explaining how to retire poor

[LivingAlmostLarge]

It looks like this might vary from state to state.

https://www.chcs.org/media/Medicaid-Adult-Dental-Benefits-Overview-Appendix_091519.pdf

Anyway, I wouldn't wish retiring poor on anyone. I know why the kids are are concerned. Are there safety nets in place if you don't have any choice in the matter? I believe there are. But, is it a comfortable retirement?

I don't know. I guess it's not exactly comfortable living on $1300 a month a couple. But when she can get say $1500 for a single it seems a lot more comfortable. I quite get it either.

[Nutria]

She does own her home and have a car.

What happens when they need repair?

[Fishindude77]

My mother in law has zero savings, gets about $900 per month SS and lives quite well. She lives in a really nice newer, subsidized housing, apartment complex, with very cheap rent, her utility bills are subsidized, she gets SNAP benefits for way more than she can eat, federal healthcare, etc. She has money to take care of all of her needs, pay car insurance, go out to eat and shop, etc. She's happy.

My wife and I do subsidize her a bit; bought her a cheap car, she's on our cell phone plan, have paid a few bills here and there, but otherwise she has what she needs. There are also a lot of other freebee programs out there such as public transportation, things at the senior centers, etc. that she doesn't use. You can live pretty decent in America poor and broke.

Having said the above, I would not discourage a 73 year old from continuing to work and contribute. In many cases it's the work that keeps them going and gives them purpose.

[Nutria]

But, is it a comfortable retirement?

That can only be answered once you define "comfort". More importantly, must retirement have to be comfortable, or does it have to be just good enough to meet the bottom few layers of Maslow's hierarchy?

[Like2Plan]

That can only be answered once you define "comfort". More importantly, must retirement have to be comfortable, or does it have to be just good enough to meet the bottom few layers of Maslow's hierarchy?

I agree with you that retirement goals are individual. But, if I was getting assistance for many of the basic things, I would find it very uncomfortable and very worrying.

[LivingAlmostLarge]

I agree with you that retirement goals are individual. But, if I was getting assistance for many of the basic things, I would find it very uncomfortable and very worrying.

It really depends I'm starting to think on how you are used to living pre-retirement.

[disneysteve]

if I was getting assistance for many of the basic things, I would find it very uncomfortable and very worrying.

My mom lives in subsidized housing, gets a break on her electric bill and phone bill, gets prescription assistance through PAAD, and I think gets a few other discounts based on her income. She lives quite comfortably and has everything she needs or wants.

Her situation is different than Fishindude77's MIL though because my mom does have savings of about 400K last time I checked. She gets SS but also draws some income from her investments but her taxable income still qualifies her for a variety of assistance programs. I certainly wouldn't classify her as "poor and broke" though.

[LivingAlmostLarge]

Fishindude's MIL is my grandma. She lives on $1100/month I think SS and that's it. She has medicare and medicaid and live with my aunt. She SNAP and anything else they cover based on income. Never owned property, no savings, nothing.

[Nutria]

Fishindude's MIL is my grandma. ... live with my aunt.

Elderly people living by themselves is definitely a recent (compared to how long people who survive childhood have been living into their 70s) societal aberration, as is super-expensive medical care.

That means the need to have lots and lots of money saved up is also a recent societal aberration.