I’m 68 and relying solely on Social Security for income. It’s tight. Everything feels more expensive, and I worry about making ends meet, especially with rising healthcare costs.
I hear you. Social Security was never meant to be the sole income source, but many of us end up in that situation. The key is controlling expenses and avoiding common financial pitfalls, like taking on unnecessary debt.
Agreed, I've always delegated my excesses to an advisor, since suffering major portfolio loss early 2020, amid covid outbreak. I'm now semi-retired and only work 7.5 hours a week, with barely 25% short of my $3.4m retirement goal after subsequent investments to date
Thanks for sharing your experience! I've been managing my portfolio myself, but it's not working out. Do you have any recommendations for a good investment advisor? I could really use some help
My CFA, Joseph Nick Cahill, is a renowned figure in his field. I recommend researching his name online; you'll find all his credentials and everything you need to work with a reliable professional. With many years of experience, he is a valuable resource for anyone looking to navigate the financial market.
Thank you so much for the suggestion! I really needed it. I looked him up on Google and explored his website; he has an impressive background in investments. I've sent him an email, and I hope to hear back from him soon
My mother lives on $1500 a month. She is 97, still living in her paid up home. Recently she sold her car and got a good price for it, and no longer drives. She has about $50k in savings which is only used for property insurance, taxes, and any major repairs needed. Recently it cost $2200 to get her pipes cleaned out from tree roots, and $2000 for dental work. Family members do her yard work, house work, grocery shopping, and take her to appointments.
Very Very important. I am glad you see this now so your saving will be substantial. Also in the year or two before you retire, if you have a home, make sure to replace key expensive items on your working income. Things like a roof or water heater or new AC unit. Try to live below your means (still being comfortable) so you will have already made that adjustment. Good luck to you, as you know those years are beginning to go faster. I have just reached my 25th year of retirement (I retired at 58).
As a couple we live on 2900.00 a month.we rent so we dont have repair bills. 1 car,paid for. Grow what veggues we can in pots in our back yard. Usually one vacation a year. We dont lack for anything,and we are very happy.
I do it all the time and I have for 14 years. You just budget, cut out the wants and concentrate on the needs. I don't suffer while living on less than $10,000 a year.I pay all my bills,, my rent is paid on time,and I buy my own food. If I can do it anyone can.
We live very well on social security. We do have some nice savings, 401ks, etc., but we rarely touch it. We travel twice a year, but I have to add that we have no debt. We are both pretty health, too, for70 and 72.
Two years ago, I lived off Social Security. Now, I can't. I don't have any new expenses and in fact have given up driving so no car expenses and I'm lucky to by food for the month without having my son spot me some money. That's how much things have gone up.
Dawn sells her house and moves into a senior housing project for which she would qualify with that low income. Then sells her car and depends on public transportation. Also, she could have a roommate to share expenses if allowed. This is how folks are making it on SS. In fact, I know of 5 seniors who share expenses and have one car that they all maintain.
My mother in law worked till she was 77. She lost a lot of weight and is doing really good. She is bored and plans to go back part time. She has some health issues but nothing major. She gets social security and her late husband's pension. She could live on that but she told me working gives her a purpose.
I think one of the best things you can do before retiring is, plant a small orchard of seasonal fruit trees, build raised beds for vegetables, and get a few chickens. You can virtually wipe out your food costs if you plant correctly for your zone, and use food scraps and leaves as compost/fertilizer. If you have back issues, build higher raised beds.
I’m 57… we have a large garden and every year my hubby makes one of my garden areas into a raised bed. It’s much easier as we get older. We’ve also planted fruit trees and berry bushes and have chickens for their eggs. It’s a great investment 👍🏻😁
@@cjhoward409 Yes it is! I grow 24 varieties of fruits that cover all the seasons, and health regimen. I get free pomegranate juice from my trees, same with orange juice and apple juice. I can make jam/jelly and pies. I never have to buy vitamins as I grow mulberry, goji berry, cara cara, and elderberry for my winter flu deterrent, and I can soups for winter, and meals for the summer. Its so much easier to can 20 meals at a time and just heat for 10 minutes when needed. It also saves on gas/electric. The other benefits are being able to sit and enjoy the birds and bees, or take daily walk around to pick the harvest and check on things.
Yes I am living off Social Security only $1,237 a month. I also have a paid for mortgage no credit card debt I pay all my bills monthly including house and car insurance the only thing I pay once a year is real estate taxes that gets paid as soon as I get the bill. The first thing I do is put a set amount of money every month into regular savings then I pay my bills what is left are divided by four or five weeks till next social security check and that's what I have to live on each week. Occasionally I will take money back out of savings but that is rare for everyday expenses. I do have a 401k and a Roth IRA but I'm not taking any of that money out at this time. I do dine out two or three times a week but that is eating senior / kids meals or if I have a restaurant coupon tomorrow is Chinese that is probably the most expensive meal I buy even with a senior discount. I'm a person that has always stocked up on food human and cat ( plus litter so there is very little I have to purchase right now. As soon as I enter any store I go straight to the clearance/ markdown sections I've been buying only marked down meat for many years shopping this way has allowed me to stock up and pay a fraction of the regular prices. I shop thrift stores and garage sales for clothing and household items. I did special order a couch and chair for my living room 4 years ago paying cash. My sister is a firm believer in buy now pay later loans I had to bail her out a couple times and I won't do this. I don't deprive myself of anything I just don't want a lot of stuff now
Living on SS alone can be done but it's not easy. I'm a senior who lives on $903./mo. Thankfully I am debt free but I don't have a house and I don't have a car. I live in a very small apartment. It gets tougher every year to get by but we're hanging in there! I'm a Vegan and just about live on rice and beans and a few fresh veggies when I can afford them. The plus is that I'm 68 years old and I'm very healthy. I worked hard all my life but the government thinks it was only worth $903 a month. I grew up poor and got married young so I was only able to get min. wage jobs most of my working life.
While you're healthy, you may want to earn a little extra at a part-time job. I think you're able to make $21,000 a year before your SS is penalized. 😊
It isnt easy, but we do it. And on only 1 income too. We seldom have much left over, and we do without sometimes. But we have a roof and walls, a vehicle and all the necessities. We are happy with our simple lives, its just a matter of realizing what is important and what is not. 💞
Only one of you is receiving ss ? My neighbors each get around $700 a month and they can just squeak by with just the basics. But when one passes away, there’s no way they can live in their home. 🤷🏼♀️ Not to mention, she does the bills and cooking and he does the brute work of mowing and weed whacking etc.
@@cjhoward409We were blessed to have sold our property in VA and moved to KY. The proceeds allowed us to buy a nice vehicle and pay for our home. Plus new appliances and lawnmower, and we stocked up on necessities before the funds ran out. Then pandemic EBT let us also stock our pantry with 5 or 6 of everything and we have been lucky to have that to draw on with inflation. It's all about planning, such as buying 3+ items on sale, thrift store shopping and saving. Every penny adds up. Rewards programs and gift cards earned from internet pay for gifts and we do our own vehicle maintenance. We don't have cable, just over air TV and internet. I shop for best prices and recycle or repurpose items. Where there is will, there is a way.
Wow! If I was getting $1700. a month from SS, I would be able to live quite comfortably! I only get $1300. a month and I’m doing okay. Some months, I even have extra! lol I just carry it over for the next month if I do…I live in TENN and it’s still relatively inexpensive to live here, even renting…You can cut back on electric use, food, and how much clothes and toiletries does one person need who doesn’t go anywhere?! LOL 😂
I DO live off my SS of $690 a month. I am debt-free and mortgage-free. My expenses are considerably lower than average because I live out in the boonies.
I live in Australia and yes, we can live only on social security pension here. It’s not easy but can be done. I am 63, single woman on disability pension. Very lucky to rent a government housing unit and manage well. I don’t however have a car. I have medical problems but our medical is free here so we don’t need medical insurance. I do have home contents insurance at $80 a month. Food etc is a lot more expensive here than in the US but power and water etc seems to be cheaper, like I pay $100 power every two months.
Im also 67, also single, and it would be tough to live on S.S. alone. My SS is lower than hers. Retired 2 years ago, and a year ago decided to work part-time. My 401k took quite a hit the past 2 years, so for me it was a good idea to bring in some extra money while I was still healthy. My part time earnings are put mostly into savings. I'm debt free except for my home, and I owe 40,000 on the home. Currently saving up for a newer car, increasing my emergency fund amount, and would like to have the house paid off by the time I'm 70.
I live off of almost 2000 a month of Social security. I haven filled my car up in almost 2 months. My son in law takes care of home repairs. My son takes care of the yard or i do. My house payment is only 400. A month.
Sounds like you're thriving on social security. Good for you!🎉 That's great to hear. You're so fortunate to have your son and son-in-law's assistance. I am not at the age of social security yet but I have an idea of how much I would receive and I could live off of it and thrive as well as long as I am healthy because my home is paid off and I have a small HOA payment every month, utilities, internet, car insurance, groceries, cell phone bill, property taxes ECT..
My husband and I live in NJ and are both retired (67 and 65). We live off SS of 4880 per month. This takes care of all our expenses and we save the rest. We have no mortgage or any debt so that was done BEFORE RETIREMENT! It can be done if you prepare and are used to living belie your means. We also have savings and small pensions that we save for any unexpected repairs etc.
@@Joce123 what our expenses are now monthly is what my SS will be if one of us passes. We also have small pensions and savings to help when that happens. But because we were mortgage free and debt free before retirement we are fine
I think it will be tough to live on SS alone. It can be done, but you would need to live a minimal lifestyle, and have your home paid for. You are right, being debt free, having your home and staying healthy are key. Money saved on junk food now and put into savings, is beneficial for ones health and wallet. I am thankful to also have VA DIC and I make some money on the side. I may hold off getting my SS, which I don't think will be that much, as long as I can. Seniors may need to start living a Golden Girls or Silver Guys kind of life and share expenses, car etc.
I think Golden Girls scenario is great! Besides cost sharing, having people to keep you company is good for your mental state. I’ve also known a lot of seniors who have died alone in their homes because no one was there to call for medical help.
I’ve also cut out one meal a day. I’m realizing I only need breakfast and a late lunch and they’re very healthy. I’ve cut out the sugary snacky junk which is too expensive AND too expensive down the road for our health. 👍🏻😁 My hubby and I just walked 2 of our dogs just now. That’s free exercise for us and good for us all!
Since I am retired and I am lucky to get by,from my Social Security which is $1,300.00 . And my Pension is $500.00. My Pension would of been $1,000.00,and up,here in The State of Michigan and retired people are paying Retirement Taxes. And I also don't qualify for food stamps. I am lucky to get by,on my Social Security Checks,and Pension Checks.
We were very healthy until we were 65 or so. Then everything started to fall apart and it was one surgery after another. You MUST have secondary insurance.
I'm 68 and live on Social Security alone. I'd say most people around this age would have enough health issues to have a supplemental health insurance besides just Medicare. My total health insurance bill, with Medicare included, is $309 a month. That's a big chunk of $1700. I do have a mortgage payment. I'm lucky it's low at $700. Then there's water, sewer, electricity, gas, car insurance, gasoline, occasional car repairs, groceries, occasional home repairs, yard work, pet food and litter along with at least a yearly checkup vet bill, car inspection and tags, property tax...etc. I budget all that out to nearly the penny, because I have to. As of March this year, it became much harder because food stamps went from $280 a month to $23 a month. I also lost a couple other benefits. Now I start out each month about $400 in the hole. Because I'm in a no-spend year and have cut everything to absolute bare bones necessities, I come out OK... every month except June so far. I've always been content with what I've had, and I still am. I'm thankful I have any income at all, given that I can't work, due to my health. When I've faced a shortfall, God always provides. It may be in the form of a birthday or Christmas gift, or someone who knows of the difficulty and out of the goodness of their heart, pitches in to help. I don't ask, because there could be someone who wants to help but can't afford it. Asking them would probably embarrass them and that would be rude of me. I won't do that. Some people might have the means but not want to help. Asking would put them in an uncomfortable spot. They might give and then regret it. So, I never ask. I leave it up to God to motivate whoever He knows has the heart and means to help, If He wants me to have it. At the same time, I look for every possible benefit or organization that might have a program for helping people, that I qualify for. I've found a lot. No matter what, I stay content. Right now, not having enough money to feel food secure is difficult to deal with, but so far, every day I've had something to eat. When I go to Church, I usually get "loaded up" with food, but it's usually sweets, and I'm diabetic. I then have something I can give away. Love you, MM ❤️😊
Though i appreciate that am on ssi and it has helped greatly in my quality of life i know if not for other resources of help such as supportive housing, food stamps, medicaid/health insurance and many community programs there is no way i would be able to survive on my own. Thanks to supportive housing am able to live in a nice neighborhood where i pay rent based off my income which is 30% of my disability check and with proper budgeting am able to pay this rent as well as my other bills while still having something left over for myself or to save up to the allotted $2,000 which they are now trying to increase so the disabled have more financial options available to them in life. Fortunately i am debt free and have never smoked or drank in my life which helps alot when it comes to spending money or saving. Thanks for asking Dawn and have a comfortable one ☕
I'm 52 years old and I was unable to work for many years for various reasons, and I've calculated that if I tried to retire at 62 my SS would only be around $900 a month. Who can live off of that? It would not even cover rent for a tiny studio apt in the area I live. No idea what I'm going to do.
