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Old 03-21-2016, 12:48 PM
 
13,909 posts, read 7,411,228 times
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Quote:
Originally Posted by Robyn55 View Post
It's not all "cheap manufactured housing". There's something for everyone - from very cheap to very expensive.

There were some parts of Florida that got really creamed price-wise post-2008. Lots and lots of foreclosures. Some people who got in "at the bottom" got some excellent deals. Robyn
No question, but there are going to be a ton of people who hit age 62, get laid off, have minimal retirement savings and home equity, and have no choice but that trailer park rental in the south. The net worth for the 55 to 64 group as a whole is awful. About half have no pension and low net worth where Social Security will be pretty much their only income stream.

I wrote somewhere in this forum that I know quite a few people from my home town who bought in Fort Myers 5 years ago at the bottom of the market. Nice newer homes in good neighborhoods for sub-$100K. If you paid cash for it, you can live fairly comfortably on a couple of Social Security checks plus the proceeds from selling your snow belt home and whatever you've managed to save.
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Old 03-21-2016, 02:33 PM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,935,948 times
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Quote:
Originally Posted by Submariner View Post
Most people can live on SS alone, if they live in a low cost area.
I would say a *very* low cost area. And many of those areas aren't especially desirable (the lower end parts of our metro area certainly aren't desirable).

Also - there's a difference between "can" and "would care to". My husband and I don't get a huge amount of SS (kind of a medium amount - $27k or so). And the last time we lived on that amount of money was when we were right out of school. Robyn
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Old 03-21-2016, 02:37 PM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,935,948 times
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Quote:
Originally Posted by GeoffD View Post
No question, but there are going to be a ton of people who hit age 62, get laid off, have minimal retirement savings and home equity, and have no choice but that trailer park rental in the south. The net worth for the 55 to 64 group as a whole is awful. About half have no pension and low net worth where Social Security will be pretty much their only income stream.

I wrote somewhere in this forum that I know quite a few people from my home town who bought in Fort Myers 5 years ago at the bottom of the market. Nice newer homes in good neighborhoods for sub-$100K. If you paid cash for it, you can live fairly comfortably on a couple of Social Security checks plus the proceeds from selling your snow belt home and whatever you've managed to save.
Another option is to keep working. We are seeing more and more employees at places like Publix (grocery chain) who are older than we are! Robyn
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Old 03-21-2016, 02:43 PM
 
71,629 posts, read 71,777,271 times
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working until 70 can be equal to having almost 700k in the bank and retiring at 62 .

you have the income coming in from working

you are not spending down invested assets

you are getting a 69% bigger ss check plus colas

you have 8 years less of life to fund

you may still be contributing to your retirement plans .

yeah i know not everyone wants to work , i get that . but where you can , working is the silver bullet for an underfunded retirement .

if you think it is miserable working from 62 to 70 , see how miserable it is to get and work a job at 80 because you ran out of dough . .
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Old 03-21-2016, 03:36 PM
 
13,909 posts, read 7,411,228 times
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Quote:
Originally Posted by mathjak107 View Post
working until 70 can be equal to having almost 700k in the bank and retiring at 62 .
There are too many variables to have one universal number. For me, 62 to my planned retirement age of 65 1/2 is about $700K. That assumes I'm saving 40% of my gross and spending at my projected burn rate. I have a contingency plan for a forced retirement at 62 but just those 3 1/2 years make a huge difference.
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Old 03-21-2016, 03:37 PM
 
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it will vary , but it can run as much as 700k . everyone's mileage will vary but there is no question it will represent a few hundred thousand dollars .
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Old 03-21-2016, 03:41 PM
 
20,775 posts, read 13,763,409 times
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Quote:
Originally Posted by Submariner View Post
Most people can live on SS alone, if they live in a low cost area.

You don't know enough about "most" persons financial situations including work/SS benefit record to make that kind of statement.


There is a vast gulf between those who made maximum contributions to SS most if not much of their working careers (or married someone who did), and those with spotty and or short work histories. That and or what work they did have over their qualifying employment period was in low wage paying sectors.


Many do not know that when SS benefits are calculated and they look at those 30 something qualifying years just as with all averages where no entry exists a zero is entered. One or two years won't affect such averaging that much, especially if the remaining numbers are high enough to offset. But when you start talking about five, ten or more years someone is in for a very rude shock come retirement time.


SS bennies are skewed so lower income persons have their rough edges rounded out, but still it isn't like they are going to be getting one or two thousand more per month.


There are seniors right in my area of NYC living on SS checks of < $1K per month.
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Old 03-21-2016, 03:56 PM
 
Location: Baltimore, MD
3,745 posts, read 4,219,341 times
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Quote:
Originally Posted by TuborgP View Post
What I find interesting in the continuing discussion about the livability of just SS benefits or how much income in retirement is necessary is that so many are talking about other nameless people and not themselves. I wonder how many would actually find some of the suggested amounts livable or desirable for themselves?
I'm not there yet, but I did receive an earned income tax credit this year. That was a shock!

There is no way I'd be able to live on my expected benefit - approximately $1200/month - unless I moved in with a child, rented out half my home or moved into subsidized housing. Medical expenses alone would eat up more one-third of my monthly check. The federal poverty level is $990/month for a single person. I admit that if I had less than $7,280 in resources, I would be able to get help paying my Medicare Part B premiums, but still...I like to eat, turn on the heat or a/c, visit friends and family. There is no room for stress in my old age.
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Old 03-21-2016, 04:24 PM
 
Location: Forests of Maine
30,685 posts, read 49,462,974 times
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Quote:
Originally Posted by BugsyPal View Post
... There are seniors right in my area of NYC living on SS checks of < $1K per month.
In a high COL area like NYC, I bet those seniors qualify for a bunch of subsidies. So their <$1k/month income feels like a lot more.

Last edited by Submariner; 03-21-2016 at 05:18 PM..
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Old 03-21-2016, 04:25 PM
 
71,629 posts, read 71,777,271 times
Reputation: 49225
medical and long term care can be worth loads of dollars
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