How to Retire on Social Security Alone

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I retired at 63 & am already receiving SS. Not because I wanted to, but because the job market was sooo bad and my health was so questionable, it was the most reasonable thing to do. My husband still works and probably will until he can't any more. Why? Because we need the health benefits. That is, without a doubt, the most expensive consideration in our retirement planning. He had a triple by-pass last year, is diabetic and I have a mitro valve prolapse and tremors. Everything requires expensive medications. Medicare, et all will not provide what we need without costly additions. Retiring with just SS and some savings will make it extremely difficult to live, regardless of where we go. Budgeting is our lifestyle now and forever. Until someone gets the insurance companies, pharmaceutical companies and medical practices under control, retiring in this country will remain a painful project.

Linda of OH 1:42PM April 04, 2012

A part time job would be a welcome blessing right now. Living on $700.00 a month and food stamps puts me in an income bracket that isn't even counted. If you haven't heard of a budget, you better start real soon. I'm living comfortable, and I'm still chasing that illusive part time job but out of the country is my destination. Adios!!!!!
NorthStar

NorthStar of NM 2:08PM January 29, 2012

Most college towns do not apply. Why? Because college students skew the monetary demographics. Most often they are about 20% higher in terms of living because of services provided. Median home cost should be about 120K, real estate taxes less than 1% home value, energy costs 1 to 3% lower than national average, food costs at national average, crime rate 20% less than national average. Those are minimums for 2 on 40K a year. Bad article. Go back to economics class and sociology.

Wayne Dunn of IN 9:05AM January 24, 2012

This story is idiotic! Where are the "10 Places to Retire on Social Security Alone? I am tired from looking!
Cy Bolinger
Retired U.S. Journalist
San Jose, Costa Rica

Cy Bolinger of AK 8:22AM January 24, 2012

talk about misleading and lack of research! How can one recommend living on SS alone in a place with high cost of living. Boone NC is extremely expensive, maybe the author should visit before making recommendations.

jess of TX 7:28AM January 24, 2012

It can be misleading if a couple thinks they can live primarily off their combined Social Security incomes. When one of the couple dies the survivor can face serious economical problems since they will no longer have the combine income. The survivor will receive only the higher of the two incomes.

Jessie of FL 5:32AM January 24, 2012

for you

Phyllis of CA 1:19AM January 24, 2012

We have never been big spenders, because we have always had just a modest middle of the road income. Both of us worked, but when we retired, I had worked for the government for almost 15 years...so I had our medical insurance at a low rate, and it will last through my life and my husbands. That is a critical issue with retirees. Many retire from decent jobs, with insurance, but at age 65, that insurance jumps to an astronomical amount each month. We downsized when we retired, sold our home, and traveled south to Arizona in the winter in our fifth wheel. While there, we found a nice park where we bought a lot, and a park model (400 sf) and have lived there in the winters,traveling to the northwest in the summers, and workcamping! Yes, it is a fun adventure, gives us opportunity to meet new people, and our rent is free! Check it out, it is fun and we are warm in winter!We watch our spending, but there are tons of things to do that are reasonable...swimming in our pool at park, playing cards, visiting, and traveling to local areas for sightseeing! You can do it, but you must budget and plan ahead if you are depending on mostly social security checks...it can be done!!!

carolina cassidy of WA 8:44PM January 23, 2012

At age 70, I never thought I would still be working--but we lost money in the stock market and I find myself feeling lucky to have a job! I plan to keep it for many more years before relying solely on that small social security check each month. I love taking my current paycheck to the bank.

D. Stone of CA 10:29PM January 20, 2012

One of the cheapest places if you buy before the market recovers is the old favorite of seniors, Florida. Not everyone will like living there, half move back home.

RonStack Author of PA 5:47PM November 11, 2011