- cross-posted to:
- worldnews@lemmygrad.ml
- cross-posted to:
- worldnews@lemmygrad.ml
I spoke the other day about rich people whingeing that they don’t have enough to retire in luxury. In today’s news there is a 67 year old man who hates his job and wants to retire. However the poor thing only has $700K saved up. This only gives him $28K a year in interest. 
Poor old dear still hasn’t paid off his mortgage so how will he manage on that?
How the other half live.
65% of Americans are homeowners. It’s really not that luxurious, especially with a mortgage.
And what is he to downsize to? Renting? He should just subjugate himself to the whims of landlords while on a fixed income if he wants to retire? In a lot of places $28k a year is barely enough for a one bedroom and a car. I lived in a cockroach infested studio with no car when I made that much. It wasn’t even in a major metro area and I’m young and can walk everywhere.
You’re getting mad at a guy that almost managed to play the game right and scrape by instead of the game that fucks most of us over.
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That he can afford this year. He’ll be stuck on 28k/yr until the day he dies. Consider how much rent has gone up since 2020. How long do you think he’d be able to afford living if rent keeps going up at the rate it has lately? Much less other bills like groceries.
And you might be thinking “Oh, well he can just go to one of those rent controlled 55+ places”, but even those go up eventually, and quite frankly I’m not sure if there are enough of them for all the elderly baby boomers in this country.
I think this might be a classic case of hating the player instead of the game.
Assuming he’s owned his current house for more than 5 years, it’s likely the cheapest housing option available to him. Housing prices have exploded in the past ten years and rent has gone up correspondingly. If he sold his house, he might well be trading $1500/month for $2500/month.