The first thing that I could tell young workers is buy a home as soon as you can and have it paid for before you retire the last thing you want to do after you retire is pay rent
Buying a home is the default idea , practically a cult in the US. The termite, mold, central air problems cited in the hypothetical are expenses a renter doesn't have to pay out of pocket. Plus if the neighborhood goes to hell 20 years after you bought, you don't have an albatross to try to get rid of.
Three years ago I found out that my husband of 30 years had not paid income taxes for several years. It was a massive amount. I had been a stay at home mother for most of our marriage and he kept all the finances from me. He had a good paying job but he spent everything and more. Lots more to the story and we are divorced now. So I am starting over at 61. I thought some of you might be interested in some creative ways i have made money. I had no marketable skills…so i took a job as a caregiver. Most of my people were at the end of life and in a nursing home or hospital where most of the “dirty work” was done by staff. I got a job working in a maternity home as a house mother. I work in 24 house shifts-34 hours a week, no benefits. It is doable for me and i think i can keep up the pace there for the next 10-15 years. I worked for an estate sale liquidation company…esencially manning yardsales for pay. I now am renting out a room in my house to a college student. I worked in a factory right after my divorce. I did clothing alterations-i hemmed skirts for a local provider of uniforms for local private schools. I got paid to help friends downsize from hoarding situations. I think there have been some other things these last 3 years. If you have a maternity home or any other type of “safe” shelter situation….i would highly suggest it. I wish i had known about this place when i was a stay at home mom. Even working once a month would have kept me relevant. Instead no one values skills that a stay at home mom has.
This yr… AC repair, $480. Plumbing issue: $785. Electric issue: $450. Car issue: $1,000. Dental: (had insurance), $1600. Water heater: $1900. I can’t imagine most people living on only SS. Medication costs, tires for a car, tv, internet(we have lowest speed and it works fine). Any repair issues are costly. Plan ahead. Save every cent you can!
Sounds like the expensive issues I have had this year. Septic system repair - flooded both bathrooms. Car repair, new roof, vet bills. It goes on and on.
New refrigerator, new well pump, new lawn tractor, new push mower,new in-house vacuum, dental work, so far nothing in May, June or July! No way we could just live on SS! People need to cut back now and save all they can!
I don't think most people could make it very well just on SS benefits alone. They would probably need some kind of side gig to make ends meet (for most of us anyway).
I live on $1,179.00 per month retirement social security from 43 years of punching a time clock. i live in sec. 8 hud housing. i have no choice. i get $23.00 food stamps. my only source of income is soc.sec. my doctor told me because of my heart i can no longer work. i do not get disability because i became disabled after i took soc.sec. from my working years. my health ins. will be based on my assets when i turn 65 in Oct. right now i don't pay premiums.
What state are you in? If you were in California, your healthcare would be free right now and at age 65. You can own a car, a home, and have as much $ in the bank as you want. At age 73, you have to take RMD's so that might screw you up if it is too much $
Looking forward to your personal expectations. I think a person can live off SOCIAL SECURITY if they are DEBT FREE and have an EMERGENCY FUND to cover the unexpected expenditures.
We are living on just social security and it is enough, but we are saving a portion of that as well for emergency fund. Our idea of a great time is birdwatching , going for walks, and puzzles---all very inexpensive hobbies that still entertain. We eat out once a week--but maybe not much longer as the meals are just ridiculous now and the quality is poor. That said---I wouldn't want someone to think it is doable if they are already spending their whole check. Prices always go up (never down) and you don't want to walk the edge like that. Very nervewracking.....wondering when something will go wrong if you don't have any extra money.
I do and I can even pay off a small mortgage. I rarely buy anything new - I wait until I can pick up an item at an op shop. I waited for 2 months without a microwave until I found a brand new microwave/convection for $45. You need to prioritise: bills first, food next ($60 pw), very little left. My health insurance is gifted by my son. I do my own painting and garden maintenance. My other son services my car. If my air conditioner blows - I will live without it; as a kid we lived in the subtropics with no air con. To keep cool you: leave all windows open, use fans (op shop), get in the shower with your clothes on and get wet/ the cooling clothes will cool you, drink iced water, go to the shopping centres on hottest days.
I live in Australia and am living on the aged pension , luckily we have free health care , I live in a unit and have to pay strata and land rates yearly , I have an old car that is in good condition , have a large dog that is on anxiety medication . Before I retired I got most of the improvements that I needed or wanted . Living on the pension isn’t easy but it can be done if you watch every penny .
If a person has a payment of at least what you mentioned in the video it would be possible but no doubt it would be lean. If they were renting, they would undoubtedly go under unless it was subsidized to their pay level. If I was that person and I owned my home outright and had no pension or 401k then I would get a reverse mortgage asap or sell my home to get more money. The real truth is scores of Americans live just off of their SS.
Really hood eye opener.. lots to think about here… you are bang on … things happen in 3’s or 4’s, one winter and I live in Winnipeg Manitoba where it gets to -40 and colder Celsius, my furnace motor broke down … ka-ching, then my washing machine, Spring I had a leak in my living room from the roof , and mouse problem.. sheesh… had to put it on my credit card…
My dad didn’t really have a full retirement amount saved up but he had a new roof, new siding, new softener, new vehicles, paid solar and battery storage. I think if all your stuff is in older shape, you need more saved up.
That's so important. I want to make sure at 72-74 yrs old we have a newer car so never have to buy one, newer appliances, newer everything to last us the rest of our lives. I commented above but didn't state that I am saving most of my earnings from ages 67-72 working p/t to ensure we have mostly all new stuff that will last a few decades. If you don't drive much, maybe 2-3x a week and not too far, the car will last 20 yrs easy
The govt of the United States of America decided when I applied for Medicare that as I was born outside the USA and had not lived in the US for 14 yrs/ 7 consecutive years….I was not a U.S. citizen…my parents were both us citizens…I was outside the US as my father was an USAF officer who was stationed in other countries. After I fought the good fight and won I was told my SSI would be at an elevated rate forever since I had not filed at age 66 ( I had work ins at 66, but retired with the expectation that I would be able to receive SSI). I said screw it. I took my savings out of banks and now keep a bit over 200 thou “ hidden” so no tax, I use a Direct Care doc for $900.00 a year, have slowly and thoughtfully dissolved my 401ks to my advantage and live very well on $ 1600.00 a month…no room mates or under the table work. I drive as little as I can in my well kept 15 yr old car, never had a ticket or accident and the car was not expensive when it was new. I grow …on my deck..a certain amt of veg, herbs in my kitchen window. I find a fan is acceptable rather than a/c, lower heat and better blankets in winter. Nothing disposable but TP, think about utility use…recently I had my house power washed…1/2 on last day of billing, the other 1/2 on first day of next cycle…therefore never went over the lowest tier for h2o use in either month…have enough saved for car replacements then get lowest insurance. Share internet with the next door neighbor…share Hulu/ Amazon or whatever with one of the kids. List needs for Christmas and birthday presents. Walk to the library if possible ( I can) otherwise incorporate it in regular errands for all the great things they offer free. Cook at home…learn to make a family fav and a personal fave that are easy…keep the ingredients on hand and always know the menu.( if someone asks can I “ bring something” you know the answer is garlic bread or salad or what ever”). Stay away from thrift stores…no one wants the junk toys you buy their children, you likely don’t need another pair of jeans…do use thrift stores for needs not recreational shopping), shop smart but not recreational, sweep rather than vacuum, Navy Showers, bar soap, ( for dishes too!) charge your phone in the car when possible, use a cheap phone service, Mint, Tello, etc. a worn towel still has future lives. Kids want to know what you want for birthday, Mothers Day? Maybe a home cooked meal and a dozen canning jars or freezer containers…take care of things the minute you notice you have a problem, find a really good handy man and treat him well, make him cookies at X Mas and pay him right, buy discount stamps on line and Thank You cards and Birthday cards at the dollar store…be the person that still sends cards. I could go on but there is a free concert down town. Really living very close to the bone is fun and easy.
To help answer this question, check out Buzz's Retirement Garage. He goes over his finances and what he brings in, being retired early, and living off of SSecurity which he and his wife receive. It's interesting. In short, in one video, his combined income is $3783, and they spend as a couple on a monthly basis, $3600. Tight, I know, but they are doing it, and they go out, its not a stay at home retirement scenario for them.
My husband I live comfortably on our combined SS of$3,368 a month. We live in NC where cost of living is cheaper. We own our car, we rent an apartment and have 2 small dogs. We budget everything, We are vegetarian so our food in cheaper. We go hiking a lot for entertainment and keep us healthy. We are 69 and 70 and are very healthy. It can be done, just requires planning.
@@lynnhensley4326 then you live on the higher of the two incomes. my husbands is higher then mine. If he dies before me I switch my SS to his. Our budget is based on the higher of the two so we are used to living on that.
We are in Greensboro NC and I feel housing is a little less than when we were in Michigan. Our property tax did go up quite a bit for our modest condo. Curious where in NC you live?😊Hiking is fabulous for a cheap hobby!
I'm 48 now and this is helpful (if I live till 67 and above). Anyways, I support a frugal way of living after hitting mid life. The current issue I'm facing is mainly perimenopausal problems but other than that its going fine. Things may change in my 50's and 60's but i want to be positive.
My husband and myself both retired at age 62 and can live on our social security income. We were not high wage earners. We also each have a smaller pension we save every month. The only reason we can live on that income is that we paid off our house and all of our debts and saved some money before we retired. Take care Dawn.
I was a single income wage earner. I live on Social Security. No mortgage or debt. Moved to a low cost state with low property taxes and expenses. I am comfortable with all my needs met. I will be eligible for a pension in a couple of years from previous employers . Have already developed a budget for that when my income increases. Will be able to put a lot into savings.
I only live off of my SSDI every month....and live off of it successfully.....So there is no reason a person cannot. But there is so many i know who do. My rent now is $115.00 a month and my sewage is only $39.00 dollars a month. And my gas is $29.00 dollars a month. And i get free food from my food stamps. And so im able to sock away 50 percent of my check....which is fine for now.
Your rent seems unbelievably low, $115? Is that a typo? In 2023, I've never heard of rent, even for just a room, that low. Housing costs are a reason that can make it difficult to live on SS alone.
@@arthurmantzouris4413 That is a critical element - low income housing is a better option than living in a car or an RV. I know it does not come without its own problems, but a solid roof, and solid walls, and reduced costs of major utilities are wonderful - although where I live, people often have to wait three or more years to access this kind of housing. I am happy for you.
I would stress the importance of moving where property taxes are the lowest: for a paid off house. 1700 is not bad for SS. I'm doing it right now on 1100 to 1500 with no debt. I think it works if a person has an emergency fund for issues that will eventually come up. You gave very realistic information for this video.
I retired well before 65 and my small pension takes care of the supplemental health care and I would advise not to do without it. That picks up what medicare doesn't pay. Now as a widow I get a widows portion of my husband's SS added to mine. That pretty well covers all my other expenses. I do have some savings which covers those Murphy's times. Thanks for sharing your thoughts on this and like you said, it really depends on where you live. Have a Blessed day.
Great point about having supplemental insurance. Dawn needs to see what happens if she doesn’t get supplemental (gap) insurance when she first goes on Medicare. If Dawn wants gap ins later, she may need to pass a physical. Dawn might want to talk with a broker.
Yes, must have supplemental health insurance or pay 20% of hospital bill, which even at $100,000 is $20,000 out of pocket. I see million dollar claims all the time now. I am an insurance broker. If do not get as take SS health questions are asked and may not qualify. You do not want to have Medicare only.
Those in dire straits need to go to poverty-friendly states, like SC or Alabama. They have all kinds of programs to help the poor. Prices are WAY lower. Make sure you have zero house and car debt by retirement, and your options are pretty good.
