am middle-aged and have no retirement savings at all or even a paid for house because I bought into this delusion when I was young and spent my time slogging mags for free instead of working for my financial future. That is the price I will pay for wising up too late. Karma is a bitch. Cause and affect. I am very appreciative I live in a social welfare country such as Canada so that I will not be on the street begging when I retire.How is this accomplished?
We have Canada Pension every one pays into mandatory from their job + Old age Pension + more if you are senior and disabled. If you don't have a paid for house there is subsidized senior co-op housing and rental supplements for high rental areas. For instance, if a senior had maximum pension they may get $1500 dollars a month. A one bedroom apartment in the most expensive city in Canada, Vancouver, might normally be $1500. A co-op charges a maximum percentage of your income, so they would just have to pay $500. Pharmacare covers drugs for low income seniors. Government subsidized medical insurance premiums and nursing homes if you can't afford to pay. It's all based on income levels and is available as benefits for any who qualify. Not really considered "welfare", just benefits available to all seniors of low income. Low income is anything under $24,000 a year. Of course, since I'm at the tail end of the baby boomers, the whole system will be bankrupt by the time I retire anyway! LOL. I am so screwed!
Cog