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SSI is designed to top up very low Social Security checks or no Social Security benefit at all to lift the elderly above the poverty level. If you are at that income level, you’re not food secure or housing secure. You’re probably in other programs like elderly housing and food stamps.
He received it Not being elderly - he's still not elderly. He never worked.
I didn't start drawing social security until I turned 69 which gives me $3,342/month and should grow to around $3,500 the rifts of the year. If I had to I could live on the social security alone in which $1,517 would cover all costs associated with the condo and all insurances leaving me with right at $1,000 for food and entertainment.
Not a glorious life style but I think it could make it work by becoming real cheap.
My only regret is I didn't wait to age 70 to collect which would have been an extra $200/month.
SSI is designed to top up very low Social Security checks or no Social Security benefit at all to lift the elderly above the poverty level. If you are at that income level, you’re not food secure or housing secure. You’re probably in other programs like elderly housing and food stamps.
You're assuming those programs don't cannibalize each other.
My ex was approved for SSI at 25. She had a handful of regular SS credit quarters from when she was 18-20 - nothing significant. She had lupus, RA, two strokes at 23, and ultimately died at 27.
Her SSI was $900-$1000/month. She was $2x0 SNAP benefits before that. Once the SSI came in, the SNAP benefits were clawed back.
I didn't start drawing social security until I turned 69 which gives me $3,342/month and should grow to around $3,500 the rifts of the year. If I had to I could live on the social security alone in which $1,517 would cover all costs associated with the condo and all insurances leaving me with right at $1,000 for food and entertainment.
Not a glorious life style but I think it could make it work by becoming real cheap.
My only regret is I didn't wait to age 70 to collect which would have been an extra $200/month.
A quick calculation and you need to live beyond 85 for the 69 versus 70 amounts to matter. I hope you do live to regret it though. I do understand looking at it in terms of monthly cash flow...
Yes, some can shelter half of several billion in foundations and charitable funds.
No, you do not "shelter" money in a foundation or charity.
When someone gives money to a foundation or to a charity, they have actually given it away. It is no longer in their control. They cannot buy a car or a watch or a vacation or a yacht with it. It is gone. And that money goes to do good deeds. When I give money to, say, Autism Speaks or to the National Ability Center, it has left my balance sheet and funds programs as decided by their boards of directors.
No, you do not "shelter" money in a foundation or charity.
When someone gives money to a foundation or to a charity, they have actually given it away. It is no longer in their control. They cannot buy a car or a watch or a vacation or a yacht with it. It is gone. And that money goes to do good deeds. When I give money to, say, Autism Speaks or to the National Ability Center, it has left my balance sheet and funds programs as decided by their boards of directors.
The point is that it is a tax deduction. They still have control over how it is given away to a very great extent. Usually families are on staff at the foundations and whatever staff they employ is under their direction, etc., etc. I'm not saying the money comes back to them, but, it is still earning money and it is managed by them (but, yes, it is to be given away, but, some of the things it's invested in could be questionable).
What you describe is a form of the American dream. How is that a bad thing? The OP benefitted from American generosity and opportunity, and used it the way it was intended -- as a stepping stone towards becoming a productive, contributing member of society. Whatever "huge benefit" she received has been paid back multiple times over by her contributions, both as a medical professional and as a taxpayer. Government (taxpayer) assistance was always intended as a lifeline, not a life plan.
A handout? Are you nuts? I slaved away in the lab 7 days a week, from early in the morning deeply into the night in return for that stipend, for several years :-). Why would a pharmaceutical company give a handout to anyone? I'm sorry, are you really THAT dumb and clueless about what biomedical research is? I thought you were a lawyer or something? If you have any amount of education, why are you so poorly informed about something like that?
I’m not quite that extreme but I lived large my whole life. I skied every winter weekend my whole life. I’ve had a sailboat in the harbor my whole life. I took two major breaks from work. I’ve been all over the world. Creating the largest possible amount of wealth was never a priority. I maxed my 401(k). I zeroed out my mortgage long ago. I’d pay off the ski condo but I earn more in interest than the absurdly low interest rate on the mortgage.
I downsized things to reduce my expenses. My house is small compared to other things I’ve owned. I intentionally picked a low property tax town. I shrank the boat. I’ve aged out of comfortably handling a 40 foot sloop. I exchanged ski condos to a low property tax place and it’s a bit smaller with a much lower condo fee.
I designed my retirement to be able to live comfortably on an age 70 Social Security check. I don’t plan to spend all the tax deferred stuff other than Roth conversions.
I don't have your money, but follow a similar philosophy.
I'm currently debt-free other than my mortgage. Realistically, I could be completely debt-free by 41-42. I have a remote government job with fairly generous pay by government standards, historically good COLAs and internal promotion potential, fantastic insurance, and a well-funded pension.
The catch is that the longer I stay, the harder it becomes to leave. At 61, I could retire with full lifetime medical benefits (such as the state has at the time), a full pension, and at a "better than average" salary vs. what local employers in western NC typically offer.
Push come to shove, I could roll all the years of service and pension credits into any other state, county, or city job within the state of NC. Obviously state jobs in Raleigh or metro jobs in Charlotte will pay better than around Asheville, but I love Asheville, and it would take a lot of money for me to leave.
It's a lifestyle choice - sure, I could build a bigger pile of money in Raleigh, but I love cruising the Blue Ridge Parkway after work. The wealthy suburbs of Raleigh are great, but I'd basically have to be economically forced out of east TN/western NC - because of how good the outdoor options and weather are.
I don't need the sailboat on the ocean - I'm fine with a pontoon or cabin cruiser here on Watauga or South Holston Lakes in east TN. I've boated those lakes since I was a teenager. I've rented a boat on Lake Lure once and on Lake James three times - I'd be fine with a condo on either that we could use on the weekends.
I currently pay NC state income taxes by virtue of working for an NC county government. I don't need a ton of space. I'd like a spot my girlfriend and I can spend seasonal time in - her home would be the permanent home - right outside of Asheville, but I'm looking at condos on WNC lakes, or even some of the ski resorts. I'd like something with a "feature," as outside of Asheville, most of the area is very rural without a lot to offer other than outdoor rec. I still intend to live alone until her kids are fully gone, which could be years.
I maxed my 401k for about five years prior to 2023. This has been a rough year financially for several reasons. Next year will be better - I should be at or near cap next year, even with NC state income taxes and a mandatory 6% pension contribution.
Yet, I'm still worried, solely because I'm single with no children and I am fixated on having enough money to "buy" quality, dignified personal care when I can no longer take care of myself. The stories I've heard about nursing home abuses scare me, and there doesn't seem to be a lack of predators waiting to take advantage of diminished seniors.
There's no guarantee the providers of the personal care you buy will be ethical or reliable.
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I do understand looking at it in terms of monthly cash flow...
