What happens to you when you're old if you have no money saved at all?

Question

What if you spent your whole life travelling, spending on trendy clothes, plastic surgery, living it up and just basically having a grand old time, and then you hit 70+ and you have nothing in ur bank account?

That's me right now at 26, and I'm a spendaholic.

Will we end up on the streets?

In that case, is suicide a better option?

Seriously though, when you think of all that life throws at you, medical stuff, life problems on top of it, yadda yadda, who wants to keep saving and saving and saving, to enjoy life when you're an old F*ck?

I say we live it up and just off ourselves once we're old lol.


But honestly, if you have no relatives or family or friends or anything like that, then you're basically f*cked right?

it's not like anyone out there cares about us or the govt cares either, it's all BS, and you're on your own, so I say once you hit a certain age, why suffer or put up with this world's bs anymore? lol literally there's no point.

Answer 1

The thing is when you are an old f*ck....you won't think your are an old f*ck....and you will still want to live the quality of life you are living now....so if you don't watch your money now, you are going to have a very sad retirement.........best of luck and happy retirement.

Answer 2

Low income housing and food stamps. If you worked you should get about $1,000 each for SS so if you paid off a house and have a spouse you aren't in dire straights. If you are renting you may have to go to a smaller place or low income housing. When you are widowed and lose half your income you will end up in low income housing.
At 26 you have plenty of time to start building a financial future. Buy a place to live at 35 and you can have it paid off at 65 for about the price of rent. Start saving 10% when you are 40 and you will have several years of income in investments at 70. Even if you start at 60 you can have some money saved by 70.

Answer 3

what a can of worms u have.
1st it is not the governments responsibility to support u , in Communism it is.
at 26 , u put away 100$ month in an IRA u'll have over 1 million dollars in ur account .
u with draw about 5500$ month plus any SS.
unless ur are a specific minority , u ur life span is in the range of 70 -90 yrs old.
do u know the story of 'the ant and the grasshopper' ?
suggest u read it tomorrow.
spendaholic is a treatable condition. see local head doc.. u'll actually find life more meaning full.
as for family friends relatives etc. that is ur choice and unfortunatly hard to do.

Answer 4

If you are in Australia, rely on the Age Pension and rely on the Old People Home.
If you are about my age, when we are 70+, I can guarantee you that there will be no more Age Pension for us and the Superannuation system has now been screwed so badly by the previous Howard government, used mainly to escape tax and doing dodgy dealings, no one in 40 years will have anything left when they retire.

Answer 5

Well it would be wise to put a 100.00 away now and again and never touch it. But most people like you live on their Social Security. It really hard but you can survive. By the way it isn't the govenments responsibility to take care of you. Think for yourself.

Answer 6

you could go on the pension,but what kind of life is this? even when you're old,what with price of things raising you would just survive,if you're used to living the high life now i guess when you're 70+ you'll have to tone it down.......alot,unless you buy yourself a house,cars,then you're alright,you won't have to worry about rent costs,etc.

Answer 7

I'll let you know in about 40 years.

:)