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Old 01-15-2009, 02:40 PM   #41
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If you are debt free in a low cost living area you can get it done but you will also be good with money.
Besides, charitable organizations come crawling out of the woodwork to help low income seniors.

If a senior is living in poverty in this country, they're probably living as a recluse and not seeking any assistance.
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Old 01-15-2009, 03:58 PM   #42
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You sound like my dad. Every Thanksgiving, he tells me brother and I "thanks", as he knows we are funding his SS.........
My Dad used to tell all of his friends that after he retired..."The kid went to work today to pay my next SS check!"

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The average SS check for retired workers is listed as only $1089.30. No wonder they say you can't live on SS alone.
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If you are debt free in a low cost living area you can get it done but you will also be good with money.
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If you have a couple,that would be $2200 a month. There are some folks on here who make due with that........
I have a friend an acquaintance that I've known for about 35 years, that never really liked to work anyway. So when his employer was revamping the company, this guy decided he wasn't going to go with the flow, and he told the owner that. The owner said deal with it or get fired. He got fired.....dumb@$$! There were no jobs around that he was qualified for, other than ones that required recitation of "You want fries with that?", and no one else wanted to hire him because he'd been fired for refusing to work. So after he ran through his minimal lump sum pension refund (~$9K), one of his siblings convinced him to go the VA and claim "mental disability".

He went, and they actually granted him "mental disability"....he gets a whopping $890 per month from the VA! He lives exists on that...no other income! He lives in a public housing hi-rise where the rent is based on income. Some local charitable organization pays his monthly phone service and bill. He's 61, and has absolutely no savings, investments, or retirement accounts....none...nada...zip....and other than that tiny lump sum pension (which is looong gone), he never has!

When he gets to start collecting SS next year, he'll be living like a king!

Instead of a disability check, he should have received an Oscar for his performance at the VA.
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Old 01-15-2009, 05:38 PM   #43
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....

I have a friend an acquaintance that I've known for about 35 years, that never really liked to work anyway. So when his employer was revamping the company, this guy decided he wasn't going to go with the flow, and he told the owner that. The owner said deal with it or get fired. He got fired.....dumb@$$! There were no jobs around that he was qualified for, other than ones that required recitation of "You want fries with that?", and no one else wanted to hire him because he'd been fired for refusing to work. So after he ran through his minimal lump sum pension refund (~$9K), one of his siblings convinced him to go the VA and claim "mental disability".

He went, and they actually granted him "mental disability"....he gets a whopping $890 per month from the VA! He lives exists on that...no other income! He lives in a public housing hi-rise where the rent is based on income. Some local charitable organization pays his monthly phone service and bill. He's 61, and has absolutely no savings, investments, or retirement accounts....none...nada...zip....and other than that tiny lump sum pension (which is looong gone), he never has!

When he gets to start collecting SS next year, he'll be living like a king!

Instead of a disability check, he should have received an Oscar for his performance at the VA.
I think the "default" retirement plan for a lot of folks in the US will be development of the same mentality as your friend as they get older & begin to realize they've had their heads buried in the sand all these years & have done nothing to "really" plan for their own old age financial needs. (I know a few myself)

How long the system will be able to sustain an increasing tsunami of these folks? - I don't know. But before the system is allowed to break-down or cut benefits and eligibility, I fear these folks (as voters) will begin to cast their eyes on my retirement savings, paid for house & cars, & earned pension benefits & want to institute a "share the wealth" society.
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Old 01-15-2009, 07:14 PM   #44
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Since SS is based on the average of 35 years of earnings and leans towards lower wage earners, a few missing years will have very little impact.
So, I retired at 50 with 34 years of reported earnings. Assuming I never have reported earnings again my number should remain pretty much the same as it is now? Even though I'll have 10-12 years with no additional earnings? That's pretty sweet. I have never counted on SS, and assumed bailing out so early would pretty much insure that I only ever received beer money. Of course if I start counting on it now I'm pretty sure to be disappointed later when they means test me out of it.
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Old 01-15-2009, 07:16 PM   #45
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Of course if I start counting on it now I'm pretty sure to be disappointed later when they means test me out of it.
Like all the rest of us, "You pays your money and you takes your chances."
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Old 01-16-2009, 08:00 AM   #46
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Like all the rest of us, "You pays your money and you takes your chances."
Given recent history, I trust SS more than I trust the stock market.
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Old 01-16-2009, 09:01 PM   #47
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But before the system is allowed to break-down or cut benefits and eligibility, I fear these folks (as voters) will begin to cast their eyes on my retirement savings, paid for house & cars, & earned pension benefits & want to institute a "share the wealth" society.
Its already started.
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