Btw this isn't a political question. I'm just interested in the numbers and methods to survive off of 260k or less - which is the real reality of over half of retired age folks.
Btw this isn't a political question. I'm just interested in the numbers and methods to survive off of 260k or less - which is the real reality of over half of retired age folks.
It's a tough question because no one knows how long they'll...they could outlive their savings, if they have to go into private assisted living it's going to bankrupt you because it runs $7000 a month, state funded Medicaid they take everything from you.
I'd say be debt free, SS and Medicare, work a part-time job...doesn't have to be more than 10 hours a week...many people do ride sharing just to get out of the house and interact with people or work in the community where you don't travel much.
Try not dipping into that 260k until you absolutely need to.
Btw this isn't a political question. I'm just interested in the numbers and methods to survive off of 260k or less - which is the real reality of over half of retired age folks.
It's a tough question because no one knows how long they'll...they could outlive their savings, if they have to go into private assisted living it's going to bankrupt you because it runs $7000 a month, state funded Medicaid they take everything from you.
I'd say be debt free, SS and Medicare, work a part-time job...doesn't have to be more than 10 hours a week...many people do ride sharing just to get out of the house and interact with people or work in the community where you don't travel much.
Try not dipping into that 260k until you absolutely need to.
Oh...and stay healthy! Probably the most important thang.
Btw this isn't a political question. I'm just interested in the numbers and methods to survive off of 260k or less - which is the real reality of over half of retired age folks.
It's somewhat of a political question.
Gas was $2.35 under Trump. Now it's $6 Inflation was 3% under trump. Now it's 9%
So despite your income being "fixed", under democrat control the price for everything is going up!!!
But don't despair!! If you have kids who are totally unimpressive and can't pay off their college loans - Biden will pass that cost on to other taxpayers.
Plus, with the totally open borders, more people are competing for the democrat free ride.
When my grandma was dying in her nursing home, they took a really big fee every month from her for like a year and took all of her assets. Maybe even after a year and a half in the nursing home had sucked all of her wealth up. Anyways after they took all of her money, I remember she was allowed to continue living there without paying any further. My family did not financially support her at all. No one did.
When my grandma was dying in her nursing home, they took a really big fee every month from her for like a year and took all of her assets. Maybe even after a year and a half in the nursing home had sucked all of her wealth up. Anyways after they took all of her money, I remember she was allowed to continue living there without paying any further. My family did not financially support her at all. No one did.
If you're old, own a house and trust your kids to not toss you into the streets, it's a good idea to put that house into their names. If you end up in a home with Medicare paying they'll take the house and any other assets. But if you get the house in someone else's name five years, think it's five, Medicare can't take it.
Social security + 260k for around another 15 years is easily enough to live on if you have your house paid off and you never do anything.
My mom has way more than this in assets (maybe $700k) but not the millions financial advisors recommend you have for retirement. But townhouse and car are paid off. No other debts. Still frugal. Loves senior discounts. Doesn't really travel much because she doesn't care for it. Living on SS, what my dad left when he passed, and a small pension from teaching -- not the crazy pensions you read about because she took a lot of time off for kids.
I'm in my 40s and saving a lot more but not like crazy wealthy. Maybe I should be worried but I don't live large now, I expect to have few debts when I retire, and hope that running leads be to better health outcomes when I age.
Let's also remember -- retirement is a fairly new concept since the 1940s, I think. The expectation before then was work until you die.
I've actually been finding this out the answer to this question over the past few years. A little background: My parents divorced when I was young and my father never remarried. Rented an apartment, never bought another house. No college degree or trade, just worked jobs for his whole life to keep his head above water. To help keep his head above water he started taking Social Security checks at 62 or whatever the earliest you can is, and at 68 receives $12k a year. Had I known he was thinking about doing that I would have tried to talk him out of it but he didn't consult any of us kids at the time.
So now here we are with an 68 year old father who can barely get hours working at a supermarket, collects from SS and barely is able to pay his bills. How did we make it work?He has Medicare, plus since he makes so little he's eligible for charity care from the hospital so basically all his bills are paid if he has to get anything done. I could see what was coming a few years ago so I started putting him in for affordable housing waiting lists knowing those lists are years long. They finally called his number, I told him to quit working, and now he's in a nice apartment just living of his SS check because the rent is only 30% of your income. For food bills I was able to get him an EBT card so that is taken care of as well. The other 70% goes towards gas, car insurance, cell phone and cable.
