Full timing on social security?

[kirkman]

I was wondering if there are any of us who are full timing on just social security after selling everything.
I'm curious if it's even possible.
Jason


Sent from my iPhone using Fiberglass RV

[Glenn Baglo]

Would probably depend whether you had an extensive art collection and a four bedroom apartment in downtown New York.

[Timber Wolf]

Just today I was wondering what means of support the "Slabbers" have and that some of them are living off small retirements. Of course there is full timing in the middle of the dessert and then there is actually traveling, enjoying, and seeing stuff.

[steve dunham]

I think it would depend on if you wanted to enjoy your retirement or if you are content to just exist.

[John & BJ S.]

Google RVSue. She lives full-time in a Casita and publishes her costs.

Sent from my XT1032 using Fiberglass RV mobile app

[floyd]

Social Security can be anything from < $500 to nearly $ 4500 per month, depending on work history and whether you are single or a couple.
Many couples live quite well on $3000 per month or less while others couldn't survive long after winning the Lotto!
Disposable income really starts after basic necessities are met, which today might be from <$1200 to $1800 per month depending on where and how you live.

To answer your question... Yes it is possible, and the lifestyle can be from poverty to comfortable, depending on spending habits and Social Security income.
If by selling everything, you yield as little as $100,000 dollars you could buy an annuity which could yield an additional $500 per month for life.

You may find it amazing, but the average person in the U.S. still retires with less than $100,000.
BTW... Social Security is not subject to federal tax even with moderate additional income and many states do not tax 1099 income at all.
Don't forget to get your federal facilities discount card and avail yourself of the senior discounts and senior menus!

OH! Don't forget stuff like workcamping or camp hosting.

https://www.youtube.com/watch?v=jYFFAMWhHVo

[Cathi]

Jason, according to Escapees' posts, there are some fulltimers who live on $25,000 per year but a survey is showing that most spend $30k-$49k per year. My impression is that they generally live on what they have to live with and they budget that way.

Some run all over the country and some sit in one place for winter and another for summer. Depends, as some said above, on your budget and your intended way of travel.

[Kevin K]

Full retirement age in 2015, your maximum SS benefit would be $2,663. However, if you retire at age 62 in 2015, your maximum benefit would be $2,025. If you retire at age 70 in 2015, your maximum benefit would be $3,501. I could retire easy on those amounts.

[Alf S.]

Originally Posted by kirkman

I was wondering if there are any of us who are full timing on just social security after selling everything.
I'm curious if it's even possible.
Jason


Sent from my iPhone using Fiberglass RV

Hi: kirkman... All is possible... if you have a mind to do it!!! In theory Bees can't fly.
Alf S. North shore of Lake Erie

[Donna D.]

It would depend on what your idea of retirement means. Selling everything doesn't always equate to debt-free. More importantly is to plan on what the other end of your life will be. The time when you can no longer travel/live in an all-molded-towable. Serendipity is all well and good for a while, but to be ultimately happy you really need to plan... and then be adaptable. YMMV


Best of luck!

[reeves99]

There's a parable about catching a monkey. Villagers filled a narrow-neck vase with nuts and fruit. The monkey reached into the vase and grabbed a handful. With his fist full the monkey's hand was stuck. The monkey was thus immobilized and was easily caught by the villagers.

The moral of the story: If you want to be free you just have to let go.

Anyway, back to frugal retirement living. Yes, it is possible! And yes, I practice what I preach.

My best wishes to you



Sent from my iPhone using Fiberglass RV

[Huck]

I think to a large degree it depends on your health. Even with medicare, you can easily have expenses of $3k/yr or more. Some insurance is area specific, so using it out of area can greatly increase health care costs. If you buy a plan that is good anywhere in US, you pay a higher premium.

If something isn't done to get healthcare costs under control, we will see medicare costs continue to eat up any COLA increase in SS. That means you might run the numbers in 2016 and think you are good and then in 2022 find you are running out of money because of increasing healthcare costs.

[steve dunham]

Originally Posted by Kevin K

Full retirement age in 2015, your maximum SS benefit would be $2,663. However, if you retire at age 62 in 2015, your maximum benefit would be $2,025. If you retire at age 70 in 2015, your maximum benefit would be $3,501. I could retire easy on those amounts.

The average social security recipient receives appox $ 14 K / annum in benefits or $1200/ month. ( Minus Medicare). Not everyone gualifies for the maximum or has the type of employment which physically allows them to work until full retirement age.

[A Storgard]

I sure hope we can! We are retiring Jan 31 and plan to full time in our boler until we are tired of the lifestyle ;-) I have done my research, and many of the RV parks have very reasonable monthly rates - actually cheaper than our mortgage. Hopefully, we won't have to find part time /short term jobs to keep us going.

[dvrcdlady]

I will find out soon. Like most of the people here stated, it depends on the person and what type of life you want. I do not need many things and live simply. Bought a 16' Scamp and have been making modifications to match my wants/needs. I will be taking off next fall at age 62 on SS, my limited savings and sale of house with very little equity My biggest money issue will be health insurance. I will be boondock a lot and visiting relatives one or two weeks at a time in several states, staying in one area two weeks or so at a time. Travel will be limited to about 5 hours traveling, then a stop at a Walmart, rest area, or similar type "no amenities" place for the night. I am more of a loner and, like RVSue, and will have my dogs for company. I will have a home base in MN for a longer stay in the summer with my daughter or son. That will be repair/update time! Decided if I wanted to do this, there is no better time than ASAP. Being single and raising 3 kids, I have always found way to make ends meet, and retirement will be no different.

[Roger C H]

1040, 2014, Page 28, paragraph 2:

"Use the Social Security Benefits worksheet in these instructions to see if any of your benefits are taxable."

Contrary to promise, Social Security monies can be transferred to the general fund.


There is a saying re guests: "Guests, like fish, start to smell after 3 days."

[Mary F]

Remember, no politics and NO NAME CALLING. Several posts have been removed from this thread - too many to notify each of you in person. Be nice. It's a holiday!! In the U S at least, which is where this moderator is coming from.

[kirkman]

Wow Patrick!
If you only knew that while I was out working trying to run one business. My Ex was home making sure to run the other business in to the ground and hiding it all, so bad that I lost every thing I had ever worked for. I am still trying to dig my way out of that hole. So in that case I am a fool for trusting her. Lost my business, house, and air plane (crop duster) and much more.
But like my dad said to me son it's only money at least you got rid of her.
So there is the reason for asking such a ridiculous question about whether or not I could pull this off if I don't get my self out of this hole.

[Timber Wolf]

Jason, without going into details, I absolutely understand your situation. Good luck with your adventures.

[reeves99]

I've been following this post and it seems to me that we're not hearing comments from people out there who are getting by, in their fibreglass RV's, on Social Security. I know there are people out there, successfully doing just that. Are we somehow inadvertently, in our comfortable, middle class way, subtly or not so subtly, alienating these travellers?
Me, I'm fascinated by their stories. My heroes are people who live well on modest means.



Sent from my iPhone using Fiberglass RV