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When I managed large apartment buildings there were several residents that only had Social Security each month of about $500... this was around 1980.
They were very proud and would not accept handouts. I was able to "Hire" several of them to do things around the properties. They were some of the best employees and very conscientious and punctual. The gardens never looked so good and appointments to show units were always kept.
Depending on circumstances today... many seniors with modest savings and living on SSI qualify for HUD assistance which limits their total housing expense to 30% of their SSI income. My city also offers SSI Seniors reduced rate phone service and utilities...
All the evidence says if you are 55/57 or older you should get full benefits. None of the proposed plans impacted people close to retirement. There will be enough money for those folks to 90 give or take. The younger you are the more likely you could be impacted.
Its the fact that there are no porposed plans that is scary. The last commisson was seahtor breaux's commiteee and they left without doing anything but with giving wqarnings same as OMB has as required by law.Then mediacre is in worse shape.
Well, with the free healthcare you actually fare quite well. ...So until our country can figure out what they're going to do so everyone can have healthcare without paying a fortune for it, people in your country may actually be further ahead. The only thing is that I've heard you have long waits for doctor's visits and surgeries and less quality healthcare then we have. Don't be offended though cause it's only things I've read and heard about. I've never personally been outside of the U.S. so I have no firsthand knowledge of that.
Don't know where you live, but I live in a major metro area and have so-called "good" insurance, and I wait anywhere from three to eight weeks for dr appts, especially with specialists. It took almost three weeks for my mother to have a mastectomy after they found a 2 cm. tumor. (Yes, with "good" insurance; better than mine.) Please. We wait, too. All the time.
House paid off before retirement ( no mortgage whatsoever)
No monthly payments ( credit cards, car payments )
House had repairs done prior to retirement ( new roof, new furnace /AC)
You live in a state with low cost of living and low property taxes.
Utility costs are very low
New, (or newer, reliable, ) car was purchased before retirement.
( AND THE BIG ONE ) you remain healthy
For many, the best way to live on just SS is to live in a senior subsidized housing where only 30% of your SS check goes for housing.
I got suddenly ill in my 40s and had to go on Social Security Disability. I have lived only on Social Security now for many years. I was also frugal and live simply. Within a few years on disability, I paid off my mortgage and my car. I never accumulated other debts.
However, it is not all rosy. Being sick means you have multiple medical expenses and prescriptions. That is my big expense, every month. I do not qualify for any assistance because of the asset caps. All programs have different caps but some are $2000; some are $4000, some are $6000 etc. for a single person. Being frugal has given some money, over these caps but not much--so I am penalized for saving some money--it does not bother me---I just accept.
However I am still very positive. If I get into trouble there are many social programs that will give me some extra help. If I use most of my savings then I will qualify for the extra help in paying Part D, medicare; help with prescriptions; and perhaps being to go on Medicaid which along with Medicare will pay many of my medical expenses. Also with Medicaid, long term care is paid. The issue is to know about these programs. Having a home, I can get my taxes reduced by half. I can also have the taxes be held until the house is sold. I am a Veteran and can get some other programs for care.
The advice I would give is; if you have nothing but Social Security to live on, be satisfied with less and find joy in a simple life. That is a difficult issue for many people because they have high expectations and want more and more. You do not need all that much to be happy.
In fact, now I may be happier than many other times in my life. Of course, being ill and having constant pain is not fun, but I just accept. In the past, I had to work, to compete with others, also on the go, never enough time. Now, all time is mine, with no competition and little stress. I do not worry about expenses in the future. I just let it all flow by and I
livecontent
Last edited by livecontent; 05-12-2009 at 12:06 PM..
The key here is that the home is paid for. Which is not and will not be tge case for many of us facing retirement in the next decade. If you don't have to pay for housing, then it's alot easier.
I do not mean to sound critical, but I blame the people who kept advising people to " cash out the equity" in the house ( aka refinancing"
"Financial geniuses" can tell you over and over how paying off a home mortgage is not a good idea, but they are not the ones who will be making the mortgage payments on a retirement income.
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