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How to survive on
Social-Security

Who is on Social-Security?

The Social Security Administration tells us that, 46 % of single people and 23% of married couples get 90% or more of what they have to live on from Social Security.

It's barely above the poverty line for most people and not so good for others. Some are seeing $3,000 a year above poverty level income from Social-Security and some a lot less.

The big bet

So you worked all your life to pay off your mortgage. Then you retired. Now you have to sell the house so you can move into a small apartment. It is because you need extra money to live on to make up for what you aren't getting as income.

The big bet is how long will you live versus how long will that money last.

Will someone take care of you when you are older?

Here are some numbers to think about.

The census tells us that back in 2010, just over 18 % of the women who had reached 40 to 44 years old didn't have children.

In 1980, it was only 10% of them who didn't have kids.

Can I work after retirement age?

In the year you reach full retirement age Social-Security deducts $1 in benefits for every $3 you earn above a limit. We only count earnings before the month you reach your full retirement age.

When you get to full retirement age in 2012, the limit on your earnings for months before full retirement age is $38,880.

The retirement age is changed now and for those of us born in 1946 or 1947 our full retirement age is 66 years old.

In the month that you reach full retirement age you can get your benefits, and there will be no penalties or limits on your earnings.

Some don't apply for retirement benefits until well past their retirement age comes up.

After the period of 6 months after your retirement age if you apply for Social-Security they will pay only for the previous 6 months.