Can retirement be done at 62 with no money?

[WorldWatcher]

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

Wasn't talking about the employer and Medicare.

Was talking about pre-Medicare and private employer insurance. A lot of people, and I mean A LOT think what they pay is there private employer based insurance premium. It's not.

Typically employees pay about 20% of the premium and the employer pays 80%. There is sticker shock of they end up having to go out in the individual market or stay on their ex-employer plan under COBRA (for a limited time) and have to pay the full 100% premium.

WW

 

[debbiedowner]

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?

If he gets his prescriptions from VA he doesn't have to have a Part D but as it's been years since I have used VA prescriptions as at that time didn't provide brand name and last I used was $8.00 per generic and my plan for generics are all but one is zero co pay and the one is $5.00 per month.

There are cheaper supplement plans depending on where you live and some states offer a Patriot MA plan that doesn't cover prescriptions mainly for veterans. MA as Medicare Advantage could be used just in case some provider outside VA doesn't except the vet's coverage.

 

[debbiedowner]

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

It worked one time after I uploaded what the asked for and since then cannot get in. It will work one day.

 

[Crepitus]

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

 

[debbiedowner]

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.

I've seen some pretty nice vans converted into a living space for a single person.

 

[braalian]

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

My company offers insurance to part time employees. You just pay a bit more per pay check than full time employees.

If you could live off the $900 a month…. Plus whatever you’d make working part time… plus bridge card…. I guess that’s not so bad.

There’s worse things in life than living on a fixed income.

I’ve seriously considered working only 24 hours a week. I’d still get insurance and with what I make per hour, I could get by with a little budgeting.

24 hours a week seems like a nice compromise, abundant free time but just enough work to keep from going to pot at a young age.

The risky part is, it leaves very little wiggle room for unexpected expenses.

 

[JohnDB]

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?

Real world....not some gubbermint BS.
Everyone gets the same exact check every month. $1,800 is it....except for the taxes sucked out of it. And if you give the government a reason (like earning an income) they will dock your check.

Everyone gets the same check EXCEPT for a few states that have exorbitantly higher cost of living.

And with life expectancy being what it is....62 is a much better age to get a check than 72. You will receive more $$ by far.

 

[braalian]

Real world....not some gubbermint BS.
Everyone gets the same exact check every month. $1,800 is it....except for the taxes sucked out of it. And if you give the government a reason (like earning an income) they will dock your check.

Everyone gets the same check EXCEPT for a few states that have exorbitantly higher cost of living.

And with life expectancy being what it is....62 is a much better age to get a check than 72. You will receive more $$ by far.

No….

I know many older women who worked intermittently over the years, usually at lower wages, who get significantly less than 1800 a month.

The less you paid out of your wages into SS, the less you’ll get back when you retire.

There’s obviously a firm upper limit to how much you’ll get a month (I believe around $2k but not sure) but to say everyone gets the same check every month is 100% untrue.

 

[braalian]

Steroids are costly

Sour grapes

 

[AzogtheDefiler]

Sour grapes

 

[AzogtheDefiler]

No….

I know many older women who worked intermittently over the years, usually at lower wages, who get significantly less than 1800 a month.

The less you paid out of your wages into SS, the less you’ll get back when you retire.

There’s obviously a firm upper limit to how much you’ll get a month (I believe around $2k but not sure) but to say everyone gets the same check every month is 100% untrue.

Correct it’s not the same and it’s not the money you put into it. SS is one giant Ponzi scheme

 

[Seymour Flops]

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

Roommates or live with significant other.

Same way young folks can live in minimum wage.

 

[Captain Caveman]

Us educated people know this.

You're not doing a good job in showing it I might add.

 

[Winco]

You're not doing a good job in showing it I might add.

Ok smartass, quote just ONE thing I posted that was incorrect.

 

[Captain Caveman]

Ok smartass, quote just ONE thing I posted that was incorrect.

As a main example, go back to Sept 2020 and look how gullible you were over Russian collusion.

Totally un-edu-macated to fall for that lie weren't you!!

 

[Captain Caveman]

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

Probably in the UK, but in the US, how does medical cover work at that age?

 

[Winco]

As a main example, go back to Sept 2020 and look how gullible you were over Russian collusion.

Totally un-edu-macated to fall for that lie weren't you!!

Quote me.
You know how to do it, so find my "gullible" quote.

 

[JohnDB]

No….

I know many older women who worked intermittently over the years, usually at lower wages, who get significantly less than 1800 a month.

The less you paid out of your wages into SS, the less you’ll get back when you retire.

There’s obviously a firm upper limit to how much you’ll get a month (I believe around $2k but not sure) but to say everyone gets the same check every month is 100% untrue.

That was the focus of what I've said.

$250,000 or $50,000/yr....you get just under $2,000/mo. (Truly around $1,800)

So....yes, if the SAME money contributed to SS (employer and employee) was put into an IRA us retirees would be drawing huge paychecks at 55 instead of the dismal amounts we get from the government each month.

Also the number of calendar quarters doesn't seem to be much different either. A minimum of 10 years is required but....those who have worked 40+ do not get any extra. Wages earned and paid on make no difference towards the upper limit.

 

[Admiral Rockwell Tory]

Wasn't talking about the employer and Medicare.

Was talking about pre-Medicare and private employer insurance. A lot of people, and I mean A LOT think what they pay is there private employer based insurance premium. It's not.

Typically employees pay about 20% of the premium and the employer pays 80%. There is sticker shock of they end up having to go out in the individual market or stay on their ex-employer plan under COBRA (for a limited time) and have to pay the full 100% premium.

WW

A person on Medicare has no need for employer-based insurance, which the OP doesn't have anyway.

 

[Admiral Rockwell Tory]

That was the focus of what I've said.

$250,000 or $50,000/yr....you get just under $2,000/mo. (Truly around $1,800)

So....yes, if the SAME money contributed to SS (employer and employee) was put into an IRA us retirees would be drawing huge paychecks at 55 instead of the dismal amounts we get from the government each month.

Also the number of calendar quarters doesn't seem to be much different either. A minimum of 10 years is required but....those who have worked 40+ do not get any extra. Wages earned and paid on make no difference towards the upper limit.

I get over $2100 a month and my wife receives $1100. That's not too shabby.