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Old 09-25-2017, 04:16 AM
 
Location: R.I.
987 posts, read 610,741 times
Reputation: 4285

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Quote:
Originally Posted by Submariner View Post
The OP pension income is $1740/month. Try to keep up.
The OP has a pension of $540/month and took her SS early which is another $1,200/month.

When you moved to the woods of Maine to lower your COL I don't think you did that with the debt of an upside down mortgage. If you did, I don't think you would have had the funds to purchase property and build a home and go on to live the life of an extreme minimalist. I wonder how all those people are feeling right now that did the same as you except they moved south to Florida and purchased low cost mobile homes, and whatever now remains of many of them as a result of Hurricane Irma are floating somewhere in the Gulf of Mexico. As you can see from these unfortunate individuals, moving to a lower COL area did not insulate them from financial hardship.
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Old 09-25-2017, 04:41 AM
 
Location: Honolulu
1,369 posts, read 553,944 times
Reputation: 1113
Can't you "double dip"?

In Hawaii/Honolulu, a lot of public service workers go back to work for the government on contract after they retire. Simultaneously they receive three incomes: (1) Income from their contractual work; (2) Pension; (3) SS (if they retire after FRA).

Many of them have too much income and just worry about how to spend the money!

P.S. I don't know about New York State. But in Hawaii it is better to retire and work on contract because retiree pays $0 premium for Medicare and the State/City's medical insurance (which serves as the primary insurance provider) for the retiree and the spouse.

Last edited by Ian_Lee; 09-25-2017 at 04:51 AM..
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Old 09-25-2017, 05:22 AM
 
Location: Philadelphia/South Jersey area
2,886 posts, read 1,415,195 times
Reputation: 10129
Quote:
Originally Posted by Submariner View Post
No, not at all.

I know many of my neighbors who live on much smaller pensions.

Of course people do not need as large a pension as mine.

Which is why I must question wealthy people who whine about their pension income being so much more.
Wow!! you live in an area where 24000 is considered wealthy?

May I ask where??
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Old 09-25-2017, 05:52 AM
 
Location: Forests of Maine
30,729 posts, read 49,546,472 times
Reputation: 19165
Quote:
Originally Posted by Nightengale212 View Post
The OP has a pension of $540/month and took her SS early which is another $1,200/month.

When you moved to the woods of Maine to lower your COL I don't think you did that with the debt of an upside down mortgage. If you did, I don't think you would have had the funds to purchase property and build a home and go on to live the life of an extreme minimalist. I wonder how all those people are feeling right now that did the same as you except they moved south to Florida and purchased low cost mobile homes, and whatever now remains of many of them as a result of Hurricane Irma are floating somewhere in the Gulf of Mexico. As you can see from these unfortunate individuals, moving to a lower COL area did not insulate them from financial hardship.
During my career, instead of buying Single-Family-Residences to live in, we only bought apartment buildings. So we always had rental income to cover mortgage costs.

When I retired, we had a lot of equity in an apartment building, which we used to buy land.

Maine has the highest average age with the highest percentage of retirees, while Florida is thought of as if it were the 'be all' for retirees.

Maine offers a nice lifestyle, for people who enjoy rural outdoor activity.
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Old 09-25-2017, 05:57 AM
 
Location: Forests of Maine
30,729 posts, read 49,546,472 times
Reputation: 19165
Quote:
Originally Posted by eliza61nyc View Post
Wow!! you live in an area where 24000 is considered wealthy?

May I ask where??
Sure, We live in Maine. One nearby town has a 'per-capita' income in the mid $8,000 range.

My pension is low [near Minimum-Wage] so we knew that we would need to settle somewhere with a low average income, to allow us to fit in.

We have 150 acres of forested land with 1/4 mile of river frontage and a 2400 square-foot house. Our taxes run around $800/year.
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Old 09-25-2017, 06:51 AM
 
845 posts, read 751,714 times
Reputation: 1383
Quote:
Originally Posted by Submariner View Post
No, not at all.

I know many of my neighbors who live on much smaller pensions.

Of course people do not need as large a pension as mine.

Which is why I must question wealthy people who whine about their pension income being so much more.

You also live in Maine. We live in NY.


Our taxes alone are $8K a year. Our mortgage is about $14K a year.


I was very ill at one time. I now maintain my health with a special diet which means I do some of my food shopping in a health food store (and I've tried going back to "regular" food and I can feel the difference in 10 days). I also take vitamins, and other medications. I take 30 pills a day. That all adds up.


I know ppl live on less. My mother was one of them. I also know that many seniors do not take medication because it is either medication or food.


I will not be one of these ppl.


