I kinda thought that initially, although I’m not retired. I have been disabused of that thought now. The average SS check is about $1,250 according to this excerpt and I believe that’s probably about right.
Now, SS is taxable so subtract, say, 15% or so for taxes and you’re down to about $1,060. Next, you had better account for health care coverage, and it’s staggering. Even if you have Medicare, which costs something, you need supplemental coverage, and Part D coverage, probably another $600 or so in fixed costs.
Now your SS is down to about $400 per month. Good luck with that!
Some people who get Social Security must pay federal income taxes on their benefits. But, no one pays taxes on more than 85 percent of their Social Security benefits. You must pay taxes on your benefits if you file a federal tax return as an “individual” and your “combined income” exceeds $25,000.
Hmmm. I got a Medicare supplement that costs me ZERO/ mth. The previous one was $203/mth. About the same coverage too.z. But, I get most of my meds through the VA. But today I woke up seeing the green side of the grass and not the brown side so all is good.