How Do Retirees Live On SS Alone? (weather, move, social security)
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The woman who transferred her 401k to a savings account for "peace of mind" and "easy access" to her money was naive at best. She should have rolled it over to an IRA at Schwab, Fidelity, or any other large brokerage firm. They can get you your cash in 24 hours.
How do they survive? A paid-for house and sheer dumb luck in my father's case. He's 85, depends on SS exclusively, and receives 1878/month. His Medigap insurance is 315 and Part D is 13. He pays for electricity (85-250), TV/internet (177), and groceries/incidentals (300 avg). He has about 8 different medications and pays the OOP co-pays every quarter (170-200 avg). Annually, he pays 1100 for property taxes, 1200 for auto insurance, and 65 for AAA. He comes out ahead every month, so we're able to move that to savings. Still, his current balance is less than $15K.
It's a house of cards waiting to fall, but we've managed to hold it intact for the last 7+ years he's been on his own.
I believe most of these should be done to live on a smaller Social Security, if possible
✦ Own your dwelling (RV, Home, Apartment, Trailer, etc)
✦ DIY Solar Power if practical- Larger used Solar panels cost us $50 each since so many don't want the big ones. 5k new battery
, 6 panels cool/heat our 1400 sq ft home well enough
✦ E-Car. Try to power it via solar
✦ E-Bike- You need to exercise for health Prices have really reduced + combine w/ Solar power?
✦ Grow Food- Grow Broccoli & Mug Bean Sprouts & More sprouts in Glass jars for pennies a day. These are at PEAK nutrition.
Plant Fruit Trees. Grow potatoes, they are the cheapest. Buy quality potato starters at the nursery, let them grow in to potatoes. Cut the 2-3 "eyes" out and toss back into the compost pile to turn into 2-3 more potatoes. Eat the remaining.
✦ Sign up for The Federal Affordable Connectivity program for free internet. Max income- to $2,265 per month for 1 person, or $3,052 for two people
✦ Use a quality electric toothbrush on HIGH speed every night. Ever since we've done this for yrs we go almost a year without a cleaning when before, it was 2x a year. Even then, stlll very clean teeth! Brush teeth 4-5x a day.
✦ Start game night at your home on a weekly basis during winter. Invite anyone, make flyers, etc
✦ Attend a Good Christian Church. Google cults to ensure it's a true christian church, most are cults
You'll need a forever family more than your temporal one
✦ Hike as much as you can. find free plants, put in pots into your bedroom for more oxygen
✦ Consider a Mitsubishi Mini Split instead of heating & cooling the entire house. We own two of these-. It costs under 1k for one-One unit and an electrician installed. One for the main living room/kitchen combo and one for the bedroom. We do not spend enough time in other rooms to pay to eat or cool them in extreme weather
Last edited by Pip-Squeak; 09-29-2023 at 11:01 PM..
How do they survive? A paid-for house and sheer dumb luck in my father's case. He's 85, depends on SS exclusively, and receives 1878/month. His Medigap insurance is 315 and Part D is 13. He pays for electricity (85-250), TV/internet (177), and groceries/incidentals (300 avg). He has about 8 different medications and pays the OOP co-pays every quarter (170-200 avg). Annually, he pays 1100 for property insurance, 1200 for auto insurance, and 65 for AAA. He comes out ahead every month, so we're able to move that to savings. Still, his current balance is less than $15K.
It's a house of cards waiting to fall, but we've managed to hold it intact for the last 7+ years he's been on his own.
He qualifies for the internet affordable connectivity program, you should sign him up for free or very discounted internet. I would let the homeowners insurance lapse too unless there are extenuating circumstances to want to keep it. I am surprised his food is so inexpensive. Anyhow just some thoughts
He qualifies for the internet affordable connectivity program, you should sign him up for free or very discounted internet. I would let the homeowners insurance lapse too unless there are extenuating circumstances to want to keep it. I am surprised his food is so inexpensive. Anyhow just some thoughts
I will look into the internet discount, thank you.
I misspoke, he does not carry homeowners/property insurance; that's what he pays in property taxes. On that front, he holds three different categories of exemptions that lowers it about $500/year.
How do they survive? A paid-for house and sheer dumb luck in my father's case. He's 85, depends on SS exclusively, and receives 1878/month. His Medigap insurance is 315 and Part D is 13. He pays for electricity (85-250), TV/internet (177), and groceries/incidentals (300 avg). He has about 8 different medications and pays the OOP co-pays every quarter (170-200 avg). Annually, he pays 1100 for property taxes, 1200 for auto insurance, and 65 for AAA. He comes out ahead every month, so we're able to move that to savings. Still, his current balance is less than $15K.
It's a house of cards waiting to fall, but we've managed to hold it intact for the last 7+ years he's been on his own.
I will look into the internet discount, thank you.
I misspoke, he does not carry homeowners/property insurance; that's what he pays in property taxes. On that front, he holds three different categories of exemptions that lowers it about $500/year.
Drop homeowner's insurance? There's a novel way to save money I hadn't thought of! But with my luck, it would burn down the next day...
Well here's an idea. Our plan is to eventually have a DIY Sprinkler system on the top of the roof. Somehow hooked to a pond.
It's been some time but someone in El Dorado county built it, sells it.
We are currently looking for a fixer upper with a water source such as a spring to get out of under this mortgage
We get wildfires here in California but even then, right now we live in snow country so it's not as likely
Our Homeowners insurance is currently $250 a month
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