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Poor old man can't afford to retire because he only has 700K saved up. (www.msn.com)

submitted 2 months ago* (last edited 2 months ago) by DisabledAceSocialist@lemmygrad.ml to c/worldnews@lemmygrad.ml

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He only gets $28K a year in interest, how will he manage? 😩

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[–] Addfwyn@lemmygrad.ml 11 points 2 months ago (2 children)

If I had 700k in savings I could probably retire right now, nevermind when I was 67.
Says he still has an outstanding mortgage, but how much could he possibly have left to pay off??

[–] DisabledAceSocialist@lemmygrad.ml 13 points 2 months ago

It's probably a huge house, much bigger than he needs. Even the advice columnist says he should downsize.

[–] freagle@lemmygrad.ml 8 points 2 months ago

He's 67, that means he was born in '58. That generation got totally fleeced by the banks via hard selling of home equity loans. The man probably only has 10% equity in his home after all these years because he kept taking out loans to renovate or go on vacation or buy a new car or a boat. Huge problem.