“Here’s a New COVID-19 Nightmare, for You,” by Allison Bell, ThinkAdvisor

 

Quote:

“COVID-19 could make the Americans who have the toughest time saving for retirement even less likely to save, and even less like to use the retirement savings they have to buy annuities. Three economists have reported on research supporting this conclusion in a new working paper published on the National Bureau of Economic Research website.”

 

LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:

I’m from the government and I’m here to help you. First I told you not to worry about saving for retirement, old age health care or long-term care, because I’ve got you covered. Then, when you were hit with a pandemic disease, I showered you with free “stimulus” money, because the economic devastation wasn’t your fault. Now that you’re convinced you don’t need to save or annuitize your savings because I’ve got your back, guess what? Social Security and Medicare won’t be able to pay, or what they do pay will have been deflated to have little value, and the long-term care you’ll get is whatever Medicaid, the bankrupt welfare program, can scrounge. What more would you like me to do for you?