Something to consider: here seniors are becoming roommates with other seniors. This halves living expenses. Putting part of savings into a CD with generate some extra income. I drive very little so I pay only about 400 a year for car insurance with Allstate. I can drive only 100 miles a month for this rate. I pay 15 month for cell phone. In NJ there are many state programs to help seniors. This somewhat offsets our ridiculously high cost of living. Many seniors here get Snap and qualify for Medicaid which is free.
As a single 58 yr old diligently trying to get my lil condo paid off, there is no way I could live of SS alone- even with a pd for condo, though I am most frugal. I've done the budget scenarios and it's scary. Post divorce 14 yrs ago, I got a late start on retirement savings. My only hope of surviving is to have my condo pd off. Even then, I will still have HOA dues, property taxes, insurance and maintenance, monthly.
@@debbieframpton3857 I understand it's not for everyone, but with aging and an autoimmune disease, I don't want to worry about clearing snow in winter, or yardwork in summer. I would pay similar for both if in a house. Also, insurance for a condo is way less. All things I grappled with when home hunting. It's a trade-off.
Great video. I think once someone is out of debt it is super important to live a frugal lifestyle and just save as much money as possible regardless of whatever age someone is. Can someone treat themselves every once in a while ? Sure. But just don’t go overboard. I see TT videos of these young people just spending like crazy. I think it’s super important to just be content with what we have first.
This is fascinating and helpful. I have all of my quarters except 3. My husband did some research and discovered that Social security averages your top 20 income years. That includes years where you made 0. So the more years that you're earning in your top income bracket, the higher your SS pay out will be. Thankfully in my situation we will get my husband's social security and I will get half of his. Half of his is higher than mine would be because I would have zeroes averaged in since I chose to home school and raise my children rather than put them in daycare and public school. That said, we really need to work on a retirement plan. We're late to the game because we always reinvested in my husband's business and in paying off our house which is still not paid off ugh.
You'll get there because you're frugal and excellent at budgeting. Once your children are out on their own, you may want to get a part-time job for a while to add to your savings. You'll do fine. ❤
My good friend (86) was recently widowed. So she lost his Soc Sec and pension. That leaves her about $1,500 a month. She is grieving the loss of her hisband of 52 years and will probably have to sell her home. Even if a house is paid for, there's insurance & property taxes & maintenance etc. She is considering getting a lady roommate. Rent would help but not fully replace his retirement income. It is definitely a new season in her life. At 86, it might be unrealistic for her to try to stay in her home. She attends a big church with a hundred widows and single elderly women. They can advise her and give her insights.
Yes, you can. most average person is between $400-$700 a month (in Missouri) -(no matter how hard you work) Live in your car, eat fresh food (fast the rest of time) , have good clothing (winter & rain coat, warm layers, couple pairs of shorts/t-shirts (rich people ware the same clothing everyday). Save $ incase your car breaks down. Other than that it's tight! But, everyone can do this! Good luck ☘️
Vivian, I am very sorry for any senior who has to live in a vehicle. It will definitely shorten their lifespan - that is a very sad existence, and one that I would not recommend for anyone. I've lived in a travel trailer, while in great need, and I would never choose that way of life, either. There are lots of problems day-to-day, just making it work, that people do not really talk about when you live in a tin can, whether it be a car or an RV.
i could not do that, way too difficult. (the car idea). Might as well say it's not possible to live on SS alone. Living in a car is not an option for most for many reasons, health included.
Living in a car when you're in college is one thing, still not common at that age, but living in a car at 60, 70, 80? Sad! I remember thinking while I was watching Nomadland how absurd that people would choose to live in a tin can rather than live together and pool resources, all because of the way Americans idolize so-called independence.
Maybe she can if she is healthy and can still work part time. Most people don't realize the amount they are figuring to budget will have Medicare deducted making the amount less. There are co insurance medical premiums that cover the 20% not covered by Medicare. Also at her gross amount she is over the amount for assistant programs for utilities. Then home and vehicle insurance, like you said, depends on your state. She should try living on that amount now, to answer her question.
If I had to live off my 1600.00 no way. I have a retirement check, 401K & IRA, savings. House is paid, house taxes I challenge every year is 550.00 Our 2007 truck & 2018 car is paid off. Truck is in good condition. I did cut cable last year. I do have apps Netflix, BritBox. The only thing I do worry about is having a major health issue like a stroke, Alzheimer losing our quality of life. Those are huge expenses that definitely will impact us. That’ll wipe out us out. Husband is still working because he likes his job & loves saving money.
For anyone who owns their own home and is having trouble making it financially, renting out a room with a private entrance if possible will earn you anywhere from $700 a month on up, depending on your location. For those who don't want to go out to work anymore, find an at-home job. There are many options. Too many people object to renting out part of their house, but if you rent to someone who is gone most of the time working or in school, it's not such a big deal. If you have a private entrance/bath for them, you will never see them at all probably. I have a friend who has a big house. She rents out her rooms upstairs sometimes to people she either knows or those who are referred to her. She is a nurse, and is gone a lot. If you are still working, renting to someone who also works might mean that you would never even hear them. And if they are older, don't drink, don't party and live a sane life, having someone in the home can feel more secure. Lots of people do it, and it saves them financially.
I have a seminary student living with me for the next year. I get $500 a month-private bathroom. We share kitchen, laundry, etc. If anyone had told me 5 years ago that I would be driven to this financial demise, I would have called you crazy. But you gotta do what you gotta do. I got lucky. She is a dream of a housemate. Im almost afraid to brag for fear I will jinx it. It has really helped financially to have the extra $500.
Sure, a frugal "Dawn" might live fairly comfortably on SS alone for many years. But she almost certainly is ensuring an impoverished old age for herself. The annual social security cost of living increases do NOT come close to the actual increases that occur in nearly every budget item. Plus there can be large healthcare expenses as we age. I hope Dawn's savings will cover the high cost of Assisted Living should it become necessary. I'd advise her to postpone drawing SS until age 70, and if her health permits, keep working and building up her savings.
Great advice. I fantasize at times about pulling the trigger and taking it but the rational part of me says wait. It's no issue for me to keep working and it's smart to keep doing it in my situation
@@judiashley5818 I think you'll be happy you waited a few extra years to pull the trigger. The increased SS monthly payout at age 70 is substantial. In my parents' case, Dad took SS at 64 and also had a small pension. But high medical costs and inflation in general caused them a lot of stress and worry over the 30+ years they were retired. They had substantial savings, but that went fast in old age. BTW, my husband waited until 70 to draw SS with no regrets.
I'm living off Social Security alone. Well, that and my United Healthcare Dual Complete supplemental Medicare program. It's not easy, by any means, but Social Security is sending me a large fraction of as much as I've earned every month of my life and my wife struggled to manage our money pretty successfully. I'd like to think I can do it almost as well as she did, but I'm not nearly as good at it as she was. It's the getting paid only once a month that is the killer for me. I've mostly always been paid every two weeks, and my last regular job, which I had for thirteen years, I was actually paid weekly, every Friday, and I LOVED it! Whatever surprise expense came up I knew I could probably pay it at the end of the week. Now I just try to make all my payments at the first of the month as well as buy all the food I expect to need, and just sit tight until the end of the month again. My wife never wanted me to put anything in a retirement account because she really needed every penny to get everything to work out. But when she died in January of 2013, I immediately had part of my paycheck diverted to a 401k account at work, the same amount the company would match, plus, I think, an extra $10, and then I completely forgot about it. I was counting on our/my expenses being reduced considering that it was just me now, and I really did forget all about it. A couple of years ago I got a letter from the company saying they were ready to pay off my 401k account and asked how I wanted it. No doubt they were tired of paying to maintain a 401k account that wasn't active anymore. It was over $22,000!! It was like Christmas!! I had it rolled over into an IRA at my local bank where I know I can get to it if I have a real emergency. That's reduced my stress level considerably, though all those Republicans in Congress continue to give me a start every now and then.
Sometimes a person can get subsidized housing, but there is usually a waiting list I’ve heard. We have a paid for home and cars, but if one of us passes, there will be much less social security, as we’d only get to keep the one higher one.
We could not live off just social security, because we are both 77 and have major health problems. It is good that we have pensions as well as social security.
Insurance costs is going to be a killer for most of us. Climate disasters is inreasing homeowners year to year. Car insurance the same and ridiculous drivers increasing it for us all with collision. You best have a supplement with medicare or get medicare advantage. Im researching it now and medicare advantage is seeming to be horrible. I will pay more for health on insurance on medicare then now which is very upsetting. 165 plus supplement plus drug plan. Dental insurance is a joke so dental costs are out of pocket which is the only healthcare l need at least now. Its scary thinking about it as car repairs are extremely expensive. Many home repairs as well.
My certified financial planner says SS was never meant to be a sole source of income. But I realize it is for some folks. Where there is a will there is a way, as they say. I would think you'd have to have no house payment to make it work. And live a very frugal lifestyle as well. And if you don't have a healthy bank account, but physical health is intact, keep working at something one enjoys, to bring in additional income. Just my humble two cents.
We plan to downsize our house and use the equity to build a new, modest, efficient home. SS will be $4K/month. No car payments. We’ll see how that goes.
I think it would be very difficult esp. if you are only a person and not a couple. But with a couple when 1 spouse dies the income is cut. There are too many things that arise unexpectedly. Example: I lost a perfectly good front tooth and needed an implant and crown. $6,000 up front. Dental insurance paided very little. This had to come out of my pocket. If you are retired and in ok health look for part time work. I retired at 52 due to a health issue, with a pension, but have worked part time 19 years. I have several health issues but I feel better when I worked, tired yes, but my mental health is better.
Thanks for this story. I am curious if it is okay, how many days/hours a week do you work? What do you do? Even if we could financially pull it off, I want to work until at least age 72 for my mental health. Hopefully later than that
@@MelissaLuvsHens I work in public education tutoring elementary students. Less than 20 hours per week. 4 or 5 days a week during the school year. I have 3 degrees, one I obtained after I retired. I have maintained my certification. I didn't plan this when I retired but it has worked out. For 6 years I taught part time at the local community college. At 51/52 I had breast cancer and was raising my 16-year-old son and a grandchild when my daughter when into the army, along with my spouse. I hope to work one last year before I do finally retire. My husband also has a one day a week part time job he loves at 73.
For some folks it won’t matter that their house is paid in full by retirement. If you live in a state that doesn’t put a cap on how much property taxes increase each year. I’m on social security and Medicare now. It would be quite difficult to live on my social security alone.
Texas seems to be trying to REMOVE the tax cap we’ve had for our 12 years of retirement. I don’t know how it will come out. I can’t believe they can do that!
In my instance I am debt-free except for a small Mortgage Balance which I am working on paying off. My husband passed away about nine months ago and because I am only sixty I am not going to collect on his Social Security until I turned 61, March of next year. I found that I cannot wait until full retirement to collect and the penalty will not be as bad if I can hold out until then. I was not working because my husband was ill and I was home taking care of him but I recently got a part-time job. I also have a decent savings from a small life insurance payout which is buffering my extra expenses that my job does not cover. I feel when I turn 61 and start collecting on my husband's Social Security I will still need to keep my part time job in order to pay my expenses, and feel like I have some breathing room. As of now I am blessed to be in overall good health when I will no longer work then I will consider possibly selling my home or something else.
I'm so sorry to hear about the loss of your husband. I'm glad you have a part-time job. It would help if you could keep your job as long as you're able. Hope you are well and have friends and family close by. 🦋
Do you know Social Security Survivor's (Widow's) Benefits can be claimed by the surviving spouse at age 60? The SS payment will be pro-rated due to your young age. There are so many factors to consider. Your age, your husband's age (was he at or past FRA) & was he already collecting SS? Run the numbers or have someone run the numbers for different scenarios, example: take Spousal benefit at age 60 and let your own SS keep increasing until your full retirement age or up to age 70.
@@anneferguson4273 thank you for that information I have met with Social Security and I am aware of their guidelines and making my choices according to that.
My mother tried to live on that before she passed away last Summer. It was horrible. I remember times she couldn't afford her prescriptions. If she got a bill from the lab for having a test that another doctor had already ordered she couldn't afford to pay it. Medicare will only pay for some tests a certain amount of times a year. She could not afford home repairs. When she passed away last Summer, her house was in need of a roof. She did not have it done because she could not afford it. I do not recommend living this way. My mother did ok until my dad died. When your spouse dies, a lot of money goes away. Mom lived 4 years after my dad died. I have read that you are allowed to make money on SS, but there is a limit. I think it's $20K a year. Someone correct me if I'm wrong on that. When I see elderly people working (often at Walmart or Dollar Tree), it makes me wonder if they enjoy working or if they are supplementing their SS income.
