[BrianL99]

Originally Posted by Bay Kid

I still have to pay taxes on SS.

Social Security is taxable income, just like most every other kind of income. Why shouldn't it be?

[mtdjed]

Originally Posted by Guzzel

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

Since the supposition is "Social Security alone", why answers including pension, investments etc? Answer would depend on individual or couple total Social Security income.

An anonymous opinion with ambiguous conditions. Almost like someone throwing a fox in the henhouse to see how alert the flock is today.

Maybe someday you will see a question regarding moving to The Villages to see if they would fit in with their Capybara. Oh! That already happened.

[biker1]

Not exactly. If your income is low enough, none of it is taxed. At most, 85% is taxed.

Originally Posted by BrianL99

Social Security is taxable income, just like most every other kind of income. Why shouldn't it be?

[ROCKETMAN]

That’s a tough question to answer, if you can live on social security. Right now for 2025 max is $4025 if you work till max retirement date, more if you wait till age 70. Average social security is $2000. Depends if you have mortgage, car payment, etc. way to many variables to say if you can live on social security

[jimhoward]

Here is a slight tangent to the topic.

We purchased a CYV late last year that is walking distance from LSL to use as a rental property. It is a major fixer-upper. The home was owned by the estate of a widower. The former owner was very likely mainly living on SSI because the house had a reverse mortgage on it and was way under water. Negotiation of the purchase was very difficult because the trustee and the bank did not want to take a haircut on the sale of the property.

We were told by the realtor (who may or may not know that they are talking about) that this is common in the villages and houses languish on the market because a bank and/or estate would rather sit on them than take a loss.

The relevance to the topic at hand is....for villager living on social security and whose main asset is their house, are reverse mortgages common? If so, that is one way that villagers living on SSI could make ends meet. Although it seems like a very painful way.

[Rainger99]

Originally Posted by OrangeBlossomBaby

I don't know where on the SSA website you read that[/I].".

This is the link where I read it. Page 5.

https://www.ssa.gov/pubs/EN-05-10024.pdf

[Bay Kid]

My Dad's SS went from $364 per to $205 per month in January. His Civil Service retirement went from $1,265 to $1,315. He lost $109 and his Medicare went up. What is with this?

I think the gov isn't fair to him. If it wasn't for me he would be in bad shape.

[biker1]

The are a lot of rules with Social Security. Why did his Social Security decrease? If you don’t know, you might want to ask.

Originally Posted by Bay Kid

My Dad's SS went from $364 per to $205 per month in January. His Civil Service retirement went from $1,265 to $1,315. He lost $109 and his Medicare went up. What is with this?

I think the gov isn't fair to him. If it wasn't for me he would be in bad shape.

[DrMack]

[QUOTE=Guzzel;2406366]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[/QUOTEz]

Hardly, maybe if food stamps increased.

[asianthree]

If someone is living just off SS, prior to moving to TV, then it’s not much difference in TV. Except for amenities fees, one would still need wifi, car (or not) insurance, a dwelling, heat, air, food.

For many free activities saves money, plus taxes for many are far less. So money in the bank. I know some who choose their lifestyle, with just SS, and investing pension, so when time come spouse and or children will have a tidy sum.

We traveled our whole life, for a living, seeing the world in younger age. Some have second homes to travel and enjoy anytime they please. Have to say we enjoyed Europe in our younger days, and have family to visit in multiple countries, when we chose. Now we mostly stick to vaca homes, two hour flights or less with a different view, culture, and lifestyle

[Aces4]

Originally Posted by asianthree

If someone is living just off SS, prior to moving to TV, then it’s not much difference in TV. Except for amenities fees, one would still need wifi, car (or not) insurance, a dwelling, heat, air, food.

For many free activities saves money, plus taxes for many are far less. So money in the bank. I know some who choose their lifestyle, with just SS, and investing pension, so when time come spouse and or children will have a tidy sum.

