Can you live comfortably on pension alone?..

hereandthere

@hereandthere (45645)

• Philippines

27 Mar 18

@epiffanie do they include online earnings too?

3 people like this

@epiffanie (11326)

• Australia

27 Mar 18

Yes they include assets outside the country .. We are now planning to spend more of our time over there in the Philippines....

5 people like this

Sunrise Fan

@sunrisefan (28524)

• Philippines

27 Mar 18

Pension from the SSS in our country is a very measly sum. Government retirees are much well off as they receive much, much more, especially those who have worked for 35 years or more as they receive 90% of their average monthly salary for the last 3 years prior to retirement (as I've learned from friends). Thanks for suggesting Ms. Bess' post to me, Ms. Everywhere :)

6 people like this

Morgan

@OneOfMany (12150)

• United States

27 Mar 18

Pensions are something I'll never have. I have to keep building my career so I make enough money for retirement. But then, that's why I set money aside.

9 people like this

@epiffanie (11326)

• Australia

28 Mar 18

That's great Morgan, that you are doing it now while you're young ..

4 people like this

Morgan

@OneOfMany (12150)

• United States

28 Mar 18

@epiffanie Yes, but if I don't live long, it won't matter. Right now I'm trying to decide whether or not to go to the hospital over breathing difficulties. I think it's just anxiety, but it could be something else. It's making me nervous (and causing anxiety, which makes it worse). :P

1 person likes this

Morgan

@OneOfMany (12150)

• United States

27 Mar 18

@lnillerman The only reason some people stop is because they are tired of it completely. But then life gets boring if it all halts. Having a hobby that involves some degree of work can cure that.

4 people like this

Barbara Radisavlejvic

@bagarad (14283)

• Paso Robles, California

27 Mar 18

We'd not be able to live on our Social Security payments alone. Our major support comes from our rental properties, which have their own expenses, as well. What I get form Social Security barely pays the utilities for the house we live in and doesn't cover all the taxes for it.

7 people like this

Barbara Radisavlejvic

@bagarad (14283)

• Paso Robles, California

27 Mar 18

@lnillerman That works only if you save or invest during your working years. you cannot predict what will happen in later life when you may be forced to stop working either for health reasons or because you lose a job and can't find another one. Since my husband could not depend on job security in his profession, we invested in real estate when times were good, and now we can live off the rents. It's still a job, since property management is no picnic and there are expenses one needs to pay and you can often have vacancies that decrease your income until the property is rented again. Of course, those who depend entirely upon the government are probably in for a shock if and when that money runs out.

6 people like this

@epiffanie (11326)

• Australia

28 Mar 18

@bagarad I agree with you.. My husband and I are only just relying on rents from two properties .. the maintenance on those properties is none stop...So there are a lot of extra expenses..

4 people like this

@epiffanie (11326)

• Australia

28 Mar 18

@bagarad some people don’ realise that there is a lot of extra expenses when you have rental properties.. So people like us still need to watch our budget..

4 people like this

Judy Story

@jstory07 (140051)

• Roseburg, Oregon

27 Mar 18

My husband and I both get 401K and Social Security. We have enough to pay all bills and buy food and things we need.

8 people like this

@vandana7 (100638)

• India

27 Mar 18

@epiffanie 401K I think is yes, during their working years they are allowed to invest in some retirement saving the limit of which is fixed. If they want to save more, they have to go for IRAs I think, there is again limit on how much they can invest in IRAs, which is announced each year. Then again, how much can be withdrawn from these is restricted and it is taxable except I think Roth IRA.

2 people like this

@epiffanie (11326)

• Australia

27 Mar 18

I am not familiar with 401K ... Is that what you have put saved through your working years? .. It's really good that you have comfortable retirement ..

4 people like this

@epiffanie (11326)

• Australia

28 Mar 18

@lnillerman Very good for you!!.. I was the same for many years .. and all my hard work is paying off ... I don't have to work as hard now ..

