The Amount of Money you need to retire early and live in poverty (move, federal)
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Anyway, my cousin actually did it and she and her family are slap happy. she was a lawyer in NYC, burnt out , evil and miserable. kids in all kinds of trouble. I forget what her husband did. anyhoo, maybe 10 years ago she had a breakdown and that was it.
Quit her job, sold the house in NYC, took the family and moved to tybee island ga. totally different life and I think right above the poverty line but you know what, total 1000% different people.
They live simply, kids are happy, last one just got scholarship to college, she has a pt job in some type of legal aid, he works in a bait shop.
I ain't mad at her at all.
If your cousin had continued her career as a lawyer in NYC, I suspect she would have sufficient assets to pay for her children's college education.
That is, by dropping out of the economy, the rest of us pick up the tab for her child to attend college. That is, the rest of us enable her irresponsible economic behavior.
Last edited by RationalExpectations; 07-13-2019 at 08:18 AM..
If people are talking about phones the whole point is sorta moot.
My bro pays about $20 a year as he has had the phone from long ago and has limited minutes.
Everyone puts gas in their (used) car or buys food or takes a bus somewhere....a few bucks don't really mean much....down at the bottom levels of life. Having a communications device today is a joke....sorta like saying the poor in India have a TV so all is well (meanwhile 35% of the country poo in the street).
No, don’t believe what you see with your own eyes. Haven’t you heard, the data says the problem of poor people in this country no longer exists.
Don't forget that in 30 years the purchasing power of that nice 7 figure net worth will have been cut in half or worse.
Our planet is already dying quite rapidly and who wants to be alive in 30 years, given the continuing destruction?
Some people fear retiring because they fear that the boredom will have them bouncing against the walls every day. That's what I thought! Wrong! I'm continually amazed at how fast the time goes when retired, and there's days I want to return to work just to slow things down! I'll put just a few minor tasks to be completed every day, and? Many times, I can't even check one of those items off the list! Where did the time go?
If your cousin had continued her career as a lawyer in NYC, I suspect she would have sufficient assets to pay for her children's college education.
That is, by dropping out of the economy, the rest of us pick up the tab for her child to attend college. That is, the rest of us enable her irresponsible economic behavior.
No, don’t believe what you see with your own eyes. Haven’t you heard, the data says the problem of poor people in this country no longer exists.
I deliver meals on wheels in Florida. 46% are not making it - in the entire STATE. Yet the Gov. and the pols declare it is the BEST EVER.
In the area I work, considered "upper echelons" when many hear the word (Sarasota), there are many thousands of people living in conditions which can only be described as 3rd world. Example - a shed, like an OLD shed that was delivered from a shed place 25 years back, with a bed and a hot plate and no A/C.
Or, an ancient "throw away grade" towable motor home up on blocks. Or small houses broken up into many rooms.
You could live in Sarasota your entire life and never see these places. I didn't....in the 5 years I wintered there - until I started this volunteer work.
The national figure is something like 40% - not making it. But it's the best ever....according to some who tell us so.
Our budget lacks utilities, homeowners & should be higher regarding prop tax. So let's add some on
$218 Homeowners for 200K value home
$175 Utilities
$120 additional prop tax
------------
$513 + Our expenses= $2688 expenses
$2743(200% of the FPL) -$2688 expenses -------- $55 month leftover
How is this not a comfortable lifestyle for most?
Eating out 3x a week, a budget vacation 1x a year, riding quads, canoeing, cycling, skiing 2x a yr.
Caring for chickens, dogs, cats, fish on a budget. Sure you need to be creative- Carpool on trips by placing an add on CL Rideshare. Share gas$ We grow much of our chickens food with compost piles for worms, etc.. Our dog & cat food is homemade.
Anyone can do it. Mostly out of fish from our trout pond but also older meat at great discount from the store. We grow our potatoes in our compost pile. Each potato grown turns into 2-3 more potatoes as you cut the eyes out and toss back in manure pile. We've obtained free chicken food & veges for pet food from Subway. Our gasoline is higher than most because we eat out 3x a week
This is not my version of any form of poverty whatsoever
unless you are renting
Our budget lacks utilities, homeowners & should be higher regarding prop tax. So let's add some on
$218 Homeowners for 200K value home
$175 Utilities
$120 additional prop tax
------------
$513 +
Our expenses=
$2688 expenses total
$2743(200% of the FPL)
-$2688 expenses -------- $55 month leftover
How is this not a comfortable lifestyle for most?
Eating out 3x a week, a budget vacation 1x a year, riding quads, canoeing, cycling, skiing 2x a yr.
