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retire@40 · 08-16-2005, 07:58 AM

...today, 10.6 million people, or 22% of the 48 million who will receive Social Security benefits this year, live on that check alone.

The average Social Security payout is $955 a month, $11,460 annually.

http://news.yahoo.com/s/usatoday/200...lsecurityalone

SteveR · 08-16-2005, 08:06 AM

That does not seem like much until you consider that amount of money based on incomes world-wide. That $11,460 per year makes that person in the top 12.94% richest people in the world. There are 5,223,182,406 people poorer than you. You are the 776,817,594 richest person in the world.

(ref: http://www.globalrichlist.com/ )

Kind of put it all in perspective sometimes.

Put in your income and see where you stand in world-wide incomes.

retire@40 · 08-16-2005, 08:15 AM

Quote:

Originally Posted by SteveR

That does not seem like much until you consider that amount of money based on incomes world-wide.* That $11,460 per year makes that person in the top 12.94% richest people in the world.* There are 5,223,182,406 people poorer than you.* You are the 776,817,594 richest person in the world.*

(ref: http://www.globalrichlist.com/ )

Kind of put it all in perspective sometimes.*

Put in your income and see where you stand in world-wide incomes.*

That website has a blatant agenda.* I don't put much trust in the results when those results are meant to convince you to donate to their cause.

SteveR · 08-16-2005, 08:16 AM

Maybe not, but sometimes you just have to look at things as fun instead of useful.

justin · 08-16-2005, 08:27 AM

Quote:

Originally Posted by retire@40

That website has a blatant agenda. I don't put much trust in the results when those results are meant to convince you to donate to their cause.

It is probably accurate. Think about what makes you rich here in the USA (or developed world). $1 million? $2 million? $5 million?

In many parts of the world, having a car makes you rich. In some parts, having a cow makes you rich. In others, having a bike makes you rich. 22 countries in the world have a per capita GDP of under $1000. China and India have per capita GDP's of $5,600 and $3,100 respectively. That's over 1/3 of the world's population. CIA world factbook data.

The cost of living is lower in many of these poorer countries, but so is the standard of living!

MRGALT2U · 08-16-2005, 08:32 AM

Quote:

Originally Posted by SteveR

That does not seem like much until you consider that amount of money based on incomes world-wide.* That $11,460 per year makes that person in the top 12.94% richest people in the world.* There are 5,223,182,406 people poorer than you.* You are the 776,817,594 richest person in the world.*

Kind of put it all in perspective sometimes.*

Put in your income and see where you stand in world-wide incomes.*

Hey, with my SS I am in the top 10%. So, I'm good looking, smart,
and rich besides. Whoo hoo!

JG

maddythebeagle · 08-16-2005, 08:44 AM

I always wonder about this. Based on a equivalent salary of a wage slave, 12k for a senior with Medicare is over 20k (when you add taxes and health insurance). They can also get other stuff like heating assistance, etc. If it is a couple then you are talking about 40k equivalent.

Also, I wonder if the savers will get penalized (in a way) for having too much (the way they talk about means testing in the future for social security).

bosco · 08-16-2005, 08:45 AM

Quote:

Originally Posted by SteveR

That does not seem like much until you consider that amount of money based on incomes world-wide. That $11,460 per year makes that person in the top 12.94% richest people in the world. There are 5,223,182,406 people poorer than you. You are the 776,817,594 richest person in the world.

Put in your income and see where you stand in world-wide incomes.

maybe in terms of raw income, but I doubt if it is true in terms of purchasing power. I have a hunch that my $11,460 would go a lot farther some places than it would others. Probably North America and Europe are two of the worst places to try to live on such an income.

unclemick · 08-16-2005, 08:56 AM

I know plenty of people who do in my neighborhood.

Just heard of a neighbor in intensive care - blood poisoning from a crab claw bite. 70 years old, $5000/yr SS - owns a 40 foot Gulf size shrimp/crab boat.

All SS only - off the top of my head - are women - widowed/divorced/old. Some get a little help from family and friends but it's a tough row to hoe.

modhatter · 08-16-2005, 09:22 AM

Many of these retired folks with only social security to live on are moving to Mexico. Furthermore, from what I read from their posts, they are doing quite well and loving it. I know others have moved to other countries as well, where the dollar will take them much further than here in the US.

