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Old 02-19-2010, 12:18 AM
 
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I have never worked so won't get SS. I have 500k saved is that enough? I am 51 years old. I am now disabled and don't get any social security because I was a stay at home mom. My husband works but... I want to know if I would make it if I could not depend on him.
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Old 02-19-2010, 01:31 AM
 
Location: At the Lake (in Texas)
2,070 posts, read 2,034,021 times
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Quote:
Originally Posted by soslow View Post
I have never worked so won't get SS. I have 500k saved is that enough? I am 51 years old. I am now disabled and don't get any social security because I was a stay at home mom. My husband works but... I want to know if I would make it if I could not depend on him.
If you truly have $500 thousand saved, and you know how to invest it and keep it safe and drawing interest, I can't imagine that you wouldn't have enough to live comfortably. It will be interesting to hear what others think.
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Old 02-19-2010, 02:15 AM
 
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500,00 can generate about 15-20,000 a year if you can manage to get a 7% return.. not easy this past decade. dont forget you have to be able to take about a 3% raise every year just to pay the same bills.



it really depends on your expenses.. i would find it tough living on 20,000 before taxes especially if i had housing costs... just medical insurance and housing costs can top that in a heart beat.

while 500,000 sounds like alot the fact is to have it last and inflation adjust you cant spend principal or your chances of making it 25-30 years are pretty nil. 20,000 a year now in bills will require 40,000 in 20 years or so just to stay even. just think back 20-25 years. has pretty much everything you pay not doubled?

and lets not forget the more the return long term drops below 7% the less you can withdraw. in order to inflation adjust your withdrawl you have to grow your nest egg by the amount of inflation. im figuring 3%. so if you manage to get 7% you can take 4% and your nest egg grows 3% so you can take 3% more next year.

Last edited by mathjak107; 02-19-2010 at 03:04 AM..
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Old 02-19-2010, 05:55 AM
 
Location: Baltimore
1,802 posts, read 7,292,962 times
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Why would you not be eligible for SS through your spouse?
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Old 02-19-2010, 08:08 AM
 
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How does one save $500K without working, or is it half of the marriage assets?
Don't forget about health insurance...
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Old 02-19-2010, 04:55 PM
 
Location: Alaska
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You may be eligible for a SS spousal benefit:

Social Security Spouse Benefit – Called A Social Security Spousal Benefit

Benefit for a spouse.
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Old 02-19-2010, 05:41 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,537 posts, read 39,914,033 times
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Quote:
Originally Posted by soslow View Post
I... I have 500k saved is that enough? I am 51 years old. I am now disabled and don't get any social security ...
No $500k is not enough for a 51yr old disabled person w/o benefits to retire, unless you can spend it down and get state aid. Even living in a low cost area, you will not be able to afford; Housing, food, medical, transportation....

If you have housing and medical covered outside of touching the $500k, it is possible to survive in USA.

I would seriously consider a foreign country, future costs in the USA are going to be burdensome, especially if you need healthcare. (IMHO)


You will note NO-ONE is claiming health care will be CHEAPER in the future. Estimates are that Obamacare will RAISE premiums for all and actually force many more costs back on the consumer.
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Old 02-20-2010, 04:59 AM
 
71,463 posts, read 71,652,652 times
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the retirement graveyard is filled with failed retirements because of under funded nest eggs and inflation. we dont realize how over time we need double just to keep up .

in the early years it looks like that money will last forever hitting the principal but over time it aint so.
couple that with the fact folks tend to stay away for equities and and anything more then a cd and that usually spells a miserable or failed retirement without other sources of income.
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Old 02-20-2010, 06:33 PM
 
Location: Florida Gulf Coast
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My friend in her 60's has never worked and gets a nice $800/mo. from Social Security due to her husband's working.
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Old 02-21-2010, 06:26 AM
 
Location: Tampa, FL
27,798 posts, read 26,196,040 times
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Quote:
Originally Posted by MagnoliaThunder View Post
If you truly have $500 thousand saved, and you know how to invest it and keep it safe and drawing interest, I can't imagine that you wouldn't have enough to live comfortably. It will be interesting to hear what others think.
I think with a spartan lifestyle (non-extravagant), you could. Depends also on life expectancy, medical costs, house payments, etc, cost-of-living.
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