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Old 03-03-2015, 07:14 AM
 
Location: Verde Valley AZ
8,618 posts, read 9,687,274 times
Reputation: 10980

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Quote:
Originally Posted by Escort Rider View Post
What I bolded seems to be the answer to NoMoreSnowForMe's question about what happens to people without enough money to retire. And JRR, one thing your mother had was YOU. Your financial resources, and no doubt your personal contact with her, contributed to her well-being. The issue becomes more problematic for people who have no children, or whose children are either unable or unwilling to step up to the plate for a variety of reasons.

I have a male cousin, now about 68 or 69 (and no children), who has been working under the table for the past 20 or more years. He will probably get some Social Security from his younger years when he did work some "regular" jobs, or maybe he's already drawing it, I don't know. But he appears to live from hand to mouth at the present time. What will happen to him if or when he can no longer work? He does have two younger siblings who are reasonably successful but less than well-to-do and perhaps will help. It will be interesting to watch. Perhaps heart-breaking to watch?
I have a son in law like your cousin. He's only in his mid 50s but the man hasn't worked in many years. He and my daughter have been married 27 years and he has NEVER had a job since they got married. Why is anybody's question to answer. He WAS working when they got married. My daughter works in a bank so she's not building up a lot of SS either. I wonder what they'll do when it's time to retire. And here is the really disgusting part...my son in law inherited 2.5M when his dad died. It would've been 5M but he had to share with his uncle. Anyway, I was thrilled for them because I figured my daughter and their kids would be 'okay' and I wouldn't have to worry about them. Well...he went through that money like water down the toilet. He had 'big ideas' that he never went forward with. He paid cash for a fixer upper house and 20 years later it STILL needs "fixing". I have no idea what the man does all day but he's well practiced for living on next to nothing in retirement. I begged them to invest that money but, no, he wanted it NOW to use as he saw fit. So I think watching them try to live later will be "heart-breaking to watch".
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Old 03-03-2015, 07:14 AM
 
7,339 posts, read 16,648,534 times
Reputation: 4567
Well, let's see:

I retired at 62, on SS (Early Retirement), because I was unemployed at the time, finding it extremely hard to find a job w/the experience I had, but NO college degree. I had also used up all of my UI and had absolutely no money coming in at all, so wife and I decided that I should start getting my SS. Because I had been unemployed a number of times in my life, my SS wasn't that much, but was enough to help out with finances. I have no Pension. Anyway, last year I went on Medicare, but because of my wife's salary, have to pay $104 per month premium. Then, we had to get a Supplement for the Medicare and that is $134 per month. And, since Medicare doesn't have an Rx Plan, got one of those and that's $15 per month. I have VA Medical, but don't want to use it anymore because of what I'm now paying for Medicare, Supplement and Rx.

My wife is still working a full-time job and making a descent salary, but she has been informed that her Department will be closed by the end of the year. She is in the banking/mortgage industry and will miss the "4-weeks per year" vacation, unless she gets another job in that industry. She wanted to work, at the job she is at, until she turned 70, but that definitely won't happen. If she is able to work until she is 70, she will then take SS Late Retirement and get an additional 7k per year.

Neither of us will have a Pension, to go with SS, so we will REALLY have to cut back on things as time goes on. And, on top of that, she will be going on Medicare w/the Supplement and Rx and that will be more money coming out of us.

And here I thought retirement was suppose to be fun, exciting w/travel, etc., etc. For some, yes, for many, many others...............definitely not!!
As far as people working until they are 70, that's all "fine and dandy" as long as the person's HEALTH allows that.
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Old 03-03-2015, 07:31 AM
 
Location: SW MO
23,605 posts, read 31,492,863 times
Reputation: 29076
Quote:
Originally Posted by LoveBoating View Post
Well, let's see:

I retired at 62, on SS (Early Retirement), because I was unemployed at the time, finding it extremely hard to find a job w/the experience I had, but NO college degree. I had also used up all of my UI and had absolutely no money coming in at all, so wife and I decided that I should start getting my SS. Because I had been unemployed a number of times in my life, my SS wasn't that much, but was enough to help out with finances. I have no Pension. Anyway, last year I went on Medicare, but because of my wife's salary, have to pay $104 per month premium. Then, we had to get a Supplement for the Medicare and that is $134 per month. And, since Medicare doesn't have an Rx Plan, got one of those and that's $15 per month. I have VA Medical, but don't want to use it anymore because of what I'm now paying for Medicare, Supplement and Rx.

And here I thought retirement was suppose to be fun, exciting w/travel, etc., etc. For some, yes, for many, many others...............definitely not!!
As far as people working until they are 70, that's all "fine and dandy" as long as the person's HEALTH allows that.
We all pay that $104, which is the Medicare Part B premium, regardless of income or its source. The only ones who don't are some of the really destitute who are on Medicaid as well as Medicare.

Yeah! It would be nice if we were all guaranteed fun, sun and travel in retirement but it just ain't necessarily so. Lack of funds and/or poor health or physical condition can decidedly get in the way.
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Old 03-03-2015, 08:08 AM
 
Location: Forests of Maine
30,687 posts, read 49,462,974 times
Reputation: 19134
Quote:
Originally Posted by yellowsnow View Post
... He gets 1 K per month in pension and Social Security. And $180 something in SNAP. He has a great Medicare plan and the state(Medicaid) picks up the tab for his premium every month so his healthcare is free. His housing will be low income for disabled seniors and the rent is a percentage of his income. He will probably end up paying around $200 per month for rent and utilities. His cellphone is free from SNAP. He doesn't drive or own a car so he has a senior disabled bus pass and it's $2 per ride or $2 for unlimited rides in a 24 hour period.
A single person making $1k/month and he still gets SNAP, wow.

