Can you do this on $1,000/mo.?

[SLB_SA]

I am waiting until I turn 70 to take social security.  Each person has to make his/her decision on this.  Right now I am living on my (403(b)) retirement account.  I am spending far more than I would like and I am frequently tempted to sell everything and get on the road.  Why haven't I done this?  Three kids and four grandkids who all live within a 20 minute drive; also, I assist my ex-wife occasionally (a few times per month) by taking her shopping, to medical appointments, etc.

I own a 2011 (standard transmission) Mazda2, which is a fantastic car to drive and has never given me trouble.  I wonder if I could remove the front passenger seat and the back seat, weld a tubular frame to create the base for a bed along the right (i.e. passenger) side of the car and shelves for cooking, fridge, battery storage, etc behind the driver's seat. Add in portable solar panels to put outside the car each (sunny) day. Do you know if anyone has done anything like this?   

I am loath to critique anyone's decision on when to take social security; each person has individual circumstances. Retrospective studies find that a majority of people would maximize their (lifetime) income from social security by waiting until age 70 to begin taking social security; this study found "About 57 percent of retirees would build more wealth through their life if they waited to claim until they were 70 years old (when only 4 percent of retirees currently claim)"  but that some people would benefit by taking social security early ("while only 6.5 percent of retirees would have more wealth if they claimed prior to turning 64 (when over 70 percent of retirees currently claim benefits)").

 

[WanderingRose]

Very much an individual decision.

My late husband and I began drawing our SS at 62, as we were on early retirement from our jobs.

He died a month after his 65th birthday.

 

[IGBT]

There is always the bird in the hand issue with SS.

Take what you can get as early as you can, so if there are cuts, you at least got some money before the cut

Or

Risk waiting to take at age 70 and hope there is enough funding that your future payment doesn't get reduced.

 

[SLB_SA]

All quotes below are from the Summary 2019 Trustees Report 

"The Old-Age and Survivors Insurance (OASI) Trust Fund, which pays retirement and survivors benefits, and the Disability Insurance (DI) Trust Fund, which pays disability benefits, are by law separate entities. However, to summarize overall Social Security finances, the Trustees have traditionally emphasized the financial status of the hypothetical combined OASI and DI Trust Funds."

"The Trustees project that the combined trust funds will be depleted in 2035, one year later than projected in last year’s report."
"The Trustees project that the annual deficits for Social Security will be smaller throughout the 75-year valuation period than reported last year. Annual deficits for 2019-93 average 0.18 percentage point lower than in last year’s report. "

By waiting until age 70, I will get 132% of my PIA.  A 21% reduction in my (age 70) benefit would leave me with 104% of my PIA; by waiting until age 70, the possible 21% reduction in social security benefits in 2034 or 2035 would leave me with 104% of my (age 66) full retirement age benefit.  A 25% reduction (someday) would leave me with 99% of my (age 66) benefit. With such low unemployment in the U.S., more revenue is coming into the social security trust fund.  My guess is that the 2034 date for depleting the trust funds will become 2035 and then 2036 and so on.

 

[Dingfelder]

It's not realistic to expect to live on $1000 a month.Well,maybe in rural Mx or central America.

I think a very substantial part of these forums is dedicated to doing just that, and a significant percentage have proven they can.  Even among those, many could cut expenses if in dire need.

At any rate, where IS it realistic to expect to live on very little money? I would suggest a mobile alternative is among the safest.  Money goes a long way when expenses are slight.  The only question is whether you have an emergency fund and can replace it ... because you'l need more than one.  In fact every day the vehicle you live in depreciates, and to that extent you will have to replace it ... with something, maybe an apartment, who knows ... to the equivalent that it depreciates at the very least. Owning an old van does not cost much or go up much in cost, necessarily, but getting a dirt cheap apartment  is more volatile.

Anywhoo, the expense rate for real travelers vs. the expense rate for those moving around occasionally and eating and living modestly is vastly different.  Let's not forget the variety of crowds this forum is catering to.

