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Old 01-13-2018, 04:57 PM
 
199 posts, read 112,301 times
Reputation: 640

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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.
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Old 01-13-2018, 05:21 PM
 
11,131 posts, read 8,540,714 times
Reputation: 28094
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.
Only if you want to lose your free to choose where you live, what you eat, and where you receive medical care. As someone who's been dirt poor, I'll take my personal retirement savings any day. Any SS I get will be a bonus to my own money.
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Old 01-13-2018, 05:33 PM
 
199 posts, read 112,301 times
Reputation: 640
There are websites that have the subsidized senior housing units listed, so you should be able to pick which one you want. Most of them have waiting lists though, but it seems like once you get in you're all set.

As far as food goes, if you eat most of your meals at home, $300/month + food stamps should be fine. The food stamps would cover most of the meats, rice, and frozen veggies at the grocery, and the $300 in your food budget would cover everything else and the occasional splurge on a restaurant.

I take good care of my body, so I don't really care where I'm treated. Any healthcare in America will be much better than in some third-world ****hole.
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Old 01-13-2018, 05:35 PM
 
Location: Tampa, FL
27,798 posts, read 26,213,375 times
Reputation: 14611
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.
SS wasn't originally established to be the sole income for folk's retirement - but it appears that in the next several decades, more and more Americans will depend on it as their only source of retirement income....
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Old 01-13-2018, 05:43 PM
 
Location: Atlanta
3,204 posts, read 3,198,606 times
Reputation: 2031
Please also give estimated costs for:


Auto maintenance (I assume most retired people actually still own cars?)
Auto insurance (see question above)
Cable/internet (lots of free time once retired...no cable or internet?)
Travel (will you never go anywhere ever again?)
Personal (will you stop cutting your hair?)
Electric bill (do people in senior facilities not pay this?)
Water bill (see question above)
Gifts (will you not give to any charity and/or give any gifts to anyone ever on special occasions and/or holildays?)
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?)
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Old 01-13-2018, 05:46 PM
 
13,043 posts, read 15,393,961 times
Reputation: 15297
My parents did it. They owned a home and 80 acres, though, and sold that and bought two houses and lived in one and rented the other one out so that was some additional income. They didn't get Medicaid.


They seemed to do okay. When they died they had already prepaid their funerals and had almost $8000 set aside that we used for a headstone and to do some other things they had expressed they wanted done.
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Old 01-13-2018, 05:47 PM
 
Location: Western Colorado
11,090 posts, read 12,473,002 times
Reputation: 26116
Subsidized senior complex? $500 a month rent? Food stamps? Bus pass - what's a bus? I have no idea where any of this is, certainly no where near here.
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Old 01-13-2018, 05:51 PM
 
Location: Tampa, FL
27,798 posts, read 26,213,375 times
Reputation: 14611
Quote:
Originally Posted by southkakkatlantan View Post
Please also give estimated costs for:


Auto maintenance (I assume most retired people actually still own cars?)
Auto insurance (see question above)
see item about having a bus pass in OP

Quote:
Originally Posted by jim9251 View Post
Subsidized senior complex? $500 a month rent? Food stamps? Bus pass - what's a bus? I have no idea where any of this is, certainly no where near here.
Cities and towns across the USA.
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Old 01-13-2018, 05:55 PM
 
Location: The South
5,225 posts, read 3,635,618 times
Reputation: 7901
Wouldn't work for me. I like new cars, steaks, travel, decent bourbon.But heck, if thats what you want go for it.
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Old 01-13-2018, 05:59 PM
 
Location: northern New England
2,448 posts, read 1,065,316 times
Reputation: 9552
you think a single person would get $200 a month in food stamps? what do you base that on? And how about waiting lists for subsidized housing, as the population ages, they are just going to get longer.
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