[Whatnext]

I could survive quite well on that amount. Percentage wise, got by on a lot less than that for many years, but prefer present lifestyle.

[Sledneck]

i don’t believe it

[Mrmean58]

Originally Posted by Michael G.

I was talking to my neighbor who lost his wife 5 years ago and he said he has
no trouble living off his $2400 monthly social security with no pension.

I suppose that depends on a lot of things.

Could You?

We started planning long ago well before retirement age where will not have to make that choice. Social security is a small percent of our monthly retirement income.

[biker1]

Maybe, it depends. If you are on Medicare with a Supplemental Plan (assume Plan G) then your typical out of pocket costs will be the Part B deductible of $283 (and you have to pay the premiums). If you are on Medicare Advantage then the number might be $6000, depending on the plan.

Originally Posted by daniel200

If you are healthy, own your home and have no debt, it is possible. But if you develop medical issues, your medical bills can quickly put you under water

[RoseyRed]

If there was no choice, I would make it work and as others said enjoy the activities the amenity fee provides. This happened to me years ago when I give notice at my job with no plan for another job. I cut out all the "extras" and it turned out to be the best thing I ever did. We both went back to school and wow how it improved our lives! We never know how what seems to be tragedy turns into the best thing since slice bread!

Originally Posted by Michael G.

I was talking to my neighbor who lost his wife 5 years ago and he said he has
no trouble living off his $2400 monthly social security with no pension.

I suppose that depends on a lot of things.

Could You?

[bowlingal]

no mortgage, no car payment, no cc debt, great stock market portfolio, nice savings nest egg. Traditional Medicare and all costs covered. I'm doing just fine, probably better than some on $ 28000.

[GaryJPalys]

Originally Posted by Michael G.

I was talking to my neighbor who lost his wife 5 years ago and he said he has
no trouble living off his $2400 monthly social security with no pension.

I suppose that depends on a lot of things.

Could You?

My wife and I are fortunate... I only get $2,425 a month on social security. My wife is retiring at the end of this year. She will make $1,833 a month on social security. We are selling our home in New Hampshire and moving to The Villages full time in the spring. We should be mortgage free. So we could easily live on that, but my wife has worked for the City of Manchester N.H. for 36 years and has a pension of $2,774 a month. That puts us at $7,032 a month, with both of us retired. She made a lot less than me before I retired, but in the long run she was the clear winner!

[rsmurano]

SS was never created to have somebody live off it completely, 1 person or 2. It was created as a buffer, a device to compliment a savings/investment plan that would be built during their working years.

In 6 years, the SS payments could be reduced up to 25% if nothing changes in how it’s funded. Too many people on it for too long of a time without raising the start date or increasing the taxes to fund it.

[Michael G.]

I worked with a guy, single, and at 60 yrs old, he gambled.
He quit his job and looked for another with no insurance while waiting until 62 to collect early retirement.

[BrianL99]

Originally Posted by Michael G.

I was talking to my neighbor who lost his wife 5 years ago and he said he has
no trouble living off his $2400 monthly social security with no pension.

I suppose that depends on a lot of things.

Could You?

Originally Posted by retiredguy123

I don't need to, but I certainly could. One thing you left out is does he rent or does he own a house without a mortgage? It makes a huge difference.

Originally Posted by retiredguy123

I own my house free and clear, and all of the expenses you cited, except food, are less than $12,000 per year. So, that would leave $16,800 for food and anything else. I would not have a problem at all. If I had to pay rent, it may be tight.

Originally Posted by daniel200

If you are healthy, own your home and have no debt, it is possible. But if you develop medical issues, your medical bills can quickly put you under water

Can someone please show me the math, how someone could live on $28,800/year.

Please don't leave anything out, like ... auto insurance, gas, home insurance, taxes, amenity fee, food, internet, phone, utilities, medicare, health insurance, maybe a trip to the Dentist once year ... a new pair of shoes occasionally, a haircut or 2 per year ... a couple of bucks saved, for when your golf cart needs a new set of tires.

[VillagesDude]

Could not make it on social security. Thank goodness for pensions and investment income.

[Birdrm]

Unfortunately, when I retire in 2 years I will have a mortgage to pay, I would not be able to live off $28,000 a year. But when I retire my SS will be considerably more at over $50,000 a year.

[Mrfriendly]

Some of us have put off collecting Social Security until turning 70. Some of us will be collecting over $60,000 in Social Security. Even then, without a large nest egg saved not sure one could live off that and enjoy a busy lifestyle here.

[La lamy]

We are an adaptable species, so yes it's doable.

[MrFlorida]

No, not in todays economy. NSU fees, Insurance, home and car, utilities, food, medical, clothing, repairs(nothing lasts forever) Maybe if you stayed home, ate rice and beans everyday, kept your AC at 85 you might be able to squeak out a lifestyle.