Making it on Social Security

[Helena]

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New book... do you think he intends to
supplement his SS with book sales ?




PRESS RELEASE

Seniors—Can you make it on Social Security?
New Book shows how

Long Beach. CA – (Release Date August 1, 2007)

(Source: U.S. Census – Poverty Threshold; Press Office Fact Sheet – Social Security Basic Facts, February 2007; Personal Experience)

You think the days have passed when seniors survived on dog and cat food? Media hype may have moved on to what Paris Hilton had for lunch but the practice continues.

In today’s workforce, 53% have no private retirement coverage, 32% have no savings for retirement. That’s 85% of all workers with nothing set aside specifically for old age. Social Security represents 39% of all elderly income. For 65% of 33 million retired workers Social Security makes up more than half their income. Maybe that’s you. For 22% Social Security is their only income. That’s me. Could be that’s you too. Average Social Security benefit income is about $1,000 a month. Most do not even get that. Are you making it on $12,000 to $15,000 a year or less?

I am.

I am not a professional advice giver. I have no degrees or certificates that allow me to legally counsel others. I’m just a guy making it on Social Security. My intent is for many of you to discover through my errors and small victories ways you might not have known before to make it on Social Security. If not to show you the way then to give you germs of ideas you might expand on that will work for you.

Mostly I have written of my own experience, what has and has not worked for me. Background history is used to explain how I got to where I am. Optimistically you can use some of that to find a way that works for you.

In this little book, we’ll explore health, food, housing, finances, travel, entertainment, work, socializing and even romance – all on our monthly Social Security. Let me show you how we can live well cheaply; let me show you how I’m doing it.

Making it on Social Security by George Snyder
Trade Paperback; $19.95 240 Pages; 9-78059-452033; ISBN 978-0-595-45203-3


For an autographed copy call George at (562) 290-7145



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[Sandy]

Those folks who are trying to make it on SS alone and want to read his book would be well advised to get it from the library.

 

[JustCurious]

[FONT=Verdana, Arial, Helvetica]In today’s workforce, 53% have no private retirement coverage, 32% have no savings for retirement. That’s 85% of all workers with nothing set aside specifically for old age. [/FONT]

The 53% and the 32% are overlapping samples, so you can't simply add the two together and conclude that 85% of all workers have nothing set aside! Geez. I guess logic doesn't apply when you are trying to sell books.

 

[Anansi]

The 53% and the 32% are overlapping samples, so you can't simply add the two together and conclude that 85% of all workers have nothing set aside! Geez. I guess logic doesn't apply when you are trying to sell books.

Probably using the same math skills here that explain why he has to live on nothing but SS.

 

[old woman]

I know people who lived on SS and did ok but they didn't do much. Some have a tiny house paid off before retirement, don't own a car and can take a bus or walk to get groceries. Assuming you get the low income elderly a break on property taxes so they are 10% of normal and they don't have a big house to heat and no air conditioning living doesn't have to be expensive. My grandma retired in 1965 she was widowed in 1980 live on main street in a tiny town the store was 2 blocks down town was 4 blocks. She had a little house, didn't eat much, no air conditioning, no place to shop, never was a spender or waster. She was born in 1907 raising kids in the depression, never knew how to drive and was afraid to fly.
She didn't suffer every other SS check paid bills and the next one she spent. She died last fall just short of 99 years old and had 65K in the bank after paying for assisted living 18 months. I don't know how much she had when she retired but it probably wasn't that much.
Some low income elderly get nice little studio apartments with shuttle vans to take them shopping so rent and utilities together are about 400 the rest of their income they can spend.
It depends on the lifestyle you want after retirement what it takes to live.

 

[52andout]

Per Amazon.com

"George Snyder has been living on Social Security for eight years. “Living on Social Security” shows how he is doing it. This is book # 28 for George; most others fall in the adventure/mystery genre with a couple travel books thrown in. A bachelor, he enjoys sailing, motorcycle touring, camping, and gold prospecting."

I wonder if the social security is supplemented by book sales if he has written 28 of them. I would think to keep publishing books you would need to sell some of them along the way.

