Can retirement be done at 62 with no money?

[Blaster]

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...

True

 

[DGS49]

SS was not intended to provide full support to anyone. It was a SUPPLEMENT to your own family resources, savings, pension, and miscellaneous income.

Go on welfare.

 

[WorldWatcher]

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

That's what I keep telling her.

But we research, and research, and she looks, and looks.

So we will sit down, review the facts, she will have an opion, I will have an opinion.

Then we will do it her way.

(I'm a good husband right?)

LOL

WW

 

[WorldWatcher]

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...

Remember, there will be (as of 2025) $185 off the top for Medicare, and thats without adding a prescription plan.

WW

 

[debbiedowner]

That's what I keep telling her.

But we research, and research, and she looks, and looks.

So we will sit down, review the facts, she will have an opion, I will have an opinion.

Then we will do it her way.

(I'm a good husband right?)

LOL

WW

When I used to do seminars for an insurance company for Medicare plans anyone who had what you have I would ask "Is everything covered with what you have now" tricare and medicare and they all answered yes. I would in turn say you don't need anything I'm selling here. Just no need to have anything else.

 

[Care4all]

Remember, there will be (as of 2025) $185 off the top for Medicare, and thats without adding a prescription plan.

WW

Matt and I are shocked at how much Medicare costs...we were among the ignorant....!!!

 

[WorldWatcher]

When I used to do seminars for an insurance company for Medicare plans anyone who had what you have I would ask "Is everything covered with what you have now" tricare and medicare and they all answered yes. I would in turn say you don't need anything I'm selling here. Just no need to have anything else.

Seriously, thank you.

WW

 

[WorldWatcher]

Matt and I are shocked at how much Medicare costs...we were among the ignorant....!!!

Medicare is not really bad in terms of premiums.

Most people don’t realize through how much employers kick in for premiums.

It’s an eye opener.

Or premiums right now for my wife and I are about $270, and that doesn’t include the employer portion.

WW

 

[bdtex]

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

Under your conditions as you have described them, the simple answer is don't do it. At least wait until you have reached full SS retirement age which appears to be 67 for you.

 

[Care4all]

When I used to do seminars for an insurance company for Medicare plans anyone who had what you have I would ask "Is everything covered with what you have now" tricare and medicare and they all answered yes. I would in turn say you don't need anything I'm selling here. Just no need to have anything else.

Matt will be turning 65 in a year....he's a 30%disabled veteran so he gets his health care from the VA, and we are trying to figure out if he needs a supplemental plan as well, or how the whole thing works then? Do you know?

Right now the VA has been good because we are 70 miles from the VA hospital so when he tore his Rotator cuff the surgery was done locally at a private hospital, and the VA paid all of the cost and he got prostate cancer and the VA again paid for treatment, all locally at a private radiation center...

When he signs up for medicare, do you know how that works? Would he also need a supplemental plan? And can he get his prescriptions from the VA still, but with a private doctor? Or does he need to buy a D plan too?

We just began our info search on all this, ya got any advice?

 

[Dr.Destructo]

Under your conditions as you have described them, the simple answer is don't do it. At least wait until you have reached full SS retirement age which appears to be 67 for you.

Thats the problem. I hear they're going to move the retirement age now.

Just like when I turned 18, they move the drinking age to 21!!! Now I'm turning 62, they're moving the retirement age.

I see what they're doing. They think if they keep moving retirement age closer to peoples deaths.......the politicians will have all that money they can keep shoveling in their pockets.

I've worked all my life paying taxes. I have several medical problems that keep getting worse as I get older.
I CANNOT keep working.

 

[WorldWatcher]

Thats the problem. I hear they're going to move the retirement age now.

Just like when I turned 18, they move the drinking age to 21!!! Now I'm turning 62, they're moving the retirement age.

I see what they're doing. They think if they keep moving retirement age closer to peoples deaths.......the politicians will have all that money they can keep shoveling in their pockets.

I've worked all my life paying taxes. I have several medical problems that keep getting worse as I get older.
I CANNOT keep working.

They won't move the retirement age for someone that is 62.

They will do what they did before when they raised full retirement age from 65 to 67. Grandfather those over a certain age (~50 or 55). Then for younger folks increase the age in 1 month increments based on birth year.

It's the only way they will get the votes in Congress.

Not out of altruism, but because older folks vote more.

WW

 

[bdtex]

Thats the problem. I hear they're going to move the retirement age now.

Just like when I turned 18, they move the drinking age to 21!!! Now I'm turning 62, they're moving the retirement age.

I see what they're doing. They think if they keep moving retirement age closer to peoples deaths.......the politicians will have all that money they can keep shoveling in their pockets.

I've worked all my life paying taxes. I have several medical problems that keep getting worse as I get older.
I CANNOT keep working.

I get the dilemma. I'm just saying that based on what I know about the experiences of similarly situated friends and family members, you need to hold off retirement as long as you can. This right here kinda says it all.

"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."

If your current income is equal to or greater than $900 + part time income, you're going have to take your minimalism to a whole new level if you expect to do any better than subsist if you retire at 62.

 

[AzogtheDefiler]

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.

Steroids are costly

 

[Admiral Rockwell Tory]

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.

SSI is Supplemental Security Income. It is like welfare for retirees with minimal Ss retirement and no other income. You are confused in your terms.

Your ther information is also dead wrong in regards to how your SS payments are calculated. Where did you get that bullshit?

 

[Admiral Rockwell Tory]

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.

I use IDme on an almost daily basis with the VA. Never had an issue with it.

 

[Admiral Rockwell Tory]

Remember, there will be (as of 2025) $185 off the top for Medicare, and thats without adding a prescription plan.

WW

Not old enough for Medicare at 62. I am 64 and get Medicare in March because I have been on disability for a year.

 

[Admiral Rockwell Tory]

Medicare is not really bad in terms of premiums.

Most people don’t realize through how much employers kick in for premiums.

It’s an eye opener.

Or premiums right now for my wife and I are about $270, and that doesn’t include the employer portion.

WW

Your employer contributes nothing but your FICA taxes. They contribute nothing to your part B premiums. You pay out of your SS payment.

 

[WorldWatcher]

Not old enough for Medicare at 62. I am 64 and get Medicare in March because I have been on disability for a year.

Ya, I forgot about 62. Medicare kicks in at 65.

WW

 

[task0778]

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

As I see it, you have 2 choices: live under a bridge or live out of the back of your car. Trade it in for a van, you'll need the space. Spend the winters in south Texas or south Florida. I don't know what your current lifestyle is, but at $900 it better be pretty low. In many places, your car insurance alone will run close to $100 a month.