Call Your Senator at 844-222-0104 and Urge Them to Say No to the Graham-Cassidy Bill

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Info Seeker
Posts: 2
Registered: ‎12-07-2012

Re: Living on a Fixed Income

Message 11 of 21 (1,490 Views)

As a 73 yr old woman on a fixed income I have never asked my children to help me pay my bills. My solution was to accept a loan from a friend who "offered" it without me asking.  My dear friend has helped me multiple times and I repay each loan as promised.   I advise my daughter to ensure repayment should I pass away with an outstanding balance.  In order to repay I took multiple part time jobs and currently work four days a week/17 hours at one job and 12 hours at another.   The 29 hours of pay has not only paid back my debt to my dear friend but has provided me ongoing additional income which I have come to enjoy.

Info Seeker
Posts: 1
Registered: ‎05-01-2015

Re: Living on a Fixed Income

Message 12 of 21 (1,461 Views)

I agree with you.  I am 66 years old and also work part-time.  I never ask my children to help pay my bills.  The extra money from working PT allows for additional things I need as well as saving for vacation money.  I thank God that I am still able to work PT.

Super Social Butterfly
Posts: 579
Registered: ‎07-23-2010

Re: Living on a Fixed Income

Message 13 of 21 (1,421 Views)

Between my social security, pension, IRA minimum required distribution, annuity checks, and lifetime structured settlement payments I guess you could say I am on a fixed income.

Conversationalist
Posts: 6
Registered: ‎08-17-2010

Re: Living on a Fixed Income

Message 14 of 21 (1,353 Views)
It is indeed all in the planning. Three legged stool: pension, (social security) medicare and an annuity.
Conversationalist
Posts: 10
Registered: ‎12-21-2013

Re: Living on a Fixed Income

Message 15 of 21 (1,309 Views)

Not only is the cost of everything going up, but health insurance for those 50-64 will triple if this bill, the State Age Rating Flexibility Act of 2017, H.R. 708, is passed!  HELP!

Bronze Conversationalist
Posts: 16
Registered: ‎07-17-2011

Re: Living on a Fixed Income

Message 16 of 21 (1,290 Views)

I'm answering the original inquiry of the first paragraph instead of the poor transition example in the Dear Abbey letter.

I'm on the cusp of the transition to fixed income.  The thing that has eased my mind going forward was a full financial comparison of how much I actually live on and how much I will have to live on after retirement.  The net income I actually live on is my gross income minus the expenses that will go away or change amounts after retirement.  Those are things like my mortgage, total federal and state income taxes, savings, social security taxes, work life insurance cost, and miscellaneous payroll taxes.  The reason I included my mortgage is because it is finally paid off before retirement.  After I subtract those costs, I'm left with the real income I live on.

Then I looked at my guaranteed income after retirement which are pensions, annuities, social security, rental property, etc.  The only fixed cost that stayed on both was health insurance cost.  Federal and state taxes were still a deductible but calculated for the lower income level.  When it was all done, it turned out that my taxes will drop significantly and without SS taxes and savings exiting my paychecks, I'll have more cash to live on in retirement than I'm living on while working.  It truly amazed me that I'm living on about 36% of my gross working income now which is also the same as 100% of my retirement income.  And that's before I have to dip into my retirement savings.  It gives me peace of mind knowing that living well below my means is going to pay off in retirement.

Info Seeker
Posts: 1
Registered: ‎11-04-2009

Re: Living on a Fixed Income

Message 17 of 21 (1,192 Views)

I am on a fixed income and never ask my children for money.  If I fall below what I need, I will usually take out a loan with my bank.  I have always been independent and feel that I should not ask my children.  They have their lives and children and need to have extra for them, not to supply my needs of taking folks out to dinner or my trips.  If I want to take a trip I save for it.  These children have to learn how to say no.  The parents have probably never heard this word "NO".

 

 

Info Seeker
Posts: 1
Registered: ‎01-18-2015

Re: Living on a Fixed Income

Message 18 of 21 (1,159 Views)

This could go on for 30 years, for heaven's sake. Counseling NOW!

Gold Conversationalist
Posts: 47
Registered: ‎05-11-2015

Re: Living on a Fixed Income

Message 19 of 21 (972 Views)

Thanks to a disability, VA and social security, I'm doing okay.

Info Seeker
Posts: 1
Registered: ‎11-28-2016

Re: Living on a Fixed Income

Message 20 of 21 (943 Views)

 

People mis-manage money for many reasons. Yet, if the expectation of support has or may become a burden to the children, then dialog and boundaries must be established. These types of discussions are not easy and can quickly result in anger. 

 

At this point a new budget and even counseling will likely do little. The expectation is that their children will subsidize them. Only the children can control the expectation. 

 

Having said all of this, what we don't know is how well the children were supported and subsidized during their lives up to this point. If the parents paid for their college, Cello lessons, and flew them to Bangladesh every summer to research local culture, they just might have a pretty valid expectation that it's now: Pay Back Time

Tom S - Houston Texas