California is eliminating the asset test for elderly Medicaid next year. So I think that means they will collect on your estate for nursing home costs after you die. That means the money can grow until you die which is actually much better.
What would happen if one ran out of $ later in life?
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I was assuring the OP, who wrote the following in his introductory thread, that he should be able to manage a "soft landing" if something bad should happen, if he will not insist on the aforementioned pleasures.
About the elderly people in destitute, yes, they exist and have to rely on the various public assistance programs. I can't comment much on that, simply because of my limited knowledge.
Yeah, the OP has no reason to be worried. $10K/mo? But my response was more in general about living off a less than average SS benefit taken before FRA. Or perhaps never having worked enough to earn a SS benefit at all. I think many of them are among those mentioned earlier as the elderly homeless because the public assistance programs are insufficient to help the elderly.
I don't think that's realistic in many cases. I know low income seniors making less than $15,000/yr that don't qualify for free health care or various other government assistance in this state (and that would be the same in most states.)
True, most states have brutal asset tests for any help. They want you broke before you can get help.
aja8888
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In the states that didn't expand Medicaid (ACA fiasco) that is especially true. The only option to them is to buy a health insurance policy direct from an insurer which is very costly or they would not be given coverage due to an underlying condition.
W2R
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Thanks for the info on who to call. I googled "senior assistance office" and the name of my suburb, and up popped all kinds of great information for indigent seniors here.
Well, neither Frank nor I am indigent at present, and also right now we are capable of helping one another even if we don't have anybody else. But we weren't born yesterday; we both know by now that anything can happen, and that if/when it does, it's better to be prepared than not.
So, I saved that information just in case. Thanks again.
Medicaid was expanded here under the ACA, but once you hit 65, it no longer applies. And the senior Medicaid limits in this state (and most others) are much much more restrictive than the Medicaid expansion under the ACA.
COcheesehead
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One reason why it’s good to wait on taking SS. Maximum benefit for however long you live.
I looked into this in the past for someone. And I believe the law says that is the case if you aren't "eligible" for Medicare, so it doesn't matter whether or not you can afford or if you have qualified for "free" Part A. So that would be an advantage to a non-citizen who could get free health care since they aren't "eligible" for Medicare, while a citizen would not qualify because they were eligible for paid Part A, even though it's about $500/mo just for paid Part A, then more for the additional coverage needs. Medicaid expansion really dropped the ball by having an age 64 limit when Medicare was then going to still be very costly, whether or not you get free Part A.
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You need a computer to decipher these laws.
It looks like if you are already on an ACA marketplace plan, you can stay on it after age 65 and still get subsidies if you don't qualify for premium-free Medicare Part A, but you may have to pay late penalties to sign up for Medicare A and B at a later date.
When I looked into this for someone else, they were on ACA expanded Medicaid, not an ACA marketplace plan, so it was not applicable to their situation.
ivinsfan
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GenX...You aren't too well informed on the things available to low income seniors.If you took a good look you might be surprised. The original question was what if you have only SS but not really enough money to cover the basics? I didn't even mention the meals on wheels program, free or minimal bus fare programs among other things...
You missed my whole point with you mocking the free internet..if people need it to live on and you are old with limited income most likely there is some kind of program you can look too that will assist you.
You missed my whole point with you mocking the free internet..if people need it to live on and you are old with limited income most likely there is some kind of program you can look too that will assist you.
calmloki
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We are concerned about running out of money as we age - or just in general. Thanks to my having little income from working for the man or wrenching on cars at a small shop my SS each month is $136 after 81.5% of the check goes to Medicare premiums. Which I'm tickled pink about. The gal gets a whole $598 after Medicare deductions. We are both very grateful, but that said, it would be pretty slim pickings living on $734/month. No kids to care for us in our dotage.
We planned hard to try to be covered against running out of funds and feel pretty much protected, short of the government going into default, all stocks being wiped out by a virus or electrical pulse, and/or property ownership being abolished. Or Zombies. We felt we had to count on us, so we tried to do a good job. Think we have, though I still come up with what-ifs to worry about. We went with an oversupply of assets mated with ongoing thrift and self reliance.
