# What to do...



## MarciKS (Feb 24, 2020)

So, my question is, if we wait til our predicted age (67 here) to retire, can a person make it on their social security and medicare or does one need to work something part time. And what if you're not able to work?


----------



## C'est Moi (Feb 24, 2020)

That is different for each of us as we have different expenses and levels of savings, etc.  You need to put the pencil to paper and make your own calculations so you'll know whether you'll need to supplement your social security.


----------



## MarciKS (Feb 24, 2020)

C'est Moi said:


> That is different for each of us as we have different expenses and levels of savings, etc.  You need to put the pencil to paper and make your own calculations so you'll know whether you'll need to supplement your social security.


Oh Lord! I'm pretty sure I'm gonna have to work somewhere til I'm dead.


----------



## StarSong (Feb 24, 2020)

Can you make it?  Depends on your expenses and how much you'll be receiving from SS.  
People who are unable to work and can't make ends meet do things to bring those ends closer together. Downsizing housing, moving to less expensive areas, being more frugal. There are as many answers to this question as there are people posing it. 

As @C'est Moi advised, the first step is to do some serious calculations. The second step is to start economizing and paying off debt BEFORE you retire.


----------



## Lakeland living (Feb 24, 2020)

You might get an idea from  your government, NOT that I am saying it will be 100 % true or that it will soon change on you.
Just a thought, I went at them for a couple of years in Canada and learned a great deal that they don't tell all about.


----------



## Duster (Feb 24, 2020)

It's also good to have some retirement accounts {IRA, Roth IRA, 401K}, to help meet expenses.  You can keep contributing to them as long as you are earning income.


----------



## jerry old (Feb 24, 2020)

do as the folks above suggest: pencil and paper-be very liberal in expenses
as they always increase.
health care cost may bloom rapidly, water heaters need replacement....


----------



## Pecos (Feb 24, 2020)

MarciKS said:


> So, my question is, if we wait til our predicted age (67 here) to retire, can a person make it on their social security and medicare or does one need to work something part time. And what if you're not able to work?


I would be reluctant to try, plus I don't completely trust the government since they seem to be constantly nibbling away at our "safety net."


----------



## MarciKS (Feb 24, 2020)

Pecos said:


> I would be reluctant to try, plus I don't completely trust the government since they seem to be constantly nibbling away at our "safety net."


Yes I've been debating on that as well.


----------



## MarciKS (Feb 24, 2020)

Duster said:


> It's also good to have some retirement accounts {IRA, Roth IRA, 401K}, to help meet expenses.  You can keep contributing to them as long as you are earning income.


Only problem with 401K's is that they are based on the markets. Market goes down...so does your payout. I didn't plan accordingly because I thought I'd be a housewife for life. LOL


----------



## OneEyedDiva (Feb 25, 2020)

MarciKS said:


> Only problem with 401K's is that they are based on the markets. Market goes down...so does your payout. *I didn't plan accordingly because I thought I'd be a housewife for life. LOL*


Your statement in bold text is one of the biggest mistakes a woman can make.  It is a factor in why so many women retire in poverty.  But hopefully you have some time to make up for it.  I'm a firm believer that every penny counts...so save every penny you can.  Cut expenses wherever you can and if at all possible, start an emergency fund.  People think that if they aren't saving $25 or $50 or $100 a clip, it doesn't make sense to save.  That is so wrong because once again...every cent counts.

You will have to make a reasonable, realistic budget. What expenses can you cut, what are absolutely necessary. Would a move to public senior housing help (possibly since they usually charge between 30 and 33% of your income and utilities are included). Would having a car be a cheaper option than taking public transportation or vice versa.  So many factors to consider and each person's situation *is* different. Here's a list of ways to save money, all of which could add up to a tidy sum over time. I saved $10 on my electric bill last month by unplugging (appliances, device chargers and sometimes the T.V.)
https://www.thistinybluehouse.com/2018/04/30/ways-to-save-money-series/


----------



## jerry old (Feb 25, 2020)

retail merchants profit margin is in pennies  as in convenience (well, it use to be in pennies, now it's dimes, .50)
had a Jewish friend, he had  a convenience store ,one of his clerks waived of a customer who lacked .2  on purchase.
.  My friend gave him a mini-lesson on finances.  (me too, as I was standing there, quite informative)
"My living depends on pennies, your giving away my families bread..."