So sorry about the loss of your mother. It sounds as though her life without your dad was very stressful. Hope you're doing well. You're right seniors can earn a little over $20,000. Not every senior is healthy enough to even work part-time. 🦋
I don't recall the limits on earned income when collecting SS before your FRA. At full retirement age (FRA) there is no $$ limit on the amount of income you can make. At FRA no $ will be deducted from your SS check, no matter how much you earn. But depending upon your AGI (Adjusted Gross Income) up to 85% of your SS may be subject to federal income tax.
You are allowed to make 21,200.00 if you start collecting before Full Retirement Age 62 to what FRA is for you. At FRA you can make as much as you want . If you collect before FRA you are locked in at that amount except for the 8 per cent increases they give yearly.
The COLA for SS is not 8% per year. That was for 2022 and it was the highest since the 1980s. COLA for 2019 was 1.6% increase and 2020 was 1.3% due to low inflation years. That 8% you mention may be the 8% increase per year you receive by NOT taking SS until after your FRA. If your FRA is 66 but you wait until age 70 to start taking SS, then each year you don't take SS your benefit amount increases by 8% plus the COLA. So if you start taking SS at age 70 your benefit will be 32% higher (plus any annual COLAs).
NO, if you are single, because SS benefits are scheduled to be reduced by 24% on or about 2032. It is a real problem - costs will continue to rise, we have to be able to save at least 15-20% of that sum, to save for future repairs and other unexpected events. Essentially, we must practice cutting back all expenses so that we can save and live on 55% of our total SS benefits, saving 20% [plus saving the 24% that will disappear in 9 years, putting this sum away for future shortfalls due to increases in taxes, insurance, health needs] between now and 2032. Then, after 2032, we will HAVE to keep adjusting because the benefits will remain cut, but the costs of living will keep increasing. The problem for married people, is to figure out what to do when their partner dies, and that partner's SS money is lost. They have to work to build up a fund to cover the shortfall.
@@judiashley5818 The projected date for the 24% reduction has been in the fine print on the annual Social Security benefit letter, underneath the box of what you would receive at different ages, for over 20 years, while I was still getting it. I don't get that benefit letter anymore, since I am retired, but I suspect it is still there, for those of you who do receive it. Whether it happens that year, or another, or not at all, we shall see. I'm hoping (I keep hoping) that Congress will enact changes to prevent it, but until they do, I am planning for it to happen.
It's possible, but I'm not sure if she'd be able to live on her own. If she owns her home she would need a roommate to help cover expenses. Personally, I'd explore the cheapest living situation possible, (renting a room, live-in caregiver, sharing a small apartment, house sitting.). I'd bank as much as possible for emergencies, but also put aside some for travel, hobbies & anything that enriches my time on earth. Maybe she could turn a hobby into a small business, like crafts or baking?For me, life is too short to worry about yard work, pest control, leaky toilets, etc. It's completely doable for anyone who can think outside the box.
You're right for people who are healthy physically and mentally. You've mentioned some good housing solutions that may not have occurred to someone. Good suggestions. 😊
My neighbors who are married and age 75, both only live on ss. They do “ok”. And that’s only because they have no debt. But, they have to pay for a supplemental insurance because they both have poorish health. And she still smokes. Ugh. But, once one of them passes away, I don’t think the other one would be able to even cover the regualr bills like electric and water etc. 😬
I know I could not live on ss alone. I have been running budgets since approx 35 years of age, from bare bones, through a level 6. My current budget is based on expenses with some Cush in it, from several months back, For my full ss benefit at far, I could cover my housing and utilities, and food, and my health insurance, deductible, medicines,and a sinking fund for unexpected uncovered medical expenses, and some home repairs. I would not be able to afford a car, clothing. Hairdresser, shampoo or any body care items or any entertainment. And I would not be able to cover the expenses I could cover forever, as my budget would erode from inflation, even if we lived in ore pandemic world.
@@alcantwell well it’s kind of progressive. Level 1 is property tax, home insurance, utilities including phone and internet, and income taxes. That would be 16,500. Level 2 would include health insurance, deductibles, dental, lt care insurance (it’s not real), medicines and a sinking fund for health expenses of 6,140, total 22,640. Level 3 misc household items and home maintenance $7.000 total 29:640. Level 4 gasoline for car, car insurance and a sinking fund for car repair 4,900 for total of $34,500. Level 5 is personal care items, hairdresser and clothing for 780.00 total 35,320. Level 6 is travel and donations. I didn’t fill in a budgeted amount. Am I missing things?
I myself would not want to try to live on SS alone. We are several years away from retirement age, but we have worked hard to save for retirement. Yes, some people do live on SS, but I personally do not wish to experience that. SS was never meant to be the sole source of retirement income, but rather one part of a bigger plan. That is why the amount is generally so small. I tell my young adult children to make saving for retirement a priority and to plan on SS no longer existing in 40 years when they will hit retirement age. I have seen family members live on SS alone and I have seen other family members live on substantial retirement income. Having more income means having more options and not having to worry about financial matters. I do not need a lavish retirement lifestyle, but I do not want to worry about every dollar I spend.
it's very very difficult to do it. i know from personal experience. the debt piles up when "murphy's" happens. Plus, house must be fully paid off, of course. No rent, taxes are bad enough in some states UGH
Good morning Dawn, we would have been more than fine on our retirement annuity alas, with our present government that steals all the money that is generated in every area of running the country, it is almost impossible to say yes, living here. They up prices to suit their own budget, it is really very uncertain how to manage our income. As we are under the British Commonwealth and the name says it all, we became a Republic in 1960 but they were not going to have that, and our Prime Minister was assassinated, and they placed their people into power, then came the big change of 1994, and let me say no more!! We always got the hand me down stuff from the U.K. companies, they dropped their old household items here, let's say we were their dumping ground. It is very political here, quality imported goods we pay a premium for. They have it all covered. So may the Lord have mercy on you for your retirement, even now, they have kicked out all w from their workplaces there are very few w people occupying work. How they live, I have no idea, we take each day by Grace. The majority of our retirement income goes to the local government which just takes the money and it does not get used for essential i.e., maintaining the roads, reservoirs, dams, all the major stuff. It really is a nightmare to live here. It's like the Royals being carted around in their gold couches on celebration days whilst the majority of their senior people suffer. How's that, right in your face!! The social security here is almost non-existent. Kind regards.
We will be living off social security when my husband retires We are in our sixties However, I do have sinking funds and use cash envelopes We are saving up an emergency fund slowly and will have to rely on that when Murphy shows up during our retirement years🤔 Great video!! Take care🦋💗
I don't think you can. I think it will take a tad bit more. Fortunately, my husband gets a pension check, but we STILL try to live mostly off the SS check, and put the other away. Because of that, we have decent emergency fund going for the first time ever. Plus, we have stocks that my husband bought the first 10 years or so of his job that were matched by the company. If you are in good shape, side hustles are fun to make up the difference. Also, learn to bargain shop, cook at home, travel frugally and eat healthy. That will go a long way toward productivity, so if you need to find other funding, you can. No one is guaranteed another day to live. Those who believe in Christ know that He will help us when we are needy. Just like He takes care of the birds. Our worst years were right before my husband retired. The gov't likes to feed you lies to keep you working. If you play that roulette, they win more often and you get nada in the grave.
Ok I get more than that from Social security and personally I feel better about not owning my own house. I feel more secure knowing if my water heater breaks or my refrigerator dies, my kitchen range , a leak happens & all the other stuff that comes along when you own -so I know a call to my landlord will get the broken thing repaired or replaced. The difficulty comes when you try to find a place to rent that you can afford on SS. I recently relocated from Florida & in the current rental market I couldn't even afford a hovel there.
I'm glad you found a place where you can live within your budget. If you're physically able, consider a part-time job to add to your savings. Hope you're healthy and happy. 😊
To live off of just social security benefits with no other income really depends on a few factors. If your currently living on more than what you would be receiving in SSI then a person would definitely have to make some major living changes. Might even resort to moving into a cheap apartment. Sell your car and take public transportation. Also it has a lot to do with where your gonna live too. At that point then in my opinion you wouldn't consider your living rather than just existing waiting for the end ...😢
Being retired debt mortgage free living on a pension have 12 month fully funded emergencey fund sinling funds i have no spend days wich helps and savings its managable no car no gambling
I have a sister on Long Island, New York sticks it to you real good. I moved to Texas where the property taxes are cut in half once you reach 65. BUT, it is hotter than hell 7-8 months out of the year and we have Abbott for a governor, both are rather intolerable.
At some point Medical bills will creep in for older folks. Even with Insurance there will be out of pocket supplemental costs. Murphy always happens. No escape. At least once a year . 10K for home repairs is a lot. Older folks with budget constraints should downsize and live in accomodation that isnt expensive to maintain.
I’m 68 and relying solely on Social Security for income. It’s tight. Everything feels more expensive, and I worry about making ends meet, especially with rising healthcare costs.
I hear you. Social Security was never meant to be the sole income source, but many of us end up in that situation. The key is controlling expenses and avoiding common financial pitfalls, like taking on unnecessary debt.
Agreed, I've always delegated my excesses to an advisor, since suffering major portfolio loss early 2020, amid covid outbreak. I'm now semi-retired and only work 7.5 hours a week, with barely 25% short of my $3.4m retirement goal after subsequent investments to date
Thanks for sharing your experience! I've been managing my portfolio myself, but it's not working out. Do you have any recommendations for a good investment advisor? I could really use some help
My CFA, Joseph Nick Cahill, is a renowned figure in his field. I recommend researching his name online; you'll find all his credentials and everything you need to work with a reliable professional. With many years of experience, he is a valuable resource for anyone looking to navigate the financial market.
Thank you so much for the suggestion! I really needed it. I looked him up on Google and explored his website; he has an impressive background in investments. I've sent him an email, and I hope to hear back from him soon
My mother lives on $1500 a month. She is 97, still living in her paid up home. Recently she sold her car and got a
good price for it, and no longer drives. She has about $50k in savings which is only used for property insurance,
taxes, and any major repairs needed. Recently it cost $2200 to get her pipes cleaned out from tree roots, and $2000
for dental work. Family members do her yard work, house work, grocery shopping, and take her to appointments.
It’s such a blessing to have family that helps!
Your mother has it figured out. I love it.
I’m 30 and this was a great reminder as to why I’m trying to be really intentional in saving for retirement right now!!
Good for you! Take it from us who are older. Every penny you can put aside for your retirement will be necessary for you to live on as you age.
Yes do it! So much easier when younger. Lots of ways to earn money on intetest now too.
Wonderful
Very Very important. I am glad you see this now so your saving will be substantial. Also in the year or two before you retire, if you have a home, make sure to replace key expensive items on your working income. Things like a roof or water heater or new AC unit. Try to live below your means (still being comfortable) so you will have already made that adjustment. Good luck to you, as you know those years are beginning to go faster. I have just reached my 25th year of retirement (I retired at 58).
You are so smart!
As a couple we live on 2900.00 a month.we rent so we dont have repair bills.
1 car,paid for.
Grow what veggues we can in pots in our back yard.
Usually one vacation a year.
We dont lack for anything,and we are very happy.
How can you pay rent?
I do it all the time and I have for 14 years. You just budget, cut out the wants and concentrate on the needs. I don't suffer while living on less than $10,000 a year.I pay all my bills,, my rent is paid on time,and I buy my own food. If I can do it anyone can.
Good for you! You've learned to live within your means and it serves you well. 👍😊👍
Proud of you. It does take a lot of planning and budgeting. May the Lord bless you and increase your income!
We live very well on social security. We do have some nice savings, 401ks, etc., but we rarely touch it. We travel twice a year, but I have to add that we have no debt. We are both pretty health, too, for70 and 72.
But where in the United States do you live on 10000 a year?
@@Joce123 SD
Two years ago, I lived off Social Security. Now, I can't. I don't have any new expenses and in fact have given up driving so no car expenses and I'm lucky to by food for the month without having my son spot me some money. That's how much things have gone up.
Ug, I am sorry
Dawn sells her house and moves into a senior housing project for which she would qualify with that low income. Then sells her car and depends on public transportation. Also, she could have a roommate to share expenses if allowed. This is how folks are making it on SS. In fact, I know of 5 seniors who share expenses and have one car that they all maintain.
@@silentnot4812 Exactly!
Having 1 car shared and maintained is a great idea!
I call this the Golden Girls Strategy, and I think it will be more and more commonplace in the near future.
My mother in law worked till she was 77. She lost a lot of weight and is doing really good. She is bored and plans to go back part time. She has some health issues but nothing major. She gets social security and her late husband's pension. She could live on that but she told me working gives her a purpose.
