I just noticed that the interest rate on one year T Bills is down to a paltry 2.02%. For every $100,000 grandma has in T. Bills she is making a whopping $2,020 a year or $168 a month. Add that to her Social Security and she is in big trouble financially, she can hardly afford her DSL connection.If you are not lucky enough to have a County or City pension, your nest egg must generate income. With stocks down, and the interest rates tanked — have you thought about how grandma is surviving? Check on her finances. As I previously reported, my 80 year old relative, who since died, was in foreclosure on her home. The house had an interest only loan on it. Her husband is now a ward of the State. Did we know what was up? No. Not until it was too late.
4 comments:
I had better call my grandmother, thanks for reminding me.
Excellent post.
Most people have little or no savings, no IRA, no pension, too much debt and no long range financial plan. The Federal Government uses all the excess Social Security funds for the current budgets leaving IOU's in a filing cabinet, while sounding the alarm that Social Security will go bankrupt. This leaves most people when they enter their later years with poor options and little to look forward to.
You seemed outraged over what the bank is paying Grandma these days, but my Social Security contributions have been generating this amount annually for years.
I am not the best investor in the world, but I can realize a better return on my SS contributions, but the government wants me dependent on them and not myself.
You try to address corruption and fleecing of America, but remain mighty silent on great society and new deal programs that have ended up making grandma dependent on crumbs.
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