I think it is a good alternative to folks who have some adventure in their blood and can adapt to cultural change. Medical is always an issue, but policies can be had in coutries like Mexico for $300 a year, and some people have said the care and treatment they receive is better than the US. (Only reporting what I read)

haha · 08-16-2005, 12:36 PM

Quote:

Originally Posted by modhatter

Medical is always an issue, but policies can be had in coutries like Mexico for $300 a year, and some people have said the care and treatment they receive is better than the US. (Only reporting what I read)

Hard to informally compare quality, but the experience of going to a doctor is about as bad as it can get the USA, so it wouldn't take much to make a step up from that.

Haha

maddythebeagle · 08-16-2005, 12:51 PM

Quote:

Originally Posted by HaHa

Hard to informally conpare quality, but the experience of going to a doctor is about as bad as it can get the USA, so it wouldn't take much to make a step up from that.

Haha

Agreed, You could always go to the vet. My dog appears to get a lot of the same medicines but cheaper...Vet's must be smarter too, since they can diagnose without even talking to the patient. Dogs dont have to sit through the millions of drug commercials on tv either.

Nords · 08-16-2005, 01:34 PM

Quote:

Originally Posted by modhatter

Many of these retired folks with only social security to live on are moving to Mexico.

I think they're all farming naked at the commune, ecstatic over how much they're saving on their wardrobe...

There's a mental image with staying power!

Dreamer · 08-16-2005, 05:41 PM

Some might be moving to Mexico, but the vast majority are living in the USA.

Dreamer

guitarplayer · 08-17-2005, 03:45 PM

Quote:

Originally Posted by retire@40

That website has a blatant agenda.* I don't put much trust in the results when those results are meant to convince you to donate to their cause.

fully agree with you on that one

Caroline · 08-17-2005, 04:22 PM

Quote:

In many parts of the world, having a car makes you rich.* In some parts, having a cow makes you rich.* In others, having a bike makes you rich.* 22 countries in the world have a per capita GDP of under $1000.* China and India have per capita GDP's of $5,600 and $3,100 respectively.* That's over 1/3 of the world's population.* CIA world factbook data.*

The cost of living is lower in many of these poorer countries, but so is the standard of living!

Based on my trip to Africa, this is only too true.* We met a farmer who had a cow, while his neighbor had 5 pigs.* The pigs put on weight more quickly, so I asked him why he had a cow instead.* The cow, he explained, provides only milk, and fewer total calories than do the pigs, but in case of a financial problem -- illness, crop failure, etc. -- he could get more money for the cow.* "so she's your bank account?"* I asked.* He nodded "yes."

As to someone's comment that money buys more in other nations --* not necessarily so.* African gasoline was expensive, which is why we saw 6-8 people in every car -- sticking out of the trunk, hanging off the roof, etc.* And there were many things that they just could not buy, for love or money - I saw a legless man scooting along the roadside, miles from any town, because he couldn't get a wheelchair.

Africans die by the thousands every year from malaria -- the shot I got for free before I went cannot be had by any but the richest Africans.

If you don't trust that organization's agenda, retire@40, then trust my firsthand account. We Americans are rich indeed, and in ways we can't even imagine or appreciate.*

Caroline

08-17-2005, 05:46 PM

Quote:

Agreed, You could always go to the vet.

Good frugality idea! "Well, doc, Rover here is having some problems with the bitches down the street. If you'll just prescribe him some Viagra, we'll be on our way!"

Nords · 08-17-2005, 07:51 PM

Quote:

Originally Posted by TromboneAl

Good frugality idea!* "Well, doc, Rover here is having some problems with the bitches down the street.* If you'll just prescribe him some Viagra, we'll be on our way!"

Geez, Al, I'd think that even your beaver (so to speak) wouldn't touch that one...

WanderALot · 08-18-2005, 01:41 PM

Quote:

Originally Posted by Caroline

If you don't trust that organization's agenda, retire@40, then trust my firsthand account. We Americans are rich indeed, and in ways we can't even imagine or appreciate.

Excellent post Caroline. I can't agree enough with your above statement. Anyone who has traveled beyond North America/Western Europe/Australia/Japan would probably come to the same conclusion.