Off topic posts split from "How do u live on $700/month, truly?"

flylo · Feb 20, 2022

I bet everyone had a cell phone.

user 22017 · Feb 20, 2022

flylo said:
I bet everyone had a cell phone.

Are you old enough to remember how much phone bills were before the government broke up Bell (due to anti-trust)? It was astronomical, if you dared call anyone outside of your area code. Still AT&T makes the cost of a landline prohibitive for the working class (if you plan on calling ppl out of your area code).

Cell phones are far cheaper for anyone on a budget.

Edit: the mandate was in 1982

Sky · Feb 22, 2022

CosmickGold said:
I live on about that amount. For one thing, you need to "Slow Travel" to keep fuel costs way down. This means shorter distances at slower speeds, and stay a while to "smell the roses" everywhere you go.

CosmickGold said:
Cheers CosmickGold - I used to be in such a hurry thinking I was going somewhere till I got older and realized I never really was going anywhere no matter how fast I peddled so to speak. Now I am a part timer with a land base and exactly how I keep cost down is not moving around a lot and having a place to grow my own food.

Sky · Feb 22, 2022

flylo said:
If people lived like my grandparents did we could all live cheap. My uncle in Tn had a 200 acre farm, got his 1st tractor at 55 years old & had to drive it 14 miles around the mountain to get to his back field. They grew what they ate & a bit more to sell. Now the more you make the more you spend or go deeper in debt. I've found in many cases people that have the least are the happiest. I think the"got to have it's" started with TV. Radio you can work or do most anything while listening to the radio but TV you have to give it all your attention.

My impression and findings as well. The idea on convenience society has made a very interesting longitudinal study of it's effects on people over the past 100 years in health/disease status, social economic and not to mention happiness scale. It seems many have paid a very high price for the convenience society at least in observing my friends and families.

scaredycat72 · Feb 23, 2022

flylo said:
I bet everyone had a cell phone.

Not sure if you're replying to me but this was before cell phones. However, if someone is receiving food assistance, they can get a cell phone for free.

Since the US generally doesn't have public phones anymore, cell phones are a necessity, not a luxury.

Cammalu · Feb 27, 2022

4,400 a year property tax???! Get the H-E-double toothpicks outta there! Unreal! Mine is about $50 a year!!!

StarryNights · Feb 27, 2022

Cammalu said:
4,400 a year property tax???! Get the H-E-double toothpicks outta there! Unreal! Mine is about $50 a year!!!

Yes, but NH has no Income tax and no sales tax and ranks as one of the lowest for overall tax burden in the country, much lower than other Northeast states: https://wallethub.com/edu/states-with-highest-lowest-tax-burden/20494. There are also significant property tax adjustments for available to low-income people.

rruff · May 23, 2022

eliyama said:
Well, this man made 14% on his money, and claimed to not having to work a day since 4 decades ago! No more. When interviewed, his savings were getting shaved, a little each month. [By circumstance, I verified his story at my state credit union, when I spotted an older clerk, asked how long she had been in banking. I jumped at the opportunity, and asked what the interest was on savings in those days, without hesitation she said 16%!!!].

That had to be the early 80s... only then, when inflation and all interest rates were sky high.

Historically interest rates on long term CDs always paid ~2% above inflation. The past 13 years have been the anomaly, with interest rates lower than inflation the whole time. It's the Fed QE and other creative financial manipulations causing this. Yes, saving cash has been a losing proposition.

There are ways to get higher return for sure, but they aren't risk free. You can still beat inflation with low risk though.

Sky · May 24, 2022

rruff said:
That had to be the early 80s... only then, when inflation and all interest rates were sky high.

Historically interest rates on long term CDs always paid ~2% above inflation. The past 13 years have been the anomaly, with interest rates lower than inflation the whole time. It's the Fed QE and other creative financial manipulations causing this. Yes, saving cash has been a losing proposition.

There are ways to get higher return for sure, but they aren't risk free. You can still beat inflation with low risk though.

