This article talks about a woman who is 70 years old, made a good income and didn't save any money. The only thing that she now has is her social security and between 150 and 200K equity in her home. It's pretty hard to feel bad for her when she does have options and never bothered to save any money. She was making 65K 25 years ago and didn't save any money. That's a lot of money to be making in the 1980's. Y's grandpa retired about 20 years ago and told us that the most he ever made was $13 per hour or around $27K per year. Yet he managed to save his money and now is comfortable in retirement.
She has the equity in her home that many elderly people would love to have. She could sell her house and rent an apartment much cheaper. She also has several tracts of timberland that she could sell if she needed to. I just can't feel too sorry for her when she just made very poor financial choices in life with respect to saving. Do I feel a little bit bad that an old lady is forced to keep working at 70? Kind of.
It is a good thing that social security is there for her because she would really be hurting without it. People talk about social security going away and I hope that it never does because some people really do need it. I know plenty of people my age who don't save anything for retirement but always seem to have the latest gadgets or clothes. It's all about priorities.