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Old 08-13-2019, 07:33 AM
 
Location: Tennessee
24,068 posts, read 17,905,479 times
Reputation: 28236

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Quote:
Originally Posted by pvande55 View Post
I'm not too worried about those who worked at least 35 years at a W2 job. They will get a SS pension enough to keep out of poverty, if not a lavish lifestyle. I'm more concerned with those who worked cash jobs for the most part. Didn't pay Social Security tax? You dont collect Social Security.
That's not entirely true.

Like I just mentioned, my mom's SS is only around $1,100/month. She's always hovered around area median income, and is taking SS early so she can retire due to poor health. She's married and dad will probably work until 65-67, but they still have a mortgage, car payment, and other debt.

$1,100/month is slim pickings, even here. It might not be the federal poverty level, but you have basically no slack there.
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Old 08-13-2019, 08:03 AM
 
Location: Ohio
5,121 posts, read 1,853,454 times
Reputation: 4285
Quote:
Originally Posted by fluffythewondercat View Post
How are "we" responsible if a person refuses to pursue the abundant opportunities available?

One doesn't even need a college education. I think college is wasted on many. People can do well for themselves in the trades, start their own businesses and create wealth. One thing this country lacks is blue collar role models. The idea that everyone needs a university degree has created a lot of misery.
Pursue a college degree in line with your aptitudes and talents. It is not for everyone. Many entrepreneurs don't have a formal college training because it is too confining.

As far as "abundant opportunities available"? Those are surely not as plentiful as they were 40-50 years ago, especially for blue-collar workers. Not surprising because we are no longer a manufacturing nation like we once were, that required lots of manual labor.

The real problem is that wages have not increased at the same pace as cost of living. And the inflation rate only tells part of that story. Health care costs take a much larger fraction of our income than they used to, and that trend is accelerating. Hits those on fixed incomes the hardest.
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Old 08-13-2019, 08:28 AM
 
Location: Loudon, TN
5,947 posts, read 4,940,845 times
Reputation: 20127
Quote:
Originally Posted by MI-Roger View Post
There is an interesting Sociology/Child Psychology theory which may explain why so many adults can't or won't change. The theory is Adverse Childhood Experiences, or ACE. A series of 10 questions, answerable with Yes or No responses, each Yes counts as one point. A score of 4 or higher indicates high risk of the individual being affected for their entire lifetime by events which happened in their early childhood. First published in 1978 (IIRC), tested or re-studied many times since, no failures yet of the theory in the follow-up studies.

....
I looked it up and I scored a 6! Fortunately higher risk doesn't always predict outcome. I'm very happy to be the exception to the rule.
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Old 08-13-2019, 09:00 AM
 
3,767 posts, read 962,615 times
Reputation: 4332
Quote:
Originally Posted by Serious Conversation View Post
That's not entirely true.

Like I just mentioned, my mom's SS is only around $1,100/month. She's always hovered around area median income, and is taking SS early so she can retire due to poor health. She's married and dad will probably work until 65-67, but they still have a mortgage, car payment, and other debt.

$1,100/month is slim pickings, even here. It might not be the federal poverty level, but you have basically no slack there.
Right. There’s a difference between maxing out SS and getting $3k+ a month (maxing both annual income and waiting until 70) and having middling income and/or less than 35 creditable years and getting $1100. That’s still borderline cat food territory. The comment mentioning “... if not luxury” on $1100 was a slap in the face.

Even when mom pays off her house, she’ll still have:

- $2000/yr flood insurance
- $2000/yr property taxes
- $1000/yr homeowners

That’s over $400/month on a paid off house. (She has had to make a few claims on flood and yes they have lost money on her as a policyholder.)
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Old 08-13-2019, 09:11 AM
 
29,995 posts, read 35,084,332 times
Reputation: 11902
Quote:
Originally Posted by TheEmissary View Post
The War on Poverty is over. Poverty won!
That’s because we didn’t have the political will to go nuclear.
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Old 08-13-2019, 09:28 AM
 
Location: Knoxville, TN
1,398 posts, read 639,185 times
Reputation: 3199
Quote:
Originally Posted by ddm2k View Post
Right. There’s a difference between maxing out SS and getting $3k+ a month (maxing both annual income and waiting until 70) and having middling income and/or less than 35 creditable years and getting $1100. That’s still borderline cat food territory. The comment mentioning “... if not luxury” on $1100 was a slap in the face.

Even when mom pays off her house, she’ll still have:

- $2000/yr flood insurance
- $2000/yr property taxes
- $1000/yr homeowners

That’s over $400/month on a paid off house. (She has had to make a few claims on flood and yes they have lost money on her as a policyholder.)
Social security for one person in a married couple is a whole different ballgame than social security for a single person. $1,100 as a total income is not much and there will be many people, particularly women, having to live on this amount all by themselves.
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Old 08-13-2019, 10:49 AM
 
11,070 posts, read 9,462,386 times
Reputation: 6776
Anyone who has to live on $1,100/month, and really has no other source of income/support, is pretty screwed anywhere in the US.
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Old 08-13-2019, 10:49 AM
 
Location: Camberville
12,119 posts, read 16,881,059 times
Reputation: 19986
My boyfriend's parents are in this boat. In their mid-60s, no retirement savings, and living in a house that they will not be able to continue living in as they age (wood stove for heat in upstate NY, very rural and far away from services/medical care, difficult to get to in the winter). His father already collects social security ($700 a month) and his mother will eventually claim a bit more in SS. My boyfriend started a company that is run out of one of their barns which pays the mortgage in rent, as well as employs his mother as a full time employee and his father as a contract worker. Still, their retirement plan is essentially my boyfriend.


He's an only child, so there's no other help, but he is not in as good of shape for his own retirement and future plans as I would like in part because of propping his family up. Unfortunately, the financial strain of his parents is putting our own future in jeopardy. We're not the only Millennial couple we know in that situation.
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Old 08-13-2019, 10:54 AM
 
Location: Forests of Maine
30,847 posts, read 49,739,391 times
Reputation: 19330
Quote:
Originally Posted by BBMW View Post
Anyone who has to live on $1,100/month, and really has no other source of income/support, is pretty screwed anywhere in the US.
That is not true.

I have neighbors who live on SSDI of $800/month.
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Old 08-13-2019, 10:59 AM
 
Location: Forests of Maine
30,847 posts, read 49,739,391 times
Reputation: 19330
Quote:
Originally Posted by charolastra00 View Post
My boyfriend's parents are in this boat. In their mid-60s, no retirement savings, and living in a house that they will not be able to continue living in as they age (wood stove for heat in upstate NY, very rural and far away from services/medical care, difficult to get to in the winter). His father already collects social security ($700 a month) and his mother will eventually claim a bit more in SS. My boyfriend started a company that is run out of one of their barns which pays the mortgage in rent, as well as employs his mother as a full time employee and his father as a contract worker. Still, their retirement plan is essentially my boyfriend.
The situation that you describe is very common here in my town.

The dominate form a household heating here is woodstoves.

If your in-laws bring in $700/month now and will eventually get double that, that is their 'retirement' income.
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