Full timing on social security? - Fiberglass RV


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Old 11-26-2015, 06:39 PM   #1
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Full timing on social security?

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.
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Old 11-26-2015, 06:51 PM   #2
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Would probably depend whether you had an extensive art collection and a four bedroom apartment in downtown New York.
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Old 11-26-2015, 06:59 PM   #3
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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.
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Old 11-26-2015, 07:51 PM   #4
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I think it would depend on if you wanted to enjoy your retirement or if you are content to just exist.
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Old 11-26-2015, 07:57 PM   #5
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Google RVSue. She lives full-time in a Casita and publishes her costs.

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Old 11-26-2015, 09:11 PM   #6
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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.

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Old 11-26-2015, 09:20 PM   #7
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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.
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Old 11-27-2015, 06:14 AM   #8
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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.
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Old 11-27-2015, 06:26 AM   #9
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Quote:
Originally Posted by kirkman View Post
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


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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
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Old 11-27-2015, 06:53 AM   #10
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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!
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Old 11-27-2015, 07:24 AM   #11
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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



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Old 11-27-2015, 07:57 AM   #12
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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.
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Old 11-27-2015, 09:00 AM   #13
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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.
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Old 11-27-2015, 10:05 AM   #14
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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.
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