Currently the way I beat inflation is to consume less and make or grow more. Just have a goal to be less a consumer slave as I realize the gig is up and the game is rigged. Want less live more and my unrealistic goal is to be zero consumption and truly free although not totally realistic it is the principle of the matter. LOL may be zero consumption when my ashes are scattered and actually adding potash to the earth.

Sky · May 24, 2022

rruff said:
In 1990 I budgeted $10k/year to live in my Toyota pickup.

After 13 years of doing that, what I actually spent was ~$3k/yr. And yes, for absolutely everything... depreciation, repairs, maintenance, surprise expenses, health insurance, etc. In today's money that would be ~$6k/yr or $500/mo.

It was by far the most splendid and free time in my life, living in the beautiful and peaceful wilderness. No suffering. Didn't miss the "creature comforts" and all the crap I was accustomed to having in a house.

This forum tilts more towards seniors (and I am one now), and many on a low budget, getting by on maybe $700/mo SS. But that isn't bad. When I was young I paid for everything out of savings. If you are 65 you get almost free healthcare, and even if you are younger you can get on Medicaid if your income is below ~$15k/yr. You also qualify for foodstamps! Gas isn't cheap now, but if you don't take gratuitous trips, you can vagabond to great climates while driving less than 5k miles/yr... easily. Let your relatives on the east coast visit you for a change!

Cheers and yes I have put my foot down and decided if the kids and other relatives want to see us they can come our way now. Especially all but my fave niece pride themselves on their worldy crap and financial gains. lol It is good to be old.

rruff · May 24, 2022

Sky said:
It is good to be old.

Yes! Except... it's quite a bit more painful than I expected! Physical "adventures" are catching up with me. And I'm too young to go on constant morphine like my 94 year old aunt...

WanderingRose · May 24, 2022

Just a thought about when to take your Social Security…we started drawing ours at 62, my husband died suddenly and unexpectedly a month after his 65th birthday.

You get more if your draw it later, but there is no guarantee that you will live to collect it.

And when you die, unless you have dependents, it is basically just GONE.

I got the difference between his and mine, about $100 a month.

We drew ours at 62, several years after taking an early retirement from our jobs, because many had told us that your best chance of getting back what you’ve paid in was to do so.

We had both worked since we were 15.

Morgana · May 24, 2022

GoingMobile said:
After turning 64 I've been bombarded by private special interest messaging advising me what to do. But I'm guessing most of that is more in their best interest than in mine. I'd be interested in any sources of information, government websites, groups such as AARP, etc. others have found useful for developing a strategy to best utilize available resources.

Just a few small carrot slices to throw in the pot here:

I seem to remember some useful retirement-planning articles at Motley Fool, also some advice you can access at AARP without a membership.

I found the people at Social Security itself surprisingly helpful. (God knows how the last couple of years have affected their staff though.)

I'd check for state-level organizations that might help. IIRC you're not exactly in a social services mecca but it might still be worth a look. Florida for example has https://www.floridashine.org/ which is wonderful for explaining Medicare, and other resources (https://elderaffairs.org/) as well.

The advertising I got was mostly related to Medicare and that is definitely ignore-able IMO. When you enroll in Medicare you'll see all the options available in your area, laid out in a way that you can easily compare their benefits and costs. I can't imagine any benefit to slogging through the junk mail.

That's all I got. Good luck!

SLB_SA · May 24, 2022

Morgana said:
I found the people at Social Security itself surprisingly helpful. (God knows how the last couple of years have affected their staff though.)

Read "Get What's Yours: The Secrets to Maxing Out Your Social Security" because you will learn that the people at social security sometimes give incorrect advice. For example, if you wait until after you reach FRA to claim your social security benefit, they are required to give you six (6) months (if you are claiming at age FRA+6 months) in retroactive benefits and reduce your delayed retirement credits by 4% unless you specifically decline them (in writing!!). Look at page 273 of 2016 edition of "Get What's Yours." Anything you say has no impact; if you don't want to lose a half year's worth of Delayed Retirement Credits (8%/year), you have to put that in writing on your application for benefits. Otherwise the SSA rules require you to receive your Retroactive Benefits (and forever receive a small monthly social security benefit).

rruff · May 24, 2022

WanderingRose said:
We drew ours at 62, several years after taking an early retirement from our jobs, because many had told us that your best chance of getting back what you’ve paid in was to do so.

