Is Social Security Enough to Live in TV?
 

Did anyone read the Letter to the Editor piece in the Village Nws titled, "You must have more than Social Security income to afford The Villages’ lifestyle".

The author states, "You cannot afford The Villages without having Social Security, investments and pensions or a combination."

Obviously everyone's financial situation is different and SS payments can vary greatly, but wanted to get other perspectives.

Guzzel

I think it would be difficult but probably possible.

Figure $900/month for annual tax bill, utilities, and amenity fee. Another $500 (?) for groceries and $300 for home and auto insurances bring the total up to $1,700 per month.

If an average SS check is $1,900 then it looks like it is possible to live here on SS alone.

I don't feel anyone can live off SS.

I agree with your numbers, but you have not included anything for rent/mortgage payment. So you are assuming the person has enough resources to purchase a home free and clear.

Also, that leaves a very small amount for recreation activities.

Yep. But the question was whether one could live here on SS, not whether they could sustain a particular lifestyle.

Actually, the cost for recreation activities could be negligible with so many activities included with the amenity fee.

Is there some place in the USA, where one could live on Social Security, alone?

Depends on how much you get, but I don't think it's possible.

Unless you inherited house with low taxes IMO no. Somebody on low income with no saving would be hard to come up with 3K taxes yearly average, plus homeowners insurance. Including vehicle even more expenses. Then, got to $230 plus monthly amenities/utilities and unforeseen costs like roof, water heater, A/C. IMO you would have have retirement income of 50,000 plus.

Qualified low income housing, where payment base on income.

Millions do, but barely.

Another thing nearly every day somebody looses long life partner and shortly afterwards financial crisis emerges and the life style changes. In my case cause my wife followed me around world in military she have little career choices and would struggle to live here after 10 years of my death due to lost of my benefits. I0 years we have been here we hear of or witness this where spouse had died and other had to move due to financial crisis.

So instead of guessing and supposing, I checked the actual social security website.

If you retire at age 67, and you earned lots of money during your life, your maximum possible social security check will be $4,018 per month before taxes and medicare part B premium.

You can live in The Villages for juuuuusssst around $2000/month. That will cover all the bills, including the weekly groceries, the lawnmower guy, and your cable TV. Figure around $500/month for taxes and Medicare Part B premium deduction. It means you'll have around $1500 left over every month for incidentals.

Now this is assuming you do /not/ have a mortgage or a large bond fee. If you used the proceeds from your house in Michigan to buy a pre-owned home in an area north of 466, you'll either have a low bond, or no bond, and no mortgage. So all your SS funds can cover all the other bills, with plenty left over.

However, if you didn't plan out quite that well when you were young, didn't have a terrific high-paying career, worked many lower-paying jobs, and barely get $1000/month in social security. Nope - that is totally not affordable, you MUST have some other source of income if you want to live in The Villages - or anywhere else for that matter.

Similar to your recent post “COL in the villages”. I don’t think SS is the sole income provider for retirees and if it is they have to adapt and adjust accordingly. There are plenty of low cost homes in the north so I am sure it could be done with making personal adjustments (no trips overseas or extravagant trips in general). I would hope the percentage of people living solo of SS is small but sometimes I look and wonder when some peoples bubble will bust.

I'm not even sure that would work.

Have you been to a grocery store lately?

Subsidized housing runs 30% of "adjusted income" (which in Sr Housing, is essentially be gross minus medical.

if the average SS check is $1900, the rent would be $550. $1350/month after rent, but before utilities? Tough to eat on that income.

Living on only Social Security is not a good retirement plan. If that is a person's plan, then I could not call that "living," and more just an existence.

People who earned lots of money usually not concerned about SS income. It’s average earners that are concerned when retiring.

It does for hundreds of thousands that barely get by. Most don’t witness it, why they organization’s like meals on wheels.

Assuming you bought the house in cash and does not factor into the calculations. Also assuming you don't need gasoline, health insurance, car insurance, homeowners' insurance, dining out, alcohol, clothing, entertaining, soap, shampoo, toothbrushes, dishes, pots. pans, etc.

I agree with Bill14565, Is it do-able? Maybe. Comfortable? Probably not.

Seems if one could live in TV on just SS it would be a very close to the vest situation. What would you do when your social acquaintances participated in other events not covered by amenities fees ? Why would one want to live here like that. Is that not akin to a recovering alcoholic visiting a bar everyday as a test of self discipline ?

I wouldn’t count mortgage (sold previous house paid cash)or food (one was eating before moving to TV) car insurance already in existence. WiFi, streaming, and cell already on the books.

Per year budget on

PV $1100 month
Cottage $1300 month
Designer depends on SF ours at 2000sf $1425 month

That would be homestead taxes, insurance, electric, gas if you have, lawn and your CDD bill. Lots of things to entertain yourself and keep active for free.

So sure if one was living elsewhere on SS, you could manage a home in TV. Or like some could rent long term, and not have to worry about taxes, lawn, CDD.

I know a few who live just on SS, my Mom does it easily even with paying in house help. She does takeaway 3 days a week, never fast food.

only if you can eat beans every day, literally

My opinion, yes. Home and lifestyle will not be extravagant, but you can be comfortable. Low expectations. Lots of "free" entertainment. Walking, music at the squares, fishing at the ponds, bird/wildlife watching, gardening. Amenities open the clubs, music, games, etc, to TV residents.
That being said, there are probably better options.
Good luck!