 

[RoamerRV428]

if we all knew of our big med troubles coming and the day we know we are dying, life can be planned so well financially. well, maybe for some but that isn't going to happen for most of us.

plan best ya can, jump into the unknown sometimes and go for it and hope for the best from all of it is the best most of us can do

 

[CityWoman]

if we all knew the day we . . . are dying, life can be planned so well . . .

Like in Logan's Run? Watch out when your crystal starts blinking!

 

[gwave]

if we all knew of our big med troubles coming and the day we know we are dying, life can be planned so well financially. well, maybe for some but that isn't going to happen for most of us. 

plan best ya can, jump into the unknown sometimes and go for it and hope for the best from all of it is the best most of us can do

You can set your death date and plan. If health goes south move the death date up.

 

[1shemp]

Many people can survive on $1000 a month.Surviving and living are two different things.Hell,I could survive here at home on $200 a month.Eat beans and rice every meal and do nothing that I want to do.I sure wouldn't consider that living.

 

[Elbear1]

Many people can survive on $1000 a month.Surviving and living are two different things.Hell,I could survive here at home on $200 a month.Eat beans and rice every meal and do nothing that I want to do.I sure wouldn't consider that living.

Desire-production

 

[1shemp]

Not complaining.Just saying what I could do IF I HAD TO.I like my life just fine where I am now.

 

[lenny flank]

It's not realistic to expect to live on $1000 a month.

I've been doing so for four years now, while traveling the country from coast to coast and border to border. And that includes eating out at least once every day (I do not live on rice and beans). It is entirely doable.

 

[lenny flank]

Like in Logan's Run?  Watch out when your crystal starts blinking!

As an utter aside here....

A while ago when I visited Forth Worth TX I was walking around the Water Gardens and had the odd feeling that I had seen it before, even though this was my first time in Ft Worth. Then finally I saw a sign that explained it: this was one of the locations used to film the outdoor scenes in "Logan's Run", and I still remembered seeing it from ... what ... forty years ago?

 

[highdesertranger]

it's Deja Vu all over again. LOL that my friends is a Yogi-ism highdesertranger

 

[ckelly78z]

I think I could live on $1000 a month, but have made better choices throughout my life, which will allow me to spend nearly 5x that amount if I want without working. I understand that there are plenty of folks who don't have 2 nickles to rub together, and have a daily struggle. I thank God every day for my good fortune, and hard work ethic to get me to this place.

 

[lenny flank]

I think I could live on $1000 a month, but have made better choices throughout my life, which will allow me to spend nearly 5x that amount if I want without working.

I make a lot more than I spend.

 

[highdesertranger]

here we go again. the title of this thread is "Can you do this on $1,000/mo". it's not about class warfare or economic indicators and how they all lie. if you are thinking about posting something that doesn't deal with the OP's question, don't it will be deleted. highdesertranger

 

[Cammalu]

No, I can’t do it on $1000

 

[winterwanderer]

I've been living on $350 a month for the past five months, simply because I can. This includes:

1) Gas for my daily ten mile roundtrip commute from BLM land.
2) A healthy balanced diet suitable for manual labor. Butter, fresh veggies, fruit, that fancy bread full of seeds, hunks of cheese, all that good stuff. I buy groceries at least every other day, so no need for refrigeration.
3) A wash and dry at the laundromat every five days.
4) Legal minimum liability insurance.
5) Access to public computers and books at the local library. Ten bucks for six months.
6) Pay as you go cell phone plan. Unused minutes last a year.

Trash disposal and showers are provided to me at work. The town offers free water spigots.

Of course, I spend more on gasoline when I am on the road. But $650 more every month? That's a cross country trip every two weeks! Or maybe those obnoxious little generators burn that much. :dodgy:


Let's see what else you could spend that on. One of those mePhones with the high speed data plan, that costs a big chunk, I hear. A little dog to keep ya company? Add another hundred fifty. You're still $500 short. Booze? AA meetings are cheaper. Weed? Quit being so generous. Filet mignon every evening, for you and the pooch? It's diet time. Fashion wear? Psst, thrift store funky is fine.

 

[Elbear1]

My dog and unlimited data costs $75...

But thats pretty much what Ive said for a years; IDK how to even spend that much.

Honestly I feel cheated. Apparently everyone else makes WAAYYY more than I ever have.