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Old 11-22-2016, 08:57 PM
 
Location: Forests of Maine
37,277 posts, read 61,039,203 times
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There is a national average for household income [skewed by so many high-wage /wage-cost areas].

There are also many low cost areas where you dont need to earn so much to own a home and raise a family.

The average household income in my area in the mid-20k range. I have lived in other regions where the COL is much higher. Fortunately wages are higher too.
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Old 11-24-2016, 12:49 PM
 
3,348 posts, read 1,214,187 times
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Quote:
Originally Posted by snowtired14 View Post
Don't know where you got your info, but in 1940 when the first benefits were paid out, the ratio of workers to beneficiaries was 159:1, there would have been plenty of money available without borrowing a dime. Of course proper accounting went out the window, but only after congress started raiding the SS piggybank and using it for things it wasn't meant to be used for.
True about the ratio, but the first recipients still never paid into it and received lifelong benefits.
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Old 11-25-2016, 06:52 AM
 
Location: Baltimore, MD
5,294 posts, read 5,968,850 times
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Quote:
Originally Posted by Jstarling View Post
True about the ratio, but the first recipients still never paid into it and received lifelong benefits.
The first recipients paid into it. Ida May Fuller was the first recipient to receive monthly benefits and the most well known. She paid into the system for three years before retiring at the age of 65. Ms. Fuller died at the age of 100. Yes, she beat the odds. Others, not so much.
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Old 11-26-2016, 04:34 PM
 
Location: Central Ohio
10,808 posts, read 14,876,654 times
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Quote:
Originally Posted by Submariner View Post
In my area; 2 bdrm homes start at $40k. Real estate taxes are often in the $300 - $500 range. Any couple with income in the minimum-wage range would pay no income taxes. There is no summer a/c costs, only winter heat. We get by on around $1200 per winter for heating fuel.
In my area a decent 2 bedroom home in a safe neighborhood can be had for $85K.

Property taxes are around $1,100/year which comes out to less than $100/month.

We never see freezing conditions but it can get a tad on the chill side so you will have to have some heat in December (we just turned heat on the first time a week ago), January and February and what we do is turn it off overnight, turn it up in the morning and after an hour turn it off and most of the time we are fine all day.

Air conditioning you can not live without.

We get all utilities (gas, electric, water, sewer and garbage pick up) from the city on one bill and it will range from a low of $150 for the month up to $324 which was our bill for August. I would also mention that we keep the house very comfortable over the summer with the thermostat set at 70 through the day and 68 overnight.

So if you own your home the most you will even spend on housing is maybe $650 but most of the time it would be around $450 which includes taxes, all utilities and basic cable television and internet. Call it $600/month and you would always be covered.

Add in the cost of medicare and you might have $260 (this includes the Part B and a Plan G so you don't have any surprises) per person on the high side. Given these conditions a single person could retire comfortably enough on $1,800 especially when you don't have the cost of going to work every day. A couple on $2,300 could live well enough and make that $3,000 and they could live very well.
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Old 11-27-2016, 07:45 PM
 
Location: Cushing OK
14,539 posts, read 21,184,825 times
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Quote:
Originally Posted by crusinsusan View Post
The poverty level for a single person has just been adjusted to about $12,000. Here's the figures for larger households:

https://aspe.hhs.gov/computations-20...rty-guidelines
As in what you live on if you are unfortunate enough to have had to go on disability. But you get really good at budgeting. Maybe those of us who were enrolled in a limited income early have an advantage since we've already learned all the tricks about making it.

I've not looked at madicare yet, and will be 65 this year, but if there are cash costs just to have it I can't afford that. And in this state I make too much for medicade.
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Old 11-27-2016, 11:11 PM
 
977 posts, read 1,106,269 times
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I am really frightened about trying to manage on social security alone. I do have some savings but not a lot. An unwanted divorce late in life after a long time of being sick really caused financial distress. I have scrimped and saved every cent I could since my ex took off. I am more fortunate than some in that I do own my house, but I don't see how I can manage to live on $822 monthly. Because I own my house and do have some savings, I do not qualify for any help until all is spent, other than possibly getting help with medical costs (which would be a god-send), and a possible $20 per mo reduction on electric.

