Living On $1,262 Social Security

[Thomas]

This topic seems to be getting hostile and part of the problem lies here with the title "Living On $1,262 Social Security"  not stating exactly where. Now as we know it depends where you live, some members seem to think we are all talking about Cebu city but unless it states Cebu city it could mean that we are referring to some other area of the Philippines in the province which is cheaper to live. Some people base their costs on a fancy condo and some base theirs on a nipa hut behind the inlaws so yes the cost will vary and the same if we were talking about downtown Cebu city, if one smokes , drinks and sometimes does not come home at all then that persons cost is going to be different than the guy who likes to gaze at the mountain and drinks nothing but tap water and is just as happy. So if anyone wants to compare the cost or talk about the actual topic which is, Living On $1,262 Social Security, then please consider that its not one size fits all.

 

Now can we all calm down.  :thumbsup:

Does it have to be 1262$ Social Security, not any 1262$?  :)

 

Yes, it's a big difference between the costs for a nipa hut and a a posh big stone house, and some "static" costs can't be done much about (as e g Visa)

but the total cost can still be a big difference even for SIMILAR living standard by how economical things are got. (E g as I have said I live för LESS than that in my 6 rooms villa, HAVING e g things as billiard and a small boat. I have described how my living costs can be that low, more detailed in some other topic, but mainly is it about

/having hobbies - I have many - which CAN cost rather much to buy the equipment, but cost very litle to USE, so the cost is low in the LONG run,

/and buying things when and where they are cheap

/and be satisfied with GOOD FUNCTIONING things even if they don't LOOK so posh. But posh things can be found cheap too :)

[JJReyes]

Does it have to be 1262$ Social Security, not any 1262$? 

 

The $1,262 is the amount, on average, that Americans receive from the Social Security Administration in 2013. The retirement age use to be 65, now it is 66, and soon it will be 67. It depends on the year you were born. You can start collecting Social Security benefits at 62 or wait until 70. The longer you wait, the more money. How much depends on your lifetime contribution into the system.

 

Because the cost of living is going up faster than Security Security benefits, many Americans are researching retirement abroad as an option. How many retirees? The baby boomers started retiring January 1, 2011 at the statistical rate of 10,000 a day. Research does not mean that they will action. Many will continue to live in their community.

 

The countries soliciting for retirees south of the border include Mexico, Costa Rica, Belize, Ecuador and Panama. Mexico has the largest population with over one million American, Canadian, European and Japanese retirees. Panama is advertising that you can retire with just $1,000. In Asia, the top retirement destinations are Thailand and Malaysia. The Philippines is a poor third. 

 

The Philippines wants to become a major retirement destination. I am part of a network from the private sector who would like to make this happen. The United States is the market most familiar to me. I don't know enough about Australia, Canada, United Kingdom or Sweden to include them in my research.

 

How much it costs to live in the Philippines is an open ended question, but the responses, including from other topics like "Living on $800" provides very valuable information.

[Bruce]

JJ,

 

Do you have any figures on the baby boomers dying? For example, Since I live in Florida, every so  often there is a news article about XXXX number of people moving to Florida every day. But it never goes into detail about XXX number of people leaving Florida every day. With out the # leaving, the # arriving really means nothing. 

 

A few years ago, WWII vets were dying at 10,000 a day, each 85+ and then no longer taking a SS check. Is there any offset figures to compare the dropping off the SS rolls of the dying vets to the incoming new retirees?

 

I had a friend of mine die last year at age 65 and 9 months. So, his lifetime paying into SS is not doing him any good now!

 

So, any idea of the 10,000 baby boomers retiring every day, just how many will live (5+ years) to get that check from SS for an extended time?   

[JJReyes]

Do you have any figures on the baby boomers dying? For example, Since I live in Florida, every so  often there is a news article about XXXX number of people moving to Florida every day. But it never goes into detail about XXX number of people leaving Florida every day. With out the # leaving, the # arriving really means nothing.  

 

A few years ago, WWII vets were dying at 10,000 a day, each 85+ and then no longer taking a SS check. Is there any offset figures to compare the dropping off the SS rolls of the dying vets to the incoming new retirees?   I had a friend of mine die last year at age 65 and 9 months. So, his lifetime paying into SS is not doing him any good now!   So, any idea of the 10,000 baby boomers retiring every day, just how many will live (5+ years) to get that check from SS for an extended time?   

 

There were 76 million births in the United States from 1946 to 1964. About 4 million died, leaving some 72 million survivors. These 72 million are known as the baby boomers. It does not include persons who emigrated to the United States and then changed their citizenship.

 

US Census has longevity tables. I need to recheck the latest numbers. My recollection is if you are 65 today, on average, Americans can expect to live an additional 18.5 years.

 

Residents of Hawaii live the longest. You can add 3 years to your life expectancy. Reasons given include a more Asian diet; good weather and the increased opportunity for outdoor activities; less stress since we don't really commute long distances. The downside is we also have one of the largest Alzheimer's population, which is an older person disease.

 

With the economic collapse in 2008, some Americans who were close to retirement could no longer find jobs. They started filing for early Social Security benefits at 62. What the SS Administration did is campaign for a delay in benefits pointing out to potential beneficiaries how much more you will get over your lifetime by waiting until 66 or 70. What SSA failed to point out is there is a 7% chance the 62 years old won't make it to 70. While the "reward" at 70 was sweeter, you may never collect if you pass away. The SSA gets to keep the money.

 

 

 

 

 

[Thomas]

The $1,262 is the amount, on average, that Americans receive from the Social Security Administration in 2013.

Yes, I know, I just joked  :)

So, any idea of the 10,000 baby boomers retiring every day, just how many will live (5+ years) to get that check from SS for an extended time?

I suppose almost all, because the AVERAGE male living age is 80,7 in Sweden and I suppose it's similar in USA.

 

(I had planed to chose to retire later, because if retire 8 years later* of the expected 16 years life left for average, then the retirement pay per month will be around double,

BUT if I will manage to invest money with good profit in RP, I will perhaps chose to get retirement pay early instead.

 

*because almost all men in my family become around 90, so I thought geting some extra money from the Swedish state  :mocking:

[Curley]

Life expectancy in the UK for a man at birth is 83 years, at 65 most insurance companies up that figure to about 84. I have just done a calculation here that gives me just 10 more years.  :th_unfair:   http://www.uwic.ac.uk/shss/dom/newweb/lifestyle/age_expectancy2.htm   But if I change it to "in a relationship" instead of single it gives me an extra 6 years.  :cheersty:

Edited August 8, 2013 by Curley

[stevewool]

wow seems like so many people are a little uptight, give me that amount anytime and i will make sure i can live on that , even less, its how you want to live, and to be happy doing it too,

[Curley]

wow seems like so many people are a little uptight, give me that amount anytime and i will make sure i can live on that , even less, its how you want to live, and to be happy doing it too,

 

You've hit the nail on the head Steve.