People who have jobs that do/did not pay into social security-retirement is affected adversely? Single? How can we live? (pension plan, moving)

[MadManofBethesda]

Originally Posted by texdav

No insurance where the company pays half cost that now days. If the current health care goes thru as being discussed then evn the half the company pays will be counted as as income for tax purposes; which changes alot of peoples tax status.

That's not true.

Here's the latest on the proposal:

washingtonpost.com

And here is the pertinent language:

"The leading proposal would tax as income any premiums exceeding about $17,000 a year, starting in 2013. Currently, the average cost of family coverage provided by employers is about $12,500 a year, and premiums for employer-sponsored coverage -- whether paid by the employer or the worker -- are tax-free. "


But once again, we are straying off-topic from the intent of this thread.

[Minervah]

Originally Posted by IrishTiltedKilt

I would love to hear from anyone who has worked for a state, county, city agency that has not paid into Social Security, and has very little retirement that will come in.

I retired at 55 to take care of my Mom, and now I am having to live on $1250. a month. I don't have enough units maxed out on my Social Security, so unless I do this, I will not receive any S.S. at all. If I max out the units, I will receive some, but am subject to the Windfall Act, which penalizes you for not paying into S.S. Therefore, I am told I will receive half or less of the amount I would get from S.S. because of this.

One good thing is that I have paid in enough to receive Medicare, when I am old enough. I now pay $500. a month for insurance through Cal Pers retirement.

I am looking at leaving Calif. because if anything happens to my Mom, I can not afford to live here. I have to find a place that I can afford. I need to buy something now, and get moved out of state, so that I won't become a bag lady.

I was so dumb when I was younger, and my father did not teach me to question things, he told me, get a job with the city, and you will be fine and have benefits. My dad said, get a job, and stay with it, do not change jobs. I did this, and am in a mess.

Anyone wanting to talk, I would love to hear from you. I did not realize that there are more "walking wounded" like me, here on this board! I could use some camaraderie from others

Don't beat yourself up. Many of us think we took the correct financial path only to find ourselves diverted through no fault of our own. I am in your boat. Although I will be eligible for SS, when I decide to collect it at age 65-66 I too will have to move from Portland OR where the COL is just way too high and jobs are way to scarce.

There are great posts on this forum about less expensive places to retire. Also places where us older folks who need to supplement out SS, pensions or whatever can find jobs to make our money go further. I for one will post about these places as I find them. I have just begun my search this year checking out Minneapolis which is way cheaper to live in than Portland and actually has great areas for Seniors. Next year it will be Knoxville TN and so on until I can find the affordable place for which I am looking.

[carmac]

Originally Posted by LauraC

Get ready to take another hit in your wallet if the American Clean Energy and Security Act passes. It squeaked by in the House last night. You are going to feel it in your energy bills but you are really going to feel it in your purchases from food to cars as costs to business are going to be passed down to you. To give you an idea of what you can expect, 3 attempts to amend the biill in the House to suspend the program if gas hit $5 a gallon; one to suspend the program if electricity prices rose 10% over 2009; and one to suspend the program if unemployment rates hit 15%, were defeated. What does that tell you? There's still time to defeat it in the Senate. Find your voice.

Honestly, I think the retiree population is going to shrink big time within 10 years because of people being unable to afford it and because of healthcare rationing treatment formulas based on cost and the number of years you are expected to live.

Thanks Laura!

[xz2y]

Originally Posted by Minervah

I for one will post about these places as I find them. I have just begun my search this year checking out Minneapolis which is way cheaper to live in than Portland and actually has great areas for Seniors. Next year it will be Knoxville TN and so on until I can find the affordable place for which I am looking.

Watch out for Minneapolis. It's NOT cheap to live here. Income taxes are high compared to many states; registering a car is very high (I paid $250 to register a 2008 civic last year); the sales tax is almost 7%; electricity is going up (Xcel energy has a proposal to raise electric rates by 5%); MN taxes Social Security income--one of the few states that does so; with the harsh winters and hot humid summers, you will pay a lot for heating and cooling (just had 2 weeks of high 80's and low 90's with high humidity and it's not even July yet). Before you move here as a retiree, find out if the state will tax your pension. I suspect it will.

I moved here from Michigan last year and was very surprised to see how everything was higher: my AAA membership was 10% higher; basic car maintenance (oil changes, etc) were 10% higher; and food is very expensive here. I am shocked daily at the prices for produce ($2.00 for a seedless cucumber; $3.00 for a pint of cherry tomatoes; $1.50 for one avocado; $.75 for an ear of corn). There are a lot cheaper places to live. Rent in Minneapolis may seem cheaper than some cities when you look at ads in the paper or online, but when you actually drive by the apartments, the lower cost apartments are in bad locations (unsafe). I went through this last summer. The places to rent that are in reasonable neighborhoods are expensive. I would not recommend Minneapolis as a cheap place to live.

[LauraC]

Originally Posted by MadManofBethesda

It tells me that your post is completely and utterly off-topic for this thread. If you want to debate the merits or pitfalls of the bill, by all means feel free to do so. It just is inappropriate to hijact this thread for that purpose.

