Why We Can’t Retire – Hasan’s Patriot Act Take on Retirement

It’s easy to view retirement as an old person’s issue, but that idea simply isn’t accurate. In truth, our aging society affects every current generation, as well as those yet to come.

A recent episode of Patriot Act with Hasan Minhaj brings the challenge into sharp focus. In the episode, Hasan talks about a range of topics, including why many seniors don’t have enough money for retirement and the progressive changes to retirement finances that led to the current challenges.

He also spends some time talking about the various options for seniors who cannot live independently, including assisted living.

As he points out, options tend to be expensive, poorly funded and often have inadequate legal oversight. This combination of factors contributes to why many people end up being caregivers for their aging parents.

But, as many of us know, caregiving comes with costs. The role is a stressful one that can put the caregiver’s own health at risk.

There are also financial costs. These may be offset by any income that the senior receives, but having an extra person in your household is never cheap.

Extra costs can be linked to aging too, especially as seniors often suffer from chronic conditions. You may need to spend extra on medical supplies, changes to make the home safer or on adaptive aids.

There are also costs linked to lost income.

Many caregivers find that they have to decrease their hours or take more time off work to support their family members. This pattern can get even more significant as the senior gets older and/or as a chronic condition worsens.

Some caregivers may even need to give up their work entirely. This can mean that the family relies on one income instead of two, or that money has to be found elsewhere, such as from savings.

In fact, as Hasan highlights, many caregivers end up pulling from their retirement savings to support their parents. This creates a generational problem, as the current caregivers will not have the resources to take care of themselves later in life. They’ll need to turn to their children.

At the same time, people are living longer and the later generations are having less children. While there are no easy answers to the challenges ahead, Hasan’s insights provide important information about the political implications of the topic and what the future holds.

You can see the video for yourself below, which has currently been viewed more than 1 million times. The viewing patterns alone show how important this topic is.