U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 04-22-2014, 04:26 PM
 
Location: Forests of Maine
30,697 posts, read 49,495,894 times
Reputation: 19146

Advertisements

Quote:
The federal poverty level for a family of two is $15,730.
Two people under those same circumstances would be earning 14,304 per year each, or $28,608.
Reply With Quote Quick reply to this message

 
Old 04-22-2014, 06:21 PM
 
Location: Near a river
16,042 posts, read 18,997,544 times
Reputation: 15649
Quote:
Originally Posted by Red On The Noodle View Post
Many states have a "Homestead Act" for seniors over 60-something. Depending on their income, their property taxes can be reduced as much as 70%.
I do not believe the Homestead Act is about property tax reductions; my understanding is that it is about protecting the home from creditors up to a certain amt, something like $250K for a single person.
Reply With Quote Quick reply to this message
 
Old 04-22-2014, 06:40 PM
 
320 posts, read 350,956 times
Reputation: 231
Generally speaking, they do not. It is an inhumane system, not natural.
Reply With Quote Quick reply to this message
 
Old 04-22-2014, 06:55 PM
 
29,809 posts, read 34,900,894 times
Reputation: 11730
Quote:
Originally Posted by Submariner View Post
Two people under those same circumstances would be earning 14,304 per year each, or $28,608.
If they are each working and each getting 40 hours per week. May or may not be etc etc.
Reply With Quote Quick reply to this message
 
Old 04-22-2014, 06:58 PM
 
29,809 posts, read 34,900,894 times
Reputation: 11730
Quote:
Originally Posted by Ruth4Truth View Post
They don't retire. I see grocery cashiers working well into retirement age, with no plans to leave. Businessmen who have been downsized 10 years before their retirement date end up working at Wal-Mart or elsewhere in close to minimum-wage jobs.

Really, the question should be: how does anyone retire? These days, retirement is a luxury few can afford.
There are over six million, millionaires in the U.S. Much of what is written is directed at them and not the broader population. That is probably why so much about retirement seems out of whack to the majority. However actual millionaires and those on their way are a sizable target audience.
Reply With Quote Quick reply to this message
 
Old 04-22-2014, 07:34 PM
 
12,309 posts, read 15,218,697 times
Reputation: 8117
Quote:
Originally Posted by westender View Post
I thought it would be helpful to do the math on the Social Security website calculator. I'll even reduce "all his life" to 35 years, which yields the maximum time-qualifying wage factor into the calculation.

A worker who worked since January 1, 1980 for 35 years (retiring December 31, 2014) earned a gross total of $340,900 in actual dollars at the relevant minimum wages at 2000 hours per year. No overtime, no outside income. Income in 2014 would be $14,500; income in 1980 would have been $6200.

That worker, when claiming at age 62, would receive in current dollars a monthy SS OASI check of $681

When claiming at "full retirement age" (varies between 65 and 66 depending on birth year), that worker would receive a monthly check of $873

When claiming at delayed retirement age of 70, that worker would receive a monthly check of $1192.

If that worker claimed at age 70, he would be earning 14,304 per year, near the maximum in actual dollars earned during his 35 years of working life.
That is my point. It probably costs that worker over $200 a year just to commute. Wouldn't miss it. Even at full retirement age lower taxes, plus Medicare, likely make up for $4k of lower income.
Reply With Quote Quick reply to this message
 
Old 04-22-2014, 07:57 PM
 
Location: Wisconsin
21,543 posts, read 44,077,984 times
Reputation: 15160
Quote:
Originally Posted by Red On The Noodle View Post
Many states have a "Homestead Act" for seniors over 60-something. Depending on their income, their property taxes can be reduced as much as 70%.
Homestead in WI means if your income is under $18,000/yr, you get a refundable tax credit up to $1,000 annually. At $18k/yr, you'd probably get $10. Low-income renters are also eligible. That Homestead Credit is a big deal to these people. No reduced property taxes for the elderly in WI - at all. My property taxes are $6k, I don't qualify for Homestead relief.
Reply With Quote Quick reply to this message
 
Old 04-22-2014, 07:57 PM
 
Location: University City, Philadelphia
22,592 posts, read 12,350,882 times
Reputation: 15499
My suggestion: find a roommate or roommates.

Those of you who know my situation understand that I live in a larger 3 story 6 bedroom c.1894 Victorian house in the University City neighborhood of Philadelphia, near Penn. I rent the three third floor bedrooms out. Officer Clark lives with Professor Robert (53), Handyman Rod (48), and Chef Joe (58). Their rent is a significant part of my income, it pays my mortgage and helps with the utility bills and repairs.

As a single person the real benefit of having tenants/housemates is the friendship, companionship, and the support system we have created for ourselves. The fact is, we are three mature guys not yet retired but getting close to it ... the male version of "The Golden Girls." We are good buddies, we help eachother out, and we sit around around the kitchen table with our mugs of coffee.

Might not a single retired person whose only income is a $700 monthly SS check benefit from living with another person in a similar situation?
Reply With Quote Quick reply to this message
 
Old 04-22-2014, 07:58 PM
 
Location: Verde Valley AZ
8,624 posts, read 9,698,602 times
Reputation: 11007
Quote:
Originally Posted by Littlelu View Post
I also worked in low wage jobs, convenience stores, Wal-Mart and then accounting, with my last 2 jobs of 15 years bolstering my social security monthly benefit greatly. My benefit estimate used to say $700 a month, but since I worked a lot of years with much higher wages it ended up being $1,000 a month, which I manage on quiet nicely. I would suggest folks try to get the highest paying job they can before they retire!
One of the 'problems' with my past jobs in the food service industry is that, for many years, we weren't required to report tips. We were taxed only on our hourly wages which, when I started, was only $1 hour. It went up to $2.17 and stayed there for many years. About ten years before retirement...and long after we began to be required to report tips...I started declaring EVERY penny because I knew if I didn't I'd be in a world of hurt. It did help but not that much and made my fellow employees mad at me because they ended up with "allocated tips" on their W-2s. In other words the IRS didn't believe they made so little. Since I am working now they do take that into consideration and what I've paid in is 'given back' to a point. I always get a larger check in Dec. and then that difference is added to my total for the next year PLUS any COLA we get. It goes up, little by little, every year.

My income was always 'supplemental' because I was married and didn't NEED a high paying job. We moved a lot for 'his' job so I had to have jobs that I could start and leave without a lot of consequences. Divorce messed up my retirement plans. Had I waited till 65 I would've been getting over $800 mo. but even that would've meant still having to work. I've, pretty much, accepted the fact that I have to work till the bitter end but it doesn't make me feel particularly 'nice' toward my ex. I suppose that's what I get for 'depending' on someone else but, hey, I didn't even see it coming so...
Reply With Quote Quick reply to this message
 
Old 04-22-2014, 08:06 PM
 
Location: Wisconsin
21,543 posts, read 44,077,984 times
Reputation: 15160
Quote:
Originally Posted by AZDesertBrat View Post
My income was always 'supplemental' because I was married and didn't NEED a high paying job. We moved a lot for 'his' job so I had to have jobs that I could start and leave without a lot of consequences. Divorce messed up my retirement plans. Had I waited till 65 I would've been getting over $800 mo. but even that would've meant still having to work. I've, pretty much, accepted the fact that I have to work till the bitter end but it doesn't make me feel particularly 'nice' toward my ex. I suppose that's what I get for 'depending' on someone else but, hey, I didn't even see it coming so...
So, you weren't married at least ten years so that you could qualify for half his SS? If he was a decent earner, 50% of that could be as much as $1,300/mo. Or, is yours more than 50% of his?
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top