Originally posted by Like2Plan
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explaining how to retire poor
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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.
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Originally posted by Nutria View Post
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?
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Originally posted by Like2Plan View Post
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.
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Originally posted by Like2Plan View Post
if I was getting assistance for many of the basic things, I would find it very uncomfortable and very worrying.
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.Steve
* Despite the high cost of living, it remains very popular.
* Why should I pay for my daughter's education when she already knows everything?
* There are no shortcuts to anywhere worth going.
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Originally posted by LivingAlmostLarge View PostFishindude's MIL is my grandma. ... live with my aunt.
That means the need to have lots and lots of money saved up is also a recent societal aberration.
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