If you need to SS to retire, I see no reason to wait. The break even point is ~80... if you live longer than that, then you will get a greater total benefit if you wait. Otherwise it's definitely best to take it sooner. If you'd like to enjoy not working, by all means start as soon as you can. We never know when physical issues will restrict our ability to do things, or we will simply die. I'm very glad I took my first extended "retirement" when I was 30...

Morgana · May 24, 2022

These are individual decisions. There are way too many variables for any one-size-fits-all solution.

Of course the people at Social Security are fallible. So is the Pope. So is that book.
You use the best resources you can find; you double-check the facts and the logic; and you decide if it works for you. That's all you can ever do. There is no magic formula.

The "full retirement" age always seemed a bit artificial to me -- retire sooner, and you get less; retire later, and you get more. I retired a few months "early" and have never regretted it. Of course, Covid came along soon after and blew up everything but hey that's life.

A Wing and a Prayer · May 24, 2022

I’m 64 and haven’t taken my benefits yet. I’m able to live on a part-time job and a small monthly withdrawl from my 401k. I may start taking it later this year because I think it will be enough for me to live mostly on now. My view is if I die early I’m not going to need social security, but if I live longer I’ll be glad I waited. It all depends if you have FOMO, fear of missing out, or FORO, fear of running out.

SLB_SA · May 24, 2022

Morgana said:
Of course the people at Social Security are fallible. So is the Pope. So is that book.

Anybody can be fallible. However "that book" is not just some book. The three authors, Laurence J. Kotlikoff, Philip Moeller and Paul Solman, are well respected experts on social security. They have been criticized for disagreeing with social security employees and they have repeatedly been proven right.

Does being highly knowledgeable and well respected mean that one is infallible? Of course not. However, in this era of "disinformation" and "misinformation" it is possible to offhandedly dismiss resources (like books) which are actually extremely valuable. You should not blindly believe everything you read but you might benefit by reading highly regarded resources (like books) and then verifying their statements. Mary Beth Franklin is well regarded as an expert on retirement; she said she thought the agency’s employees were getting better at addressing complex situations. 'They’re reading Larry (Kotlikoff),' Franklin said with a laugh. 'They’re reading me.' From the same link ("said" link) is Getting wrong answers from Social Security is not unusual, according to financial advisers and experts on claiming strategies. Relying on this misinformation can lead to missing out on benefits for which you qualify or losing opportunities to maximize your checks.

Laurence Kotlikoff hosted the PBS Newshour weekly online Social Security column AskLarry and the authority behind MaxiFi Planner, an economics-based personal financial planning software program, and 'Maximize My Social Security,' a software program that helps Americans decide which Social Security benefits to take and when, to get the highest lifetime benefits. He is also a Professor of Economics at Boston University, Fellow of the American Academy of Arts and Sciences, a William Warren Fairfield Professor at Boston University, Fellow of the Econometric Society, a Research Associate of the National Bureau of Economic Research and a former Senior Economist on the President's Council of Economic Advisers.

Philip Moeller is a journalist and author. In 2015, he co-authored the New York Times bestseller, "Get What's Yours: The Secrets to Maxing Out Your Social Security." In 2016, he wrote "Get What's Yours for Medicare: Maximize Your Coverage, Minimize Your Costs." In 2021, the third book in the series was published: "Get What's Yours for Health Care: How to Get the Best Care at the Right Price." He has received the Gerald Loeb award (1979) and was a fellow in Business and Economics Journalism at the Columbia Graduate School of Journalism. He wrote the Ask Phil column for the Making Sen$e website at PBS and answered many viewers questions about Medicare.