We planned hard to try to be covered against running out of funds and feel pretty much protected, short of the government going into default, all stocks being wiped out by a virus or electrical pulse, and/or property ownership being abolished. Or Zombies. We felt we had to count on us, so we tried to do a good job. Think we have, though I still come up with what-ifs to worry about. We went with an oversupply of assets mated with ongoing thrift and self reliance.
Accidental Retiree
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If I ran out of money (age 79+ now), I could live on my SS and I would become a "live in" with a family member or I would look for a girlfriend that had a house and needed someone to talk to every day.
Haha! I thought you just moved away from all that! But seriously, this made me LOL. My husband said that’s the first time he’s heard me laugh in 2 weeks. Thanks!
aja8888
Moderator Emeritus
I'm fairly I well informed considering I researched it extensively for some others that actually needed help. You should have read my additional previous posts where I went into more detail. I've posted about this in the past as well.
A few nickel and dime things like free internet aren't going to help much if you can't even afford health care and the basics. I get the point, it just isn't a very good one when adding up all the significant costs. And I wasn't mocking you, it was Fermion who mentioned "free internet" first in this thread. Like I said, it's not easy to qualify for some types of public assistance as a senior unless you're really bad off with no assets. Even as little as $15,000/yr income and $8000 in assets can exclude you. And everyone thinks Medicare part A is free, but it's not free unless you paid into Medicare for 40 quarters.
It's easy for some people on this forum with large stashes, higher SS benefits, and pensions to be more out of touch with seniors who are struggling. I would probably think more like you that they would all be taken care of if I didn't know some people that don't have large retirement incomes and stashes, who I tried to help, but don't qualify in this state or otherwise aren't aren't available.
Yeah, that's more in line with some of what I was talking about. It can be rough or impossible living on just SS for many people.
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Stormy Kromer
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Last month I moved my mom into an assisted living facility, They asked about which agency is paying for her fee and I said "She will write you a check every month".
The poor lady didn't know how to enter this in their system and had to get the manager. She said "I've never had a resident pay for their own care before".
I should point out this was a very well run facility in our home town and Everyone was treated with kindness and respect regardless of who paid the bill. I was glad.
The poor lady didn't know how to enter this in their system and had to get the manager. She said "I've never had a resident pay for their own care before".
I should point out this was a very well run facility in our home town and Everyone was treated with kindness and respect regardless of who paid the bill. I was glad.
NW-Bound
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With just SS, it would be hard for MANY people. It was not intended to be the sole source of retirement income.
My wife drew SS at 62, because for a couple it's the right strategy for the spouse whose benefit is lower. I am waiting for 70 for my SS.
If my wife were by herself, it would be hard for her to live on her SS alone. It would be tough, even if she had a paid-for home.
As for me, I could live frugally on my delayed-till-70 SS, because of my higher income history, me working longer compared to my wife's ER at 50, and the effect of delaying SS.
But if I had no other means to live on till 70, I would have to work till that age. ARGHHHH! I might die before I get there.
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jazz4cash
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A colleague’s mom was in this position but she had her health and a big 5 bedroom home. She turned it into a boarding house. She was very selective but she basically accepted whatever SS or tiny pension folks had as long as they were independent. Some that had less funds shared a room, etc. Sometimes she took family members to task to provide funds or at least personal care items. They were glad to help since the alternative was to take the family member in. She hired some neighbors who were also low on funds to help cook and clean. My colleague was very proud of what she accomplished. A lot of folks had a much happier lifestyle. When it got to be too much for her it affected alot of folks directly and indirectly.
ivinsfan
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GenX I wonder how state dependent this is. We live in a high tax state with many programs for seniors. Perhaps that makes a difference. With 50 states as well as many different ideas about what qualities as low income, it's hard to come to a consensus
That is incredible story. Good for her.
Last time I checked with decent assisted living facility near us. It is $8000 per month. It will take some serious savings to be able to afford that for several years.
TheWizard
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I find this hypothetical thread to be somewhat annoying...
aja8888
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Under thread tools, you can choose to ignore this thread going forward.