 

[Spanky]

My mom lives on SS, living in a paid-for condo in Chinatown. Her SS payment is about $1,500 per month, but her expenses are well below that since the condo is fully paid, she's covered by Medicare, and she's has no car.

 

[wildcat]

Is that Tioga George, the one that occasionally posts here?

 

[cute fuzzy bunny]

I dont believe so.

 

[Nords]

I wonder if the social security is supplemented by book sales if he has written 28 of them. I would think to keep publishing books you would need to sell some of them along the way.

Even with vigorous marketing, most book royalties are about a buck a copy (less for paperback novels) and sales approaching 10,000 are considered "good".

Not a dependable way to pay the bills...

 

[TromboneAl]

What's the most that someone could get from SS per year? For example, if you make a million per year for 35 years, what would be your yearly SS income at age 65?

 

[W2R]

$1998/mo, I think, TromboneAl...

Maximum-taxable benefit examples

 

[Sam]

Max is around $2,000/year today. You only pay SS tax up to a certain amount, around 80K today I think.

 

[cute fuzzy bunny]

I think its around 2k per year for a single. Remember FICA is capped so once you go over the cap limit, there isnt much difference. A guy making 200k and a guy making $100M will get the same social security.

 

[Moemg]

The maxium is $25,392 for a single person at full retirement age .

 

[Moemg]

Social security is capped at $94000 .

 

[Helena]

For someone disabled from birth and never able to work,
the maximum SSI is $623 per month... try living on that.

 

[Sam]

Is it a requirement for that disabled person to live in the USA in order to collect SSI?

 

[JustMeUC]

Is it a requirement for that disabled person to live in the USA in order to collect SSI?

yes

 

[Orchidflower]

Lived in a 2 flat for a few months 3 years ago in Chicago, and learned a real life lesson on living on SS from the tenant in the basement.
I figured he probably got something like $800 or less a month, so he had this tiny, tiny studio in a 2 flat basement with the dryer and washer outside his door. Not classy living but it looked sparkling clean from what I could see.
This guy was always dressed in a nice style, very clean, had friends he went to dinner with and lots of social contact.
He had no car, so he bused or subway/elevated all over Chicago.
He cooked alot for himself, and watched alot of t.v. because it didn't seem he was into the library reading much.
He was 74, and a happier guy I never met. Just a normal intelligence, smiling, happy, healthy older man.
Meeting and knowing him was a great experience for me, because I constantly worry about how my lifestyle is going to be when I get older...and I have gobs more than he does.
Humbling experience.

 

[TromboneAl]

Is there also a minimum you get if you're not disabled? I guess you get zero if you never worked, but if you made very little during your life (on welfare?), what kind of amounts are we talking about?

 

[Sue J]

I think my Dad gets the maximum. My mom never worked, does that mean she gets half of his maximum amount as her SS?

 

[MasterBlaster]

I think my Dad gets the maximum. My mom never worked, does that mean she gets half of his maximum amount as her SS?

Yes with some caveots...

She must begin taking SS at full retirement age, she must have been married for 10 years, and dad must have started his SS payments.

If dad choose to retire early at say 62 and takes a reduced benefit then mom will only get half of that reduced payment. If mom chooses to start SS payments before full retirement age then she will receive a reduced benefit (ie less than half) of what dad receives.

If dad passes before mom, then mom can get bumped up and get what dad received.

 

[Martha]

Is there also a minimum you get if you're not disabled? I guess you get zero if you never worked, but if you made very little during your life (on welfare?), what kind of amounts are we talking about?

I don't think there is a minimum unless you have at least 11 years of coverage and earned a certain dollar amount. Looks like these minimums are really low.
Benefit Amounts

 

[Martha]

Yes with some caveots...



If dad choose to retire early at say 62 and takes a reduced benefit then mom will only get half of that reduced payment.

I agree with what you say, except for this statement. I know we have talked about this issue a lot, but it is easy to get confused. I believe her benefit was based on his full retirement age benefit no matter when he retired. If she retires at her full retirement age she gets half of that. If she retires early, she gets less.

This thread is the best for explaining spousal benefits: http://www.early-retirement.org/forums/f35/social-security-spousal-benefit-21908.html