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.