The way I read it the OP is in trouble for not having enough money to retire and it was my way of telling her the money she does get is going to have to be stretched even further if this Act is passed. Most people look at new laws in terms of the direct hit they take but never assess them in terms of business passed down costs. Everything she pays for, from food to clothes to cars is going to have an added cost passed down to her. One of the questions in the subject title is "How Can We Live?" She can't do anything to change the past but she can speak up now.

[texdav]

SAays it hijacking which I don't garee with ;then does just that.Retirement can be effected many ways as OP sates and much of it cost passed on to consumers.

[Wisteria]

Quote:

Originally Posted by MadManofBethesda
It tells me that your post is completely and utterly off-topic for this thread. If you want to debate the merits or pitfalls of the bill, by all means feel free to do so. It just is inappropriate to hijact this thread for that purpose.

LauraC: The way I read it the OP is in trouble for not having enough money to retire and it was my way of telling her the money she does get is going to have to be stretched even further if this Act is passed. Most people look at new laws in terms of the direct hit they take but never assess them in terms of business passed down costs. Everything she pays for, from food to clothes to cars is going to have an added cost passed down to her. One of the questions in the subject title is "How Can We Live?" She can't do anything to change the past but she can speak up now.

texdav SAays it hijacking which I don't garee with ;then does just that.Retirement can be effected many ways as OP sates and much of it cost passed on to consumers.

Okay, folks, I understand many, many things affect our finances...and I do agree with Texdav that a thread in the Politics and Controversies forum would be more appropriate for the topic of the Act. There are many things that will affect us -- some of which we are still yet unaware -- so, I also agree that this thread should focus on Social Security, and the issues involved in trying to live on that, and retirement benefits being affected. How can we live, where, with whom, places that might be more conducive. The reality is, we are affected probably more than we know by hidden costs that we will never know about. We are the consumers and the costs are usually passed onto us....that is just how it is.

I'd, also, prefer we keep the thread to how to make it on S.S., and for those who are not of retirement age yet, to help them make some good decisions now for building it up, or how to get into a job that gives a pension with a short number of years to be vested, and if such job also pays into social security. I hope we can stay on topic, because the issue of Social Security/pensions and how to live on it, alone or as a group, is really what I hope this thread will remain. Thanks.

I noticed that Nancy was surprised to see that many other government agencies do NOT pay into Social Security -- that's one way I got in trouble -- I, too, used to work for New York State and it paid into both. However....and I am wondering if there is legal recourse -- NYS has said that the years I put in there do NOT count because...and this seems crazy to me (I'd have to try to dig up the letter they sent me) I did not tell them about my change of address when I moved out of state! One would think it would stay on the books regardless. So, according to them, I have lost everything I ever put into it! Somehow that does not seem right.

And then I worked those other government jobs that did not pay into Social Security -- it just never occurred to me that employers did that. I knew nothing about pensions, Social Security, nada, about any of that. Obviously, I'm sure learning fast now, but it's too late. Had I known then what I know now, I am sure it would have been a much different and better retirement.

[Minervah]

Originally Posted by xz2y

Watch out for Minneapolis. It's NOT cheap to live here. Income taxes are high compared to many states; registering a car is very high (I paid $250 to register a 2008 civic last year); the sales tax is almost 7%; electricity is going up (Xcel energy has a proposal to raise electric rates by 5%); MN taxes Social Security income--one of the few states that does so; with the harsh winters and hot humid summers, you will pay a lot for heating and cooling (just had 2 weeks of high 80's and low 90's with high humidity and it's not even July yet). Before you move here as a retiree, find out if the state will tax your pension. I suspect it will.

I moved here from Michigan last year and was very surprised to see how everything was higher: my AAA membership was 10% higher; basic car maintenance (oil changes, etc) were 10% higher; and food is very expensive here. I am shocked daily at the prices for produce ($2.00 for a seedless cucumber; $3.00 for a pint of cherry tomatoes; $1.50 for one avocado; $.75 for an ear of corn). There are a lot cheaper places to live. Rent in Minneapolis may seem cheaper than some cities when you look at ads in the paper or online, but when you actually drive by the apartments, the lower cost apartments are in bad locations (unsafe). I went through this last summer. The places to rent that are in reasonable neighborhoods are expensive. I would not recommend Minneapolis as a cheap place to live.

Thanks for the STATS. I will definitely take what you are saying into consideration. Those things you mention are all way more in Portland with the exception of sales tax which we don't have. (They make up for it in property and income tax). And I don't own a car so those expenses wouldn't effect me.

I guess everything is relative.

[MN2CO]

Minervah - Told you so...nananana. This is not a cheap place to live.

[MN2CO]

Originally Posted by xz2y

. I am shocked daily at the prices for produce ($2.00 for a seedless cucumber; $3.00 for a pint of cherry tomatoes; $1.50 for one avocado; $.75 for an ear of corn). .

Where do you shop and do you buy organic? I live in Edina - shop at Cubs and pay 60-70c for cucumbers (which I thought was a lot) - never have had to pay what you have priced for any of the produce. I do agree that Mpls is not cheap - it never has been.