Caring for chickens, dogs, cats, fish on a budget. Sure you need to be creative- Carpool on trips by placing an add on CL Rideshare. Share gas$ We grow much of our chickens food with compost piles for worms, etc.. Our dog & cat food is homemade.
Anyone can do it. Mostly out of fish from our trout pond but also older meat at great discount from the store. We grow our potatoes in our compost pile. Each potato grown turns into 2-3 more potatoes as you cut the eyes out and toss back in manure pile. We've obtained free chicken food & veges for pet food from Subway. Our gasoline is higher than most because we eat out 3x a week
This is not my version of any form of poverty whatsoever
unless you are renting
And how do you fare if your spouse goes into a nursing home, or you need home health aides? My mother made $1400 a month, too much to qualify for home health in Philly. She slept in the living room because she needed a new roof and pieces of the ceiling were all over her bed, because she couldn’t afford a roof. Where is money in your budget for car expenses, or the $500 ambulance bill her Medicare HMO didn’t cover? Many of the older women I work with in rehab are widowed, many divorced long ago and trying to live on less than $1000 a month. My mom was ok I wouldn’t say she lived in poverty but her income was more than many of those around her (Which is why she didn’t qualify for home health assistance). I don’t see a supplemental policy from Medicare listed in your expenses, but when we switched my mom from her HMO to Medicare traditional (to avoid those very high copays and things like that ambulance not being covered) her plan alone was $360 a month.
I’ve had patients who lived in their trucks. I had a woman whose husband walked out and she was living on $800 a month plus $50 in food stamps. It’s not as pat as you seem to think. Also $80 a month is unusually cheap for property taxes. Mine are $600 a month on a $125,000 home. Moving not going to be an option as all the people who are willing to help me in old age live here. I already had one back surgery in which I had to lean on all of them for help and transportation, moving somewhere I don’t know a soul and having to pay for help when I need it would not put me in any better position.
And how do you fare if your spouse goes into a nursing home, or you need home health aides? My mother made $1400 a month, too much to qualify for home health in Philly. She slept in the living room because she needed a new roof and pieces of the ceiling were all over her bed, because she couldn’t afford a roof. Where is money in your budget for car expenses, or the $500 ambulance bill her Medicare HMO didn’t cover? Many of the older women I work with in rehab are widowed, many divorced long ago and trying to live on less than $1000 a month. My mom was ok I wouldn’t say she lived in poverty but her income was more than many of those around her (Which is why she didn’t qualify for home health assistance).
I’ve had patients who lived in their trucks. I had a woman whose husband walked out and she was living on $800 a month plus $50 in food stamps. It’s not as pat as you seem to think. Also $80 a month is unusually cheap for property taxes. Mine are $600 a month on a $125,000 home. Moving not going to be an option as all the people who are willing to help me in old age live here. I already had one back surgery in which I had to lean on all of them for help and transportation, moving somewhere I don’t know a soul and having to pay for help when I need it would not put me in any better position.
O.k, I'll try to address this.
As stated, my Prop tax of $80 a month is VERY low. It was planned that way.
Hence adding on $120 mo for prop tax (for budget). which still wasn't enough.
In Calif, prop tax is one of the only reasonable expenses we have as it's capped at 1% but counties can add $ on and usually do. Sorry I forgot about that.
My circumstance assumes the person lives and owns their own home, as stated. Not someone in their car, or someone with $600 a month property taxes on a 125K home. You'd likely be paying $150 tops here but your reasons for not moving sound very wise.
How would we fair if we needed home health aides? Both of us? BOY that would be tough! One of us?
Well I planned for that after visiting an Estate Planning Attorney.
I would quit my job immediately.
Leaving us w/ $1915 a mo. Social Security
$1915 mo
- $134 part b
-$600 mo maintenance need (for medicaid to obtain home health aides via IHSS)
-------------------------------
$1181 a month countable income. He or I (but not both) would qualify for free medicaid- including home health aides/nursing home.
Only one of us can be on medicaid at a time leaving the other, I think, to pay their 100% of their bills.
Would that pay our bills? yes but we'd be living in poverty.
In case of an emergency that our part F's and part b's don't cover it all, we always have no more than 2k in our bank account at one time.
Keeping us within the medicaid range just in case but we have always paid it. Our part b's & part f's are covered for life was we have that $ stashed in cash away to help keep us away from medicaid. And again, I am pretty sure I'd need to quit my job if one of us truly needed a nursing home or health aides as it would dis-qualify.
Last edited by ElmersGlue.; 07-13-2019 at 12:57 PM..
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