United American
- Thread starter hankavocado
- Start date
I can only speak for myself and even though the HDF is an excellent choice in Florida because Plan F premiums are so high it has the unfortunate combination of easily confusing Medicare recipients and paying low commissions because the premium is so low-I spend way too much for client acquisition to take that on.
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That's not true. Most folks are on a fixed income. Just because they don't get a government check doesn't mean they aren't on a fixed income. If you work at the bank for $15 an hour, you are on a fixed income. If you are the maintenance guy at the factory, you are on a fixed income. My wife makes a pretty good salary at her job. It doesn't change from week to week. She's on a fixed income. (Just one of my many pet peeves!)
Your wife probably makes a lot more than most of the folks getting by on SS alone.
Most of my clients would be considered middle class. Most had white or pink collar jobs. A bunch are single women, divorced, some are widowed.
If they (the women) worked, they were semi-skilled jobs and their husband was the major income earner. The jobs rarely had a retirement plan.
Most people fail to make financial plans for retirement. Many of those who do make plans don't anticipate changes during their working lives that are financially disruptive. Divorce. Bankruptcy. Extended job loss.
Maybe your clientele is different. Or maybe you really have no clue how most retirees actually live.
True, the "fixed income" argument is trite and overused, but life is much different when you no longer work. Coming up with $5k or so to cover unexpected medical bills can be a challenge when you are still working. That changes when you have very little in savings.
Maybe you and Mink can get a good laugh out of old folks who choose plans with low deductibles over the HDF plan.
Most of my clients would be considered middle class. Most had white or pink collar jobs. A bunch are single women, divorced, some are widowed.
If they (the women) worked, they were semi-skilled jobs and their husband was the major income earner. The jobs rarely had a retirement plan.
Most people fail to make financial plans for retirement. Many of those who do make plans don't anticipate changes during their working lives that are financially disruptive. Divorce. Bankruptcy. Extended job loss.
Maybe your clientele is different. Or maybe you really have no clue how most retirees actually live.
True, the "fixed income" argument is trite and overused, but life is much different when you no longer work. Coming up with $5k or so to cover unexpected medical bills can be a challenge when you are still working. That changes when you have very little in savings.
Maybe you and Mink can get a good laugh out of old folks who choose plans with low deductibles over the HDF plan.
- 669
Bob,
I didn't mean to ruffle your feathers.
I don't disagree with any of what you posted. As I stated, the fixed income statement always gets me, as most are on a fixed income. While the income levels may be lower, the costs are lower also. I've often joked it's reported that the seniors "control 19 trillion dollars of wealth" and yet they (me included) get all the discounts! What about the "Young family with kids" discount at Denny's or the "toddler" milk at McDonald's?
My 80 year old mother lives more comfortably on her "fixed income" than my 32 year old son with kids lives on his.
I didn't mean to ruffle your feathers.
I don't disagree with any of what you posted. As I stated, the fixed income statement always gets me, as most are on a fixed income. While the income levels may be lower, the costs are lower also. I've often joked it's reported that the seniors "control 19 trillion dollars of wealth" and yet they (me included) get all the discounts! What about the "Young family with kids" discount at Denny's or the "toddler" milk at McDonald's?
My 80 year old mother lives more comfortably on her "fixed income" than my 32 year old son with kids lives on his.
Roger that. I had some seniors (late 70s) pull the "fixed income" on me and how expensive their meds were (were running about $250 OOP a month between the two of them).
They had assets of $1,000,000 AND $5000 a month between the two of their SSI and government pensions. No mortgage, no daycare, no college to pay for. They are living WAY more comfortably than the vast majority of 40 year olds.
Cry me a river. They can't afford $250 a month for meds? What had they been saving their money for all these years but to pay for their expenses in retirement?
That being said, I also run in to the destitute, I see both sides of it.
Widows and divorced women who didn't work get the worst of it unfortunately.
I don't work the low income market. Never have. As said before, most are middle income people living in rural areas.
A few have accumulated assets xs of $1M but they are the exception, not the rule. Also have some who worked (or their spouse worked) for Delta, Coke or other big companies. Nice retirement and great benefits ....... until they retired.
In addition to my widows and divorcees, I have clients who are insulin dependent. One is a doctor that lives less than 5 miles from me. He fills 18 different med's each month. His wife only has 11.
Their drug bill alone is close to $30k OOP each year.
Every one of my clients asks for a Medigap plan and they pay their premium every month on time.
As for the $19T in wealth, how much is in liquid assets?
If you are jealous of those that have accumulated assets at least have the decency to break it down for us.
The Medicare market .........
In 2014, 46.2 million Americans were age 65 and older. Half of all older adults had less than $22,248 in yearly income from all sources.
In 2014, half of all older households received less than $36,895 in yearly income from all sources.
- See more at: http://www.pensionrights.org/publications/statistic/income-today’s-older-adults#sthash.PYq3s9zm.dpuf
For many in the older age categories, the value of one's house and property account for a large swath of overall net worth. That's important to note, because -- unless you have a hospital and a farm on your property -- your house can't help pay the food and health bills in retirement.
And if you're in the 50th percentile, and over the age of 65, it's important to know that even if all $171,135 of your net worth is in cash and investments -- that will provide less than $7,000 per year in living expenses.
http://www.usatoday.com/story/money/personalfinance/2015/01/31/motley-fool-net-worth-age/22415229/
If you exclude home equity from the net worth calculation, then the median net worth drops significantly across all age groups. For example, the median net worth for a person age 70 to 74 years drops to $31,823 from $181,078 when home equity isn't included.
http://www.fool.com/investing/gener...average-net-worth-by-age-how-do-you-comp.aspx
A few have accumulated assets xs of $1M but they are the exception, not the rule. Also have some who worked (or their spouse worked) for Delta, Coke or other big companies. Nice retirement and great benefits ....... until they retired.
In addition to my widows and divorcees, I have clients who are insulin dependent. One is a doctor that lives less than 5 miles from me. He fills 18 different med's each month. His wife only has 11.
Their drug bill alone is close to $30k OOP each year.
Every one of my clients asks for a Medigap plan and they pay their premium every month on time.
As for the $19T in wealth, how much is in liquid assets?
If you are jealous of those that have accumulated assets at least have the decency to break it down for us.
The Medicare market .........
In 2014, 46.2 million Americans were age 65 and older. Half of all older adults had less than $22,248 in yearly income from all sources.
In 2014, half of all older households received less than $36,895 in yearly income from all sources.
- See more at: http://www.pensionrights.org/publications/statistic/income-today’s-older-adults#sthash.PYq3s9zm.dpuf
For many in the older age categories, the value of one's house and property account for a large swath of overall net worth. That's important to note, because -- unless you have a hospital and a farm on your property -- your house can't help pay the food and health bills in retirement.
And if you're in the 50th percentile, and over the age of 65, it's important to know that even if all $171,135 of your net worth is in cash and investments -- that will provide less than $7,000 per year in living expenses.
http://www.usatoday.com/story/money/personalfinance/2015/01/31/motley-fool-net-worth-age/22415229/
If you exclude home equity from the net worth calculation, then the median net worth drops significantly across all age groups. For example, the median net worth for a person age 70 to 74 years drops to $31,823 from $181,078 when home equity isn't included.
http://www.fool.com/investing/gener...average-net-worth-by-age-how-do-you-comp.aspx
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