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Old 01-15-2018, 12:00 PM
 
13,408 posts, read 6,695,746 times
Reputation: 12875

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Quote:
Originally Posted by Submariner View Post
Food stamp eligibility for a two member household starts at $1726/month.
He's figuring for one person.
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Old 01-15-2018, 12:03 PM
 
Location: Boston
3,732 posts, read 1,471,038 times
Reputation: 5802
Quote:
Originally Posted by eliza61nyc View Post

There is no scenario that I could imagine where living in the woods, with no neighbors and nothing to do would make me happy, so I have to plan accordingly. d.
I lived in Boston for decades, in the city and suburbs.
I've lived in maine less than 6 months and know my neighbors better here already.
People are not only self reliant but inter-reliant.
Worrying about bugs is silly. I've yet to even see a mosquito
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Old 01-15-2018, 01:56 PM
 
13,902 posts, read 7,400,560 times
Reputation: 25389
Quote:
Originally Posted by dazzleman View Post
Anybody who would plan for the type of retirement that OP described is crazy. That is the type of retirement you have when you screw everything up or something terrible goes wrong. It's not something any sane or intelligent person would ever plan for as a baseline.
I have a bit different point of view.

My defer-to-70 Social Security income will be $44,500/year in 2018 dollars. I own my house. That's my baseline. It wouldn't be private jets, yachts, and mansions but I have structured things so I can live fairly comfortably on that. Everything else is discretionary spending. It's kind of comforting to know that no matter how much I screw it up, I'm going to have a roof over my head and food on the table.

Is that my plan? Sort of. It's my worst case contingency plan. I'm 59. If I can't work starting today, I bridge myself to age 70 and my Social Security check becomes the largest component of my cash flow after that. Every year I work, I grow my net worth, shorten the time I have to bridge to 70, and Social Security becomes a less significant part of my income.
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Old 01-15-2018, 02:18 PM
 
Location: Philadelphia/South Jersey area
2,875 posts, read 1,403,268 times
Reputation: 10088
Quote:
Originally Posted by jonesg View Post
I lived in Boston for decades, in the city and suburbs.
I've lived in maine less than 6 months and know my neighbors better here already.
People are not only self reliant but inter-reliant.
Worrying about bugs is silly. I've yet to even see a mosquito
That wasn't me. I didn't mention bugs. I said i don't have any desire to live in the country. I would hate it with or without bugs
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Old 01-15-2018, 02:31 PM
 
20,750 posts, read 13,749,199 times
Reputation: 14409
Quote:
Originally Posted by whateverblahblah View Post
Let's say you retire early and then your money runs out about the time when you start collecting Social Security.

It seems like you could do OK even as a single person. Let's say you get $1,500/month in Social Security.

You can move into a subsidized senior complex where you pay 1/3 of your income, which would be $500. You'd also get $200/month or so in food stamps, and you would also get Medicaid. If you live in a city, you could get senior bus/train passes which should be very cheap.

So really, your monthly expenses would be as follows:

$500 Rent
$50 Bus pass
$300 Food (since $200 is covered by food stamps)
$0 Medical since you get Medicaid
$50 cell phone with unlimited data
$100 household goods
------------
$1,000 total expenses per month

That means you would have $500 left over for whatever you want. Not a bad deal if you ask me.

Live in NYC and am here to tell you while living on SS alone *can* work; it usually doesn't very well.


Know of seniors that literally cannot get a slice of pizza (or anything else to eat) by last week of month until their check hits bank account.


Then you have seniors/retirees who "dumpster dive" in trash from supermarkets, bakeries, Starbucks and so forth to get food.


And so it goes....
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Old 01-15-2018, 02:39 PM
JRR
 
Location: Middle Tennessee
3,679 posts, read 2,225,729 times
Reputation: 5230
Quote:
Originally Posted by Tallysmom View Post
At subsidized housing I know water, gas and electric are included. Not cable.
MY mother was in a subsidized senior apartment in Florida for many years. Water and trash were included but she had to pay for electric and cable.
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Old 01-15-2018, 03:15 PM
 
Location: Ohio
19,910 posts, read 14,232,069 times
Reputation: 16088
Quote:
Originally Posted by MadManofBethesda View Post
Really? In 2048?
The average COLA increase is 4.3% annually, and on $1,500 that works out to $5,300 in 2048.
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Old 01-15-2018, 03:50 PM
 
Location: R.I.
977 posts, read 605,084 times
Reputation: 4232
Quote:
Originally Posted by eliza61nyc View Post
That wasn't me. I didn't mention bugs. I said i don't have any desire to live in the country. I would hate it with or without bugs
I was the person who mentioned bugs, and I make no apologies of having an angst towards bugs and other biting critters. Like you, rural living is not for me either. Nothing wrong with those who enjoy this lifestyle, but very few are truly cut our for it.
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Old 01-15-2018, 04:16 PM
 
Location: Mid-Atlantic
25,017 posts, read 23,908,277 times
Reputation: 30885
Quote:
Originally Posted by BucFan View Post
I read the OP's post to be a hypothetical - "what if my money runs out" -and not necessarily his intention. Always best to look at worst case scenarios in planning.
Yes, he said, "What if... ."
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Old 01-15-2018, 04:18 PM
 
Location: R.I.
977 posts, read 605,084 times
Reputation: 4232
Quote:
Originally Posted by Mircea View Post
The average COLA increase is 4.3% annually, and on $1,500 that works out to $5,300 in 2048.
Where did you get that info from ? The historical COLA data below was taken directly off the SSA web site and I am not seeing 4.3% annual COLA increases over the last 43 years. If you were to average out all those increases it would be 3.70%.

Automatic Cost-Of-Living Adjustments received since 1975
  • July 1975 -- 8.0%
  • July 1976 -- 6.4%
  • July 1977 -- 5.9%
  • July 1978 -- 6.5%
  • July 1979 -- 9.9%
  • July 1980 -- 14.3%
  • July 1981 -- 11.2%
  • July 1982 -- 7.4%
  • January 1984 -- 3.5%
  • January 1985 -- 3.5%
  • January 1986 -- 3.1%
  • January 1987 -- 1.3%
  • January 1988 -- 4.2%
  • January 1989 -- 4.0%
  • January 1990 -- 4.7%
  • January 1991 -- 5.4%
  • January 1992 -- 3.7%
  • January 1993 -- 3.0%
  • January 1994 -- 2.6%
  • January 1995 -- 2.8%
  • January 1996 -- 2.6%
  • January 1997 -- 2.9%
  • January 1998 -- 2.1%
  • January 1999 -- 1.3%
  • January 2000 -- 2.5%
  • January 2001 -- 3.5%
  • January 2002 -- 2.6%
  • January 2003 -- 1.4%
  • January 2004 -- 2.1%
  • January 2005 -- 2.7%
  • January 2006 -- 4.1%
  • January 2007 -- 3.3%
  • January 2008 -- 2.3%
  • January 2009 -- 5.8%
  • January 2010 -- 0.0%
  • January 2011 -- 0.0%
  • January 2012 -- 3.6%
  • January 2013 -- 1.7%
  • January 2014 -- 1.5%
  • January 2015 -- 1.7%
  • January 2016 -- 0.0%
  • January 2017 -- 0.3%
  • January 2018 -- 2.0%
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