The talk of changes to social security and to Medicare and Medicaid really scare me. I am unable to work due to several health problems---have tried to make a little money through art and crafts but am unable to do shows anymore and can't sell on-line, it seems, due to over 3 million sellers making jewelry and selling----some from the poorer countries sell items for less than $5. Honestly....I don't know what I will do. I have tried and tried to find cheaper housing, but can't. I don't know. Some suggest a room-mate, but how do you vet someone adequately? Anyone living in my home would have access to everything.........oh, well. Maybe I'll die young, lol!
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Old 11-28-2016, 01:58 AM
 
Location: Planet Woof
3,222 posts, read 4,551,577 times
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Going back to the original topic...in our house we learned to live frugally during our years living rural during The Great Recession, 2008-2012. Our monthly expenses are pared down to the minimum and I'd eliminate cable but we are forced to take it through our apartments. I work a part-time contract job and my SO is on SS. I just filed for my SS last week. With those sources of income we will be the most secure that we have been in 10 years and if our plan evolves we will return to even cheaper rural living next year.
Our lifestyle is not focused around consumerism, as it used to be before the loss of it all during the Recession. And I don't miss any of it.
The things that I like to do don't involve spending money and so I hope to eventually be able to save some or do some ''shoe string'' traveling.
I guess it's all in how some one sorts out ''needs'' vs ''wants'' for their lifestyle goals.

I know an older lady who gets 2600 a month in a state pension, gets 2000 in SS, has a paid for house and car, no kids, no health problems, and is worried about affording retirement. I mean, really?
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Old 11-28-2016, 08:56 AM
 
Location: Central NY
5,945 posts, read 5,090,085 times
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Quote:
Originally Posted by FeelinLow View Post
Going back to the original topic...in our house we learned to live frugally during our years living rural during The Great Recession, 2008-2012. Our monthly expenses are pared down to the minimum and I'd eliminate cable but we are forced to take it through our apartments. I work a part-time contract job and my SO is on SS. I just filed for my SS last week. With those sources of income we will be the most secure that we have been in 10 years and if our plan evolves we will return to even cheaper rural living next year.
Our lifestyle is not focused around consumerism, as it used to be before the loss of it all during the Recession. And I don't miss any of it.
The things that I like to do don't involve spending money and so I hope to eventually be able to save some or do some ''shoe string'' traveling.
I guess it's all in how some one sorts out ''needs'' vs ''wants'' for their lifestyle goals.

I know an older lady who gets 2600 a month in a state pension, gets 2000 in SS, has a paid for house and car, no kids, no health problems, and is worried about affording retirement. I mean, really?
A couple of years ago I was hoping to move to NC and made some trips there to check things out. I saw many apartments, many that I could afford not especially desirable. Then I saw a beautiful complex, saw one of their apartments and loved it, then reality set in. The rent was do-able until they told me there would be an extra $50 (I think that was the amount) added every month to the rent for "free" cable, wi fi, blah, blah, blah...... stuff I did not use or want. Take it or leave it was more or less the message. Hard to imagine how those people get away with that. If you don't want it, you should not have to "take it" or leave it.
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Old 11-28-2016, 09:12 AM
 
11,558 posts, read 12,005,601 times
Reputation: 17746
Quote:
Originally Posted by artangel View Post
I am really frightened about trying to manage on social security alone. I do have some savings but not a lot. An unwanted divorce late in life after a long time of being sick really caused financial distress. I have scrimped and saved every cent I could since my ex took off. I am more fortunate than some in that I do own my house, but I don't see how I can manage to live on $822 monthly. Because I own my house and do have some savings, I do not qualify for any help until all is spent, other than possibly getting help with medical costs (which would be a god-send), and a possible $20 per mo reduction on electric.