----------



## Ruth n Jersey (Feb 25, 2020)

Everyone is different and so is the life style you are happy with. 
We live in New Jersey,known for high taxes and yet we do manage to live mostly on Social Security. Our home is paid for and we have an AARP supplement to our medicare and some savings.
Our life style is extremely modest. No fancy vacations, eat out maybe once every two months and that's at a buffet or senior discount. All home cooking and freezing foods when they are on sale. We aren't interested in new clothes,haircuts we do ourselves and no fancy coffee each morning. 
We take very few medications and are in reasonably good health. 
Some people would be extremely unhappy with all of this. It works for us. 
All of this could change in a flash,mainly because of health reasons but know one can look into the future and there is risk involved in whatever we chose to do.
We do what we can to live within our means and enjoy life one day at a time.


----------



## peppermint (Feb 25, 2020)

I'll just say....We worked hard for our money....Yes, NJ, is not the best place to live.....Looking to move, one of these years....It's hard to give up
our home....We moved into a home that had 2 small bedrooms, 1 bathroom, living room and a kitchen....But a big back yard....We came from
Ohio to look for a home, but we decided to buy the home from our parents....Then my husband went to work....I mean on the house....
In 45 years our home is tripled.....Back Yard Swimming pool, We put on 3 more rooms....Garage, and a driveway....A Generator, Fire place,
We do have 2 bathrooms....A Laundry room with cabinets on all walls....Air condition.....
We will probably give it all up and move to another State....Our town in NJ is a small town....But it's getting crowded....It looks like 
More Senior's are coming down from the big cities....We are also near the Ocean....


----------



## MarciKS (Feb 25, 2020)

OneEyedDiva said:


> Your statement in bold text is one of the biggest mistakes a woman can make.  It is a factor in why so many women retire in poverty.  But hopefully you have some time to make up for it.  I'm a firm believer that every penny counts...so save every penny you can.  Cut expenses wherever you can and if at all possible, start an emergency fund.  People think that if they aren't saving $25 or $50 or $100 a clip, it doesn't make sense to save.  That is so wrong because once again...every cent counts.
> 
> You will have to make a reasonable, realistic budget. What expenses can you cut, what are absolutely necessary. Would a move to public senior housing help (possibly since they usually charge between 30 and 33% of your income and utilities are included. Would having a car be a cheaper option than taking public transportation or vice versa.  So many factors to consider and each person's situation *is* different. Here's a list of ways to save money, all of which could add up to a tidy some over time. I saved $10 on my electric bill last money by unplugging (appliances, device chargers and sometimes the T.V.)
> https://www.thistinybluehouse.com/2018/04/30/ways-to-save-money-series/


Thanks I'll check that out.


----------



## Manatee (Feb 25, 2020)

Many variables, is your mortgage paid off?  Are you paying on one or more car loans? Do you live in a house that requires grounds keeping?
Stairs may be good exercise now, but in 10 or 15 years they can become an ordeal or even dangerous.  Remember: never again will you be as young as you are right this minute.

The joy of retirement is that _ALL _of your time is your own, enjoy it while you can.


----------



## Butterfly (Feb 25, 2020)

And don't forget that even if your mortgages are paid off, property taxes and homeowners' insurance, as well as home maintenance -- I just had to put on a new roof ($$$) -- are still there.

I live pretty simply, and my mortgage is paid off and I am pretty much debt free except some small stuff.   Having said that, I would struggle to live on only my social security and stilll have a good quality of life.  Certainly I would have had a hell of a time paying for that roof, as well as for the car I had to buy a couple years ago because my last one just suddenly up and irretrievably died.  Where I live, you pretty much have to have a car because our public transportation is deplorable.


----------



## Aunt Bea (Feb 26, 2020)

It's never a one size fits all answer as others have said you really need to do your homework.

If you are wondering what life would be like living on Social Security start cutting your budget to fit your estimated Social Security benefit.  If you fail you will still be money ahead and that is never a bad thing.

If Social Security was my only source of income I could live comfortably but my car would have to go.  Eventually, I'm afraid that inflation would outpace my benefit increases and it would become much more difficult.

Good luck!


----------



## StarSong (Feb 26, 2020)

jerry old said:


> retail merchants profit margin is in pennies  as in convenience (well, it use to be in pennies, now it's dimes, .50)
> *had a jewie friend*, he ran a convenience store , clerk waived of
> customer who lacked .2  on purchase.
> .  My friend gave him a mini-lesson on finances.
> "My living depends on pennies, your giving away my families bread..."


Wow. This post is so wrong on so many levels.