In our town we know disabled singles who bring in $800/month, but still do not qualify for SNAP.

[Though it may be because they are home-owners]

Last edited by Submariner; 03-03-2015 at 08:23 AM..
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Old 03-03-2015, 08:23 AM
 
12 posts, read 12,733 times
Reputation: 35
And then there are some who make their own hardships by refusing to adapt and be flexible in retirement.
I have a 75-year old friend who is a widow in good health who maintains a small modest home. However, she constantly complains about lack of money, not being able to afford new clothes, pay her taxes, cover household repairs, eat in restaurants, or pay for gas to visit her relatives. Recently I learned from a reliable source that this friend owns a 2nd home near the beach that she rents during the summer. The beach cottage is very modest, but it generates a positive cash low. She has enough equity in this cottage to clear between 100 and 150K if she sells it. The last time I saw my friend and she raised the topic of having to put a furnace repair on credit because she did not have enough money in her checking account to cover it, I quietly asked if she ever considered selling her beach cottage to build up her savings and have a nest egg. She was incensed I asked the question and said she would never discuss this with me again, because she is "emotionally attached" to the 2nd property and could never sell it. Of course, it's her decision to scrimp and worry about money and in fact, her mind-set seems to have become her life style by choice and not by necessity. I just no longer want to hear about her financial woes.
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Old 03-03-2015, 08:30 AM
 
10,357 posts, read 9,385,677 times
Reputation: 15973
It all comes down to the fact that those who have sufficient funds are more likely to want to share their success stories than those who are struggling financially.
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Old 03-03-2015, 09:03 AM
 
Location: SoCal
6,071 posts, read 9,533,605 times
Reputation: 5815
Quote:
Originally Posted by Submariner View Post
A single person making $1k/month and he still gets SNAP, wow.

In our town we know disabled singles who bring in $800/month, but still do not qualify for SNAP.

[Though it may be because they are home-owners]
That's true in California. My sis and bro-in-law are on disability but don't qualify for SNAP because they own their home.
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Old 03-03-2015, 09:18 AM
 
33,046 posts, read 22,067,502 times
Reputation: 8970
Quote:
Originally Posted by DauntlessDan View Post
We "hear" from them but we ignore them. They are the older people you see working minimum wage or regular jobs into their 50s and 60s. Some beyond. No fault to them. They saved and received a pension, a lot of them. But because they are still too young to collect a pension or social security, or they have a pension but it is geared to an economy that existed decades ago and did not rise with inflation, they have to continue to work. And a with good percentage it is not necessarily because they are living above their means but that the COL has risen so much and the rules changed so much that their pension/savings/social security no longer satisfies even having the basics. I am sure that with a lot, maybe not all, of seniors if they could have foreseen the changes that occurred in our country over the last 3 or 4 decades they would have diligently saved and prepared a lot more for retirement.

These are largely people who never bought a home, and who now have zero equity and are paying astronomical rents, so they cannot retire.
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Old 03-03-2015, 09:25 AM
 
33,046 posts, read 22,067,502 times
Reputation: 8970
Quote:
Originally Posted by Submariner View Post
A single person making $1k/month and he still gets SNAP, wow.

In our town we know disabled singles who bring in $800/month, but still do not qualify for SNAP.

[Though it may be because they are home-owners]

SNAP is based on income minus out of pocket housing and medical costs, so low or no mortgage payment makes many income-eligible homeowners ineligible for SNAP. Since renters usually pay current rents most renters below the maximum qualifying income usually do qualify for SNAP.,
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Old 03-03-2015, 09:30 AM
 
33,046 posts, read 22,067,502 times
Reputation: 8970
Quote:
Originally Posted by LoveBoating View Post
Well, let's see:

I retired at 62, on SS (Early Retirement), because I was unemployed at the time, finding it extremely hard to find a job w/the experience I had, but NO college degree. I had also used up all of my UI and had absolutely no money coming in at all, so wife and I decided that I should start getting my SS. Because I had been unemployed a number of times in my life, my SS wasn't that much, but was enough to help out with finances. I have no Pension. Anyway, last year I went on Medicare, but because of my wife's salary, have to pay $104 per month premium. Then, we had to get a Supplement for the Medicare and that is $134 per month. And, since Medicare doesn't have an Rx Plan, got one of those and that's $15 per month. I have VA Medical, but don't want to use it anymore because of what I'm now paying for Medicare, Supplement and Rx.

My wife is still working a full-time job and making a descent salary, but she has been informed that her Department will be closed by the end of the year. She is in the banking/mortgage industry and will miss the "4-weeks per year" vacation, unless she gets another job in that industry. She wanted to work, at the job she is at, until she turned 70, but that definitely won't happen. If she is able to work until she is 70, she will then take SS Late Retirement and get an additional 7k per year.

Neither of us will have a Pension, to go with SS, so we will REALLY have to cut back on things as time goes on. And, on top of that, she will be going on Medicare w/the Supplement and Rx and that will be more money coming out of us.

And here I thought retirement was suppose to be fun, exciting w/travel, etc., etc. For some, yes, for many, many others...............definitely not!!
As far as people working until they are 70, that's all "fine and dandy" as long as the person's HEALTH allows that.

Medicare does have an Rx plan, with means-tested premium levels.
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