Meals on wheels isn’t just for low income. Those who live alone are prime candidates for this service. PC docs and social workers highly recommend MoW, especially for newly widowed.
Five days a week usually the same person delivers a hot meal, at lunchtime, has a conversation with the person, gives human contact with a personal touch.

Meals run $5-8.50 per meal. There is also option of 5 frozen meals delivered once per week, with a longer visit for those who choose this method.

Each individual is evaluated for not only financial, but for those who can no longer navigate outside of home, from low vision, recovery from stroke, or replacement devices.

$5,000 per month.................sure.

I’ve taken real numbers to develop our planned Monthly Nut, with all the regular monthly and annual expenses. Our social security covers everything except food and travel, with a $5,000 delta. That is with us paying cash for our home in The Villages. I’d say that $5,000 per month for incidentals, meals and travel is sufficient for our Dave Ramsey lifestyle. While we have a significant investment portfolio, we want to leave it to grow while providing security for our declining years.

It's a total nonsense question. How can I tell someone else if they can afford to live here if I don't know their habits, wants, needs, and budget. Do you like to eat out 5x a week? Does your wife shop at Chicos? Do you travel? Do you have a car payment? Do you have a mortage?
Seriousy, such a stupid question to throw out without knowing the thousands of variables.

Not so stupid actually.

The question wasn't whether you can live RL Lemke's Dave Ramsey lifestyle, the question was whether SS provided enough to live. I don't have to find out but it looks like it is.

It probably isn't enough for a mortgage, it isn't enough for two cruises per year or flights to Europe, and it isn't enough to eat out three times per week but it looks like SS is enough to cover property tax, bond, home and car insurance, amenities, utilities, and food. A lot of us live better, but that is sufficient to live.

The Villages website has an actual outlay of the expected cost of living in the community.
Here it is:
Cost of Living in The Villages(R): Affordable 55+ Community

And it does NOT include your mortgage, food, cable, health insurance/health expenses. You need to include these things in your configuration, if you're planning on living ONLY on your social security check. If you only get $1900/month, and you pay $1000/month on "The Villages" - then you have only $900/month left for food, internet, phone service, maintenance on your home and vehicle, health insurance, and everything else. It doesn't leave anything to save for the day your car breaks down and needs costly repairs, or if a year after you move in, your insurance company says they'll double your premiums unless you get a new roof.

My numbers for the items listed in their cost of living table plus car insurance comes to $1,000 per month in 2024 (it was a little less in 2023). So that leaves the $900/month that you identified.

I can't use my grocery spending since I go out frequently and don't worry about trying to save money. The internet says $400 per month per person is a good number. That leaves $500 per month. Granted, $500 is not a lot. On the other hand, steak for dinner, Culver's for lunch, and cable television are not necessities.

Again, the question isn't whether you can live comfortably or even live well, the question was whether you could live.

Yes, I know numerous people who do. A few have big bank accounts and choose to live that way for whatever reason (not everyone needs a second home on a lake to brag about endlessly, nor take multiple expensive vacations every year).

A few live in the northern areas, bought their home outright many years ago, and have low property taxes/monthly fees.

None of them are eating dog food out of a can, and all of them are enjoying a good quality of life.

Too many variables but we can live in TV on SS only We do not have a mortgage and get about 60K in SS. Our fixed costs(no food) are around 2k a month

Yes in TV. Most retirees have no mortgage and if 2 people get the average SS amount that would be around 4K a month. Our fixed expenses are 2K a month

no stay a way

and when one spouse passes?

There can be a large variation in SS benefits. Assuming you worked 30 years, the minimum is about $1000 per month. The maximum is about $5000 per month. Medicare Part B will, of course, be taken out each month and there might be Federal taxes. Regardless, the range of SS benefits can be from about $1000 per month for a single person to about $10,000 per month for a couple.

My parents always counted their income and debts separately, during their entire life. That way one dies in an auto accident on the way home at 30, the other could continue. We follow the same as does our children and grands. Today is a guarantee tomorrow is a maybe.

But some in their 70-80s may think there will always be two. Then the children come into play, unless they are Dinks, two of our three are.

The question as to whether one could afford The Villages on social security is pretty easy math. In order to be accurate, one must look at the Districtgov.org site for bond assessment, for homes you are interested in. Thus, the math may be easy but completing an accurate spreadsheet takes effort.

Here is my budget list for the Monthly Nut, with all annual costs figured monthly.

https://photos.smugmug.com/photos/i-...LfM6vFF-X3.png

Other variables, like Income Tax, meals, incidentals, vehicle replacement, home repairs (EG: roof every 15 years), travel, etc… will need to be provided for. I carefully considered YouTube The Villages Newcomers and Rusty Nelson and their budget presentations for 2023 and 2024, then secured hard numbers for the home we are purchasing from service providers and assessor.

For assessment based property taxes this provides a budget number, based on home location.

https://photos.smugmug.com/photos/i-...-VhkGVS8-M.jpg

Thing is, you're assuming that everyone here is getting that "average". Average is average, because some get more, some get less. It's even possible that NO ONE is getting average (since averages are the sum of all numbers in a given set, divided by how many numbers exist in that given set).

As for me, there's no way I'd be able to live on just my own social security check alone. My check is under $1000. I spent most of my life working part time. I worked part time consistently, but it didn't amount to much when it came to social security payroll deductions and earnings.

I have no pension because - part time doesn't typically offer 401ks and the job that did, the store completely closed down before I could even earn $1000 from it. I rolled it over into an IRA that I'd had kicking around, and even that isn't worth much.

Many on this board do!