Paul Solman is a journalist who has specialized in economics, business, and politics since the early 1970s. He has been the business and economics correspondent for the PBS Newshour since 1985. He has won Emmys (1978, 1982, 1984 (2), 1998, 2005, 2007, 2009), Peabody Awards (1987, 2004, 2019, 2020) and the James Beard Award (2018) in addition to other awards (e.g. Gerald Loeb award). He has taught at the Harvard Business School and been a faculty member at Yale University.

Catalyst1 · May 25, 2022

eliyama said:
This is a relevant question. I used to follow several that 'hit the road' and only one channel gave a rundown of their costs, a married couple with deep pockets. What you do not know is the number that fail at their ventures because they kept old habits such as dining out, getting entertained, buying new trailer, etc. Forget this lifestyle if you are a vegan and target $700 budget; it won't work, not unless you eat macaroni in a box for $1 a day; or Ramen. No way. And with gas prices highest in country's history, beware. The most confident dwellers have the hand skills to fix their electrical, plumbing of their pull along trailers, replace bearings on them, do own vehicle repairs (except major projects). Even a transmission flush requires special expensive equipment in a shop. But then to pull along requires a truck, even Suburban is not adequate unless pulling a tiny box, which then leads to higher truck insurance. There is NO easy solution to the matter unless you have deep savings, which will erode over time due to low interest rates. My favorite story posted by Bob Wells was a dweller on the road at the time for 40 years; he made his grub stake buying an abandoned mansion in LA, fixed it up, made $200K, placed into savings. This was prior to the deregulation of banking under Reagan administration, when savings & loans, community banks, credit unions were allowed by law to invest savings, and return to their depositors a hefty return. Well, this man made 14% on his money, and claimed to not having to work a day since 4 decades ago! No more. When interviewed, his savings were getting shaved, a little each month. [By circumstance, I verified his story at my state credit union, when I spotted an older clerk, asked how long she had been in banking. I jumped at the opportunity, and asked what the interest was on savings in those days, without hesitation she said 16%!!!]. I know someone with $380K in savings and gets less than $20 monthly interest! Solutions? There are many more than people realize. But it requires that people learn to fix, remodel, etc. although building supplies are high sky high. I know someone that built his entire home (except windows) by volunteering to clean up construction sites; he saved the scrap lumber, and built his home. True story. That home now sits on a Nature Conservancy, and he has rights to live in the home until he is gone. Stealth camping. Tiny home on vacant lot with owner's permission. One thing for certain: The high rents charged to young people destroys their hopes. Back in the day banks would not loan unless the mortgage cost was =<26% of gross income. Those were the good old days, just as was 16% interest. How to get ahead? One way is no subscriptions for television, internet, use cellphone for hotspot, limit use for email, banking; otherwise invest in 500G+ phone to increase data download. I use the public library's Wi Fi no limit on my laptop. Move to area with lower cost of living. Do jobs others do not want to do. Develop more than one specialized skill. Buy used clothing; even Patagonia sells them, guaranteed for life. There are many solutions, but you are certainly correct: It is maintenance, rent, insurance. And remember this: Public Community Hospitals are required by their charters to provide you medical aid. And that is why the private sector wants to destroy anything under 'guise' that 'socialism' (public) is evil. The private sector/Wall Street is hell-bent on taking everything over: higher education that used to be funded by states; healthcare that used to be non-profit; water, sewer, trash, electric that used to be city, county, state owned. Get it? Okay, enough said. Keep on asking, keep on learning. Most importantly, your health is your best investment.

If you watch Steven Greer's Youtube channel, you will see how the current conditions were planned and what the cabal behind it all has planned for the future. You have to watch several hours of it to get the full information, but it's worth it.

bullfrog · May 25, 2022

For me it came down to I can live without having to do seasonal work and slow down at 62 years old with enough money from early Social Security and my pension. My wife who is younger wanted more security should I pass even though she will continue to receive my pension till she passes, so she continues to work till she qualifies for retirement from her job as well as working past the age for her full Social Security as a hedge against inflation causing higher costs of living as she ages. I ended up going back to seasonal work as wages and benefits were just to good to pass up and I found I missed it after a few seasons off but it is now optional for me and a lot more less stressful.

Off topic posts split from "How do u live on $700/month, truly?"

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