Skip to comments.1 in 3 Florida retirees who receive Social Security survive solely on government checks
Posted on 01/23/2012 11:37:41 AM PST by Nachum
A third of Florida's nearly 3 million retirees, 65 and older, now rely entirely on Social Security, according to an analysis by AARP. "Folks have spent down their assets," said Jeff Johnson, AARP interim director in Florida. More Floridians are likely to end up only on Social Security than retirees in the rest of the country: A quarter of U.S. retirees, 65 and older, have only their monthly checks as income, Johnson said. Many of the most strapped are Florida's oldest, he added. Florida seniors, 80 and older, are about three times as likely to depend
(Excerpt) Read more at sun-sentinel.com ...
I can hear the death panels gearing up.
Wouldn’t such a low income require living with their children?
Yes, they are a dependent class.
The ss system neatly removes incentive for providing for your own retirement AND decreases your ability to do so. It absolves kin from the responsibility of caring for you, too.
So you become a dependent of the state.
Rick Santorum: ‘Cut Social Security now, even if painful’
Relax, the raid on retirement money is still the number one mission of our ‘financial community’, no other game in town. The 2/3rds of seniors in Florida who still have a bit of cash pulling in the monstrous return of half a percent or perhaps 3 percent will soon be parted from their money and Goldman-Sachs will give a great burp of appreciation.
Whose fault is that? Were they dumb enough to believe the government’s lies?
If you people don't get out there with ads about the death panels, the proposed 500 billion dollar transfer of funds out of Social Security, and the proposed cut back in fees to doctors who treat Medicare patients, and pin these directly on the DEMOCRATS, then you are history's biggest effing fools!
Whose fault is that? Were they dumb enough to believe the government’s lies?
Excellent question. I believe prior to the enactment of SS in the 1930’s, that is pretty much how society took care of the elderly. I remember a “Poor Farm” building being torn down in the early 70s where I grew up. I think it was perhaps a safety net prior to the policies of the 30s, but I suspect it was an exception rather than the rule.
Where are their kids, are they not financially able to assist them?
I wonder how many of these seniors lost a nest-egg when the democrats destroyed the real estate market?
I have long maintained that the only way to save Social Security and Medicare was to gradually increase the age of qualification. Most are aware that the entire scheme was based on the age of qualifying for the benefit being older than the age that most Americans died.
“Susan Badger, 86, lives solely on her $1,051 a month Social Security check. She owns a condo at Beverly Hills Condos in Hollywood but has a reverse mortgage to help with expenses like doctor bills and car. (Sarah Dussault, Sun Sentinel / January 19, 2012)”
So she’s not living solely on her Social Security check. She has an investment in real estate upon which she is drawing as needed.
You hit on the answer:
Many of these people retired with $200,000 or more in savings. They intended to live off the interest and Social security. Interest rates at .10 to .95% just do not cut the mustard so they deplete their principle to survive. When the principle is gone they reverse mortgage their homes.
People today put their money in 401K’s and when the market drops they lose that, How is that working out for todays savers? These people had stock that went to crap. They had pans for their old age the same as the now generation, but those plans do not work in an economy likes ours is today.
Today the Government is working to kill pensons, they are telling young people to save for their retirement. I point out what happened to these people who did save for their retirement. They got screwed when the banks started paying almost nothing in interest, the market sunk, and everything went to crap.Todays generation is looking at working until they die. There is no way in hell they can save enopugh to pay off the Governments debt, put their kids through chool and save enough principal to live off of. Because they damn sure cannot live off the interest.
LOL How much could you afford to help your parent?
How are you planning for your own retirement?
many of these people were comfortable ten years ago when they retired.
Low interest rates, bad stock markets,inflation, Lowered assessments on their homes and higher taxes ate up their nest eggs. We will see how todays 30 year olds make out in todays economy when their retirement approach’s.
That’s why we’re buying rental houses now, not that we’re looking to make a killing at it, but we figure if we start accumulating properties now, while were still relatively young, by the time we retire, we’ll have a nice little income stream to live on. Yes, there certainly are risks, that’s why you have to research carefully the properties, and think long-term.
That's me, but I'm not complaining. I knew what I was getting into when we had our 3rd child and I was 48. He'll be 10 next month. If he graduates from college at 22, I'll be 70.
If I'm healthy enough, I prefer to work.
Health is always a part of the equation, also when you reach 70 are you in an occupation where you can still be allowed to work at 70.
Police and Firefighters are a bit long in the tooth and a truck drivers time is limited, and at 70, for many people Alzheimers is slipping in along with Arthur Rightis, High Blood Pressure ,Glaucoma,and general weakness. At 69 I am in good shape, but I know I cannot do what I used to do.
I wish you luck though.
That seems to be a pretty good way to set yourself up, I know a few people that do it.
Hope you get good renters.
That's the key! And my advice, is to not do it yourself, have a real estate agent to filter out the potential renters, it's worth every penny you pay them.
So your glass if 2/3 full as opposed to 1/3 empty?
ditto - though not the 3rd kid part :)
I’m of the opinion that we need to bump the age by 1 year every other year to the average mortality 75-85ish - which is pretty much what it was when originally instituted.
In addition, start phasing off anyone under 50. I’m 44 but I don’t expect (nor have I for 10 years now) to get a dime of SS when I finally retired (that is if my wife ever allows it :)
Their car may be in good condition but it is older, paid for, they don't commute so their driving is minimal and they don't need "good" work clothes.
When you eliminate the three major expenses, house, car and gas it is surprising how little you need to live on.
When you eliminate the three major expenses, house, car and gas it is surprising how little you need to live on.”
Now if we could only do something about property taxes, school taxes and mandatory insurance on the residence all of which keep increasing every year, we would be fine. My taxes and insurance cost way more than my house payment ever did.
Don’t forget utilities..water, gas, electricity, telephone, internet, plus groceries,as well as medical, dental and long term care insurance !
Also consider home maintainance...it’s no small item replacing furnaces, central air, roof, etc !
“BS. I’m a baby boomer and I can remember since high school being told & taught that SS was just one part of a “three legged stool.”
That some don’t get the message - or choose to ignore it - is their fault not the system’s fault. “
You may have been taught it, but many were not, and many who were so told were also told other things.
The fact is that obviously half of America is relying on ss for their retirement, whether they were “told” not to or not.
The gov’t needs to get OUT of the retirement funding business and let people handle their own money like grown-ups.
If I had my own retirement money that my employer and I were forced to send to Washington for my retirement, I would be better off in my old age. Although I have managed to save some for my retirement, I would be much better off having the government return the retirement money they took from me so it would be “safe” for my retirement.
If they want to return that money with interest, that would be fine with me. I don’t expect to just give it to them so they can spend it on more sexual molesting TSA agents, socialist technocrats, corporate welfare receipients, IRS agents, EPA Nazis, domestic spies, and death panels. They will not cut spending and if they do, it will only last until they figure out how to plow the Social security money into the pockets of their “smart” pals.
Dont forget utilities..water, gas, electricity, telephone, internet, plus groceries,as well as medical, dental and long term care insurance !
Also consider home maintainance...its no small item replacing furnaces, central air, roof, etc !”
This list could go on forever. One of the things I find really distressing is that it often seems impossible to make even the minor repairs in a house oneself any more, some due to decreased ability, the other because some things can’t be repaired any more, but must be replaced with something that requires special tools. One of the reasons I keep my current vehicle is because I can still replace the oil. Found out I can’t replace the battery any more though without taking off one of the tires. Simply ridiculous.