Tips for retiring on Social Security alone

[disneysteve]

This topic has come up a few times in various conversations here. I just got this in my AARP email to day so I thought I'd share it.

http://www.aarp.org/work/social-security/info-2016/ways-to-retire-on-social-security-alone.html?cmp=EMC-DSO-NLC-WBLTR-WORKJOBS--MTEST-022417-F1F-1909760&ET_CID=1909760&ET_RID=15636278&encparam=Z/RervItu8E1UABUhYBKqA==

[corn18]

My mom lives off her $1200 / month social security check. And manages to save a little each month. She gets assistance on utilities but that's it. She's very happy.

[97guns]

I think my mom is getting around $850, it's probably doable but it would be a little tight. Her bills are approximately $150 for electric/water, $100 property tax, $100 car/home insurance, $100 on food, $50 on gas and $100 on going out leaves her a couple hundred dollar cushion, thankfully she has no mortgage and additional rental income.

If your a retiree with a mortgage or monthly rent it may be a pretty boring retirement

[disneysteve]

She gets assistance on utilities but that's it.

I think that's one thing that is often overlooked in these "SS-only" discussions. Seniors on limited incomes often qualify for various assistance and subsidies whether with housing, utilities, health care, transportation, etc.

My mom does not live on SS alone and still gets help from several sources. She lives in a subsidized senior apartment building where the rent is scaled based on income. She gets money off her utilities. She gets prescription drug assistance and a couple of other things.

[JoeP]

This frightens me, living off so little. There would be little or no buffer, and when things need to be replaced (like appliances or cars) how is that possible? Vacations are pretty much off the menu as well.

Our retirement plans do not account for SS at all, and I find it odd that what we discount as "frosting on the cake" is, for some people, all they will have to work with.

[~bs]

if you have little to no assets, you qualify for a lot of assistance programs, cheap or free medicare, etc. If you own your house outright or live with family, there' little ongoing expenses other than food and copyament for medicine.

[Smallsteps]

It may be possible but not a good idea. I think more emphasis should be place on encouraging retirement savings to the people whom put off savings and now seem to resign themselves to a life on just social security.
Although most on this forum already have plans so many do not.
New studies using tax data as opposed to voluntary surveys is showing that the percentage of workers using 401k is lower then previously thought.
I recently met with some people whom live in a 55 plus community and see first hand the difference (in those who are retired) between those whom planned and saved and those whom are relying on SS as the main source of income.
It is sad to see the lengths some go to stretch the money. Some are eating very little to the point of hunger. Many seem to not heat their homes and wear a coat inside their home or going to public places to stay warm, sharing garbage pickup with others and other measures. they are clear to hide their discomfort from family.
A recent increase in community rent of $10 a month ( surrounding area rents increased 20%) had many considering the option to move although I can tell you first hand the rent is very reasonable about 40% of comparable rents in the area.

[LivingAlmostLarge]

My grandmother is on medicaid and medicare and off of $550/month. Subsidized housing, costs, etc. And her kids helped a lot. Guess why i save and why I give her cash.