----------



## StarSong (Feb 26, 2020)

OneEyedDiva said:


> Your statement in bold text is one of the biggest mistakes a woman can make.  It is a factor in why so many women retire in poverty.  But hopefully you have some time to make up for it.  I'm a firm believer that every penny counts...so save every penny you can.  Cut expenses wherever you can and if at all possible, start an emergency fund.  People think that if they aren't saving $25 or $50 or $100 a clip, it doesn't make sense to save.  That is so wrong because once again...every cent counts.
> 
> You will have to make a reasonable, realistic budget. What expenses can you cut, what are absolutely necessary.
> https://www.thistinybluehouse.com/2018/04/30/ways-to-save-money-series/


Such a great post, Diva.  During personal lean periods I learned to lived quite frugally.  Made a game of it, seeing how many ways I could squeeze each dime.  Eventually we pulled through and built up emergency funds again.  Eating out became a no-no, as was take-out food.  I cooked from scratch as much as possible, bought only in-season produce (hit the "bruised" bargain section first), baked my own bread, ate very little meat, etc.  

I was amazed at how many non-necessities were in our budget. I lived by the Depression Era mantra: Use it up, Make it do, Wear it out.  Lots of wisdom there.


----------



## Liberty (Feb 26, 2020)

Frankly, don't see how anyone could afford to retire on just social security these days.  With no cushion of cash, investments, or pensions it must be a dismal perspective  unless the circumstances are extremely accommodating such as living with someone who foots the bills!


----------



## JimBob1952 (Feb 26, 2020)

MarciKS said:


> So, my question is, if we wait til our predicted age (67 here) to retire, can a person make it on their social security and medicare or does one need to work something part time. And what if you're not able to work?


Social Security is not enough, unless you are willing to live in near-poverty.  

Your expenses will go down in retirement, but you will still need food, utilities, gas, auto insurance, etc.  

Don't you want money to travel?  To go out once in a while?

I'm 67 and still working.  And that's with generous SS (over $3500/month for wife and me) and money in tax-deferred accounts.  

Better to have it and not need it than to need it and not have it.


----------



## OneEyedDiva (Feb 26, 2020)

StarSong said:


> Such a great post, Diva.  During personal lean periods I learned to lived quite frugally.  Made a game of it, seeing how many ways I could squeeze each dime.  Eventually we pulled through and built up emergency funds again.  Eating out became a no-no, as was take-out food.  I cooked from scratch as much as possible, bought only in-season produce (hit the "bruised" bargain section first), baked my own bread, ate very little meat, etc.
> 
> I was amazed at how many non-necessities were in our budget. I lived by the Depression Era mantra: Use it up, Make it do, Wear it out.  Lots of wisdom there.


Thank you. Good for you StarSong. That's how it's done!


----------



## jerry old (Feb 26, 2020)

Star and Diva
Yes, you must learn not to blow your money, yes you must be frugal,
yes, you must be very careful.
But, But! ever three months are so, I go crazy, blow 15 dollars at Dollar
Tree on items I do not need, will not use.  
Our 'blowing money' habit when we had it to blow, stays with us.

good post,


----------



## OneEyedDiva (Feb 26, 2020)

jerry old said:


> Star and Diva
> Yes, you must learn not to blow your money, yes you must be frugal,
> yes, you must be very careful.
> But, But! ever three months are so, I go crazy, blow 15 dollars at Dollar
> ...


Jerry even when on a strict budget, individuals need to treat themselves *sometimes*. It's so easy to blow money at Dollar Tree. I do stick to items I use but sometimes I over shop. Love to go there and it's fun to look around in different ones because they each have slightly different stock. There are 4 Dollar Trees within relatively short driving distance from where I live. My son is going to have to take me soon.


----------



## fmdog44 (Feb 26, 2020)

MarciKS you need to talk to a certified financial planner of someone reliable for help with your situation. Don't rely on your friends when it come to your money. Whatever you choose make sure you are confident in your selection.


----------



## Pinky (Feb 27, 2020)

Usually, free of charge, you could go to a bank consultant for help with financial planning.


----------



## Ladybj (Feb 27, 2020)

MarciKS said:


> So, my question is, if we wait til our predicted age (67 here) to retire, can a person make it on their social security and medicare or does one need to work something part time. And what if you're not able to work?


Depends on your living expenses. But my answer is yes, you can make it work but it depends on your savings, retirement as to whether you have to downsize your living situation.    I am at the age in my life, I am eliminating debt.  I have about a year or so and my vehicle will be paid off.  Hubby wants to purchase a truck once my vehicle is paid off but I am leaving that in the hands of the Almighty.  I am not stressing about it anymore.  The big purchase I recently made is my house which is an investment.


----------



## mathjak107 (Feb 28, 2020)

People live on just social security everywhere ....they may hate the life it buys but they make it work ...some live golden girl style , others rely on public assistance or live with families ....location is a big factor ..no one can really answer this question for someone else


----------

