Full timing on social security?

[Bob Miller]

Without actual numbers, it would only really be a W.A.G. That income figure could range from as little as about $600 a month for one person to over $7000 a month for a couple. In the former case, nope, in the latter, easy peasy. For everyone in between ya gotta crunch some real numbers to get an answer.


If anyone is doing that I'd suggest also doing what we did with a Cessna we once owned with two others. Always include a set-aside each month for wear and tear on the TV as well as the FGRV. They might both be paid for but, especially the TV, may need major repairs or replacement at some point and ya gotta be ready for either possibility up front.

[Donna D.]

Originally Posted by reeves99

....My heroes are people who live well on modest means.

I believe this to be very subjective depending on income prior to retirement. I have one friend that thinks she's living very modestly on a bit more than $5,000 a month. To others, that would be Nirvana.

As Gina D. says "Its not what you make, it's what you don't spend"

[Cathy P.]

Maybe some of you remember this link to "Without Bound": Cheap RV Living.com-Blog

I was once told probably 20 years ago that we would need $3,000 a month to full-time. That was quite funny because at the time, our family of 3 were living on $2,000 a month in a house and living quite well at that.

It just really depends. If you want to live every day like it is "vacation", you'll need a lot of money to do that and probably burn out in about 2 years and that is what the norm is. After 2 years or less, "vacation" every day is too expensive and tiring to continue. People just get tired of it. I mean, they spend a lot of money because "vacation" is expensive.

If you have always lived in a frugal manner and enjoy the simpler things, it doesn't have to be that expensive. It definitely helps if you are used to living within a written budget.

I would not be discouraged by the idea that someone says you can't survive on a certain amount of money, do your own math on the subject. A lot of people just poo-poo whatever wouldn't appeal to them.

Researching going full-time is part of the fun!

[Alf S.]

Originally Posted by 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.

Hi: kirkman... A rut is the same thing as a grave, with different dimensions!!!
Alf S. North shore of Lake Erie

[kirkman]

Originally Posted by Alf S.

Hi: kirkman... A rut is the same thing as a grave, with different dimensions!!!
Alf S. North shore of Lake Erie

No it's not Alf. I can see the light and no one is throwing dirt in on me now!....

[monB]

In the last 69 years, it has been my experience that if you really want to do something, commit to it. The ways and means will soon surface, and you will be enjoying what you want to do.

Conversely, if you search for ways to do what you want BEFORE committing, you will find far too many reasons NOT to do it.

Like a non-swimmer jumping off a diving board into a pool...CONGRATS! You're going to learn how to swim!

Mon

[Glenn Baglo]

It pays to check to see if there is water in the pool before jumping off the diving board.

[Bill Nolen]

Originally Posted by floyd

.....
BTW... Social Security is not subject to federal tax even with moderate additional income and many states do not tax 1099 income at all.

Floyd, when I first retired at age 62 there was no Federal Income tax on my SS income.

Each of the past few years that has changed. last year my wife and I paid Federal Tax on about 50% of our SS income. Next year it might be even higher. I do have other income, but, I remember being told that my earned SS income would be tax free!

Lots of promises have vanished ..blown away with the hot breath of Politicians....

Bill

[Donna D.]

Originally Posted by Bill Nolen

Floyd, when I first retired at age 62 there was no Federal Income tax on my SS income.

Each of the past few years that has changed. last year my wife and I paid Federal Tax on about 50% of our SS income. Next year it might be even higher. I do have other income, but, I remember being told that my earned SS income would be tax free!

Lots of promises have vanished ..blown away with the hot breath of Politicians....

Bill

OH STOP! It's not just government, it's big business too. The company I went to work for in 1985 told me they couldn't pay me as much as the company down the street but when I retired (in 30 years), my healthcare would be paid for.... that went away 8 years ago. Didn't get it then, don't get it now.

I learned a long time ago... count on yourself. Everything else is smoke and mirrors. AND, it's NOT just government... keep the politics out of it!

[floyd]

Originally Posted by Bill Nolen

Floyd, when I first retired at age 62 there was no Federal Income tax on my SS income.

Each of the past few years that has changed. last year my wife and I paid Federal Tax on about 50% of our SS income. Next year it might be even higher. I do have other income, but, I remember being told that my earned SS income would be tax free!

Lots of promises have vanished ..blown away with the hot breath of Politicians....

Bill

Congratulations!! YOU'RE RICH!!!

[Bob Miller]

Originally Posted by Bill Nolen

Floyd, when I first retired at age 62 there was no Federal Income tax on my SS income.

Each of the past few years that has changed. last year my wife and I paid Federal Tax on about 50% of our SS income. Next year it might be even higher. I do have other income, but, I remember being told that my earned SS income would be tax free!

Lots of promises have vanished ..blown away with the hot breath of Politicians....

Bill

Golly, you must have been retired for a very long time. That law was enacted as a result of the Greenspan Commission recommendations and was signed into law by president Regan in 1983. Actually, depending on your other incomes, up to 85% of your SS income can be taxed I believe.

[mbbear]

Originally Posted by 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.

Hi Anita, I'm wondering if your information is easily shareable if you would be willing to share with me? I hope to take off in the next year. Thanks, Michael

[Jim Bennett]

I was requested that we keep politics out of this, yet many of you failed to heed this warning. This thread is now closed.