Living only on social security

If his housing cost is near zero, that would not be an issue. If half is housing cost, he could get by frugally with some community assistance at times. If he lived here in most expensive in USA Santa Clara County, it would be only 2/3 enough to cover cheapest housing.

Despite a high housing cost, since retiring 8 years ago, I have fully lived only off my monthly SS benefit without dipping into my bank account 3/4 of which is adding $$$ via interest income. But then that income is at the right end of the Bell Curve. I do have some costly activities like skiing and photography. Unplanned things do happen, especially vehicle maintenance and recently $1600 to extract 2 broken molars.
 
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Problem is he wants to rent a house…which means he does not own one. I could conceive of renting him my project for 625. But at 625 it will take 2-3 years just to recoup my rehab costs. And his utilities will cost several hundred a month…so food??
 
SS here is scaled to lifetime income. Some of those doing "well" only do so because they are on one of the SSI schemes administered by the SSA, even though those are not SS at all.
 
The maximum Social Security benefit you can receive in 2024 ranges from $2,710 to $4,873 per month, depending on the age you retire. "Maximum benefits can be received by delaying the start of benefits until age 70 since benefits increase by about 8% for each year you delay beyond full retirement age.
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I haven't touched any retirement or investment money in the six years I've been receiving SS. I'm not living poor either, I spend money on trips and home projects often and still stay ahead financially, but it sure helped to go into retirement debt free.

I am thinking it's time for a new car so my experiment in frugality will have to start again after that purchase.
 
C50 said:
I haven't touched any retirement or investment money in the six years I've been receiving SS. I'm not living poor either, I spend money on trips and home projects often and still stay ahead financially, but it sure helped to go into retirement debt free.

I am thinking it's time for a new car so my experiment in frugality will have to start again after that purchase.
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Watch out for the SS Tax Torpedo, RMDs, and IRMAA and the coming tax increases when the 2017 tax breaks expire.

You can't just let tax-deferred investments sit without active management including taking distributions early on.
 
C50 said:
I haven't touched any retirement or investment money in the six years I've been receiving SS. I'm not living poor either, I spend money on trips and home projects often and still stay ahead financially, but it sure helped to go into retirement debt free.

I am thinking it's time for a new car so my experiment in frugality will have to start again after that purchase.
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When (if) I retire, it will be when I'm debt free.
Starting in January, I will draw my SS without penalty if I earn less than $59,000 a year.
The entirety of my SS will go to paying off debt, and I'm going to get a bunch of stuff I don't need/want on an auction.
As it stands, my SS will be about half what I make now, but I won't have the expense of driving 40 miles a day.
 
dilettante said:
Watch out for the SS Tax Torpedo, RMDs, and IRMAA and the coming tax increases when the 2017 tax breaks expire.

You can't just let tax-deferred investments sit without active management including taking distributions early on.
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I'm aware, my plan is to start harvesting money in a few years. Ticks me off to have to plan on drawing money even if I don't need to use it.
 
I'm a taxpayer paid free loader ever since no one would hire someone (like me) who is so shaky they are unable to even stuff an envelope without mangling it. After my divorce, and my shaking spread throughout my body, I had to quit my keypunch job. So no income for me & my 3 children, but seeing my dilemma, a social worker led me to sign up for rental assistance and FOOD SHARE. I qualified to receive both. So here am I in my so-so apt., that I once shared with my children, gratefully living off of taxpayer funds. (But NOT proud of having to do so.) Thanks to you taxpayers. ❤️
 
I live mainly on SS and supplement it with dividends and capital gains for big ticket items like dental work and car repairs.

If I had to live exclusively on SS the car would have to go but I could manage.

IMO the smaller the income the more it makes sense to rent and not have to deal with major repairs and replacement of various systems.

I think that the best option for the person in the OP is a government subsidized senior apartment.

I’m curious, where does he live now?
 
I was really surprised how much my SS went up when I checked it recently. As I had posted in another thread, they take your highest 35 years of earnings. Well I'm about out of the years in my 20's and very early 30's where my income was really low. So I will have that and some other to supplement I won't get into.

But with everything getting so expensive, It's scary. I can buy a mobile outright, it's the space rents that have gone up so much. Lament and wonder why I didn't buy a condo years ago. I know one reason was I wanted the security of senior living. I was afraid I could be harassed in a condo like I was in that house. But now looking back I just don't know.

We do have low income housing for seniors here. Complexes. But is that what I want to end my years in? I think I don't. But who knows.
 
Elsie said:
I'm a taxpayer paid free loader ever since no one would hire someone (like me) who is so shaky they are unable to even stuff an envelope without mangling it. After my divorce, and my shaking spread throughout my body, I had to quit my keypunch job. So no income for me & my 3 children, but seeing my dilemma, a social worker led me to sign up for rental assistance and FOOD SHARE. I qualified to receive both. So here am I in my so-so apt., that I once shared with my children, gratefully living off of taxpayer funds. (But NOT proud of having to do so.) Thanks to you taxpayers. ❤️
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You have a disability. If you’re not old enough for regular social security you should apply for SSDI.
 
Teacher Terry said:
He should apply for low income senior housing. He can’t afford to rent a house. The people I know living on a low SS have this housing and qualify for all types of welfare programs.
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Problem is, around here anyway, there are waiting lists years long for that housing. (And the fact that housing like that in a town near here all burnt to the ground in a wildfire, so the length of the lists shot up fast. So, this area is terrible to be a senior or low-income earner in; most places are here in the U.S. of Avarice.)
 
hollydolly said:
Many many ..in fact millions here in the UK living on Social security. ... and state pensions are also very low ..somewhere around £800 per month. It's a national disgrace
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You're right, the state income in the UK is pathetic, although for a couple each receiving a pension, it could be twice that. Nevertheless, costs in the UK are such that even 2 full pensions wont go far.
 

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