Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Should Mom be able to make it?
Old 08-17-2005, 10:27 PM   #1
Full time employment: Posting here.
 
Join Date: Aug 2005
Posts: 942
Should Mom be able to make it?

I would like to hear from you seniors all ready in retirement. Here is my question:
My mother's only income is social security of $860 a month. She has a retarded son, who also receives about $750 SSI. So she has a monthly income of $1,610 NET.

I purchased a small house for her. I pay the real estate taxes of aprox. $3,000 a year. I pay the homeowners fees, the house insurnce and all house related repairs. This is what she has to pay:

Electric $140
Water 45
Phone 50
Cable TV
__________________

__________________
modhatter is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Should Mom be able to make it?
Old 08-17-2005, 10:40 PM   #2
Recycles dryer sheets
 
Join Date: May 2005
Location: In the fog of San Francisco
Posts: 241
Re: Should Mom be able to make it?

A minor quibble. Your mother may be representative payee for your brother for his SSI, but THAT IS NOT HER INCOME. That is your brother's income and is to be used for your brother's living expenses. If he has to move out and into a group home the money goes for his expenses there, not for your mother's use. While he is living with your mother that income is for his expenses, not her use. Your mother's income is $860/month. She and your brother (based on the amount) are probably considered to be in a sharing relationship for the household expenses so that your brother is being paid as being in his own household, and is not reduced for living in the household of another (nor having in kind support and maintenance charged to him if he is in his own household but not paying his fair share of the expenses).

If you are going to ask for advice the financial situation needs to be correctly represented if the advice is to do any good.

I'm not ragging on you, it is just that your post happened to catch the attention of someone who is preparing to retire from a 29 year career with SSA, most of it spent in an SSI quality assurance unit (though thankfully I was able to get out of that and into systems a while back).

cheers,
Michael
__________________

__________________
Michael Moore is offline   Reply With Quote
Re: Should Mom be able to make it?
Old 08-17-2005, 10:48 PM   #3
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,134
Re: Should Mom be able to make it?

Quote:
Originally Posted by The Other Michael
...it is just that your post happened to catch the attention of someone who is preparing to retire from a 29 year career with SSA....
Not to hijack this thread but Michael, when are you planning on starting your SS benefits, age 62 or later...? :

REW
__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Re: Should Mom be able to make it?
Old 08-17-2005, 10:52 PM   #4
Full time employment: Posting here.
 
Join Date: Aug 2005
Posts: 942
Re: Should Mom be able to make it?

You are 100% correct.* This post however got posted before I was finished writing because of a slip of my fingers on the key board.* The correct way to state the income was to say My mother and brother who live together and share expenses have a combined income of $1,610.* However, since my brother is retarded and can't even count out a dollar, it is my mother handling the finances of the house.* Please see post below for the completed story. I tried to delete this one but message said I could not delete 1st post.
__________________
modhatter is offline   Reply With Quote
Re: Should Mom be able to make it?
Old 08-18-2005, 08:24 AM   #5
Recycles dryer sheets
 
Join Date: May 2005
Location: In the fog of San Francisco
Posts: 241
Re: Should Mom be able to make it?

Since modhatter started a new thread for the OP:

REW, I'm CSRS so unless I get a few more quarters via self employment (I'm close to 40 from that and work during school) I'll not qualify for a T2 benefit. Even if I get coverage it will be a minimum PIA that will then probably be subject to government pension offset. I suppose that the extra $100 or so a month (if that much) isn't going to be terribly affected whether it is reduced for being taken before 65. Nothin from nothin leaves nothin.

I basically didn't have any involvement with T2 after my first couple of years with the agency due to job specialization, so I'm definitely no where near an authoritative source for T2 info.

We do pay into Medicare so I'll get that.

cheers,
Michael
__________________
Michael Moore is offline   Reply With Quote
Re: Should Mom be able to make it?
Old 08-18-2005, 08:32 AM   #6
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,134
Re: Should Mom be able to make it?

Quote:
Originally Posted by The Other Michael
REW, I'm CSRS so unless I get a few more quarters via self employment (I'm close to 40 from that and work during school) I'll not qualify for a T2 benefit.
Michael, thanks for the reply. Nothing to do with you personally, but don't you think it a bit ironic that the people who administer the SS program don't participate in it?

I'm sure the reason must be to avoid a conflict of interest...

REW
__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Re: Should Mom be able to make it?
Old 08-18-2005, 12:44 PM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Brat's Avatar
 
Join Date: Feb 2004
Location: Portland, Oregon
Posts: 5,914
Re: Should Mom be able to make it?

Ah, really they do.

In the late 80's when they switched to "FERS" - effectively SS, a 402k and a pinch of pension.

Employees hired before that could stay with the old system (CSRS) or switch. I think about half of the younger employees switched.
__________________

__________________
Duck bjorn.
Brat is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
where can i put $20,000. and make max % and keep it liquid as needed ? zuki FIRE and Money 2 09-09-2005 09:00 PM
Make hay while the sun shines! Whakamole Young Dreamers 5 03-16-2004 12:31 PM
Please help, I must make a decision this afternoon J. Tanne FIRE and Money 11 10-29-2003 08:00 AM
Please help, I must make a decision this afternoon J. Tanne FIRE and Money 1 10-29-2003 01:47 AM
How to make Asset Allocation Easy RYD FIRE and Money 7 08-03-2003 11:35 AM

 

 
All times are GMT -6. The time now is 12:29 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.