I think one of the best things you can do before retiring is, plant a small orchard of seasonal fruit trees, build raised beds for vegetables, and get a few chickens. You can virtually wipe out your food costs if you plant correctly for your zone, and use food scraps and leaves as compost/fertilizer. If you have back issues, build higher raised beds.
Your comment is so encouraging. Thank you ❤
Great idea!
I’m 57… we have a large garden and every year my hubby makes one of my garden areas into a raised bed. It’s much easier as we get older. We’ve also planted fruit trees and berry bushes and have chickens for their eggs. It’s a great investment 👍🏻😁
@@cjhoward409 Yes it is! I grow 24 varieties of fruits that cover all the seasons, and health regimen. I get free pomegranate juice from my trees, same with orange juice and apple juice. I can make jam/jelly and pies. I never have to buy vitamins as I grow mulberry, goji berry, cara cara, and elderberry for my winter flu deterrent, and I can soups for winter, and meals for the summer. Its so much easier to can 20 meals at a time and just heat for 10 minutes when needed. It also saves on gas/electric. The other benefits are being able to sit and enjoy the birds and bees, or take daily walk around to pick the harvest and check on things.
@@cjhoward409 Nice :-)
Yes I am living off Social Security only $1,237 a month. I also have a paid for mortgage no credit card debt I pay all my bills monthly including house and car insurance the only thing I pay once a year is real estate taxes that gets paid as soon as I get the bill. The first thing I do is put a set amount of money every month into regular savings then I pay my bills what is left are divided by four or five weeks till next social security check and that's what I have to live on each week. Occasionally I will take money back out of savings but that is rare for everyday expenses. I do have a 401k and a Roth IRA but I'm not taking any of that money out at this time. I do dine out two or three times a week but that is eating senior / kids meals or if I have a restaurant coupon tomorrow is Chinese that is probably the most expensive meal I buy even with a senior discount. I'm a person that has always stocked up on food human and cat ( plus litter so there is very little I have to purchase right now. As soon as I enter any store I go straight to the clearance/ markdown sections I've been buying only marked down meat for many years shopping this way has allowed me to stock up and pay a fraction of the regular prices. I shop thrift stores and garage sales for clothing and household items. I did special order a couch and chair for my living room 4 years ago paying cash. My sister is a firm believer in buy now pay later loans I had to bail her out a couple times and I won't do this. I don't deprive myself of anything I just don't want a lot of stuff now
Wow inspiring, thanks for sharing. I feel more confident reading these comments
Living on SS alone can be done but it's not easy. I'm a senior who lives on $903./mo. Thankfully I am debt free but I don't have a house and I don't have a car. I live in a very small apartment. It gets tougher every year to get by but we're hanging in there! I'm a Vegan and just about live on rice and beans and a few fresh veggies when I can afford them. The plus is that I'm 68 years old and I'm very healthy. I worked hard all my life but the government thinks it was only worth $903 a month. I grew up poor and got married young so I was only able to get min. wage jobs most of my working life.
Thank you for your story
@joanie9923 A lot of us are right there with you, Joanie! Keep looking up. ❤ God Bless You!
😮
While you're healthy, you may want to earn a little extra at a part-time job. I think you're able to make $21,000 a year before your SS is penalized. 😊
That's what I'm trying to figure out: how to live on $934 a month social security ...
It isnt easy, but we do it. And on only 1 income too. We seldom have much left over, and we do without sometimes. But we have a roof and walls, a vehicle and all the necessities. We are happy with our simple lives, its just a matter of realizing what is important and what is not. 💞
Only one of you is receiving ss ?
My neighbors each get around $700 a month and they can just squeak by with just the basics. But when one passes away, there’s no way they can live in their home. 🤷🏼♀️ Not to mention, she does the bills and cooking and he does the brute work of mowing and weed whacking etc.
@@cjhoward409We were blessed to have sold our property in VA and moved to KY. The proceeds allowed us to buy a nice vehicle and pay for our home. Plus new appliances and lawnmower, and we stocked up on necessities before the funds ran out. Then pandemic EBT let us also stock our pantry with 5 or 6 of everything and we have been lucky to have that to draw on with inflation. It's all about planning, such as buying 3+ items on sale, thrift store shopping and saving. Every penny adds up. Rewards programs and gift cards earned from internet pay for gifts and we do our own vehicle maintenance. We don't have cable, just over air TV and internet. I shop for best prices and recycle or repurpose items. Where there is will, there is a way.
Mint Mobile is $15
I live in town, no Car, walk or get rides, live in Apt, retiring in October, still can afford to go on Senior trips....living tiny is the answer.....❤
Are the senior trips through church or something?
I love that, "living tiny"... a bigger concept than the tiny house movement.
Yes, I own my home outright. Its a Leer campershell on a Toyota Tacoma.
Wow! If I was getting $1700. a month from SS, I would be able to live quite comfortably! I only get $1300. a month and I’m doing okay. Some months, I even have extra! lol I just carry it over for the next month if I do…I live in TENN and it’s still relatively inexpensive to live here, even renting…You can cut back on electric use, food, and how much clothes and toiletries does one person need who doesn’t go anywhere?! LOL 😂
That is fantastic
I DO live off my SS of $690 a month. I am debt-free and mortgage-free. My expenses are considerably lower than average because I live out in the boonies.
I'm glad you're able to live within your means. I'm sure it takes excellent budgeting skills. 👍😊👍
@@3TXSisters Yes, indeed!
Wow thank you for sharing. If you can do it, I can do it!
I live out in the sticks too. I don’t mind people, but not interested in living right next to them. It’s often cheaper, too.
I live in Australia and yes, we can live only on social security pension here. It’s not easy but can be done. I am 63, single woman on disability pension. Very lucky to rent a government housing unit and manage well. I don’t however have a car. I have medical problems but our medical is free here so we don’t need medical insurance. I do have home contents insurance at $80 a month. Food etc is a lot more expensive here than in the US but power and water etc seems to be cheaper, like I pay $100 power every two months.
That's wonderful!
Im also 67, also single, and it would be tough to live on S.S. alone. My SS is lower than hers. Retired 2 years ago, and a year ago decided to work part-time. My 401k took quite a hit the past 2 years, so for me it was a good idea to bring in some extra money while I was still healthy. My part time earnings are put mostly into savings. I'm debt free except for my home, and I owe 40,000 on the home. Currently saving up for a newer car, increasing my emergency fund amount, and would like to have the house paid off by the time I'm 70.
Good for you for thinking ahead and adding to your savings while you're healthy. 👍😊👍
I live off of almost 2000 a month of Social security. I haven filled my car up in almost 2 months. My son in law takes care of home repairs. My son takes care of the yard or i do. My house payment is only 400. A month.
Sounds like you're thriving on social security. Good for you!🎉 That's great to hear.
You're so fortunate to have your son and son-in-law's assistance.
I am not at the age of social security yet but I have an idea of how much I would receive and I could live off of it and thrive as well as long as I am healthy because my home is paid off and I have a small HOA payment every month, utilities, internet, car insurance, groceries, cell phone bill, property taxes ECT..
My husband and I live in NJ and are both retired (67 and 65). We live off SS of 4880 per month. This takes care of all our expenses and we save the rest. We have no mortgage or any debt so that was done BEFORE RETIREMENT! It can be done if you prepare and are used to living belie your means. We also have savings and small pensions that we save for any unexpected repairs etc.
My thoughts exactly! I could have written this same answer.
BUT.What will it be if one of you dies?
@@Joce123 what our expenses are now monthly is what my SS will be if one of us passes. We also have small pensions and savings to help when that happens. But because we were mortgage free and debt free before retirement we are fine
I only wish my SS was that much!!
I think it will be tough to live on SS alone. It can be done, but you would need to live a minimal lifestyle, and have your home paid for. You are right, being debt free, having your home and staying healthy are key. Money saved on junk food now and put into savings, is beneficial for ones health and wallet. I am thankful to also have VA DIC and I make some money on the side. I may hold off getting my SS, which I don't think will be that much, as long as I can. Seniors may need to start living a Golden Girls or Silver Guys kind of life and share expenses, car etc.
Love the Golden Girls
I think Golden Girls scenario is great! Besides cost sharing, having people to keep you company is good for your mental state. I’ve also known a lot of seniors who have died alone in their homes because no one was there to call for medical help.
Yep, start now cutting out junk food and banking the savings!
I’ve also cut out one meal a day. I’m realizing I only need breakfast and a late lunch and they’re very healthy. I’ve cut out the sugary snacky junk which is too expensive AND too expensive down the road for our health. 👍🏻😁
My hubby and I just walked 2 of our dogs just now. That’s free exercise for us and good for us all!
I have no desire to live the Golden Girls life
Live below your means!
Since I am retired and I am lucky to get by,from my Social Security which is $1,300.00 . And my Pension is $500.00.
My Pension would of been $1,000.00,and up,here in The State of Michigan and retired people are paying Retirement Taxes. And I also don't qualify for food stamps. I am lucky to get by,on my Social Security Checks,and Pension Checks.
I love how you get to the point fast.
Thank you
Agree 💯
We were very healthy until we were 65 or so. Then everything started to fall apart and it was one surgery after another. You MUST have secondary insurance.
I'm 68 and live on Social Security alone. I'd say most people around this age would have enough health issues to have a supplemental health insurance besides just Medicare. My total health insurance bill, with Medicare included, is $309 a month. That's a big chunk of $1700. I do have a mortgage payment. I'm lucky it's low at $700. Then there's water, sewer, electricity, gas, car insurance, gasoline, occasional car repairs, groceries, occasional home repairs, yard work, pet food and litter along with at least a yearly checkup vet bill, car inspection and tags, property tax...etc. I budget all that out to nearly the penny, because I have to. As of March this year, it became much harder because food stamps went from $280 a month to $23 a month. I also lost a couple other benefits. Now I start out each month about $400 in the hole. Because I'm in a no-spend year and have cut everything to absolute bare bones necessities, I come out OK... every month except June so far. I've always been content with what I've had, and I still am. I'm thankful I have any income at all, given that I can't work, due to my health. When I've faced a shortfall, God always provides. It may be in the form of a birthday or Christmas gift, or someone who knows of the difficulty and out of the goodness of their heart, pitches in to help. I don't ask, because there could be someone who wants to help but can't afford it. Asking them would probably embarrass them and that would be rude of me. I won't do that. Some people might have the means but not want to help. Asking would put them in an uncomfortable spot. They might give and then regret it. So, I never ask. I leave it up to God to motivate whoever He knows has the heart and means to help, If He wants me to have it. At the same time, I look for every possible benefit or organization that might have a program for helping people, that I qualify for. I've found a lot. No matter what, I stay content. Right now, not having enough money to feel food secure is difficult to deal with, but so far, every day I've had something to eat. When I go to Church, I usually get "loaded up" with food, but it's usually sweets, and I'm diabetic. I then have something I can give away.
Love you, MM ❤️😊
I think you should get rid of your car..
Though i appreciate that am on ssi and it has helped greatly in my quality of life i know if not for other resources of help such as supportive housing, food stamps, medicaid/health insurance and many community programs there is no way i would be able to survive on my own. Thanks to supportive housing am able to live in a nice neighborhood where i pay rent based off my income which is 30% of my disability check and with proper budgeting am able to pay this rent as well as my other bills while still having something left over for myself or to save up to the allotted $2,000 which they are now trying to increase so the disabled have more financial options available to them in life. Fortunately i am debt free and have never smoked or drank in my life which helps alot when it comes to spending money or saving.
Thanks for asking Dawn and have a comfortable one ☕
I'm 52 years old and I was unable to work for many years for various reasons, and I've calculated that if I tried to retire at 62 my SS would only be around $900 a month. Who can live off of that? It would not even cover rent for a tiny studio apt in the area I live. No idea what I'm going to do.
Can you work now?
@@CentsibleLivingWithMoneyMom Yes, I just past my 2 year anniversary last month with the company I'm working for.
You might have to move to either a lower income area or to another state. Major change, but might be necessary.
Ss was never meant to be your only income .It is a helping hand.
The first thing that I could tell young workers is buy a home as soon as you can and have it paid for before you retire the last thing you want to do after you retire is pay rent
We'll you're still paying $200-$500 a month in property taxes , another $200 a month for insurance etc and that's if nothing goes wrong.
Mark it sounds like it's time to move to another State and get away from those high property tax States @@markbajek2541
Buying a home is the default idea , practically a cult in the US. The termite, mold, central air problems cited in the hypothetical are expenses a renter doesn't have to pay out of pocket. Plus if the neighborhood goes to hell 20 years after you bought, you don't have an albatross to try to get rid of.
Even considering property taxes, insurance, and repairs, rent is still considerably higher.