Plus at this point, I want to work.
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Old 09-25-2017, 07:02 AM
 
6,912 posts, read 7,315,105 times
Reputation: 9821
Not to get side-tracked...but 30 pills a day. Wow.

Don't feel the you have to justify WHY you want to work. Don't even get drawn in to that.

So are you thinking about paying back your pension. That's would be my issue.
Can't you just top the pension, work, and let the pension recalculate?
(If you can, when it restarts you may not be able to change any survivor % selection you made, but even so....)

Also, I forget whether I read that you CAN or can NOT pause your Soc Sec.. IF you can NOT, then of course you'll temporarily lose one dollar of that benefit for every two dollars you make over the earrings limit. so would you even GET a benefit or would it all be withheld?

Quote:
they want to pay slave wages,
I know it's just your opinion, and I know it wasn't meant in a bad way, but I really was offended by that. 1) slaves weren't paid wages, and 2) it sort of offends people who are doing jobs every day for a wage I guess you find demeaning, and feel are beneath you. Again, that phrase has never hit me like it did when I read your comment. Don't even know why really other than want I just explained -- probably very ineptly. I just kind of hit me the wrong way, that's all.

Last edited by selhars; 09-25-2017 at 07:15 AM..
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Old 09-25-2017, 07:06 AM
 
Location: Loudon, TN
5,826 posts, read 4,871,492 times
Reputation: 19600
Quote:
Originally Posted by countrykaren View Post
Thanks everyone. Monday I will be speaking to someone else in "Restorations". If I understand correctly, I need to pay it back any way I want, but it needs to be in total before I retire (again). From what I understand, my pension will be recalculated when I retire again.


So even if I HAD to pay it back the first year- I'd still get an tiny income because my pay would be over the $50K for that year.


I did look into "outside" jobs and went on interviews, but either they want to pay slave wages, and/ or the job wasn't want I really do and it was basically made up along the way during the interview. (I will be investigating deaths with NYS. Plus I wasn't hired yet, but I do have the quals since I've done this before. It is a new position for this agency which I have not worked in before.)


As far as returning to work to start with, I want to work. I'm bored and feel I have something to contribute. Retirement isn't all it is cracked up to be. Who knows, I may stay in it past 10 yrs. Right now my health is better than ever.


We do have our house up for sale to down-size and we will save $$ there.


Thanks again.
If it came down to losing the farm, or doing a short sale, I would say that the slave wage job, or they "made up along the way job" would be better than doing nothing. At least you could pay the bills better than you are able to now. I'm sorry you won't be able to find a perfect job, or maybe even just a good one, but it's better than starving or ruining your credit.
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Old 09-25-2017, 07:32 AM
 
Location: NY
3,951 posts, read 1,008,252 times
Reputation: 2301
Response to your question.
There is no simple solution as you can tell by all responses.
At your age keep your medical coverage top priority above all else.
An old jewish friend once told me back in the 70's
"America is the best country to make a living but the worst country to get sick in."
Keep in mind that life average is 78-80 years old. So that gives you about 10 years to work.
Few employed after age 80. Medical issues start kicking in. Ask yourself does it make
monetary sense to go back to work?

When retired and on a fixed income your dollar is worth less and less over the years.
Sad but true. And the economy is sluggish. Not much work out there. Competition will be great.
Ask yourself does it make monetary sense to go back to work?

Options:
You can help offset this by selling your home/condo/coop/ etc..
for something smaller and cheaper and banking the rest to live.
If at all possible buy a multiple dwelling (2 family) for extra income.
If you can't consider renting out part of your home.
Some folks furnish their basement and rent out. Some even rent out rooms.
This generates income that you need.
Just telling the truth.

Try moving to States with least tax burden like Florida to get the best bang for your buck.

An example: You lived in NY. You retired. Sell your home .Cash out.
Half that money buy a multi dwelling in Florida. Bank the rest.
Rent out one apartment. Generate income.
Low taxes all around. Your house generates income.
You got money in ther bank plus S.S. income and pension.

You would not believe how many people are living this Scenario.....
There are options but require deep thought and prayer. Hope this helps.
May God Bless you in finding the answers that is best for you and family.
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Old 09-25-2017, 07:48 AM
 
Location: Tennessee
23,714 posts, read 17,668,720 times
Reputation: 27783
A lot of your expense problems is that you are in remaining in NY. ~$700/month in property taxes, plus whatever else you pay by remaining in NY.

I know you've been trying to sell that farm for awhile, but after months (maybe years now?) with it not moving, you need to cut the price drastically. You obviously don't want to sell for less than you owe, but if it is paid off, you need to get what you can and sell out.

That will at least cut your expenses. Find a job in the new area to make things work.
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