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Old 11-04-2016, 09:47 PM
 
Location: Sugarmill Woods , FL
6,235 posts, read 5,894,156 times
Reputation: 13647

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Quote:
Originally Posted by Robert20170 View Post
Defined benefit pension.
Yup!
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Old 11-04-2016, 10:19 PM
 
Location: Silicon Valley
18,081 posts, read 22,924,480 times
Reputation: 35201
I haven't read all the responses, so forgive me if I'm being redundant.

Honestly, I had to retire early, and live on SSI disability of only $890/month. This could be really depressing, if you can't let go of an ideal of your retirement years.

But, let me tell you the upside of being at the super low poverty level. It means that you qualify for lots of government aid. And, no, I'm not bragging. I'm trying to keep someone from committing suicide - and I'm not kidding. It's not the end of the world.

To illustrate, I got cataract surgery on September 1st. I had zero co-pay, and got a free pair of glasses, even though it was sooner than my allowed new pair of glasses every two years - since my prescription changed dramatically due to surgery.

I also got all of my prescription eye drops for free, and all of my other medications are free, as are my doctor visits.

So, I'm terribly poor, but I have free health care, including my prescriptions.

Also, I get subsidized rent, and my rent is only $197/month. My apartment is so small I can almost reach all of the walls of my tiny studio, if I stand in the middle of it. This would drive most Americans mad. But, it's otherwise decent housing.

I also get government aid on my electric bill, and since I live in a mild, albeit very wet, climate, my electricity is basically free.

I can also go to the local food bank and get free food once a month, and I've heard I can go to the local senior center and get free lunch 5 days a week, which I haven't done yet.

Now, my mother saved and worried about being able to afford her retirement, and she amassed about 1 million dollars worth of assets. She is in an assisted care facility, and the county became her guardian, as no relatives wanted the job, including me, and the county sold off her assets. This money will be used until it's gone to pay for her expensive care, and then she can stay where she is and Medi-Cal will pay for it.

If she had been poor, Medi-Cal (California's version of Medicaid) would have paid for it from the start.

So, did she need to worry? She has severe Altzheimer's and has no idea where she is. She would have the same care either way.

Did her million dollars make her retirement any better? Nope.

She helped pay into the system, and she can be proud of that.

But, for anyone worrying about becoming homeless if you're poor in retirement - my point is that in America, you don't have to worry about that. But, of course, you will have to let go of any notion of living like a rich person.

Does that mean you can't still have a good life? Absolutely not. Sure, I often wish I had more money, but I think the key is to live somewhere you enjoy, where you can do free things. Where I live, I can walk my dog off leash in a beautiful place. I live on the coast, where I can take my dog for walks on the beach, where we have a real lighthouse I can walk to in 5 minutes. Right now I can hear the fog horn.

When I took my dog out earlier this evening, I walked by a nice brewery where they sell good pizza and I felt sorry for myself for a minute that I couldn't afford to go have a beer and a pizza at a restaurant. But, I came home to a house with a full pantry and freezer.

You just have to look at the upside. But, yes, you can live just fine on very little in retirement in the U.S.
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Old 11-04-2016, 10:32 PM
 
Location: Wasilla, AK
7,234 posts, read 4,123,924 times
Reputation: 15570
Quote:
Originally Posted by stellastar2345 View Post
People always tell me (here at least) that you shouldn't count on your inheritance because health expenses may take it all. I think the average American something like 200k - 300k saved for retirement. My parents have multiple millions, and I am told that all of this can go towards healthcare. How does the average American afford to retire if multiple millions could potentially be needed for retirement?

Good defined pension plans. Lots of them. Five figure income every month as long as both of us are alive. And free to us medical with secondary and tertiary plans. Good back up for the last person standing.
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Old 11-05-2016, 02:55 AM
 
71,490 posts, read 71,652,652 times
Reputation: 49069
Quote:
Originally Posted by NoMoreSnowForMe View Post
I haven't read all the responses, so forgive me if I'm being redundant.

