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We could live on our retirement income right now because we've done it for over a year now banking the money earned over our estimated combined social security benefit and we live well and without want.
One of us has taken ss early and it was a mistake in my book. Dreading our finances over the next few years
I am a little confused by this. The break even will be years away. If you feel it was a mistake you can suspend or you could just bank the payments. But if you can't meet expenses without it, then I don't see how it was a mistake unless you have other options.
Been reading some articles about the sorry shape of future retirees, which site various problems
The elimination of pensions
Poor performing 401K's
Inadequate income to fund 401K's and Ira's enough to make a real difference.
Shrinking number of young people to balance the older population
Health Care costs escalating out of control
Proposals of cutting social security and medicare as opposed to strengthening it.
Salaries and benefits being squeezed by corporations.
When I lay out a bare bones budget for someone having to live on a small income. We'll say $25-$30,000 a year for a couple, even with a small paid off house, living in a low cost living area with one car. It is really hard to see them managing. I know some on here in the past have claimed to live on very small incomes, but I'm discounting having your own pigs and chickens and burning wood chips for fuel and riding a bike for transportation. I am cutting out cable, and expensive phones, and cutting back food budgets, minimal clothes and no entertainment budget, etc., and I still see it being very difficult. Just needing dental work or replacing your heating/AC unit, can do you in. What are your thoughts?
My tiny house idea is sounding better and better for millions of Americans.
Uh, some people work and live on a less than $25-$30K. I know that my 57 year-old sister - she's single - has never made beyond $25K and the only way she made that much was by working lots of overtime. Is it tough? Yeah, but I know that she is grateful for everything she has.
I will have an annual gross of about $33K when I retire in a couple of months. And that includes SS. And I plan on relocating to a high-tax state. The whole thing is very scary, but I am not willing to spend more time in the workplace. I have never traveled except by armchair; never taken any but working vacations or camping vacations; never taken on debt except the mortgage and that is paid. I have wasted lots of money in my lifetime, but not on such frivolous excesses like Disney or new cars or jewelry, etc. If you can afford all that crap, then fine; but it seems to me that everyone thinks they are entitled to those things and they are willing to incur debt to acquire them. Nutz.
Can I live on less than $33K? Yes. If I were part of a couple? I could, but not as comfortably.
Maybe being an introvert has some economic advantage after all.
Easy to do if you live in a paid-off house, hard to do if you are a lifelong rent serf.
I should research this on google first, but do not want to take the time right now, but I remember hearing that the average salary for a person in the U.S. is shockingly low - something like $25,000 per year for an individual and $28,000 or $32,000 per year for a family.
I know I should research it on google before making the statement. I remember being shocked that it is so low.
I should research this on google first, but do not want to take the time right now, but I remember hearing that the average salary for a person in the U.S. is shockingly low - something like $25,000 per year for an individual and $28,000 or $32,000 per year for a family.
I know I should research it on google before making the statement. I remember being shocked that it is so low.
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