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That isn't living, it's existing. In the real world, no one with that income is going to have $500 left over every month. There will always be unexpected expenses every month.
That depends on how you define 'living.' Some people don't need a lot of money to 'live' and be happy.
OP I see you copied this. But did you ANSWER this?
Quote:
Originally Posted by southkakkatlantan View Post
Please also give estimated costs for:
Auto maintenance (I assume most retired people actually still own cars?) no car, wouldn't need one in city with good public transportation
Auto insurance (see question above)no car
Cable/internet (lots of free time once retired...no cable or internet?)no cable, never had it, never will... data plan for internet is part of cell phone bill
Travel (will you never go anywhere ever again?) there are $500 left over each month
Personal (will you stop cutting your hair?)you can get a Flowbee and cut your own hair
Electric bill (do people in senior facilities not pay this?)that's included in the housing
Water bill (see question above)included in the housing
Gifts (will you not give to any charity and/or give any gifts to anyone ever on special occasions and/or holildays?)most charities are scams taking advantage of tax-exempt status, so I never donate... the occasional gift can be from the $500 left over... most of my relatives will be old or dead at that point anyway
Hobbies/socializing/shopping (will all the things you do be free? will you never eat out? will you never buy anything you want for these hobbies or shop for clothing again?)walking/hiking is free... eating out occasionally is part of the food budget
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.
Not sure you'd get Medicaid with an income of $1500 a month-although the amount needed to qualify for Medicaid probably varies from state to state. At least here in FL a person can't make more than somewhere around $800-900 a month to qualify for Medicaid, although they will deduct the person's medical expenses from their income in consideration for Medicaid.
We used to be high income, now after husband retired due to health we live on SS only, and yes we get higher than normal SS, about 42K a year between us. I won't go into all the reasons we had no savings.
The point is I forsaw a problem here and five years before retirement bought an old house in WV with the idea of retiring to it when we retired. It was cheap and big, I intended to get my youngest son and his family to move with us to take care of us.
Now we live off SS ONLY and we partially support 7 people.
We went through bankruptcy and now just the monthly expenses take us over what we get each month.
gas heat 185.
electric 358.
city utilites 85.
car and house insurance 285.
Part B ins. 268.
Sup. ins. 298.
Life Ins,540.
That does not include food or a few other things but you get the idea. BTW, I am NOT looking for advice here, just giving information in keeping with the thread. Please no you should have done this or that.
I suppose my wife and I could survive on $2,000 but it wouldn't be fun. $1,450 would cover Medicare plans, real estate taxes, HOA, fees and very basic utilities but wouldn't include internet, cell phones or cable television. God help us if we needed a service call to replace the burner on the water heater like we did this very morning. Yep, woke up to cold water this morning.
Forget the car we would hike to the Dollar store and pharmacy. Nah, I wouldn't like living like that. What if you get a tooth ache? Any little thing could totally upset your life.
If this were our condition I would be praying for that 20 hr/week Walmart greeter job which would be a life saver in this scenario.
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.
Ask the Indians how they did relying on government checks to sustain themselves. Look at the inner cities and their inhabitants.
In a country like America, there is NO EXCUSE to retire with nothing but SSA.
One can survive subsistence level living in some areas. I know people who 'get by' on about $780 SSI; subsidized HUD housing at 1/3; $150 per month (1-2 meals per day) as part of HUD; Food stamps around $100 per month (varies); free cell phone (200 minutes); Medicaid/Medicare; Bus Transportation with senior citizen transport for Dr's appts..
It's not a desirable lifestyle, but, for those who have been homeless and living on the streets or in missions for several years, it is more manageable than to most. Likewise, when that's all one has, one 'makes do.'
However, aspiring to or planning for such a lifestyle as a retirement objective or means of not working, if one has any other alternative, is both irrational and unsustainable for most non-hermits.
Not sure you'd get Medicaid with an income of $1500 a month-although the amount needed to qualify for Medicaid probably varies from state to state.
Indeed, the state matters. Per this, Medicaid in WI allows income anywhere from $1,000 - $2,500 per month. How these calculations are done, I have no idea.
Certainly, at the higher income levels there would be a spend down requirement which I've read many complain about. Quality of medical care depends a lot on where one lives. In my area, Medicaid people have use of the best hospitals and docs, although they are quick to be discharged to care facilities - some good, some not so good.
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.
$1500 is too high to get Medicaid. Factor in Medicare deductibles and co-pays. No dental or vision.
Wow! You sure are reading a lot more into my post than the words of the post would suggest. Even remotely. Btw, you did notice I said I was retired? WE never advocate for an able body 30 year old. Where did you get that?
What difference does it make if you are retired or not ?? If you think I read more into your post than what you actually meant so did several others whose posts following mine with similar response to yours. If you missed the important point that the OP is 30 something and is considering 30 years into his future a life entirely dependent on government assistance to support his retirement years then admit you missed that very important point instead of responding back with meaningless information.
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