Honestly, I had to retire early, and live on SSI disability of only $890/month. This could be really depressing, if you can't let go of an ideal of your retirement years.

But, let me tell you the upside of being at the super low poverty level. It means that you qualify for lots of government aid. And, no, I'm not bragging. I'm trying to keep someone from committing suicide - and I'm not kidding. It's not the end of the world.

To illustrate, I got cataract surgery on September 1st. I had zero co-pay, and got a free pair of glasses, even though it was sooner than my allowed new pair of glasses every two years - since my prescription changed dramatically due to surgery.

I also got all of my prescription eye drops for free, and all of my other medications are free, as are my doctor visits.

So, I'm terribly poor, but I have free health care, including my prescriptions.

Also, I get subsidized rent, and my rent is only $197/month. My apartment is so small I can almost reach all of the walls of my tiny studio, if I stand in the middle of it. This would drive most Americans mad. But, it's otherwise decent housing.

I also get government aid on my electric bill, and since I live in a mild, albeit very wet, climate, my electricity is basically free.

I can also go to the local food bank and get free food once a month, and I've heard I can go to the local senior center and get free lunch 5 days a week, which I haven't done yet.

Now, my mother saved and worried about being able to afford her retirement, and she amassed about 1 million dollars worth of assets. She is in an assisted care facility, and the county became her guardian, as no relatives wanted the job, including me, and the county sold off her assets. This money will be used until it's gone to pay for her expensive care, and then she can stay where she is and Medi-Cal will pay for it.

If she had been poor, Medi-Cal (California's version of Medicaid) would have paid for it from the start.

So, did she need to worry? She has severe Altzheimer's and has no idea where she is. She would have the same care either way.

Did her million dollars make her retirement any better? Nope.

She helped pay into the system, and she can be proud of that.

But, for anyone worrying about becoming homeless if you're poor in retirement - my point is that in America, you don't have to worry about that. But, of course, you will have to let go of any notion of living like a rich person.

Does that mean you can't still have a good life? Absolutely not. Sure, I often wish I had more money, but I think the key is to live somewhere you enjoy, where you can do free things. Where I live, I can walk my dog off leash in a beautiful place. I live on the coast, where I can take my dog for walks on the beach, where we have a real lighthouse I can walk to in 5 minutes. Right now I can hear the fog horn.

When I took my dog out earlier this evening, I walked by a nice brewery where they sell good pizza and I felt sorry for myself for a minute that I couldn't afford to go have a beer and a pizza at a restaurant. But, I came home to a house with a full pantry and freezer.

You just have to look at the upside. But, yes, you can live just fine on very little in retirement in the U.S.
in effect you are not living on your low income . tax payers are just giving you more income .

no matter how you slice it you needed a higher income level one way or another .

not that everyone has these programs available or even qualify's for them but this gives you an idea of even if you have a poverty level income what your real income with assistance is really the equal of .

these charts are older and the numbers are much higher today .

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Old 11-05-2016, 03:03 AM
 
Location: In a rural place where people can't bother me ;)
516 posts, read 292,238 times
Reputation: 1009
Quote:
Originally Posted by stellastar2345 View Post
People always tell me (here at least) that you shouldn't count on your inheritance because health expenses may take it all. I think the average American something like 200k - 300k saved for retirement. My parents have multiple millions, and I am told that all of this can go towards healthcare. How does the average American afford to retire if multiple millions could potentially be needed for retirement?
First world problems...

My inheritance= What I earn throughout my life....I have nothing to look forward to in terms of financial gain when my beloved parents pass on. Count your blessings. There are MANY ways to allow those millions to make money for you. Sounds like you should consider seeking professional financial advice, OR ask your parents. Theres a certain mindset that comes with holding onto wealth. Worrying about it disappearing is counterproductive to holding onto it.
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Old 11-05-2016, 03:42 AM
 
Location: Orange County
1,667 posts, read 1,867,706 times
Reputation: 1394
Quote:
Originally Posted by Pilgrim21784 View Post


In our experience, a grand dog and a quirky cat are worth millions in retirement satisfaction. Closing in on ten years and enjoying the heck out of it!
You just said it all!!
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Old 11-05-2016, 04:25 AM
 
29,772 posts, read 34,851,819 times
Reputation: 11681
Quote:
Originally Posted by NoMoreSnowForMe View Post
I haven't read all the responses, so forgive me if I'm being redundant.

