Can retirement be done at 62 with no money?

[Kruska]

Yes, I know all the arguements.
Yes, I have scoured the internet for information.
Yes, I know it's difficult to be retired without money.
I've heard it all.

But there's always a way around something. Even retirement with no savings.

I turn 62 this year, and I'd like to retire.
SSI will only pay $900 a month, I've checked.
So that means I HAVE to have a part time job.
I get that.

But just like rich people have ways of getting out of paying taxes......................
there's got to be some ways poor people can retire and keep the level of life they currently have.

I've become a budget master over the years.
I've gone "minimalist" as far as my living conditions go.
I've sold everything thats worth a penny.
I go to 2 food banks twice a month for most of my food supplies.

But I have medical conditions now, that I will need insurance for.
I have medications I have to buy.
And I have the other necessities like car maintenance that is needed, as well as insurance.

So, just wondering.....................
Does anybody know how one can retire "early" on the basics and keep the lifestyle they currently are at?


NO TROLLING PLEASE.
Only serious responses.
View attachment 1060480

AFAIK, only if you are a EU citizen or a migrant that "retires" in e.g. Germany, or e.g. Sweden or Denmark, etc.

 

[Admiral Rockwell Tory]

Trump will raise the SS payments by stopping the propping up of Ukraine's retirement system and government services... and also ending double taxation....

How will he raise SS payments? That is fixed by how much you made during your lifetime. I missed 10 years while a state employee and that cut my SS. My SS is less than had I paid in those 10 years.

 

[egp320i]

If you have been working for 30+ years a 401K, if you invested in any high yield ETF and reinvested it could be worth
a big chunk, you can live on that if you do not have any debt and you are frugal

 

[Arlette]

Dems have been in power during the recent cost of living skyrocketing to the stratosphere !

Oh yeah. It's the Dems fault somebody can't retire at 62 with 900 bucks from SS and nothing else.

 

[braalian]

If you’re monthly SS check is only $900 you must not have worked very much.

Recently I checked mine and it’s at $2k a month. And I still have 20plus years before I can retire.

I can’t imagine living off 2000 a month, let alone 900.

 

[Rambunctious]

How will he raise SS payments? That is fixed by how much you made during your lifetime. I missed 10 years while a state employee and that cut my SS. My SS is less than had I paid in those 10 years.

He claims he will do it... Congress has already made an important change by removing any penalties for people with government pensions.... like me... lol

 

[whitehall]

Blame "rich people" for not having anything more than Social Security at 62 years old? Maybe that's your problem.

 

[Admiral Rockwell Tory]

He claims he will do it... Congress has already made an important change by removing any penalties for people with government pensions.... like me... lol

I wonder if they will increase my SS because of all the years I wasn't allowed to contribute to SS because of my state pension, which I received lump sum at a reduced rate and increased tax liability.

 

[Rambunctious]

I wonder if they will increase my SS because of all the years I wasn't allowed to contribute to SS because of my state pension, which I received lump sum at a reduced rate and increased tax liability.

I don't know... My brother thinks he will get a raise in payments because he has a county pension... from California...
Its also retroactive for one year...

 

[marvin martian]

Yes, I know all the arguements.
Yes, I have scoured the internet for information.
Yes, I know it's difficult to be retired without money.
I've heard it all.

But there's always a way around something. Even retirement with no savings.

I turn 62 this year, and I'd like to retire.
SSI will only pay $900 a month, I've checked.
So that means I HAVE to have a part time job.
I get that.

But just like rich people have ways of getting out of paying taxes......................
there's got to be some ways poor people can retire and keep the level of life they currently have.

I've become a budget master over the years.
I've gone "minimalist" as far as my living conditions go.
I've sold everything thats worth a penny.
I go to 2 food banks twice a month for most of my food supplies.

But I have medical conditions now, that I will need insurance for.
I have medications I have to buy.
And I have the other necessities like car maintenance that is needed, as well as insurance.

So, just wondering.....................
Does anybody know how one can retire "early" on the basics and keep the lifestyle they currently are at?


NO TROLLING PLEASE.
Only serious responses.
View attachment 1060480

62 is kind of young for retirement. Why do you want to retire now?

 

[Rodimus]

SSI is welfare, you only qualify if you are 65 or older, blind or disabled. And if you are on SSI and get a job, they reduce your benefit.

Maybe you can become a "king of the road" in retirement?

SS is social security from working. SSI is for the mentally ill. SSD or SSDI is for the physically disabled.

