Posted on 09/29/2013 6:34:25 PM PDT by Innovative
Tom Palome, 77, was once a top marketing executive earning six figures and traveling first class He worked hard to pay off his mortgage and put his kids through college, but like most Americans didn’t save enough Now retired, he works two $10 an hour jobs to supplement his income
Palome receives $1,200 from Social Security and a $600 a month pension from his last corporate job. Still, his $1,400 in monthly wages allows him to bolster his savings and provides for some extras.
He goes to the theater, pays for plane tickets to visit his children and grandsons and takes occasional vacations.
(Excerpt) Read more at dailymail.co.uk ...
“All you can do is eat into the principal.”
You are most certainly correct — that’s why it’s so important for people to save for retirement while they are working, so they have enough to last them through times like this even in retirement.
Many times people say they can’t afford to save, but actually they can’t afford not to.
Sorry, I meant 19 trillion
I’m hoping I can cash out of my 401k without penalty before the Dems get their hands on it.
I don’t have a lot of money in there, but my plan is to cash it in when I’m eligible, move out the country where the cost of living is far less and to live on that money until age 62.
At that point, I will file for SS benefits and live like a Prince overseas instead of living like a bum in the US
She worked until she was 68. She is 90 now. Started working during the war, or right before.
Soc Sec will still pay if you live overseas?
Thanks.
She worked about 25 or so years and retired in 1968?
I wonder how much benifits got cut as that is a nice SS monthly benifit for someone that didn’t work until they were 70 and/or didn’t put in a full 35 years of contributing to SS
For the poster above, yes, you can collect SS and live in another country.
Yeah, that’s what I figured - he’s working two PT jobs and not two FT jobs.
That would be difficult for anyone of any age.
Still, I would take the SS and Pension money and find a nice beach in Thailand or the Philippines to retire to, but like I said - To each his own, but who wants to be flipping burgers when they should be enjoying life?
Maybe the media will start pushing these stories to condition people to work as long as they can so the Dems can bleed us dry until we die.
I’m fifty-seven. I can remember when forty years ago making $35k a year was considered damn good money.
Oops. I misread it as she worked until 1968.
She worked until the age of 68 and she is now 90
Go it.
I think.
Yep, he’s claims he working two jobs which equal near full time for 1400 bucks a month...
I’m thinking of those doing this same thing who lost or have not retirements, lost their homes, careers etc..Tens of millions did in the past 7 years or so.
With wages like that, they’d better get used to being very poor...
“I get no respect. I told my doctor ‘’Hey Doc, every morning I wake up and look in the mirror I get sick. What’s the matter with me?’’ He said “I dunno, but your eye sights perfect.’’ No respect I tell ya!.
Pretty soon we’ll all be flipping burgers for the vegetarian H1B Indians (not the ones from Casinoland!) who took our jobs!
I didn't do anything but work all of my life and pay taxes. The SS Administration determined what my payment would be based upon my income over my work years.
The following is based upon hearsay conversations and may not be exactly correct. The SS Admin looks at either your top 5 income years or maybe it is 10. They compare that as a percent of the maximum earnings subject to SS.
I maxed out a number of years in the late 1960's and early 1970 when that number was much smaller. I didn't max out in the last two decades of my work.
I may be drawing the maximum amount for someone who retired at age 62, but I am not certain. A call to your local SS office might result in the answer, although when I was signing up, the clerks didn't seem to know much about anything.
Secondly, a few months shy of 62 years old, I was the oldest person of about a dozen folks in the room. I was the only one signing up for retirement benefits. The others were signing up their kids for Aid to Dependent Children and phony medical disabilities.
I have submitted formal requests several times since then to my Congressman asking, "What percent of SS outlays go to retirees at least 62 years old and what percent go to younger people for various reasons"? I have never received a response.
Maybe he had took extravagant vacations, had a boat, wife and mistress. All are expensive.
What is the point? He is healthy and working. Some people who are retired and not working are miserable.
By 77, I'm either going to be dead, or LONG retired.
The mortgage will be paid off, no other debts, etc.
Unless I "feel" like working, I'm not going to.
That means he most likely filed at age 62, and probably quit working before that.
And he could gross $2,000 a month as a security guard sitting in a chair behind a condo sign-in desk.
They love old guys - no health insurance needed because of Medicare, always on time, always well groomed, always polite, no tattoos, etc., etc.
No....if I had waited until 66, my SS would be $2400+. However, I took the early payment and get $1800+.... I paid in the maximum for about as long as I can remember...
I did this because it would have taken 12 years after I started drawing at 66 to make up the 4 years of payments I got from 62 to 66....and I don’t figure I’ll make it to age 78....
You get 3/4ths....BUT....4 years of it...it takes 12 years after you turn 66 to equal that out...
When you are young and your salary is limited, you marry and ned Healths insurance, you need life Insurance, Fire Theft, and Homeowners ,Automobile Insurance, you need to put money away for the kids college.
All that before you even eat.
Then you do get to save a couple of dollars and they pay interest of 0.10%. Social Security looks like it’s going in the crapper and Obamacare just rationed your Mama’s meds, and said she wasn’t worth saving, so she spends what little she had on the meds Obamacare will not pay for. You are left with nothing , and you want them to save half million to retire on.
It aint easy.
...and I'll bet you my next SS retirement check that you never will.
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