Honestly, I had to retire early, and live on SSI disability of only $890/month. This could be really depressing, if you can't let go of an ideal of your retirement years.

But, let me tell you the upside of being at the super low poverty level. It means that you qualify for lots of government aid. And, no, I'm not bragging. I'm trying to keep someone from committing suicide - and I'm not kidding. It's not the end of the world.

To illustrate, I got cataract surgery on September 1st. I had zero co-pay, and got a free pair of glasses, even though it was sooner than my allowed new pair of glasses every two years - since my prescription changed dramatically due to surgery.

I also got all of my prescription eye drops for free, and all of my other medications are free, as are my doctor visits.

So, I'm terribly poor, but I have free health care, including my prescriptions.

Also, I get subsidized rent, and my rent is only $197/month. My apartment is so small I can almost reach all of the walls of my tiny studio, if I stand in the middle of it. This would drive most Americans mad. But, it's otherwise decent housing.

I also get government aid on my electric bill, and since I live in a mild, albeit very wet, climate, my electricity is basically free.

I can also go to the local food bank and get free food once a month, and I've heard I can go to the local senior center and get free lunch 5 days a week, which I haven't done yet.

Now, my mother saved and worried about being able to afford her retirement, and she amassed about 1 million dollars worth of assets. She is in an assisted care facility, and the county became her guardian, as no relatives wanted the job, including me, and the county sold off her assets. This money will be used until it's gone to pay for her expensive care, and then she can stay where she is and Medi-Cal will pay for it.

If she had been poor, Medi-Cal (California's version of Medicaid) would have paid for it from the start.

So, did she need to worry? She has severe Altzheimer's and has no idea where she is. She would have the same care either way.

Did her million dollars make her retirement any better? Nope.

She helped pay into the system, and she can be proud of that.

But, for anyone worrying about becoming homeless if you're poor in retirement - my point is that in America, you don't have to worry about that. But, of course, you will have to let go of any notion of living like a rich person.

Does that mean you can't still have a good life? Absolutely not. Sure, I often wish I had more money, but I think the key is to live somewhere you enjoy, where you can do free things. Where I live, I can walk my dog off leash in a beautiful place. I live on the coast, where I can take my dog for walks on the beach, where we have a real lighthouse I can walk to in 5 minutes. Right now I can hear the fog horn.

When I took my dog out earlier this evening, I walked by a nice brewery where they sell good pizza and I felt sorry for myself for a minute that I couldn't afford to go have a beer and a pizza at a restaurant. But, I came home to a house with a full pantry and freezer.

You just have to look at the upside. But, yes, you can live just fine on very little in retirement in the U.S.
Sure you can if as you and others do you use the millions of dollars from someone else. Not being snarky but you are describing not a inexpensive retirement but one paid for by other people. Real cost are still there to be paid. Unfortunately we at the local, state and national level are running up cost and debt that isn't sustainable and at some there will be a reckoning. Hopefully not a purge but something will eventually give. Will early Boomers make it to the finish line in time? Later Boomers? Others who will be still paying into the system, probably not.
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Old 11-05-2016, 04:31 AM
 
71,490 posts, read 71,652,652 times
Reputation: 49069
exactly , it isn't their retirement cost less , the money is just coming from others to support that lifestyle .
it is like the saying at work " nothing is difficult or hard , as long as someone else has to do it "

the same can be said for retirement " a small retirement income is not hard or difficult to live on , as long as someone else funds all the things it can't pay for "

a whole lot of social security retirement money had to be diverted to ssdi to fund all the cases of ssdi now that the laws were changes so pain and mental suffering now allows folks to collect . you used to have to meet strict physical disability requirements

a dollar paid in as social security payroll taxes gets split up in to 3 funds , regular retirement ss , ssdi and survivor benefits . so ssdi ran dry with so many jumping on the band wagon and had to have money re-allocated from retirement ss .