The talk of changes to social security and to Medicare and Medicaid really scare me. I am unable to work due to several health problems---have tried to make a little money through art and crafts but am unable to do shows anymore and can't sell on-line, it seems, due to over 3 million sellers making jewelry and selling----some from the poorer countries sell items for less than $5. Honestly....I don't know what I will do. I have tried and tried to find cheaper housing, but can't. I don't know. Some suggest a room-mate, but how do you vet someone adequately? Anyone living in my home would have access to everything.........oh, well. Maybe I'll die young, lol!
Your situation is not that unusual. Not everyone is fortunate enough to realize a healthy retirement income plus having a nice savings account. Many also have investments that add to their income.

I agree you are extremely fortunate to own your home; although I appreciate that your s/s amount isn't going to have you taking cruises.

My s/s is not that much either; nor do I have a bundle in savings. Not owning a home, I rent. Have been on many wait lists for the last five years for affordable senior housing.

My research reveals the trend now is the construction of "senior living" communities that combine independent and assisted living units. If you're wanting independent living the rent is very high as you're supplementing the high costs of the assisted living section. Most of the rents for independent units start at well over $1,000 at month, which is obviously not an option for me.

There was one affordable apartment complex that contacted me with an availability; however, I also discovered that the lowest cost insurance premium in their zip code was $250/mo, so I had to take my name off their list.
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Old 11-28-2016, 09:54 AM
 
Location: Central NY
5,945 posts, read 5,090,085 times
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A little over five years ago I moved into a newly built, advertised as low-income senior apartment complex. There was an income limit if you were to quality for subsidy, but for those of us who got more than the limit (I was $300 over), a fixed amount was set. Every year we would get a letter saying they were authorized to increase the rent by $5/month. I always wondered how they justified that since none of us had an increase in income (SS) for a few years. While this was newly constructed, it sat on top of swamp land. Fortunately I lived on 2nd floor. But one year when we had extreme cold temps, there was a flood at 8 p.m. on a Sunday night. One apartment's floor was completely flooded, a few more apartments less affected. But still flooded. The building manager was called in to "take care" of the situation and she called ServPro, a business that cleaned up this kind of thing. So the woman with the badly flooded apartment had to spend the night in her apartment with large industrial fans running all night to dry out the floor. (She is in a wheelchair). Eventually the problem was taken care of. But her floor was not replaced for about 2 years.

Now they have a letter out saying rent is going up $10 (not a huge increase, but still no increase in SS). And it would be effective with Jan. 1, 2017 rent. If anyone can't afford to pay, they have 30 days to move.

I could not believe the crassness of these people. We are all older, retired, some in tough physical shape. I called the office (builder/owner) and was told these apartments were never low-rent, etc. I looked up their website on my computer and sure enough, there it was, apartments for low income. I sent an email with a copy of their website attached to the office. Next day?? Their original website was gone and a new one (without low income) was posted.

I sent a complaint to Attorney General/Consumer Fraud. Recently heard from CF saying they had sent complaint to them and had not gotten a response from them in ten days. Were things resolved??

No, they were not. Well, it should be interesting to see what happens now. I can't imagine no response will be taken well by the CF or AG.

And I am embarrassed to write that in 2008 I had applied to move into another one of their complexes. Was approved and given a move-in date. I packed, hired a moving van, gave notice to my then landlord. Three days before the move-in date, I received a phone call telling me sorry.... you cannot move into the apartment. No reason, no explanation. I panicked as I had to be out of my apt. because someone was going to move in on the 1st. I drove all over the place looking for an apt. I could afford, could move into within a reasonable date, and would accept my cat. I found one finally, but had to move into a motel for a few weeks until the apt. was ready. At that time I was working for a shrew who expected me in to work no matter what and I did not think about pursuing this with a lawyer. Obviously, I made bad choices. But I was under a lot of pressure, did not have much of an income, and making whatever payments I needed to make then took up my thinking time. I know it is my fault for not suing these people at that time.
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