Do you think retirement was what you pictured to be?

My main expectation was to not have to go out to work at all after decades of having to. I wanted to draw my Social Security without having to work into my 70s. And I wanted to have all of my time to do my creative pursuits. On all of those points, my expectations have been met and I've been happy everyday for the past 6 yrs.

What I didn't expect is that Social Security caps how much a person can keep saved in the bank before they start penalizing or reducing your payment. I did not expect how much of my Social Security I don't use and choose to save to be an issue. I didn't know I would be expected to spend all of my money above $2,000 saved in the bank.

Now, if any of this sounds incorrect and you know more about it, that is fine. I am living it. Maybe I'm not wording it correctly. I just know that in order to save a significant amount of money to improve your life, if you want to be free of income-based senior housing or buy anything of significance, it's tricky. It puts a person between a rock and a hard place when they want to rise above. But I am still happy with my retirement, I am thankful to have a nice place to live where I can pay according to my income and I still have plans. 👍🏽🌞
 
DailyArtsyCrafter said:
What I didn't expect is that Social Security caps how much a person can keep saved in the bank before they start penalizing or reducing your payment. I did not expect how much of my Social Security I don't use and choose to save to be an issue. I didn't know I would be expected to spend all of my money above $2,000 saved in the bank.

Now, if any of this sounds incorrect and you know more about it, that is fine. I am living it. Maybe I'm not wording it correctly.
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I'm trying to understand this. My regular SS benefit has not been penalized or reduced due to the amount in savings, but SSA also administers SSI and SSDI. Are your comments regarding one of those programs?
 

MACKTEXAS said:
I'm trying to understand this. My regular SS benefit has not been penalized or reduced due to the amount in savings, but SSA also administers SSI and SSDI. Are your comments regarding one of those programs?
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Regular SS benefits. Do you keep a bank savings over $2,000?

JustBonee said:
Don’t understand either. Nothing has changed with my SS account.
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Do you keep a bank savings over $2,000? Most people whom I know on SS are afraid to keep over $2,000 in their bank account. Every month they pull out enough to drop their balance below $2,000 and lower. I am sure they do not report this cash-on-hand on any applications that ask that.

C50 said:
I believe DailyArtsyCrafter may be referring to her SS benefit putting her over the income/savings threshold for other benefits, like Medicade or SNAP.
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I chose not to receive SNAP, EBT or anything like that. I have not signed up for any medical benefits where they take payments from my SS. I have lived in senior affordable housing (HUD) and this is my 3rd time living in one. You have 10 days to report income changes and bank acct#s and balances must be revealed upon application and every 6 mos for recertification. Assets must be detailed on the forms. Naturally, they will adjust your rent based on that.

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To Everyone: A couple of years ago, I was talking to a customer svc rep at SS. At the end, he offered to sign me up for SSI, to change my SS to SSDI. He said I would get $5 a month more and that it was not much but every little bit helps. He seemed to be very nervous, as if he was afraid I would say no. Well, I didn't want to keep talking to him and I didn't want to be bothered. I asked him if I could do it myself online. I think I had seen the offer when I visited MySocialSecurity online.

He said yes I could but I felt that he did not want me to do that. But throughout the conversation, I thought he sounded pressured and stressed, like he was sweating. And I thought that it was bizarre that he was telling me, in order to get me to allow him to sign me up, that $5 more a month would help me. It was like he was trying to not appear pushy but was trying to coerce me all the same.

Well, I did look online and started to apply but did not like the questions that were being asked so I aborted. I was doing some research and accidentally discovered that when a person signs up for SSI, that they give the administration the right to look into their bank accounts more than with just SS. Why didn't he tell me that, give that disclaimer so I could make an informed decision? I thought it was deceit. I was so grateful that I did not do it.

And my question is, why does it matter to them what we have in the bank? And why would they be bribing people to sign up for SSI? The way that he was behaving makes me wonder if they are receiving bonuses for everyone they coerce to sign up for SSI?

If I eat very little meat, small meals, one meal a day, rarely have to buy medicine, don't eat out, live a simple life and my savings grow to $25,000 because of that, why should it matter to the SS Admin or to anyone else? Why would any organization want to stop helping you or reduce the help if you are able to save? Especially if you are saving towards a better life?
 
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DailyArtsyCrafter said:
Regular SS benefits. Do you keep a bank savings over $2,000?

Do you keep a bank savings over $2,000? Most people whom I know on SS are afraid to keep over $2,000 in their bank account.
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Yes. I retired early and have been drawing regular Social Security benefits for over 10 years. During those years, my total balance in regular savings and 401K accounts together has far exceeded $2000, and I make regular monthly withdrawals from my savings to supplement my Social Security check, and I've never had any issue or reduction in my Social Security benefit. I could not survive on my Social Security benefit alone.

But please note: Supplemental Security Income (SSI) is different from the regular Social Security benefits I'm drawing which is standard for most retirees. I'm at a loss to understand what is happening in your case, since you indicate you opted not to sign up for SSI or SSDI.

I suspect, but don't know, that the issue may be due to what you wrote about living in HUD housing, which may have a $2000 savings limit requirement to qualify for income based rent. In my case, I just live in my own home, therefore do not have to meet any such requirement.
 
Only SSI has that $2000 bank account limit. HUD housing and Section 8 also have asset limits, but they are much higher. If you get your deposit on the 1st, it’s SSI. On the 3rd, it is SSDI (or you started drawing SS BEFORE May 1997). SS is on various Wednesdays based on your birthday if you started drawing AFTER May 1997. It’s that simple!
 
DailyArtsyCrafter said:
Do you keep a bank savings over $2,000? Most people whom I know on SS are afraid to keep over $2,000 in their bank account. Every month they pull out enough to drop their balance below $2,000 and lower. I am sure they do not report this cash-on-hand on any applications that ask that.
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Pulled from Google.

Wealth doesn't disqualify you:
Social Security benefits are intended to provide a safety net for retirees, regardless of their overall wealth or financial status.
Example:
Even though they may not "need" the money, billionaires can still receive Social Security benefits if they have a qualifying work history. For example, Warren Buffett, one of the richest people in the world, receives a Social Security benefit.
 
In the beginning, I thought it was fabulous. I joined the Senior Center, met a lot of fun girlfriends and did a lot of fun things with them. We lunched, went to plays and concerts, took dance classes and yoga, went away on little trips. I felt physically fabulous!
Then Covid hit……🙁
 

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