Can people survive on social security anymore?

Discussion in 'Retirement Plans' started by novasparker, Oct 4, 2012.

  1. novasparker

    novasparker Active Member

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    It seems like social security isn't enough for senior citizens to get by these days. I've seen a few cases where retirees are struggling to survive even with social security. From what I've read, it seems like the funds are dwindling as the population continues to rise. How do you think social security is going to fare in the next few decades, and does it still provide a good income stream to retirees?
     
  2. trishgl

    trishgl Active Member

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    I think with prices rising and social security benefits stagnating its not going to be pretty in the future. My grandfather loved his independence and lived alone for most of his retired life but he still had to take on part-time jobs after retirement just to be more secure from a financial stand point.
     
  3. Jessi

    Jessi <a href="http://www.quirkycookery.com">QuirkyCooke

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    I think it will still be around, but it really needs to be seen more as a supplement and not a guaranteed thing. You definitely can't live off it alone these days and it's going to be even less in upcoming decades. At some point, the system really needs to be revamped or it's going to fall apart entirely.
     
  4. sdjaxson

    sdjaxson Active Member

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    I do not think it will be there in a few years down the road at all. I feel really bad for those who may not be prepared for that by then. Its sad to see the seniors struggle with this. I do not think it will be there because of governmental choices being made now.
     
  5. darren777

    darren777 Member

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    It is hard to say, but by the looks of things it seems that Social Security will be falling to the wayside. It is already presently having problems and more and more senior citizens are having trouble getting by, I do not really see how it will be improving in the future.
     
  6. copper

    copper Member

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    It is true that the money given to social security policy is not enough and in many country it is lessening. In this case it would be wise for those senior citizen who are still could work, I don't mean working hard to get engaged in a job for couple of years to get a insurance policy, doesn't matter how small it is. This gonna make your life easier in the upcoming harder days.
     
  7. dadcoupon2012

    dadcoupon2012 New Member

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    The original purpose of social security as it was when it was enacted back in 1935 is not how many think it should work today. In 1935 the US was in the great depression. If I remember my history correctly, FDR felt that workers should have at least "some protection" from poverty so that the government would not have to provide in large masses help if another depression occurred. Basically, it was to help you out but not help you out financially 100%. Having said that, My neighbor growing up lost her husband in the Vietnam War back in 1970. She lived off of her social security check since 1970 until 2005 when she died at the age of 95. I can tell you this was her only income period. She did not have a car, she did not go out and most of her income went on prescriptions. Her house was a one bedroom house. No air conditioning (south Texas heat, she did not want a/c anyway), no cable and no debt yet she by all appereances lived a happy meaningful life. I think she got from SS about 8,000 to 9,000 a year. Very simple God fearing woman who I had the pleasure to know and enjoy time with. Its amazing to me now to think about how she made it on such a small amount of money for so many years. Many of us are not going to sacrifice our luxuries for that type of living. On the other hand we should try to save what we can so we are not dependent on SS. I doubt that it will be there in the future plus if it is it you know it won't be much.

    To end this post with a word of advice to everyone, "Don't depend on the government to support you." Prepare now. Every little bit counts and every bit adds up. So don't pay full price and save for tomorrow.
     
  8. dconklin

    dconklin Active Member

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    This is what I understand of the Social Security program and I could be wrong on this:

    The problem with Social Security is that it was originally designed for retirement but now it is given for disability, federal welfare and also as a supplement to survivors. I am ok with the disability program and would never say that disabled people should lose it so do not think that is where I am going. It is just that it was designed for retirement so it wasn't designed to have enough tax income coming in to issue all the checks that go out each month now. It does need to be overhauled or it will probably go away in my opinion.
     
  9. jilliansorenson

    jilliansorenson New Member

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    I'm not a senior citizen, but I do receive Social Security because I'm disabled. The amount varies by your work history - generally from $1,000 to no more than $2,000 a month (I receive $1,400). So, yes, it's not a lot of money, but you can survive on it, especially if you already have assets like a home and no car payments which I imagine many seniors do. I survive on it okay, I don't know what the rules for seniors are, but as a disabled person I can work and make an additional $1,000 a month without losing Social Security. I don't do it, but it's nice to know I could. I don't think Social Security will be around in a few decades as the population ages.
     
  10. Pat

    Pat Well-Known Member

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    With the ever increasing cost of living it is hard for a person to live off of the amount given by Social Security alone.
     
  11. AngryItalian

    AngryItalian Member

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    I don't think so, there is always ways to make money no matter how much your messed up. However odd your situations, social security in itself is not what I believe enough to get by on. Seniors have medical bills, and those can cost two months worth of social security.
     
  12. limcid

    limcid Active Member

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    This country is already over $17 trillion dollars in debt, and growing. We really need to get serious about planning to handle our own responsibilities from a very early age. This just isn't taught anywhere near as seriously as it should, and in most cases it isn't taught at all, and in the worst cases it's discouraged.

    Each generation seems to grow more dependent upon the government magically (via other people's money) providing a way for them to not have to meet on-going responsibilities and plan for their retirement. It's going to get extremely ugly when the reality behind this mess can no longer be hidden. Extremely ugly. We simply cannot afford it. It's just that dang simple.

    This is not decades down the road, either.
     
  13. jilliansorenson

    jilliansorenson New Member

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    While it is true that seniors have medical bills, they also receive Medicare, which covers the great majority of medical bills. I have Medicare and had major abdominal surgery two years ago that cost me nothing because Medicare/Medi-Cal covered everything. I did see the bill though and if I had been self-pay it would have been $40,000.
     
  14. BlackSolaris

    BlackSolaris Active Member

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    Only on social security it's really hard, but possible, you would have to cut a lot of expenses to live for the basic, but maybe if you got some backup money for those days, i think it's manageable.
     
  15. vpresson

    vpresson Well-Known Member

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    This is very true I have seen a lot of people who get social security but still struggle I think that's why the age to get it has moved up since the past few years I have no idea how it will end up I don't know if it will get higher or lower I hope for the sake of the people who struggle it gets higher for them
     
  16. Pat

    Pat Well-Known Member

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    The post that state social security was never to be the sole support for people. In this day and age people need to pay more attention to setting money aside for their retirement time. People need to take more responsibility for their retirement needs as we live longer.
     
  17. davbopol13

    davbopol13 Active Member

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    I am worried that Social Security will not be there when I reach the age to get it. My husband just started to recieve his disability checks, even though he did not want to quit work. He had a tramatic brain injury and deserves his monthly check. Plus I tell him that at leadt we get to draw it now while it is still avaiable!
     
  18. lrd913

    lrd913 Active Member

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    It all depends on your circumstances and financial situation. My mother is on Social Security as she took retirement last year. She gets around $1700.00 a month, but it isn't enough for her to live on. She is trying to sell her house (my father passed away and was the other source of income) and the mortgage is eating her money away. Once the house is sold she will be in better financial shape, but the market isn't very good right now.

    I think that SSI will not be something that most people can live on in the future. Prices have gone up for everything from gasoline to milk and it's hard for most people to make ends meet.
     
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