Quite a few don't retire. I have several friends in their 70s who are plugging along just like they were doing all their lives because they can't afford not to work. Even if they retire from their main job they'll get something else that doesn't pay as much and combine that income with their Social Security. Some will move in with their kids. And at the end of the road there's the county home where Medicare pays the bill.
No, Medicare doesn't pay for long-term custodial care (nursing home). Medicaid will, however. However, you have to have very very low income/assets to qualify.
Btw this isn't a political question. I'm just interested in the numbers and methods to survive off of 260k or less - which is the real reality of over half of retired age folks.
It's somewhat of a political question.
Gas was $2.35 under Trump. Now it's $6 Inflation was 3% under trump. Now it's 9%
So despite your income being "fixed", under democrat control the price for everything is going up!!!
But don't despair!! If you have kids who are totally unimpressive and can't pay off their college loans - Biden will pass that cost on to other taxpayers.
Plus, with the totally open borders, more people are competing for the democrat free ride.
Yeah. Cherry-picking the data on the $6. (eia.gov on av. retail price of all-formulations gasoline shows an average of $4.23 for the past 6 months, $3.48 monthly average under the current administration overall, with a peak of $4.93).
How angry were you at DJT in 2018 when the 6 mo. average was $2.71 vs. $2.07 under Obama for the same span 2 years prior?
The thing that really angers me is the way it went in France from 1.23 euro/l in the last 6 mo. of 2020 under that wise and noble Macron to 1.91 in the most recent six months under that dastard Macron!
When my grandma was dying in her nursing home, they took a really big fee every month from her for like a year and took all of her assets. Maybe even after a year and a half in the nursing home had sucked all of her wealth up. Anyways after they took all of her money, I remember she was allowed to continue living there without paying any further. My family did not financially support her at all. No one did.
If you're old, own a house and trust your kids to not toss you into the streets, it's a good idea to put that house into their names. If you end up in a home with Medicare paying they'll take the house and any other assets. But if you get the house in someone else's name five years, think it's five, Medicare can't take it.
Medicaid will take it, not Medicare. But yes, put it in a family trust but the trust has to be made within 7 years of application for Medicaid for it to be protected.
When my grandma was dying in her nursing home, they took a really big fee every month from her for like a year and took all of her assets. Maybe even after a year and a half in the nursing home had sucked all of her wealth up. Anyways after they took all of her money, I remember she was allowed to continue living there without paying any further. My family did not financially support her at all. No one did.
If you're old, own a house and trust your kids to not toss you into the streets, it's a good idea to put that house into their names. If you end up in a home with Medicare paying they'll take the house and any other assets. But if you get the house in someone else's name five years, think it's five, Medicare can't take it.
You're talking about Medicaid, not Medicare, and I believe the look back provision for assets is 2 years. Another way around it is to create a living trust and place all your assets in the trust.
There has never been a better time to entertain yourself cheaply. Between the internet and public libraries there are not enough hours in the day to do everything I want
If you're old, own a house and trust your kids to not toss you into the streets, it's a good idea to put that house into their names. If you end up in a home with Medicare paying they'll take the house and any other assets. But if you get the house in someone else's name five years, think it's five, Medicare can't take it.
You're talking about Medicaid, not Medicare, and I believe the look back provision for assets is 2 years. Another way around it is to create a living trust and place all your assets in the trust.
My bad, the look back provision is 5 years except for California where it's 2.5 years.
Some of them have a disability they can claim and qualify for in home supportive services (IHSS) where they get a number of hours that they can employ a care taker. If they don't need that much care they can make a side deal with the IHSS worker that the worker can work less hours and they split the extra money. This way IHSS workers can get more hours and the recipient makes some extra money.
I don't know how common this is but I've seen it firsthand and I hear it happens a lot.
To be eligible for this benefit program, you must meet all of the following requirements: Be disabled, blind, or age 65. Have limited income and resources. Be a U.S. citizen or national or a lawfully permitted alien meeting additional requirements. Reside in one of the 50 states, the District of Columbia, or the Northern Mariana Islands, except for a child of military parent(s) assigned to permanent duty anywhere outside the United States or certain students temporarily abroad.
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