We traveled our whole life, for a living, seeing the world in younger age. Some have second homes to travel and enjoy anytime they please. Have to say we enjoyed Europe in our younger days, and have family to visit in multiple countries, when we chose. Now we mostly stick to vaca homes, two hour flights or less with a different view, culture, and lifestyle

I think you're forgetting about pest control, termite contracts, lawn mowing and maintenance services, the extra bond charges on your tax bill at the end of the year along with the amenity fees that you mentioned, which keep rising. I would not plan to live in The Villages with only SS benefits in retirement, there are many less expensive options.

[asianthree]

Originally Posted by Aces4

I think you're forgetting about pest control, termite contracts, lawn mowing and maintenance services, the extra bond charges on your tax bill at the end of the year along with the amenity fees that you mentioned, which keep rising. I would not plan to live in The Villages with only SS benefits in retirement, there are many less expensive options.

Nope we do our own pest (Sunday all natural 4 applications $75) we also mow our own because let’s face it’s a better job than any company (electric mower 4 years old paid for itself 5 times over)

Not all houses have a bond, I didn’t say plan on just SS, but some live on SS and invest their other income. 2007 was the first time we came to TV. Very well versed in all things to run a household including, 4 types of homes in TV, and the exact budget for each

If one needs to be concerned about amenities rising, I don’t think that is the only problem, one should be concerned about. Amenity is not the only cost that has risen since 2007 in TV.

[OrangeBlossomBaby]

Originally Posted by asianthree

Nope we do our own pest (Sunday all natural 4 applications $75) we also mow our own because let’s face it’s a better job than any company (electric mower 4 years old paid for itself 5 times over)

Not all houses have a bond, I didn’t say plan on just SS, but some live on SS and invest their other income. 2007 was the first time we came to TV. Very well versed in all things to run a household including, 4 types of homes in TV, and the exact budget for each

If one needs to be concerned about amenities rising, I don’t think that is the only problem, one should be concerned about. Amenity is not the only cost that has risen since 2007 in TV.

At some point, you will no longer be capable of mowing your own lawn. But the lawn will still require mowing. You'll have to pay someone to do it. If your social security doesn't rise enough to cover the increase in your health insurance, AND general inflation on goods and services, AND the increase in amenity fees, AND the increase in taxes - then you'll be hurting.

Social security is considered a fixed income, even though it goes up a few percentage points every year or two. Your costs for living, generally go up more than a few percentage points every year or two.

Eventually, your fixed income will cease to be enough to support your costs for living. If one of you outlives the other, you'll end up with less to live on. Even pensions don't transfer 100% to a spouse, it's always a reduced amount. If you're struggling now, good luck affording it later.

[mco1965]

Originally Posted by BrianL99

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

My parents live in Tenn.. on social security alone. home is paid for.
I think collecting SS for both makes a huge difference, it would tough it were only 1...

[Aces4]

Originally Posted by asianthree

Nope we do our own pest (Sunday all natural 4 applications $75) we also mow our own because let’s face it’s a better job than any company (electric mower 4 years old paid for itself 5 times over)

Not all houses have a bond, I didn’t say plan on just SS, but some live on SS and invest their other income. 2007 was the first time we came to TV. Very well versed in all things to run a household including, 4 types of homes in TV, and the exact budget for each

If one needs to be concerned about amenities rising, I don’t think that is the only problem, one should be concerned about. Amenity is not the only cost that has risen since 2007 in TV.

Exactly, if one has to worry about living on SS and amenities rising, the bond on the tax bill rising, price of groceries which appear to be higher and I'm not talking about the house bond, and every other expense, The Villages isn't for them. Why live here with such limited income when they can choose another location which makes their retirement so much more enjoyable.

I get that you are well-heeled and planned well with a good income but picture living here with only $25,000-$35,000 before taxes in your pocket a year with no additional assets other than able to purchase a low end home here and a vehicle. It's pretty skimpy living and the cost of living in The Villages is not cheap as some would have you believe.