Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 03-04-2017, 04:57 PM
 
Location: Northern panhandle WV
3,007 posts, read 3,112,776 times
Reputation: 6796

Advertisements

Quote:
Originally Posted by chiluvr1228 View Post
When my stepfather died in 2010, my mother was forced to live on $1200 in Social Security payments for reasons I won't get into. She had a small second mortgage which she paid off with my step-father's small life insurance policy and my sister helped her for the first year or so. My mother was not used to living frugally and racked up $16k in credit card debt. After paying her bills there was nothing left over so each month she put food and sometimes other house expenses on the credit card. She then decided to take out a reverse mortgage. However she took it as a lump sum rather than a monthly payment and that was gone within 5 years.


She really needs to sell her house but apartments are very expensive right now and she is too proud to rent in a subsidized place.


I think some people, especially those who have lived through hard times fare better than those who have it relatively easy most of their life.


OP - I don't know how much your SS payments are or where you live but I would think it would be rather difficult to survive these days on just those payments unless you live in a lost COL area and have a paid off home.
We moved from Cape Cod MA to Weirton WV a low cost area. Our five bedroom brick house was 38K and the
Mortgage is $155 a month. We are at the higher end of SS payments. Which actually means we do not
qualify for many assitance programs, you know just over the limit for many of them. Both of us being too
ill to work, really makes it harder to get by for the long term.
Two of my children and family live with us, the youngest and his wife are here to take care of us, the eldest
son is here does not work and is disabled himself. At this time he has 0 income. Youngest son just got a
part time job. Jobs are scarce here. So he will be contributing to the utilities which will help some.

I am finding this thread interesting even though it has not gone exactly how I hoped it would go. I
I appreciate all the replies, keep em coming.
Reply With Quote Quick reply to this message

 
Old 03-04-2017, 09:03 PM
 
6,749 posts, read 5,438,165 times
Reputation: 17584
OP:

Could your eldest disabled son qualify for SSI? It might be worth it to look into.

I also know what it is like to literally make $1.35 over a limit!

I might be one who who took the thread a little off course, but, I HAVE "been there, done that", and who knows, may have to do it again.

MOH and I have not checked out what will happen SS wise with me on SSDI, and MOH able to draw SS, will we get separate payments, will we be converged into one SS payment, or what?

I DON'T turn to SS eligibility until 62, I think it is due to getting SSDI, they convert to regular SS then, IIRC. I will have to look that up again. MOH COULD draw SS at that time, being 66, so maybe both will be converted and combined?

Even IF we have other arrangements, We DO need to know where we stand on SS, a few shorter than we'd like years away. SO I guess I'd better start looking into it.

PS: I used to Live on Cape Cod, and loved it, until the depression set in and jobs became scarcer, hours became shorter, so I left, moved to another state, and eventually moved back "home" to NY. One thing for sure is I won't miss the high taxes here to run the state when we move further south for warmer drier winters. It will take some of the aches and pains out of my OH's and my joints!

Reply With Quote Quick reply to this message
 
Old 03-05-2017, 05:50 AM
 
4,145 posts, read 3,872,988 times
Reputation: 10892
Quote:
Originally Posted by jasperhobbs View Post
Unfortunately someone will chime in with how great they are doing and others made poor choices.
Clearly I hit a nerve and upset a few people and apologize for that. Funny thing is I got quite a few positive quick reputation comments and only one negative comment (no name with it though)

Back to the regularly scheduled program. I believe many can do just fine with social security as their main source of income. Many may have planned to save more for retirement but life circumstances can derail even the best laid out plans. As always we make due with what we have.
Reply With Quote Quick reply to this message
 
Old 03-05-2017, 09:55 AM
 
Location: Northern panhandle WV
3,007 posts, read 3,112,776 times
Reputation: 6796
Quote:
Originally Posted by galaxyhi View Post
OP:

Could your eldest disabled son qualify for SSI? It might be worth it to look into.

I also know what it is like to literally make $1.35 over a limit!

I might be one who who took the thread a little off course, but, I HAVE "been there, done that", and who knows, may have to do it again.

MOH and I have not checked out what will happen SS wise with me on SSDI, and MOH able to draw SS, will we get separate payments, will we be converged into one SS payment, or what?

I DON'T turn to SS eligibility until 62, I think it is due to getting SSDI, they convert to regular SS then, IIRC. I will have to look that up again. MOH COULD draw SS at that time, being 66, so maybe both will be converted and combined?

Even IF we have other arrangements, We DO need to know where we stand on SS, a few shorter than we'd like years away. SO I guess I'd better start looking into it.

PS: I used to Live on Cape Cod, and loved it, until the depression set in and jobs became scarcer, hours became shorter, so I left, moved to another state, and eventually moved back "home" to NY. One thing for sure is I won't miss the high taxes here to run the state when we move further south for warmer drier winters. It will take some of the aches and pains out of my OH's and my joints!

I can tell you that assuming you are still collecting SSDI by then, that your SSDI will convert to Social security when you reach FRA the amount should stay pretty much the same. And at no time will your amounts be converged, you will receive separate amounts.
Reply With Quote Quick reply to this message
 
Old 03-05-2017, 12:35 PM
 
24,512 posts, read 18,020,565 times
Reputation: 40205
Quote:
Originally Posted by Vision67 View Post
Some people "just on SS" get the max amount which is about $2600 per month with the spousal benefit being half that. For a couple with a paid off house and car, that amount affords a reasonable standard of living if they reside in a low COL place.
The defer-to-70 maximum benefit is more like $3,600/month depending on your full retirement age.