But than there is still Insurance Taxes and upkeep
Of the House.And that is not Cheap either.
Three years ago I found out that my husband of 30 years had not paid income taxes for several years. It was a massive amount. I had been a stay at home mother for most of our marriage and he kept all the finances from me. He had a good paying job but he spent everything and more. Lots more to the story and we are divorced now. So I am starting over at 61.
I thought some of you might be interested in some creative ways i have made money.
I had no marketable skills…so i took a job as a caregiver. Most of my people were at the end of life and in a nursing home or hospital where most of the “dirty work” was done by staff.
I got a job working in a maternity home as a house mother. I work in 24 house shifts-34 hours a week, no benefits. It is doable for me and i think i can keep up the pace there for the next 10-15 years.
I worked for an estate sale liquidation company…esencially manning yardsales for pay.
I now am renting out a room in my house to a college student.
I worked in a factory right after my divorce.
I did clothing alterations-i hemmed skirts for a local provider of uniforms for local private schools.
I got paid to help friends downsize from hoarding situations.
I think there have been some other things these last 3 years.
If you have a maternity home or any other type of “safe” shelter situation….i would highly suggest it. I wish i had known about this place when i was a stay at home mom. Even working once a month would have kept me relevant. Instead no one values skills that a stay at home mom has.
I am so sorry about that
I admire you.
This yr… AC repair, $480.
Plumbing issue: $785.
Electric issue: $450.
Car issue: $1,000.
Dental: (had insurance), $1600.
Water heater: $1900.
I can’t imagine most people living on only SS.
Medication costs, tires for a car, tv, internet(we have lowest speed and it works fine). Any repair issues are costly. Plan ahead. Save every cent you can!
Oh, yes and the list goes on. We had to replace our hvac system a couple of months ago, $12,000. Yikes!
Sounds like the expensive issues I have had this year. Septic system repair - flooded both bathrooms. Car repair, new roof, vet bills. It goes on and on.
New refrigerator, new well pump, new lawn tractor, new push mower,new in-house vacuum, dental work, so far nothing in May, June or July! No way we could just live on SS! People need to cut back now and save all they can!
I donate plasma for house projects. Got new flooring and exterior paint. Needed new dishwasher but paid that from my monthly 25.00 personal allowance.
Thank you for your honesty
I don't think most people could make it very well just on SS benefits alone. They would probably need some kind of side gig to make ends meet (for most of us anyway).
I think you're right.
@@3TXSisters 👍
I live on $1,179.00 per month retirement social security from 43 years of punching a time clock. i live in sec. 8 hud housing. i have no choice. i get $23.00 food stamps. my only source of income is soc.sec. my doctor told me because of my heart i can no longer work. i do not get disability because i became disabled after i took soc.sec. from my working years. my health ins. will be based on my assets when i turn 65 in Oct. right now i don't pay premiums.
What state are you in? If you were in California, your healthcare would be free right now and at age 65. You can own a car, a home, and have as much $ in the bank as you want. At age 73, you have to take RMD's so that might screw you up if it is too much $
@@MelissaLuvsHens I live in Wisconsin.what is RMD?
Oh I forgot to add the Medicaid limit for your state is 2k a month so to qualify, you'd need to have less than $2k in your bank account.
@@MelissaLuvsHens I have $577.78 to my name. $5.00 in a savings acct. the rest in checking.
Looking forward to your personal expectations. I think a person can live off SOCIAL SECURITY if they are DEBT FREE and have an EMERGENCY FUND to cover the unexpected expenditures.
We are living on just social security and it is enough, but we are saving a portion of that as well for emergency fund. Our idea of a great time is birdwatching , going for walks, and puzzles---all very inexpensive hobbies that still entertain. We eat out once a week--but maybe not much longer as the meals are just ridiculous now and the quality is poor.
That said---I wouldn't want someone to think it is doable if they are already spending their whole check. Prices always go up (never down) and you don't want to walk the edge like that. Very nervewracking.....wondering when something will go wrong if you don't have any extra money.
I do and I can even pay off a small mortgage.
I rarely buy anything new - I wait until I can pick up an item at an op shop. I waited for 2 months without a microwave until I found a brand new microwave/convection for $45.
You need to prioritise: bills first, food next ($60 pw), very little left. My health insurance is gifted by my son.
I do my own painting and garden maintenance.
My other son services my car.
If my air conditioner blows - I will live without it; as a kid we lived in the subtropics with no air con. To keep cool you: leave all windows open, use fans (op shop), get in the shower with your clothes on and get wet/ the cooling clothes will cool you, drink iced water, go to the shopping centres on hottest days.
I live in Australia and am living on the aged pension , luckily we have free health care , I live in a unit and have to pay strata and land rates yearly , I have an old car that is in good condition , have a large dog that is on anxiety medication . Before I retired I got most of the improvements that I needed or wanted . Living on the pension isn’t easy but it can be done if you watch every penny .
If a person has a payment of at least what you mentioned in the video it would be possible but no doubt it would be lean. If they were renting, they would undoubtedly go under unless it was subsidized to their pay level. If I was that person and I owned my home outright and had no pension or 401k then I would get a reverse mortgage asap or sell my home to get more money. The real truth is scores of Americans live just off of their SS.
Really hood eye opener.. lots to think about here… you are bang on … things happen in 3’s or 4’s, one winter and I live in Winnipeg Manitoba where it gets to -40 and colder Celsius, my furnace motor broke down … ka-ching, then my washing machine, Spring I had a leak in my living room from the roof , and mouse problem.. sheesh… had to put it on my credit card…
My dad didn’t really have a full retirement amount saved up but he had a new roof, new siding, new softener, new vehicles, paid solar and battery storage. I think if all your stuff is in older shape, you need more saved up.
That's so important. I want to make sure at 72-74 yrs old we have a newer car so never have to buy one, newer appliances, newer everything to last us the rest of our lives. I commented above but didn't state that I am saving most of my earnings from ages 67-72 working p/t to ensure we have mostly all new stuff that will last a few decades. If you don't drive much, maybe 2-3x a week and not too far, the car will last 20 yrs easy
I so agree
The govt of the United States of America decided when I applied for Medicare that as I was born outside the USA and had not lived in the US for 14 yrs/ 7 consecutive years….I was not a U.S. citizen…my parents were both us citizens…I was outside the US as my father was an USAF officer who was stationed in other countries. After I fought the good fight and won I was told my SSI would be at an elevated rate forever since I had not filed at age 66 ( I had work ins at 66, but retired with the expectation that I would be able to receive SSI). I said screw it. I took my savings out of banks and now keep a bit over 200 thou “ hidden” so no tax, I use a Direct Care doc for $900.00 a year, have slowly and thoughtfully dissolved my 401ks to my advantage and live very well on $ 1600.00 a month…no room mates or under the table work. I drive as little as I can in my well kept 15 yr old car, never had a ticket or accident and the car was not expensive when it was new. I grow …on my deck..a certain amt of veg, herbs in my kitchen window. I find a fan is acceptable rather than a/c, lower heat and better blankets in winter. Nothing disposable but TP, think about utility use…recently I had my house power washed…1/2 on last day of billing, the other 1/2 on first day of next cycle…therefore never went over the lowest tier for h2o use in either month…have enough saved for car replacements then get lowest insurance. Share internet with the next door neighbor…share Hulu/ Amazon or whatever with one of the kids. List needs for Christmas and birthday presents. Walk to the library if possible ( I can) otherwise incorporate it in regular errands for all the great things they offer free. Cook at home…learn to make a family fav and a personal fave that are easy…keep the ingredients on hand and always know the menu.( if someone asks can I “ bring something” you know the answer is garlic bread or salad or what ever”). Stay away from thrift stores…no one wants the junk toys you buy their children, you likely don’t need another pair of jeans…do use thrift stores for needs not recreational shopping), shop smart but not recreational, sweep rather than vacuum, Navy Showers, bar soap, ( for dishes too!) charge your phone in the car when possible, use a cheap phone service, Mint, Tello, etc. a worn towel still has future lives. Kids want to know what you want for birthday, Mothers Day? Maybe a home cooked meal and a dozen canning jars or freezer containers…take care of things the minute you notice you have a problem, find a really good handy man and treat him well, make him cookies at X Mas and pay him right, buy discount stamps on line and Thank You cards and Birthday cards at the dollar store…be the person that still sends cards. I could go on but there is a free concert down town. Really living very close to the bone is fun and easy.
This made me very tired Reading Al that..
To help answer this question, check out Buzz's Retirement Garage. He goes over his finances and what he brings in, being retired early, and living off of SSecurity which he and his wife receive. It's interesting. In short, in one video, his combined income is $3783, and they spend as a couple on a monthly basis, $3600. Tight, I know, but they are doing it, and they go out, its not a stay at home retirement scenario for them.
My husband I live comfortably on our combined SS of$3,368 a month. We live in NC where cost of living is cheaper. We own our car, we rent an apartment and have 2 small dogs. We budget everything, We are vegetarian so our food in cheaper. We go hiking a lot for entertainment and keep us healthy. We are 69 and 70 and are very healthy. It can be done, just requires planning.
What happens when one spouse dies and your income is lower?
@@lynnhensley4326 then you live on the higher
of the two incomes. my husbands is higher then mine. If he dies before me I switch my SS to his. Our budget is based on the higher of the two so we are used to living on that.
How smart
We are in Greensboro NC and I feel housing is a little less than when we were in Michigan. Our property tax did go up quite a bit for our modest condo. Curious where in NC you live?😊Hiking is fabulous for a cheap hobby!
@@Kanne60 Live in Lexington, NC
I'm 48 now and this is helpful (if I live till 67 and above). Anyways, I support a frugal way of living after hitting mid life. The current issue I'm facing is mainly perimenopausal problems but other than that its going fine. Things may change in my 50's and 60's but i want to be positive.
My husband and myself both retired at age 62 and can live on our social security income. We were not high wage earners. We also each have a smaller pension we save every month. The only reason we can live on that income is that we paid off our house and all of our debts and saved some money before we retired. Take care Dawn.
You were very smart and great at budgeting! 👍😊👍
I was a single income wage earner. I live on Social Security. No mortgage or debt. Moved to a low cost state with low property taxes and expenses. I am comfortable with all my needs met. I will be eligible for a pension in a couple of years from previous employers . Have already developed a budget for that when my income increases. Will be able to put a lot into savings.
How smart
@@churchofpos2279 It's much harder to do when you are single. You have done a great job and taken care of yourself very well.
I only live off of my SSDI every month....and live off of it successfully.....So there is no reason a person cannot. But there is so many i know who do. My rent now is $115.00 a month and my sewage is only $39.00 dollars a month. And my gas is $29.00 dollars a month. And i get free food from my food stamps. And so im able to sock away 50 percent of my check....which is fine for now.
Your rent seems unbelievably low, $115? Is that a typo? In 2023, I've never heard of rent, even for just a room, that low. Housing costs are a reason that can make it difficult to live on SS alone.
@anneferguson4273 yes I have HOC that allows me to have rent that low.
@@arthurmantzouris4413 That is a critical element - low income housing is a better option than living in a car or an RV. I know it does not come without its own problems, but a solid roof, and solid walls, and reduced costs of major utilities are wonderful - although where I live, people often have to wait three or more years to access this kind of housing. I am happy for you.
@@bria2596 thank u. But it is all bc of my God Jehovah. All praise goes to Him. As Psalm 150; 1-5...
Wow. I never heard tent that is so inexpensive
I live off of my SSDI And it is enough for me. And I'm able to save enough money for everything.😊😊😊
I would stress the importance of moving where property taxes are the lowest: for a paid off house. 1700 is not bad for SS. I'm doing it right now on 1100 to 1500 with no debt. I think it works if a person has an emergency fund for issues that will eventually come up. You gave very realistic information for this video.
Good point about an emergency fund!
Absolutely have an emergency fund, anywhere from 3 months to a year or even more. You can earn 5% easy right now on your emergency fund.
I retired well before 65 and my small pension takes care of the supplemental health care and I would advise not to do without it. That picks up what medicare doesn't pay. Now as a widow I get a widows portion of my husband's SS added to mine. That pretty well covers all my other expenses. I do have some savings which covers those Murphy's times. Thanks for sharing your thoughts on this and like you said, it really depends on where you live. Have a Blessed day.
You're so smart to have savings. Unexpected things crop up all the time. Hope you're doing well! ❤
Great point about having supplemental insurance. Dawn needs to see what happens if she doesn’t get supplemental (gap) insurance when she first goes on Medicare. If Dawn wants gap ins later, she may need to pass a physical. Dawn might want to talk with a broker.
