How much to live on?

[Deleted member 56991]

While there's been plenty of discussion over the cost of things, which are very valid, how much can a couple actually live on? Any thoughts?

Will $60K be enough? Will $80K?

I'm in a good situation right now with no house/car payments and no loans. We've got a Sam's payment, a furniture payment and every now and then a credit card payment. We really only need to have utilities, groceries, gas and not much else.

Right now....
House insurance and taxes feels pretty much like another house payment.
Car insurance feels like another car payment. And not a nice car.
Groceries are rarely under $100 for any trip - WallyWorld or Crest and we make several trips a month.
Filling up the truck runs $80, the hotrod $60 and we don't drive very much anymore.
Gas, Electric, Water, Trash, DTV, Internet, Phone..

I know there are some things we can cut off or cut down but there are a lot of folks that don't have that option.
Without crunching and being really frugal, it's pretty crazy but I'm not so sure $60K would be enough for us. I think we could do $80K but I'm not so sure there would be much of a buffer.

2-3 years ago, no way I would have thought $80K a year would be a stretch to live on.

Folks do what they have to, we'd be the same, but any upcoming full retirement decision drives much more anxiety than it used to.

Personally I believe social insecurity is way behind actual cost of living. The situation is pitiful. One reason is a married woman can't draw her full social insecurity check. Only half it would help older folks greatly if married women were treated equally. Laws are wayyy behind the times.

 

[Okie4570]

I'm going to start operating my household budget like our congress does and spend 40% more than I earn with no consequences. When I run out, I'll just print more cash and more checks. It's just as easy as that apparently......they've proven that it works year after year for a couple of decades now. "Work" a little, golf and vacation a lot, fly here and there, nice meals for every meal. Who's with me?!?!?

 

[OK Corgi Rancher]

Personally I believe social insecurity is way behind actual cost of living. The situation is pitiful. One reason is a married woman can't draw her full social insecurity check. Only half it would help older folks greatly if married women were treated equally. Laws are wayyy behind the times.

Where did you get that information? My wife gets her full amount of SS and didn't start drawing it until after we were married. Are you thinking of the "Spousal Benefit" maybe?

The spousal benefit can be as much as half of the worker's "primary insurance amount," depending on the spouse's age at retirement. If the spouse begins receiving benefits before "normal (or full) retirement age," the spouse will receive a reduced benefit. However, if a spouse is caring for a qualifying child, the spousal benefit is not reduced.

 

[Snattlerake]

I'm going to start operating my household budget like our congress does and spend 40% more than I earn with no consequences. When I run out, I'll just print more cash and more checks. It's just as easy as that apparently......they've proven that it works year after year for a couple of decades now. "Work" a little, golf and vacation a lot, fly here and there, nice meals for every meal. Who's with me?!?!?

We had a woman that did that in my town. She just came into town and went on a spending spree, writing checks to businesses all over town. She even wrote the amounts and the business name in her check register. When she ran out of money, she just added an imaginary sum to the register and kept writing checks.

After three days, the checks started bouncing and instead of leaving town she had made friends with some of the people and stayed in town. I finally caught up to her when she was reported inside Ace Hardware where several bounced checks had hit.

It worked a few days for her but she received 10 years for her effort.

 

[n423]

I don't know how anyone could live on SS payments. FJB.
Wife and I get our own retirement and SS. My wife's sisters all get SS Disability because they don't have retirement.

 

[Snattlerake]

Personally I believe social insecurity is way behind actual cost of living. The situation is pitiful. One reason is a married woman can't draw her full social insecurity check. Only half it would help older folks greatly if married women were treated equally. Laws are wayyy behind the times.

AND, on Medicare, when SS payments increase, the Medicare costs increase. It's a racket I tells ya.

 

[ConstitutionCowboy]

Social Security is a scam. To begin with, for those paying into the plan, government takes in more than it needs to pay recipients every year. That's why there is always a "surplus" on hand. Always.

For Social Security recipients, it is a loosing proposition. Sure, there are those "cost of living" increases, but those increases don't get added until after the cost of living has increased. Purchasing power is lost to inflation for all twelve months between those pay increases and those pay increases do not compensate for the purchase power lost over the previous year. It amounts to a decrease in actual compensation for what a person has paid in, resulting in a decrease in actual financial security.

Think about that, get pissed, and add this knowledge to your considerations for whom you might vote for on election day.

Woody

 

[Ready_fire_aim]

Our economy sucks. It’s hard out here for young families. A young family with a household income of $40-$50k can make it work though. Being able to qualify for soonercare free health insurance for the kids, reduced school lunches, summer WIC program, etc…. I know that us “right wingers” hate these socialists handouts but they really do help working class families

 

[OK Corgi Rancher]

Our economy sucks. It’s hard out here for young families. A young family with a household income of $40-$50k can make it work though. Being able to qualify for soonercare free health insurance for the kids, reduced school lunches, summer WIC program, etc…. I know that us “right wingers” hate these socialists handouts but they really do help working class families

I have no problem with programs designed to help those in need...as long as those getting it are trying to help themselves or are physically or mentally unable to. Many people legitimately need help. Too many are just lazy and/or game the system. There should be strict means testing for these programs. If there's nothing wrong with you then you need to get a job. There are plenty of jobs out there.

 

[Ready_fire_aim]

I have no problem with programs designed to help those in need...as long as those getting it are trying to help themselves or are physically or mentally unable to. Many people legitimately need help. Too many are just lazy and/or game the system. There should be strict means testing for these programs. If there's nothing wrong with you then you need to get a job. There are plenty of jobs out there.

I agree 100%. I guess what’s sad here is that in our current economy a family with a couple kids, dad makes $45k per year (that’s $22 per hr, which is considered not bad pay, especially in rural areas) at a blue collar job, mom is home raising the little ones, etc. They are “in need” in our current crap economy and devalued dollar situation.

Point is even hard working folks with jobs try hard still often need these programs. The economy sucks