XPost: talk.politics.misc, alt.politics.usa, alt.retirement
XPost: alt.fan.rush-limbaugh
https://www.dailymail.co.uk/yourmoney/retirement/article-14883097/senior-citizens-lose-millions-bankruptcy-long-island.html
Senior living home files for bankruptcy wiping out millions
in residents' funds
A retirement community on Long Island has filed for bankruptcy,
wiping out millions of its elderly residents' savings.
Harborside, a continuing-care retirement community in Port
Washington, New York, filed for Chapter 11 bankruptcy in
October last year.
Its elderly residents each paid a substantial entrance fee -
between $425,000 and $1.7 million depending on the package -
as well as thousands of dollars in monthly fees.
Entrance fees can be refunded to family members on a
resident's death or returned to the retiree if they choose
to leave the facility.
However, when a facility such as Harborside enters bankruptcy
the process ensures that secured creditors are paid before
residents.
This can mean that once debtors are paid the money due to
families has been decimated.
. . .
Ok ... I'm kinda old now, HAVE considered down-payments
on Assisted/Nursing facilities. Shit happens.
I did save, didn't need to buy a Cadillac SUV every
year, my crappy car is like 25 years old and just
good enough to get me around town every so often.
Have investments. In short, I did it right.
However THIS trend ... it's VERY scary. We'll all
need some kind of assisted living eventually. Alas
however the way many of these facilities seem to
be DOING it is seriously defective. LARGE quantities
of money, planning, can go down the fuckin' drain
instantly and govt/society/law DOESN'T CARE. It's
not supposed to be 'Law Of The Jungle' in 1st-world
societies.
Don't be too quick to blame Trump ... he's not even
touched on this yet. It's been a long-devolving
situation. Didn't feel any more secure with Joe.
OK, people shouldn't need 8+ figures just to
retire/age kinda decently. That's totally
unacceptable. We properly did our bit, put in
our time, planned correctly. However this
sort of investment does NOT seem properly
protected. Screw-ups are more CRIMINAL
than 'civil'. Evil cannot rule.
Oh yea, We DO vote, consistently, en-masse ....
Commies ain't the answer, but rude Libertarians
and biz bean-counters ain't either. Some kind
of sure 'nuf path to ageing IS necessary,
something secured/ensured by Law.
Want our votes ? Want our donations ? Want
our support ? ACT ! NOW ! This means SEVERE
action for 'nursing' biz who screw it up. NO
path for them or anyone associated to profit
from a big fuck-up.
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