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We all know it's best to retire rich. But second best may well be poor! I now have serious doubts the folks who are sacrificing a middle class lifestyle to save for retirement are really doing themselves a favor. Especially since they will be able to do little but exist. No fun, no trips/vacations, etc. No spending, just basic living.
A few months ago I posted about my SO's cousin, 'Dave'. Dave moved from NYC to Vegas because the COL is so much lower. He is 65 and low income. He worked all his life as a server/restaurant manager. But he never made much money. Because he lived in NYC, he never owned property. This is one of the keys. Own no property. He also can't have a big bank account. Learning about Dave has taught me a lot. I have been educated since last February when he moved here.
Dave's income from SS and a small pension is 1K per month. He qualifies for every aid program out there. And he has a great life now. No worries! He came out better than I would have ever imagined. Here's how it breaks down.
1) Housing. He got a 1br brand new apartment in a nice safe area of town. About 800SF. It's senior subsidized housing and his rent should not go up. He pays $495 per month and that includes utilities! He can keep that apartment at 70 degrees all summer long. He pays $35 per month for cable. His landline is free because he has some hearing loss. His cell phone is free because he gets SNAP(foodstamps). The apartment complex provides transportation to shopping every week. Every day they provide coffee/drinks and snacks for anyone who wants them. Dave was on a waiting list for the apartment for about 3 months.
2) Transportation. He can get a reduced fare bus pass for $30 per month. He prefers to get the $2 24 hour unlimited ride passes because he doesn't go out every day. He figures it is less expensive to buy the day pass. If he needs to go to medical appointments, his healthcare provider sends a car to pick him up for free.
3) Medical. His healthcare plan is Senior Dimensions and he pays no co-pays or premiums. His prescriptions are free too. Medicaid is his secondary, part D, and again no premiums. Everything is covered and it's all free. He has better medical than most seniors. No deductibles either.
4) Food. He gets $159.00 per month in SNAP(foodstamps). He has a local food pantry he can go to for free twice a month. 3 Squares brings him food once a month to his apartment complex. He can go to the USDA foodbank once a month. He has to spend very little of his own money for food. He probably spends $20 per month on incidentals. Shampoo, soap, deodorant, paper towels, toilet paper, etc.
After all his needs are met and his bills are paid, he has almost $600 per month to spend as he pleases. He can afford a modest vacation once or twice a year. He came out better than I thought was possible. Being poor and old doesn't have to be a nightmare!
It sounds like Vegas has programs for the lower middle class, to attract retirees.
Getting SS and $12k a year as a pension puts Dave in the middle class territory. Not poor. If he only got the $12k...that's poor. So that means Vegas has generous rules on who qualifies for assistance, and probably his age is a qualifying factor.
Better not move to Texas. We are not generous here. Even if you're poor enough to qualify for food stamps, you'll only get them for a certain length of time. (Children are the exception.)
I know two women in my senior complex who do not have a car. They have mastered the schedules of the public transportation and there is no way I would call them "dependent."
And for me, the difference between being poor and being not poor has a lot to do with attitude. Now that I sit here re-reading what I wrote, I also think a good imagination is a good thing too. Finding ways to overcome hurdles/problems can inspire self confidence and self pride. Don't be afraid to open up your mind.
I just drove back to Baltimore after spending 2 months in New Hampshire. Public transportation would not have cut it. I may have to give up my complete independence one day but I'm not there yet.
As many of our C-D posters know, I probably have more self confidence than the average Joe. I grew up relatively poor and am confident that I, unlike many others on this forum, have the wherewithal to handle it should I find myself poor again. That said, IMO, overcoming hurdles is grossly overrated and I wouldn't wish it on anyone. Self pride? Gosh, I hope not as I consider that narcissistic.
Republican, right? People are poor for a lot of reasons and not all of us can file for bankruptcy 4 times like Donald Trump. I am poor and yet I have graduated with a bachelor's degree from a university and have an IQ of 138. What kind of person judges an entire group of people based upon their income?
I don't understand a lot of this. How on earth can anyone work more than 40 hours a werk from age 14 to 64, (50 years) and make enought to live, even frugally in NYC, and only have under $1k month in SS benefits that include a small pension? This makes no sense unless 3/4s of his income was unclaimed tips, in which case he did game the system. But the OP said he was a restaurant manager, not a waiter or bartender. And if he's that close to the poverty level, what happens if some higher COLA increases pops him over?