 

[Winco]

SS Benefits will be reduced by $1 for every $2 of income above a certain limit. For 2024, IIRC, that was around $22,000.

WW

Us educated people know this. I'm on your side...I support your post.
Trump Cult Members are ignorant. Sorry, but true.

I'm retired, collecting a WA State Pension, but I can't work more that 867 hours in a calendar year, or I will lose Pension benefits. So 867 hours is my MAX.
But @$90 per hour, the 78K I earn for 24 hours per week is better than collecting SS.


So, I work the MAX hours, and STILL collect my Pension.
I'm 63.2 and have NOT started collecting SS, simply because I make way too much money in my part time job, to offset the 20K that SS says I can make. You can look it up to find I'm Correct.

Trump will raise the SS payments by stopping the propping up of Ukraine's retirement system and government services... and also ending double taxation....

WTF........ Care to explain?
Of Course you cannot.

 

[Winco]

62 is kind of young for retirement. Why do you want to retire now?

Pretty LAME statement Hill Country.

Here is MY Truth.

I retired at 61, collecting my pension, still working PT 867 per year, and NOT YET collecting SS.

You gonna call me a LIAR.

 

[WorldWatcher]

I'm retired, collecting a WA State Pension, but I can't work more that 867 hours in a calendar year, or I will lose Pension benefits. So 867 hours is my MAX.
But @$90 per hour, the 78K I earn for 24 hours per week is better than collecting SS.

Retiring this year. We just did my wifes application for her pension. Will start in FEB, I'll work through SEP because my boss and I have been together for 25 years. I'll be training my replacement.

Well have 6 revenue streams not counting our 401K's. Not sure If we will take annuities or them out of employer accounts to our own IRA accounts. Financially we'll be fine.

The real pain in the ass has been researching medical. We have TRICARE for life to supplement Medicare which should be fine. But my wife has kept wanting to "research" just to be "sure" we don't want gap insurance. :SIGH:

WW

 

[sparky]

Go to>
https://www.ssa.gov/

the log in takes a while for security reasons

but once you're there, you'll find the specifics of your eligibility

as well as the 62$>>>>>>70$$$

optimum is around 66 1/2 yrs iirc

then there is whatever SS bill in Congress as well

best of luck ~S~

 

[JohnDB]

I wonder if they will increase my SS because of all the years I wasn't allowed to contribute to SS because of my state pension, which I received lump sum at a reduced rate and increased tax liability.

Nope....you are screwed.

SSI has not kept pace with inflation in the slightest bit.
While food, housing, medicine have risen over 40% (number one thing senior citizens spend their money on) SS recipients have only received a 5% increase.

And no matter how they run their various formulas....almost everyone gets the same size check every month.... $1800 unless they can find a reason to make it smaller. (Like taxes or taxable income)

It doesn't matter if you made $250K/yr or $40k/yr....it also doesn't matter if you paid in 10 years or 40 years....your SS check is $1800/mo. Barely enough for one month's rent.

Congress believes they deserve a 40% pay raise however.

 

[JohnDB]

AND
Our government is deeply in debt without any means to increase payments. Our population is shrinking and does not have the means to increase it without immigration policies that do not include payments to the immigrants. Furthering the government expenses. The national debt has ballooned out of control. It needs to be reduced by either inflation or paid off. Which means that literally EVERYONE is going to be poor. Regardless of income unless you are one of the 1%.

 

[debbiedowner]

Retiring this year. We just did my wifes application for her pension. Will start in FEB, I'll work through SEP because my boss and I have been together for 25 years. I'll be training my replacement.

Well have 6 revenue streams not counting our 401K's. Not sure If we will take annuities or them out of employer accounts to our own IRA accounts. Financially we'll be fine.

The real pain in the ass has been researching medical. We have TRICARE for life to supplement Medicare which should be fine. But my wife has kept wanting to "research" just to be "sure" we don't want gap insurance. :SIGH:

WW

Don't need anything else if you have tricare for life and Medicare.

 

[debbiedowner]

Go to>
https://www.ssa.gov/

the log in takes a while for security reasons

but once you're there, you'll find the specifics of your eligibility

as well as the 62$>>>>>>70$$$

optimum is around 66 1/2 yrs iirc

then there is whatever SS bill in Congress as well

best of luck ~S~

It is a pain in the ass to sign into SSA these days. Using that damn Id.me now and sometimes works and sometimes does not. Used the same verification for veterans and it doesn't work at all.

 

[Care4all]

The answer is no, you can't live on $900 a month plus part time work, even in the state of Maine who is quite generous with seniors...