the funny part is you see all over face book how the gov't is stealing our ss money . that is just ridiculous because the same dollar of payroll tax is already ear marked for those 3 funds . but hey ,why let facts ruin a good story

Last edited by mathjak107; 11-05-2016 at 04:59 AM..
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Old 11-05-2016, 05:18 AM
 
Location: R.I.
970 posts, read 603,310 times
Reputation: 4175
Quote:
Originally Posted by NoMoreSnowForMe View Post
But, for anyone worrying about becoming homeless if you're poor in retirement - my point is that in America, you don't have to worry about that. But, of course, you will have to let go of any notion of living like a rich person.
Taxes from working people and high income retirees is what pays for your ability to have a roof over your head, food on your table, and free healthcare. If I were age 65 and retiring at the end of the year and transitioning to a fixed retirement income in 2017, I will pay roughly $15,000 less in combined taxes than I did while working. You do the math and multiply my $15,000 less taxes x the millions of others retiring over the next 10 years in a similar tax situations with many of our jobs not being replaced by another tax payer, and then add to this the younger generation's inability to get jobs and hence pay taxes, who do you think will be left to fund the programs that are assisting you and others in your situation ?

I work in Veterans healthcare and there is not a day that goes by that I don't see various services go bye bye because there isn't the funding to sustain them. We have a Veteran's homeless clinic at my facility which I work in from time to time which in addition to healthcare provides food, clothing, and housing assistance. The number of Vets seeking these services are growing daily by leaps and bounds, and many Vets are lined up outside the clinic door hours before this clinic opens. If this country lacks to funding to provide needed services to our Vets who should be at the top of the list for assistance, those programs that provide your and the millions of other's assistance will very likely be significantly reduced and possibly become extinct in the not too distant future. If you think the rich or the poor should be without financial worry for the future you might want consider this country is 20 trillion dollars in debt, and when China who owns the bulk of our debt comes banging at the door of 1600 Pennsylvania wanting to get paid the rich will be impacted and the poor even more so.
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Old 11-05-2016, 05:53 AM
 
29,772 posts, read 34,851,819 times
Reputation: 11681
Quote:
Originally Posted by Nightengale212 View Post
Taxes from working people and high income retirees is what pays for your ability to have a roof over your head, food on your table, and free healthcare. If I were age 65 and retiring at the end of the year and transitioning to a fixed retirement income in 2017, I will pay roughly $15,000 less in combined taxes than I did while working. You do the math and multiply my $15,000 less taxes x the millions of others retiring over the next 10 years in a similar tax situations with many of our jobs not being replaced by another tax payer, and then add to this the younger generation's inability to get jobs and hence pay taxes, who do you think will be left to fund the programs that are assisting you and others in your situation ?

I work in Veterans healthcare and there is not a day that goes by that I don't see various services go bye bye because there isn't the funding to sustain them. We have a Veteran's homeless clinic at my facility which I work in from time to time which in addition to healthcare provides food, clothing, and housing assistance. The number of Vets seeking these services are growing daily by leaps and bounds, and many Vets are lined up outside the clinic door hours before this clinic opens. If this country lacks to funding to provide needed services to our Vets who should be at the top of the list for assistance, those programs that provide your and the millions of other's assistance will very likely be significantly reduced and possibly become extinct in the not too distant future. If you think the rich or the poor should be without financial worry for the future you might want consider this country is 20 trillion dollars in debt, and when China who owns the bulk of our debt comes banging at the door of 1600 Pennsylvania wanting to get paid the rich will be impacted and the poor even more so.
I understand your point but China and other owners of our debt are getting paid per the terms of their securities. If they tried to dump their supply of our debt on the market they would only drive down the value of the debt they hadn't yet sold off. They operate under the same constraints we and other debt holders have when it comes to the pricing of selling that debt. Just like anyone else if they want to sell prior to maturity it will be at market price.
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