Social security and retirement

[LivingAlmostLarge]

I don't get how you survive on 90% of your income from SS. The average SS is something like $1700/month. That is nothing. That is the equivalent to $20,400 single and $40,200 for a couple. I guess I've never lived anywhere that is cheap so I guess it's fine. But it seems little even in a lcola. Maybe someone who lives in a cheap cola can chime in and tell us if that's feasible? Mind you that's before you pay for your medicare and supplemental.

[james.hendrickson]

I'm with the other posters here, I'm not anticipating anything from Social Security for retirement.

[disneysteve]

I don't get how you survive on 90% of your income from SS. The average SS is something like $1700/month. That is nothing. That is the equivalent to $20,400 single and $40,200 for a couple. I guess I've never lived anywhere that is cheap so I guess it's fine. But it seems little even in a lcola. Maybe someone who lives in a cheap cola can chime in and tell us if that's feasible? Mind you that's before you pay for your medicare and supplemental.

There are a lot of poor seniors in the country. I'm sure many live with extended family and don't own their own residence. That figure probably also includes people who are in extended care facilities where Medicaid is paying their way. It's not luxurious by any means but it's a big reason why programs like SS are so vital, Where would those folks be without it?

[Petunia 100]

I don't get how you survive on 90% of your income from SS. The average SS is something like $1700/month. That is nothing. That is the equivalent to $20,400 single and $40,200 for a couple. I guess I've never lived anywhere that is cheap so I guess it's fine. But it seems little even in a lcola. Maybe someone who lives in a cheap cola can chime in and tell us if that's feasible? Mind you that's before you pay for your medicare and supplemental.

For 2020, the average monthly SS check is $1,514 for retired workers; for the disabled it's $1,259. Note, this is before any deductions for Medicare. For many, this represents 100% of their income.

Yes, there are a lot of poor seniors and poor people in general in this country.

https://www.ssa.gov/news/press/factsheets/basicfact-alt.pdf

[amarowsky]

I don't get how you survive on 90% of your income from SS. The average SS is something like $1700/month. That is nothing. That is the equivalent to $20,400 single and $40,200 for a couple. I guess I've never lived anywhere that is cheap so I guess it's fine. But it seems little even in a lcola. Maybe someone who lives in a cheap cola can chime in and tell us if that's feasible? Mind you that's before you pay for your medicare and supplemental.

you can live a LOT on $1,700 a month. If you're from either coast, I totally understand this number not making any sense at all. But in mid-west, this is not joke money.

Keep in mind some people only have to pay like $200 per month for state taxes on their home. And if you tack on $300 for utilities (water, gas, electric, internet, phone), that leaves you with a healthy $1200 for food, entertainment, and maintenance. While not huge, a lot of people just get by on a lot lot less. (Granted, $1,700 per month is on the very low side of what I would consider "safe" income in retirement).

The only real worry is healthcare, and in theory, you'll already be on Medicare/Medicaid by then. Once you don't have to worry about the forced health care tax we americans must pay one way or another, it's not that difficult for some to get by in low cost places. ***This is the reason that outrageous healthcare costs and looming risk of debt, is in my opinion, one of (if not THE) largest barriers towards American growth and economic prosparity....

I just don't think we were responsible enough to allow that industry to operate with primary motivator being = "For Profit".

[james.hendrickson]

The reality is you can't please everyone all the time.... period. Social Security was meant to be a supplement not the MAIN support of retirees.

Smallsteps, Great point, SS is supposed to supplement your own personal savings, not be an income replacement in retirement.