Yes, must have supplemental health insurance or pay 20% of hospital bill, which even at $100,000 is $20,000 out of pocket. I see million dollar claims all the time now. I am an insurance broker. If do not get as take SS health questions are asked and may not qualify. You do not want to have Medicare only.
@@maryprincipe8200 Amen to that. even your normal check ups and stuff can take a big bite.
I thought a widow/widower can only receive the highest ss payout, not both.
Those in dire straits need to go to poverty-friendly states, like SC or Alabama. They have all kinds of programs to help the poor. Prices are WAY lower. Make sure you have zero house and car debt by retirement, and your options are pretty good.
Something to consider: here seniors are becoming roommates with other seniors. This halves living expenses.
Putting part of savings into a CD with generate some extra income.
I drive very little so I pay only about 400 a year for car insurance with Allstate. I can drive only 100 miles a month for this rate. I pay 15 month for cell phone.
In NJ there are many state programs to help seniors. This somewhat offsets our ridiculously high cost of living. Many seniors here get Snap and qualify for Medicaid which is free.
Sounds as though you've done your research for reduced expenses. It's good to compare insurance rates. Good job! 👍😊👍
@@3TXSisters we didn’t expect to retire but Covid forced us too. We really had no choice. Thankfully we are debt and mortgage free. 🌹❤️
@@mysteryreader1 Yes, that's a blessing. 🦋
As a single 58 yr old diligently trying to get my lil condo paid off, there is no way I could live of SS alone- even with a pd for condo, though I am most frugal. I've done the budget scenarios and it's scary. Post divorce 14 yrs ago, I got a late start on retirement savings. My only hope of surviving is to have my condo pd off. Even then, I will still have HOA dues, property taxes, insurance and maintenance, monthly.
Good luck to you! At least you're aware and working toward retirement goals. 😊
You are on the right track
Yes condo fees are something I would not want to have
@@debbieframpton3857 I understand it's not for everyone, but with aging and an autoimmune disease, I don't want to worry about clearing snow in winter, or yardwork in summer. I would pay similar for both if in a house. Also, insurance for a condo is way less. All things I grappled with when home hunting. It's a trade-off.
@@truthseeker6370 And for many, it's a safer and more secure option.
Great video. I think once someone is out of debt it is super important to live a frugal lifestyle and just save as much money as possible regardless of whatever age someone is. Can someone treat themselves every once in a while ? Sure. But just don’t go overboard. I see TT videos of these young people just spending like crazy. I think it’s super important to just be content with what we have first.
Excellent comment! Nothing compares to contentment!
Absolutely!!
I'm trying to save as much as possible
Me too! Keep it up some is better then none is what l tell myself
Yes, even if it’s just a little amount. Doesn’t seem like it at the time, but it adds up fast.
This is fascinating and helpful. I have all of my quarters except 3. My husband did some research and discovered that Social security averages your top 20 income years. That includes years where you made 0. So the more years that you're earning in your top income bracket, the higher your SS pay out will be. Thankfully in my situation we will get my husband's social security and I will get half of his. Half of his is higher than mine would be because I would have zeroes averaged in since I chose to home school and raise my children rather than put them in daycare and public school. That said, we really need to work on a retirement plan. We're late to the game because we always reinvested in my husband's business and in paying off our house which is still not paid off ugh.
You'll get there because you're frugal and excellent at budgeting. Once your children are out on their own, you may want to get a part-time job for a while to add to your savings. You'll do fine. ❤
@@3TXSisters thank you!!! yes, I imagine that I will want to work once the children are raised. The extra money can go to retirement
Social security website says they use your top 35 years of earnings to average and figure out your benefit.
@@lovelife7343 I see that. I'm not sure where he got the 20 years LOL Either that or I misunderstood
My good friend (86) was recently widowed. So she lost his Soc Sec and pension. That leaves her about $1,500 a month. She is grieving the loss of her hisband of 52 years and will probably have to sell her home. Even if a house is paid for, there's insurance & property taxes & maintenance etc. She is considering getting a lady roommate. Rent would help but not fully replace his retirement income. It is definitely a new season in her life. At 86, it might be unrealistic for her to try to stay in her home. She attends a big church with a hundred widows and single elderly women. They can advise her and give her insights.
I am sorry for her loss.
She should be eligible for his Social Security if it's higher. There are some survivor benefits l believe ss well.
I don’t have a choice. It’s all I’ll ever have. 66, disabled and widow.
I am sorry for your loss
Yes, you can. most average person is between $400-$700 a month (in Missouri) -(no matter how hard you work)
Live in your car, eat fresh food (fast the rest of time) , have good clothing (winter & rain coat, warm layers, couple pairs of shorts/t-shirts (rich people ware the same clothing everyday).
Save $ incase your car breaks down. Other than that it's tight! But, everyone can do this! Good luck ☘️
Vivian, I am very sorry for any senior who has to live in a vehicle. It will definitely shorten their lifespan - that is a very sad existence, and one that I would not recommend for anyone. I've lived in a travel trailer, while in great need, and I would never choose that way of life, either. There are lots of problems day-to-day, just making it work, that people do not really talk about when you live in a tin can, whether it be a car or an RV.
i could not do that, way too difficult. (the car idea). Might as well say it's not possible to live on SS alone. Living in a car is not an option for most for many reasons, health included.
Living in a car when you're in college is one thing, still not common at that age, but living in a car at 60, 70, 80? Sad! I remember thinking while I was watching Nomadland how absurd that people would choose to live in a tin can rather than live together and pool resources, all because of the way Americans idolize so-called independence.
Maybe she can if she is healthy and can still work part time. Most people don't realize the amount they are figuring to budget will have Medicare deducted making the amount less. There are co insurance medical premiums that cover the 20% not covered by Medicare. Also at her gross amount she is over the amount for assistant programs for utilities. Then home and vehicle insurance, like you said, depends on your state. She should try living on that amount now, to answer her question.
Yes l just found this out about Medicare so its changing some plans due to this.
Not possible in my part of the country for most people - Set monthly expenses are just too steep and continue to rise :-(
I agree
same here...house taxes alone are too high. Utilities high, car insurance high...every year it gets worse. Tried it, only got into debt.
If I had to live off my 1600.00 no way. I have a retirement check, 401K & IRA, savings. House is paid, house taxes I challenge every year is 550.00 Our 2007 truck & 2018 car is paid off. Truck is in good condition. I did cut cable last year. I do have apps Netflix, BritBox. The only thing I do worry about is having a major health issue like a stroke, Alzheimer losing our quality of life. Those are huge expenses that definitely will impact us. That’ll wipe out us out. Husband is still working because he likes his job & loves saving money.
You Make some valid points
For anyone who owns their own home and is having trouble making it financially, renting out a room with a private entrance if possible will earn you anywhere from $700 a month on up, depending on your location. For those who don't want to go out to work anymore, find an at-home job. There are many options. Too many people object to renting out part of their house, but if you rent to someone who is gone most of the time working or in school, it's not such a big deal. If you have a private entrance/bath for them, you will never see them at all probably. I have a friend who has a big house. She rents out her rooms upstairs sometimes to people she either knows or those who are referred to her. She is a nurse, and is gone a lot. If you are still working, renting to someone who also works might mean that you would never even hear them. And if they are older, don't drink, don't party and live a sane life, having someone in the home can feel more secure. Lots of people do it, and it saves them financially.
Great point
That's a great solution for some.
I have a seminary student living with me for the next year. I get $500 a month-private bathroom. We share kitchen, laundry, etc.
If anyone had told me 5 years ago that I would be driven to this financial demise, I would have called you crazy. But you gotta do what you gotta do.
I got lucky. She is a dream of a housemate. Im almost afraid to brag for fear I will jinx it.
It has really helped financially to have the extra $500.
@@janiewerner That's wonderful!
Sure, a frugal "Dawn" might live fairly comfortably on SS alone for many years. But she almost certainly is ensuring an impoverished old age for herself. The annual social security cost of living increases do NOT come close to the actual increases that occur in nearly every budget item. Plus there can be large healthcare expenses as we age. I hope Dawn's savings will cover the high cost of Assisted Living should it become necessary. I'd advise her to postpone drawing SS until age 70, and if her health permits, keep working and building up her savings.
Great advice. I fantasize at times about pulling the trigger and taking it but the rational part of me says wait. It's no issue for me to keep working and it's smart to keep doing it in my situation
@@judiashley5818 I think you'll be happy you waited a few extra years to pull the trigger. The increased SS monthly payout at age 70 is substantial. In my parents' case, Dad took SS at 64 and also had a small pension. But high medical costs and inflation in general caused them a lot of stress and worry over the 30+ years they were retired. They had substantial savings, but that went fast in old age. BTW, my husband waited until 70 to draw SS with no regrets.
Thanks for the advice
I'm living off Social Security alone. Well, that and my United Healthcare Dual Complete supplemental Medicare program.
It's not easy, by any means, but Social Security is sending me a large fraction of as much as I've earned every month of my life and my wife struggled to manage our money pretty successfully.
I'd like to think I can do it almost as well as she did, but I'm not nearly as good at it as she was.
It's the getting paid only once a month that is the killer for me.
I've mostly always been paid every two weeks, and my last regular job, which I had for thirteen years, I was actually paid weekly, every Friday, and I LOVED it! Whatever surprise expense came up I knew I could probably pay it at the end of the week.
Now I just try to make all my payments at the first of the month as well as buy all the food I expect to need, and just sit tight until the end of the month again.
My wife never wanted me to put anything in a retirement account because she really needed every penny to get everything to work out.
But when she died in January of 2013, I immediately had part of my paycheck diverted to a 401k account at work, the same amount the company would match, plus, I think, an extra $10, and then I completely forgot about it. I was counting on our/my expenses being reduced considering that it was just me now, and I really did forget all about it.
A couple of years ago I got a letter from the company saying they were ready to pay off my 401k account and asked how I wanted it. No doubt they were tired of paying to maintain a 401k account that wasn't active anymore. It was over $22,000!!
It was like Christmas!!
I had it rolled over into an IRA at my local bank where I know I can get to it if I have a real emergency. That's reduced my stress level considerably, though all those Republicans in Congress continue to give me a start every now and then.
That is amazing
Sometimes a person can get subsidized housing, but there is usually a waiting list I’ve heard. We have a paid for home and cars, but if one of us passes, there will be much less social security, as we’d only get to keep the one higher one.
We could not live off just social security, because we are both 77 and have major health problems. It is good that we have pensions as well as social security.
Insurance costs is going to be a killer for most of us. Climate disasters is inreasing homeowners year to year. Car insurance the same and ridiculous drivers increasing it for us all with collision. You best have a supplement with medicare or get medicare advantage. Im researching it now and medicare advantage is seeming to be horrible. I will pay more for health on insurance on medicare then now which is very upsetting. 165 plus supplement plus drug plan. Dental insurance is a joke so dental costs are out of pocket which is the only healthcare l need at least now. Its scary thinking about it as car repairs are extremely expensive. Many home repairs as well.
You're right. That's why it's so important to invest early so you can enjoy retirement.
My certified financial planner says SS was never meant to be a sole source of income. But I realize it is for some folks. Where there is a will there is a way, as they say. I would think you'd have to have no house payment to make it work. And live a very frugal lifestyle as well. And if you don't have a healthy bank account, but physical health is intact, keep working at something one enjoys, to bring in additional income. Just my humble two cents.
You are so right
We plan to downsize our house and use the equity to build a new, modest, efficient home. SS will be $4K/month. No car payments. We’ll see how that goes.
Wonderful
I think it would be very difficult esp. if you are only a person and not a couple. But with a couple when 1 spouse dies the income is cut. There are too many things that arise unexpectedly.
Example: I lost a perfectly good front tooth and needed an implant and crown. $6,000 up front. Dental insurance paided very little. This had to come out of my pocket.
If you are retired and in ok health look for part time work. I retired at 52 due to a health issue, with a pension, but have worked part time 19 years. I have several health issues but I feel better when I worked, tired yes, but my mental health is better.
Good for you! Sorry about your tooth. Dental expenses are outrageous!
Thanks for this story. I am curious if it is okay, how many days/hours a week do you work? What do you do? Even if we could financially pull it off, I want to work until at least age 72 for my mental health. Hopefully later than that
@@MelissaLuvsHens
I work in public education tutoring elementary students. Less than 20 hours per week. 4 or 5 days a week during the school year. I have 3 degrees, one I obtained after I retired. I have maintained my certification. I didn't plan this when I retired but it has worked out. For 6 years I taught part time at the local community college. At 51/52 I had breast cancer and was raising my 16-year-old son and a grandchild when my daughter when into the army, along with my spouse. I hope to work one last year before I do finally retire. My husband also has a one day a week part time job he loves at 73.