Basically I've been researching all of these types of government programs for my grandmother, who has basically ran out of money as she has lived much longer than she expected. "Dave" is pretty lucky since he is skating by his chin on his qualifications. My grandmother makes a total of $1,129 per month between social security and a small pension ($75/month) and she doesn't qualify for all of these programs.
Can't argue with this one, this housing program is a very lucrative program, especially including utilities in Las Vegas. I can't see how this will last long term.
I'd love more info on these healthcare providers which send cars to pick their patients up. I've never heard of such a program. Currently myself and family members are transporting my grandmother around.
If a person's income is under the federal poverty line ($1,001/mo in 2015) then they qualify for Medicare QMB which as you describe covers basically everything. If you make $1,002/mo then you don't qualify for QMB.
I'm not sure how he is qualifying for SNAP, he shouldn't, my grandmother didn't.
The math works like this:
$1,000 income (based on your numbers)
-$155 standard deduction for household of 1-3 members.
--------
$845 net income
if you're housing costs exceed 50% of your net income, you can deduct the portion over 50%. Assuming he pays $495 that gives him an additional deduction of $72.50. He has no earned income so no deduction there. No medical expenses so no deduction there. That sets his adjusted net income at $772.50.
He is expected to spend 30% of his adjusted net income on food. His maximum SNAP benefit would be $194 based on a single person household. Taking $772.50 x 30% = $231.75. Since that amount is greater than $194, he should get nothing.
You really need to be dirt poor to be in a single person household and receive food stamps.
It sounds like Vegas has programs for the lower middle class, to attract retirees.
Getting SS and $12k a year as a pension puts Dave in the middle class territory. Not poor. If he only got the $12k...that's poor. So that means Vegas has generous rules on who qualifies for assistance, and probably his age is a qualifying factor.
Better not move to Texas. We are not generous here. Even if you're poor enough to qualify for food stamps, you'll only get them for a certain length of time. (Children are the exception.)
I assure you, there is no generosity in Vegas. The lack of services we have for lower income people is awful. I'm not sure about "Dave", but being lower income and a senior here is no joyride!
I assure you, there is no generosity in Vegas. The lack of services we have for lower income people is awful. I'm not sure about "Dave", but being lower income and a senior here is no joyride!
I was wondering about that. I'm in a senior building but only paying $40 less than an apartment would cost. This may change at my next review as I have received a partial settlement for the accident which disabled me but I can afford the extra $40. I put most into investments (I try not to look at what's happening now & trust it will recoup in 10-15 years), but I'm not eligible for a lot of things because I receive $1286 - $106 for part d.
Okay, I can thankfully cross Las Vegas off my list. Too hot & dry for me, lol.
Originally Posted by Hollywood55 Poor people are too dumb to know any better.
Quote:
Originally Posted by elocs1747
Republican, right? People are poor for a lot of reasons and not all of us can file for bankruptcy 4 times like Donald Trump. I am poor and yet I have graduated with a bachelor's degree from a university and have an IQ of 138. What kind of person judges an entire group of people based upon their income?
Perhaps a discussion of "poor" and "broke" might help you.
Being poor is a state of mind. Being broke is a matter of circumstance. There is no cure for being poor; the victim has bought into the idea that someone else - anyone else - must solve his problem because he is unable to do so himself.
Broke people don't feel that way. Broke people either accept being broke as a matter of temporary inconvenience, or as a matter of choice because of their lifestyle.
Whether the OP's subject is broke or poor is up for discussion, but it seems to me that he is merely broke.
For The Record:
A) I agree with Hollywood. Poor people have a poor state of mind. Call it something other than dumb if you wish, but it is not healthy. Describing yourself as poor is just as unhealthy as describing yourself as stupid.
B) Donald Trump never declared bankruptcy. He owns companies who have, and I'm sure you know there is a big difference.
I am so far left of center that voting for Sanders would be a compromise. But I will not use that word to describe those on the right. They often seem greedy and sometimes morally bankrupt but unless they profess allegiance to a particular hard line school of thought I don't make that accusation.
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