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As I said, I don't think the discounts are offered to seniors because everyone thinks elderly people are poor.
I rather think they are offered to seniors as a sign of respect and in recognition for having lived a rich, long life.
Quote:
Originally Posted by Over the hill gang
I agree. My husband and I sometimes take advantage of senior discounts if we go out to eat and we appreciate the savings.
I actually think it is a marketing thing. Seniors tend to be regular customers. A senior discount is a very cost effective way to "hook" a regular customer.
We've been through this any number of times. It's why the math works better if you're in a high cost of living region. Your career wages are going to be higher so you'll get a bigger Social Security check. Your house will be worth far more. You likely will contribute more to your 401(k). You always have the option to move to what Mathjak calls "cheapsville" to free up all that home equity and reduce your living costs. That's the retirement strategy of countless people in the Northeast Corridor and west coast high cost of living areas.
Gotta agree with Mathjak. It's not nonsense. I project that I will qualify to max. SS when the time comes. Everything you stated above speaks to choice, planning, and intention.
FYI, even in middle America places like Iowa, there are people making over $125k a year. No everyone but some people.
I've recently learned from the Employment forum that American workers don't need money. So there you go.
Gotta agree with Mathjak. It's not nonsense. I project that I will qualify to max. SS when the time comes. Everything you stated above speaks to choice, planning, and intention.
FYI, even in middle America places like Iowa, there are people making over $125k a year. No everyone but some people.
I've recently learned from the Employment forum that American workers don't need money. So there you go.
you just need the kind of career that starts you out in the upper brackets . most of us ramp up over decades of time so for us it would be hard to max it for 35 years .
but for professionals it can be no problem . right out of law school when they hired my son he was maxing the limit 10 years ago . pop on over to the white coat investor forum on facebook . the incomes early on many have are pretty high day 1
I can live on ss if i want to. I get 2833.40 this year since i started at 70. My mortgage is 1400 a month, i pay about 7k a year taxes and insurance and about 500 a month for food and utilities. I do have investments but don't need them, no debt except mortgage so cola is twice as valuable since mortgage is fixed.
I'm single and will be getting about $1800 a month on SS. I'm planning not to have a house payment, car payment nor credit card payments. I'll actually have more available money to live on with SS alone than I do now working full time. It's how I've been planning it and I'll start taking SS at 62. My lifestyle won't change except I'll be able to move to a better area with a lower cost of living which I've been wanting to do for many years.
If you own a home, you will still have property taxes and home owner's insurance. I wanted to mention this because people mistakenly think if they have their mortgage paid off, that frees up the entire cost and that's not true.
If you sell your home and rent an apartment, the cost per month might be higher than keeping the house and paying for property taxes and home owner's insurance.
AARP is always saying more and more people are retiring & have nothing but social security to live on.
I"m wondering how true that is and if it is true - how are you making ends meet when housing costs would have to be more then half the monthly social security max?
Many retire, collect SS and live with a family member. So in that case, if they don't have to make contributions to the monthly mortgage or rent, that's huge.
If you own a home, you will still have property taxes and home owner's insurance. I wanted to mention this because people mistakenly think if they have their mortgage paid off, that frees up the entire cost and that's not true.
If you sell your home and rent an apartment, the cost per month might be higher than keeping the house and paying for property taxes and home owner's insurance.
Not all places have property taxes.
Mine fall below the homestead exemption.
Places have exemption for disabled vets, seniors (or lock them in) etc.
Gotta agree with Mathjak. It's not nonsense. I project that I will qualify to max. SS when the time comes. Everything you stated above speaks to choice, planning, and intention.
FYI, even in middle America places like Iowa, there are people making over $125k a year. No everyone but some people.
I've recently learned from the Employment forum that American workers don't need money. So there you go.
If you own a home, you will still have property taxes and home owner's insurance. I wanted to mention this because people mistakenly think if they have their mortgage paid off, that frees up the entire cost and that's not true.
If you sell your home and rent an apartment, the cost per month might be higher than keeping the house and paying for property taxes and home owner's insurance.
'might be' is the operative phrase in that post.
I own a large farmhouse in a low COL area. I do not have homeowner insurance since I have no mortgage there is no 'requirement' to have insurance. My property taxes are around $857 a year [or $71.42/month].
My pension pays me $1600/month, and I have been saving most of that. Using my savings I recently bought a commercial building that I am remodeling into apartments. I will soon be a Landlord. These will be 'low income' housing, as single-occupancy efficiency apartments, and they will rent for $350/month. [$450/month if the tenant wants me to provide utilities].
My home is 2400 sq ft, it sits on 150 acres of land, and my cost in property taxes is $71/month.
As compared to a 1bdrm efficiency apartment that would cost $350/month.
In my mind, 71 is a good deal less than 350. Your results may vary.
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