For some folks it won’t matter that their house is paid in full by retirement. If you live in a state that doesn’t put a cap on how much property taxes increase each year. I’m on social security and Medicare now. It would be quite difficult to live on my social security alone.
Texas seems to be trying to REMOVE the tax cap we’ve had for our 12 years of retirement. I don’t know how it will come out. I can’t believe they can do that!
No not if you purchase health insurance and Medicare supplemental.
Very good topic ❤
In my instance I am debt-free except for a small Mortgage Balance which I am working on paying off. My husband passed away about nine months ago and because I am only sixty I am not going to collect on his Social Security until I turned 61, March of next year. I found that I cannot wait until full retirement to collect and the penalty will not be as bad if I can hold out until then. I was not working because my husband was ill and I was home taking care of him but I recently got a part-time job. I also have a decent savings from a small life insurance payout which is buffering my extra expenses that my job does not cover. I feel when I turn 61 and start collecting on my husband's Social Security I will still need to keep my part time job in order to pay my expenses, and feel like I have some breathing room. As of now I am blessed to be in overall good health when I will no longer work then I will consider possibly selling my home or something else.
I am sorry to.hear about your hubby
I'm so sorry to hear about the loss of your husband. I'm glad you have a part-time job. It would help if you could keep your job as long as you're able. Hope you are well and have friends and family close by. 🦋
Do you know Social Security Survivor's (Widow's) Benefits can be claimed by the surviving spouse at age 60? The SS payment will be pro-rated due to your young age. There are so many factors to consider. Your age, your husband's age (was he at or past FRA) & was he already collecting SS? Run the numbers or have someone run the numbers for different scenarios, example: take Spousal benefit at age 60 and let your own SS keep increasing until your full retirement age or up to age 70.
@@anneferguson4273 thank you for that information I have met with Social Security and I am aware of their guidelines and making my choices according to that.
Thank you so much for presenting this very useful information!
Glad it was helpful!
I see so many retired people living in van's and RV's to save money and travel
Same here
My mother tried to live on that before she passed away last Summer. It was horrible. I remember times she couldn't afford her prescriptions. If she got a bill from the lab for having a test that another doctor had already ordered she couldn't afford to pay it. Medicare will only pay for some tests a certain amount of times a year. She could not afford home repairs. When she passed away last Summer, her house was in need of a roof. She did not have it done because she could not afford it.
I do not recommend living this way. My mother did ok until my dad died. When your spouse dies, a lot of money goes away. Mom lived 4 years after my dad died.
I have read that you are allowed to make money on SS, but there is a limit. I think it's $20K a year. Someone correct me if I'm wrong on that. When I see elderly people working (often at Walmart or Dollar Tree), it makes me wonder if they enjoy working or if they are supplementing their SS income.
So sorry about the loss of your mother. It sounds as though her life without your dad was very stressful. Hope you're doing well. You're right seniors can earn a little over $20,000. Not every senior is healthy enough to even work part-time. 🦋
I don't recall the limits on earned income when collecting SS before your FRA. At full retirement age (FRA) there is no $$ limit on the amount of income you can make. At FRA no $ will be deducted from your SS check, no matter how much you earn. But depending upon your AGI (Adjusted Gross Income) up to 85% of your SS may be subject to federal income tax.
You are allowed to make 21,200.00 if you start collecting before Full Retirement Age 62 to what FRA is for you. At FRA you can make as much as you want . If you collect before FRA you are locked in at that amount except for the 8 per cent increases they give yearly.
The COLA for SS is not 8% per year. That was for 2022 and it was the highest since the 1980s. COLA for 2019 was 1.6% increase and 2020 was 1.3% due to low inflation years. That 8% you mention may be the 8% increase per year you receive by NOT taking SS until after your FRA. If your FRA is 66 but you wait until age 70 to start taking SS, then each year you don't take SS your benefit amount increases by 8% plus the COLA. So if you start taking SS at age 70 your benefit will be 32% higher (plus any annual COLAs).
You can make as much money as you want at full retirement age. I am sorry your dear mom had such a rough time
I’m in Indiana on SS only of $1600. Doing fine. My expenses are much lower than your quotes and I pay for yard work
Thank you God for all I have. Sorry for my sins. I'm OK on disability Pension since my 30s I'm 61 years May I serve others I can help. Amen.
NO, if you are single, because SS benefits are scheduled to be reduced by 24% on or about 2032. It is a real problem - costs will continue to rise, we have to be able to save at least 15-20% of that sum, to save for future repairs and other unexpected events. Essentially, we must practice cutting back all expenses so that we can save and live on 55% of our total SS benefits, saving 20% [plus saving the 24% that will disappear in 9 years, putting this sum away for future shortfalls due to increases in taxes, insurance, health needs] between now and 2032. Then, after 2032, we will HAVE to keep adjusting because the benefits will remain cut, but the costs of living will keep increasing. The problem for married people, is to figure out what to do when their partner dies, and that partner's SS money is lost. They have to work to build up a fund to cover the shortfall.
There is no such schedule only talk of one
@@judiashley5818 The projected date for the 24% reduction has been in the fine print on the annual Social Security benefit letter, underneath the box of what you would receive at different ages, for over 20 years, while I was still getting it. I don't get that benefit letter anymore, since I am retired, but I suspect it is still there, for those of you who do receive it. Whether it happens that year, or another, or not at all, we shall see. I'm hoping (I keep hoping) that Congress will enact changes to prevent it, but until they do, I am planning for it to happen.
I'm pretty sure social security is one of the only things, if not THE only thing, that politicians will not f**k with.
Thanks for sharing. That was interesting 🇬🇧👍🏻💛🤍
Glad you enjoyed it
wow, what a great video, thanks
Glad you liked it!
It's possible, but I'm not sure if she'd be able to live on her own. If she owns her home she would need a roommate to help cover expenses. Personally, I'd explore the cheapest living situation possible, (renting a room, live-in caregiver, sharing a small apartment, house sitting.). I'd bank as much as possible for emergencies, but also put aside some for travel, hobbies & anything that enriches my time on earth. Maybe she could turn a hobby into a small business, like crafts or baking?For me, life is too short to worry about yard work, pest control, leaky toilets, etc.
It's completely doable for anyone who can think outside the box.
You're right for people who are healthy physically and mentally. You've mentioned some good housing solutions that may not have occurred to someone. Good suggestions. 😊
My neighbors who are married and age 75, both only live on ss. They do “ok”. And that’s only because they have no debt. But, they have to pay for a supplemental insurance because they both have poorish health. And she still smokes. Ugh. But, once one of them passes away, I don’t think the other one would be able to even cover the regualr bills like electric and water etc. 😬
Blessings 😊
I know I could not live on ss alone. I have been running budgets since approx 35 years of age, from bare bones, through a level 6. My current budget is based on expenses with some Cush in it, from several months back, For my full ss benefit at far, I could cover my housing and utilities, and food, and my health insurance, deductible, medicines,and a sinking fund for unexpected uncovered medical expenses, and some home repairs.
I would not be able to afford a car, clothing. Hairdresser, shampoo or any body care items or any entertainment. And I would not be able to cover the expenses I could cover forever, as my budget would erode from inflation, even if we lived in ore pandemic world.
Just curious, what is a "level 6"?
@@alcantwell well it’s kind of progressive. Level 1 is property tax, home insurance, utilities including phone and internet, and income taxes. That would be 16,500. Level 2 would include health insurance, deductibles, dental, lt care insurance (it’s not real), medicines and a sinking fund for health expenses of 6,140, total 22,640. Level 3 misc household items and home maintenance $7.000 total 29:640. Level 4 gasoline for car, car insurance and a sinking fund for car repair 4,900 for total of $34,500. Level 5 is personal care items, hairdresser and clothing for 780.00 total 35,320. Level 6 is travel and donations. I didn’t fill in a budgeted amount.
Am I missing things?
Nope! Not without healthcare. Car maintenance. Insurance etc!
Great topic!
I myself would not want to try to live on SS alone. We are several years away from retirement age, but we have worked hard to save for retirement. Yes, some people do live on SS, but I personally do not wish to experience that. SS was never meant to be the sole source of retirement income, but rather one part of a bigger plan. That is why the amount is generally so small. I tell my young adult children to make saving for retirement a priority and to plan on SS no longer existing in 40 years when they will hit retirement age. I have seen family members live on SS alone and I have seen other family members live on substantial retirement income. Having more income means having more options and not having to worry about financial matters. I do not need a lavish retirement lifestyle, but I do not want to worry about every dollar I spend.
I totally agree.
Absolutely!
it's very very difficult to do it. i know from personal experience. the debt piles up when "murphy's" happens. Plus, house must be fully paid off, of course. No rent, taxes are bad enough in some states UGH
Good morning Dawn, we would have been more than fine on our retirement annuity alas, with our present government that steals all the money that is generated in every area of running the country, it is almost impossible to say yes, living here. They up prices to suit their own budget, it is really very uncertain how to manage our income. As we are under the British Commonwealth and the name says it all, we became a Republic in 1960 but they were not going to have that, and our Prime Minister was assassinated, and they placed their people into power, then came the big change of 1994, and let me say no more!! We always got the hand me down stuff from the U.K. companies, they dropped their old household items here, let's say we were their dumping ground. It is very political here, quality imported goods we pay a premium for. They have it all covered. So may the Lord have mercy on you for your retirement, even now, they have kicked out all w from their workplaces there are very few w people occupying work. How they live, I have no idea, we take each day by Grace. The majority of our retirement income goes to the local government which just takes the money and it does not get used for essential i.e., maintaining the roads, reservoirs, dams, all the major stuff. It really is a nightmare to live here. It's like the Royals being carted around in their gold couches on celebration days whilst the majority of their senior people suffer. How's that, right in your face!! The social security here is almost non-existent. Kind regards.
You get medicare/ Medicaid it pays for dental, vision, hearing and otc . Food stamps, furl assistance….
We will be living off social security when my husband retires
We are in our sixties
However, I do have sinking funds and use cash envelopes
We are saving up an emergency fund slowly and will have to rely on that when Murphy shows up during our retirement years🤔
Great video!!
Take care🦋💗
I don't think you can. I think it will take a tad bit more. Fortunately, my husband gets a pension check, but we STILL try to live mostly off the SS check, and put the other away. Because of that, we have decent emergency fund going for the first time ever. Plus, we have stocks that my husband bought the first 10 years or so of his job that were matched by the company. If you are in good shape, side hustles are fun to make up the difference. Also, learn to bargain shop, cook at home, travel frugally and eat healthy. That will go a long way toward productivity, so if you need to find other funding, you can. No one is guaranteed another day to live. Those who believe in Christ know that He will help us when we are needy. Just like He takes care of the birds. Our worst years were right before my husband retired. The gov't likes to feed you lies to keep you working. If you play that roulette, they win more often and you get nada in the grave.
I will say that we have lived on one income around 50% of the marriage. It can be done, if both parties are not spenders.
True
Ok I get more than that from Social security and personally I feel better about not owning my own house. I feel more secure knowing if my water heater breaks or my refrigerator dies, my kitchen range , a leak happens & all the other stuff that comes along when you own -so I know a call to my landlord will get the broken thing repaired or replaced. The difficulty comes when you try to find a place to rent that you can afford on SS. I recently relocated from Florida & in the current rental market I couldn't even afford a hovel there.
I'm glad you found a place where you can live within your budget. If you're physically able, consider a part-time job to add to your savings. Hope you're healthy and happy. 😊
@Michelle_Emm No I don't worry about that as I'm living with family.
That does make sense
That is wonderful
To live off of just social security benefits with no other income really depends on a few factors.
If your currently living on more than what you would be receiving in SSI then a person would definitely have to make some major living changes. Might even resort to moving into a cheap apartment. Sell your car and take public transportation.
Also it has a lot to do with where your gonna live too.
At that point then in my opinion you wouldn't consider your living rather than just existing waiting for the end ...😢
Being retired debt mortgage free living on a pension have 12 month fully funded emergencey fund sinling funds i have no spend days wich helps and savings its managable no car no gambling
Wonderful
'no spend days' such a brilliant plan to help build savings
Wish my property taxes were that low
New York puts it to you
I have a sister on Long Island, New York sticks it to you real good. I moved to Texas where the property taxes are cut in half once you reach 65. BUT, it is hotter than hell 7-8 months out of the year and we have Abbott for a governor, both are rather intolerable.
Sure starts you thinking about so many things!
At some point Medical bills will creep in for older folks. Even with Insurance there will be out of pocket supplemental costs. Murphy always happens. No escape. At least once a year .
10K for home repairs is a lot. Older folks with budget constraints should downsize and live in accomodation that isnt expensive to maintain.