The Scary Truth About Seniors and Money

[TheKentuckian]

3. I don't know about that, kellie. Medicare isn't single payer, it is 80/20

so most seniors probably have higher medical expenses than the rest of the population so they either have a fair chunk going out or have to pony up for a supplement. The senior population also needs more medication on the whole.

I also don't know what insurances they don't have. If they drive then they pay auto, they need coverage for their homes like anyone else, many carry very expensive but low yield life insurance that maybe will cover burial.

I suspect more than anything we are talking having the house paid off or higher levels of equity, a lifetime of little savings, and the IRA or 401k being mature. Some still have pensions and what not but that is nothing to put much weight in moving forward.