401(K)s and IRAs may seem like a great idea when you are 25 or even 65. But just how capable is your average 85 or 90-year-old of managing such an account?
Not very.
If you have a lot of money, you can pay someone to handle your retirement accounts as you age. But keeping up with investments is extremely time-consuming and difficult for an elderly person who may have a lot of health issues.
Of course, Wall Street wants these accounts. Who is easier to steal from than an 80-year-old with an account invested in the stock market?
When you retire, you start getting a lot of calls from people who offer services, products, etc. especially geared to the "needs" or fears of elderly people. It's disgusting. We finally changed our phone to receive only calls when the caller's name is identified.
For Pete Peterson and his crowd who denigrate Social Security and want stock market accounts for elderly people, I can only say they should be ashamed of themselves. They are either dishonest and want to hurt people or they are completely naive and do not realize how difficult it is for an 80-year-old person to manage complex financial accounts and make complex financial decisions.
I would invite Pete Peterson to drop in to lunch in my local senior citizens' center. He would be shocked at the obvious lack of the capacity to manage even a bank account much less more than that of the many elderly sitting around the table.
It's sheer greed and contempt for the elderly to want to reduce or do away with Social Security. Can't be done. It would cause incredible misery in our country.
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