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Old 01-03-2015, 02:20 PM
 
Location: Cochise county, AZ
4,987 posts, read 3,480,462 times
Reputation: 10543

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I also had a hard time making it until I finally got a decent paying job. I paid for it with the stress level and often wished I'd stayed where I was appreciated but, because I did have that job for over 5 years and had been working since I was 16, it has paid off. I get 1281 a month and find that to be quite adequate. Due to a disability (car accident) I receive SSDI. I'm 61 so don't know for sure what happens when I'm 62 but, since I love thrift stores and bargain hunting, I still manage to save.
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Old 01-03-2015, 02:26 PM
 
Location: Cochise county, AZ
4,987 posts, read 3,480,462 times
Reputation: 10543
I should add that I currently live with family in a mother-in-law apartment but do pay 1/2 expenses and when I do move, in the spring or so, I will be looking at a HUD apartment as my income will allow that. That is the 1/3 of income you pay. It will not be much more to live on my own than it is to share.
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Old 01-03-2015, 06:30 PM
 
33,046 posts, read 22,121,606 times
Reputation: 8970
Quote:
Originally Posted by NHartphotog View Post
How about ANYTHING other than SPENDING IT (TWICE OVER--the initial SS taxes plus the SS Trust Fund) and then demanding more money to pay for all the retirement promises?

Of course we all know federal government is far to crooked to be trusted with simple SAVINGS ACCOUNTS, which would be incredibly safe if the financials sector wasn't encouraged by Washington to speculate on derivatives of derivatives of derivatives that eventually crash the entire economy and put the working class taxpayer on the hook for any losses the ultra-rich might have suffered.

Dare I mention the solution that would have solved ALL our problems: letting working class taxpayers set aside 13% of their income in our OWN RETIREMENT SAVINGS ACCOUNTS, which would have meant the Baby Boom's retirement would now be paid for several times over, plus we get to keep the interest AND THE PRINCIPLE and leave the remainder to our heirs?

I'm trying to imagine someone making minimum wage, repaying student loans and setting aside 13% of their incomefoor retirement. Um, not gonna happen.
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Old 01-03-2015, 06:34 PM
 
33,046 posts, read 22,121,606 times
Reputation: 8970
Quote:
Originally Posted by Petunia 100 View Post
Agreed. I expect it will be enough for me. It's pretty much what I live on now.

What would you do if you had only SS to live on?
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Old 01-03-2015, 06:40 PM
 
33,046 posts, read 22,121,606 times
Reputation: 8970
Quote:
Originally Posted by Sorel36 View Post
Dude, if you're making 19 bucks/hour and you don't have any kids, you're doing fine. Plus, you live in a small town and COL is likely low. I remember when I was making 15 an hour, I was feeling like a king.


I like to ask the same question - about someone who never made mpre than $10 per hour their whole life.
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Old 01-03-2015, 08:26 PM
 
Location: Forests of Maine
30,727 posts, read 49,538,109 times
Reputation: 19162
Quote:
Originally Posted by freemkt View Post
??? I live in the range between poverty level and minimum wage. Rent for one room in a house of 8 consumed more than half my income. Saving 10% of my income is not realistic.
I earn a little more. Well above poverty, about equal to Minimum-Wage. In this area it is plenty to support a family, and save a little.

Right now we are saving for our off-grid solar-power system.


You and I live in different COL areas.
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Old 01-03-2015, 08:37 PM
 
71,984 posts, read 72,020,102 times
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Quote:
Originally Posted by freemkt View Post
What would you do if you had only SS to live on?
I would work! retirement is not a right.. it is something only those who can afford not to work can do .
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Old 01-03-2015, 09:08 PM
 
1,245 posts, read 712,838 times
Reputation: 1202
Quote:
Originally Posted by freemkt View Post
I like to ask the same question - about someone who never made mpre than $10 per hour their whole life.
Actually, OP said in another thread that he makes $9/hour so I take back what I said.

If the person lives with his/her parents and does not have any bills to pay, I'd say save $500 a month, hard but doable, and if you can't inherit the house for whatever reason buy 1 acre of land and build yourself one of those small houses, some people do it for a few grands. Garden a bit and/or set up an aeroponics system and you're pretty much good.

Or join the army right now and stay in it for 20 years.

Last edited by Sorel36; 01-03-2015 at 09:59 PM.. Reason: typo
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Old 01-05-2015, 07:13 AM
 
380 posts, read 228,836 times
Reputation: 1001
social security disability and inheriting their parents home that is paid off
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Old 01-05-2015, 07:29 AM
 
Location: Forests of Maine
30,727 posts, read 49,538,109 times
Reputation: 19162
Quote:
Originally Posted by slowdude222 View Post
social security disability and inheriting their parents home that is paid off
I think that SSDI is calculated as a percentage of SS, wait for you SS policy to mature and you would get more. In terms of retirement, wait until you can get your full SS.

As to a house, pay off your own house; or build own.
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