in the US. We don’t have pensions and our savings aren’t enough to generate interest of any significance.
I know we are hardly alone in moving elsewhere for a lower cost of living. It has worked really well for us, but it’s not for everyone for a variety of reasons. I worry about our brothers and sisters struggling to survive on very limited resources. Our government, rather than helping, seems to want to take away the limited help that is available. Nearly half of all single homeless adults are over 50? That is so sad but I think true. I encountered many homeless on my bike trip and very few, only two that I can think of, were younger.
I don’t have any answers. I am so thankful that this life in Panama is working for us. It is life and attitude changing to have the need to make money removed, to have the worry about having enough money removed. I wish it could be so for more seniors. I hope changes are coming in the future that will offer more help.