We recently started following and engaging with #QU4ARK, a radio show on WIRN: World Internet Radio Network, and have been asked by two of the hosts about money and economic sustainability. When I thought about this, I was reminded of Aesop’s fable, The Goose with the Golden Eggs, and how it parallels what’s happening today in the US and in many other developed countries.
I’ve always been fascinated by science fiction stories. I love the tales that take place in future utopian or dystopian worlds. One theme that strikes me as odd and often appears in sci-fi is the dichotomy between classes. The upper class is often portrayed in their high-rise buildings reaching into the upper atmosphere, living on vast satellites that orbit earth or a far off planet. On the other hand, the underbelly of society is portrayed living in trashed buildings or sewers and gutters underground.
A recent Bankrate.com study widely reported on Monday, August 18, 2014 said 36 percent of Americans have $0 saved for retirement and 36 percent of working Americans have $1,000 or less saved for retirement. Amazingly, 14 percent of people age 65 and older have less than $1,000 set aside for retirement, and a “well duh” moment occurs when we learn that percentage increases with the decrease in age.
Among many financial problems, America is in the midst of a retirement crisis not seen since the fall of modern day Greece, which we suppose wasn’t all that long ago. Studies show that half of all Americans today retire with $25,000 or less in their retirement accounts. While that’s scary enough, it’s not as scary as the retirement of generations to follow Baby Boomers whom many financial advisors advise to not plan on Social Security for supplemental income in their on golden pond years.
We moved into our condo seven years ago. We were very excited, as this was our first home purchase; it was a blank canvass; it was below our budget and met our architectural aesthetic. Another reason why we were so excited was because we bought into a condominium. Neither of us particularly loves yard work, painting and fixing things. David’s handy, but I’m not. I led a cushy life when it comes to home repairs and maintenance and it’s not fair for David to do it all. So, naively, this is one of the reasons we bought into a condominium with a homeowner’s association (HOA) and a property management company. We thought that among all of them they would handle most home maintenance issues.