That’s what many financial experts suggest for retirees now running out of money fast in our ever-inflationary economy. I retired nearly 30 years ago at age 65. My Social Security, company pension and savings were adequate then for cost of living expenses and travel.
However, with average annual 3.5% inflation rises since then, today’s costs are actually double what they were in 1990. During the same time span, rock stars, oil cartel bosses and pro athletes pay has skyrocketed 1,000% and more in the three decades.
For example, college sports prospects were offered pro signing bonuses of $50,000 in 1990. Today, it’s $5 million and more. My annual increases in combined pension and Social Security pay in 30 years, have added up to a grand total of 22%, less than 1% a year.
If you expect to spend your sunset years in a nice comfy nursing home, think again. When my mother was a patient in 1990, the monthly fee was $500. Now the robbery rate is $6,7000 a month, and living conditions are about as luxurious as a German WW2 concentration camp. So, aging senior citizens, unless you go kaput first, be prepared for the wurst.