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I wanna know how! Does it depend on where you live, if you own your house free and clear, or rents are low in the area? What about food costs that are going up, gasoline, medical and dental bills, insurance, utilities? Do you live with other people to help with bills?
Believe me, on $8K, you could not possibly "waste" any money - there's none to waste. Does the $8K go up every year - do you get a raise, that is?
I think housing takes most of my money, and probably alot of others'. If you add mortgage, taxes, condo fee (if applicable), utilities, etc., you could be almost broke. Where I live, it's cheaper to own if you've been in your house awhile - your mortgage is going to be less than the rents today. So, it does no good to sell (if you could!) and get an apartment.
So - do tell your secrets!
Indeed, housing costs can be crazy. But there is plenty of subsidized housing everywhere, especially for seniors. I live on social security, and like thousands if not millions of others, all of my housing cost is determined as a percentage of my income. I've lived on this income without subsidized housing before though too. A small, cheap apartment, in an inexpensive town.
I eat cheap, yet healthy. A lot of people buy expensive foods that they don't need, like meats, snacks, soda pop, etc etc.. Eating out too is a huge unnecessary cost that I avoid.
I live in a frugal location, where I can walk and take public transportation easily to get everywhere I need to, so gas prices aren't really a concern. Medicaid covers my medical needs.
One key I think is always having money saved for potential times of need. Never go broke. Better to skim on things and hold on to that last $100 in case you *really* need it come something unexpected. Some things a person may think they need, like cable TV, might find out that they don't miss it after going without it.
Yet I still buy consumer goods and have a lot of stuff I don't need.
Quote:
Originally Posted by forest beekeeper
My Dw spent the morning making pasta today.
We have a lot of lasagna pasta and straw pasta laid out drying.
Millions of people face this predicament. According to the Social Security Administration, Social Security benefits account for 90% of income for four of every 10 unmarried retirees and two of every 10 married couples.
Another report on the Social Security Web site tells us that the average Social Security benefit for a retired worker is now $1,082.30 a month.
I gave this article the lowest ranking possible. "It isn't a pretty picture." No, it isn't, and their suggestion that we live four to a trailer isn't pretty either. I can just see the writer and his co-workers at big-deal Money magazine laughing their patoots off while they made up this stuff. I can just hear them: "Hey, I know. Let's say put these old people in trailers. Yeah. That's the ticket. Oh, and hey, they have to have a roommate—No, two roommates! No, three! No, let's give them four roommates! Four people living in a trailer! Oh, that's sweet!"
Now, how about some _real_ advice, Money mag? Why not actually talk to people who have retired on $12k or less per year? I know quite a few I can tell you about.
I gave this article the lowest ranking possible. "It isn't a pretty picture." No, it isn't, and their suggestion that we live four to a trailer isn't pretty either. I can just see the writer and his co-workers at big-deal Money magazine laughing their patoots off while they made up this stuff. I can just hear them: "Hey, I know. Let's say put these old people in trailers. Yeah. That's the ticket. Oh, and hey, they have to have a roommate—No, two roommates! No, three! No, let's give them four roommates! Four people living in a trailer! Oh, that's sweet!"
Now, how about some _real_ advice, Money mag? Why not actually talk to people who have retired on $12k or less per year? I know quite a few I can tell you about.
Well, maybe not four to a trailer, but maybe two? If someone is alone, it's really hard to retire. I think "communes" will be coming back, out of necessity for so many people - think of how there are more single people now, and so many divorces. And, costs keep rising, but income does not. And, then it REALLY goes down when you retire!
Well, maybe not four to a trailer, but maybe two? If someone is alone, it's really hard to retire. I think "communes" will be coming back, out of necessity for so many people - think of how there are more single people now, and so many divorces. And, costs keep rising, but income does not. And, then it REALLY goes down when you retire!
A good reason to live in an economically 'depressed' area with low property taxes, and to own your home with no mortgage.
I thnik you will find as I have that you can take quite a hit in income and livbe just as well. My retired first then a few months ago muy wife retired. Bth at 55. We noticed that oyr savingsa increased when I retired and confirmed it when she retired. We were shocked now much it cost us to work. In fact we looked over the last few years and our savings rate has actual increased although we piad off a car 11/2 years early. We are now totally out of debt and don't see anyhting that will be needed big for a year or two and then that is optional.
A good reason to live in an economically 'depressed' area with low property taxes, and to own your home with no mortgage.
All I have to do is go to my hometown in NYS to do that! Economically depressed, indeed. The buildings downtown are all boarded up. Rents are $400/month, if that. And, they DO have a grocery store and a post office, and even a library, plus four churches.
All I have to do is go to my hometown in NYS to do that! Economically depressed, indeed. The buildings downtown are all boarded up. Rents are $400/month, if that. And, they DO have a grocery store and a post office, and even a library, plus four churches.
There you go
Buy a 3bdrm home for $30k, and pay $80/year for your property taxes.
Setup a greenhouse, grow your own veggies, and put the excess veggies on a farm-stand with a donation can. [Around here most farm-stands have veggies and a coffee can for the money.]
I read recently that generally surveys/polls/studies show that seniors typically are more content having a lower income than younger people. Maybe when you retire/get older, you find you don't feel like you need as much money as you thought you would.
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