That's my worst case retirement planning math. Defer to age 70 and be able to live off a near-maximum Social Security benefit if I run out of money and have nothing but my paid-for house left. You pay about $3,600 in Federal income taxes on it so that leaves about $40,000 per year to pay your bills.

Most people can't afford to defer collecting Social Security until age 70. Something happens where you can't work and you haven't accrued enough wealth to bridge yourself to 70.
Reply With Quote Quick reply to this message
 
Old 03-05-2017, 01:06 PM
mlb
 
Location: North Monterey County
4,971 posts, read 4,428,231 times
Reputation: 7903
My mom never worked outside the house and when my dad died - she got half his pension and Social Security survivor benefits totalling about $1600 a month. I was never so worried for her. She lived in the most expensive city in our homestate and I know I could not have done as well as she did.

She was a Depression baby so she did know how to make her money stretch. She sold her home and moved into an apartment - first time in her life living on her own outside of any family. Remarkably it was a good couple of years for her. She lived in a state with very high taxes - but excellent support systems - which made all the difference in the world.

When it was time for assisted living - after a stroke - she lamented that she was not going to be able to leave money - that she and dad had accumulated through the years - to any of her 7 children - because the cost of nursing home care was so horrific. We all told her it was her money and glad she had it to take care of her.

In about 8 or so years her care went from $4000 a month to $10,000 a month in her last months on hospice. It took just about everything she and dad had owned to get her to the finish line. But she did it - without having to resort to Medicaid.

And the very thrifty mother that she was...... after her death there was a surprise for us all.... for 5 years we are all beneficiaries of an annuity she and dad had with a small but significant check. Every month I am reminded of her with that deposit.

If she could do it - so can we.

My biggest concern is that future generations may not have those safeguards or safety nets. They are being whittled away.
Reply With Quote Quick reply to this message
 
Old 03-05-2017, 03:31 PM
 
Location: RVA
2,766 posts, read 2,068,547 times
Reputation: 6638
Quote:
Originally Posted by GeoffD View Post
....
That's my worst case retirement planning math. Defer to age 70 and be able to live off a near-maximum Social Security benefit if I run out of money and have nothing but my paid-for house left. You pay about $3,600 in Federal income taxes on it so that leaves about $40,000 per year to pay your bills.....
If all the income you have is SS, you never pay Federal income tax on it, regardless of the amount. Not sure why you said that ^^^^
Reply With Quote Quick reply to this message
 
Old 03-05-2017, 03:54 PM
 
8,238 posts, read 6,539,907 times
Reputation: 23135
Quote:
Originally Posted by GeoffD View Post
The defer-to-70 maximum benefit is more like $3,600/month depending on your full retirement age.
Since the average amount of monthly Social Security received is $1342 per month, isn't it misleading to mention the maximum $3600 ($3538) monthly at age 70 when the vast majority of people will not receive anywhere close to that number whatsoever?

Especially for people looking for information on Social Security, and for those who do not have a lot of information yet.

(And then $104 is removed monthly from the $1342 per month to pay for Medicare, making the amount received even lower)

and also http://time.com/money/4644332/maximu...-benefit-2017/

"qualifying for the maximum Social Security benefit is very difficult—it's the equivalent of winning a benefits Powerball. To get the highest benefit possible at your full retirement age (FRA), your income needs to have been at or above the Social Security earnings ceiling (the amount of income subject to payroll tax) each year for at least 35 years since age 22."

"Only about 2% of workers wait to 70 to claim Social Security."

Just asking. I know you were talking about your personal situation.

Last edited by matisse12; 03-05-2017 at 05:00 PM..
Reply With Quote Quick reply to this message
 
Old 03-05-2017, 04:56 PM
 
Location: Concord, CA
7,132 posts, read 9,211,413 times
Reputation: 25382
Quote:
Originally Posted by GeoffD View Post
The defer-to-70 maximum benefit is more like $3,600/month depending on your full retirement age.

That's my worst case retirement planning math. Defer to age 70 and be able to live off a near-maximum Social Security benefit if I run out of money and have nothing but my paid-for house left. You pay about $3,600 in Federal income taxes on it so that leaves about $40,000 per year to pay your bills.

Most people can't afford to defer collecting Social Security until age 70. Something happens where you can't work and you haven't accrued enough wealth to bridge yourself to 70.
If you can defer until age 70, good for you.

Just make sure you have a forward looking tax plan. With RMAs starting at age 70.5, you might be surprised at your marginal tax rate.

Only about 2% of SS recipient defer until 70. I guess the rest of us consider that we may die earlier.
Reply With Quote Quick reply to this message
 
Old 03-05-2017, 05:03 PM
 
8,238 posts, read 6,539,907 times
Reputation: 23135
My decision to take Social Security at age 62 was not based on considering that I may die earlier than 70 or near 70. That did not cross my mind as a major reason.

Last edited by matisse12; 03-05-2017 at 05:12 PM..
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top