Seniors

lillypaddle

(9,580 posts)

2. Social Security is my only income

Fri Nov 18, 2016, 11:58 AM

Nov 2016

I have a supplemental insurance plan which is about $120/mo, and pay for an Rx plan, which is about $70. I live in a small, one bedroom apartment and drive a 22 year old car (that's my biggest fear, how I will replace it if need be). And of course there is rental insurance and car insurance ... SS covers it all, plus food, but I have to supplement it from my savings at about $150 a month.

I have under $20,000 in savings. I turn 69 in December. If I live longer than 5 years I'll be in real trouble.

The only way I've been able to live primarily off SS is that I had zero debt when I retired. And I took an early retirement at that. That would be my advice to anyone nearing retirement - get rid of your debt.

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23 replies

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Cost of Senior Living [View all] Yonnie3 Nov 2016 OP

Oh, yeah... TreasonousBastard Nov 2016 #1

Social Security is my only income lillypaddle Nov 2016 #2

I found a way to cut 90% off my prescription costs. dixiegrrrrl Nov 2016 #7

thanks for the info lillypaddle Nov 2016 #8

I checked on two of my many prescriptions lillypaddle Nov 2016 #9

The discount sites are not much help with non-generics dixiegrrrrl Nov 2016 #10

Listen, I appreciate your info lillypaddle Nov 2016 #11

GoodRX is amazing! RealityChik Dec 2016 #17

Who is behind GoodRX, i.e., who is paying for the drugs? No Vested Interest Feb 2017 #21

I will check into this Sherman A1 Dec 2016 #19

I can only commiserate. I am drawing my SS, but I continue to work because Hoyt Nov 2016 #3

I'm not in an Advantage plan Yonnie3 Nov 2016 #5

Have you gone to MyMedicare.gov to see Part D plans for '17? alfie Nov 2016 #4

No, I have not. Thanks for the suggestion. Yonnie3 Nov 2016 #6

Though Medicare is good for seniors it does not cover everything. Thinkingabout Nov 2016 #12

Some conflate Medicare with Medicaid, Yonnie3 Nov 2016 #13

If your income is low enough TexasBushwhacker Feb 2017 #20

As I understand it, one can have no more than $1500 in assets if going on Medicaid. No Vested Interest Feb 2017 #22

It's something like that, but I don't believe they count TexasBushwhacker Feb 2017 #23

I wake up at night worrying about if we'll outlive our savings. trof Nov 2016 #14

You are one of many. Yonnie3 Nov 2016 #15

It got worse Yonnie3 Nov 2016 #16

I am horrified to see how many have only SS for income. PoindexterOglethorpe Dec 2016 #18