2 people like this

Jeff Moffitt

@moffittjc (121734)

• Gainesville, Florida

27 Mar 18

I began investing money for my retirement when I was younger, as I was always told not to ever rely solely on the government for retirement assistance. I work for the government currently, and when I retire I will have collect a pension for the rest of my life. I am lucky that I work for an organization that still offers pensions; most places in the US have done away with pensions because they are so costly. In addition to my pension, I have also invested in retirement savings funds to also help provide income. Between my pension, my investments, and my Social Security from the federal government, I should be okay in retirement.

7 people like this

@epiffanie (11326)

• Australia

28 Mar 18

Jeff, sounds like you are set for life.. that’s great !...

3 people like this

Jeff Moffitt

@moffittjc (121734)

• Gainesville, Florida

28 Mar 18

@ramapo17 Maybe not as smart as lucky. I had no idea when I got a job working for the government that I would get a lifelong pension. I also didn't realize that it was optional to participate in the 457 plan (the government's version of a 401k). So being young and naive actually paid off in this situation! lol

4 people like this

Nancy Zink

@ramapo17 (30441)

• Melbourne, Florida

27 Mar 18

@moffittjc You were smart at an early age.

4 people like this

DianneN

@DianneN (247184)

• United States

27 Mar 18

We are from the US and live in the US and both receive full pensions based on our work earnings. I'm unfamiliar with Centelink.

8 people like this

@epiffanie (11326)

• Australia

27 Mar 18

Centrelink is the government agency here in Australia that takes care of social welfare money... You are lucky that you are getting full pension .. Did they asset test you and your hubby?... What if you have real properties that are earning monthly income, and you have investments that bring in more income, do you still get the full pension?..

6 people like this

DianneN

@DianneN (247184)

• United States

27 Mar 18

@epiffanie Yes, no matter what else we have (investments, etc.), we still receive our full pensions. However, with the high amount comes higher taxes.

4 people like this

Robin

@Daelii (5619)

• United States

27 Mar 18

@lnillerman its a return of money the elderly have paid the government in their 45+ years of employment age,

5 people like this

Ithink

@Ithink (9980)

• United States

27 Mar 18

My mom does, she gets her Social Security monthly payments and another payment thou I dont know what the 2nd one is. She lives in a small place and does very well. For us we will need to downsize, been trying to talk hubby into that already but it isnt working. We will get our Social Security monthly payments (this is a payment they take out of your weekely check every paycheck, so technically you are just getting your money back). My husband also has a 401K.

7 people like this

@epiffanie (11326)

• Australia

28 Apr 18

So it's the same as the system here ..

1 person likes this

Hope

@1hopefulman (45120)

• Canada

27 Mar 18

I am retired and on pension and it is enough to live a simple life which I have always done anyways. After all my expenses are paid, there is a bit left to give to my favorite charitable organization or to share with a neighbor in need.

5 people like this

@epiffanie (11326)

• Australia

28 Apr 18

that is very contented life you have .. that's all we need really .. it's up to us to manage our finances well, whether we are getting it on pension or self-funded ..

1 person likes this

@vandana7 (100638)

• India

27 Mar 18

I worked and paid my taxes. I have no provident fund even though organizations I worked for were supposed to have relevant rules. That said, god is great, I have few properties which fetch me enough rent for food, clothing, shelter, medicines, transport and repairs. For other things, there are some investments. I don't say I am rich because any illness can wipe away substantial amount of those investments. Yet, god has been kind.

5 people like this

@vandana7 (100638)

• India

28 Apr 18

@epiffanie I was at the right place in right time I guess. :)

1 person likes this

@epiffanie (11326)

• Australia

1 May 18

@vandana7 timing is really important isn't it?..but I 'm sure you did a lot of planning too..

1 person likes this

@epiffanie (11326)

• Australia

28 Apr 18

That is fantastic that you are one of the few fortunates to have invested enough to have comfortable retirement ..

1 person likes this

Michelle

@infatuatedbby (94914)

• United States

27 Mar 18

Not everyone qualifies for pensions - it all depends.

6 people like this

Michelle

@infatuatedbby (94914)

• United States

28 Mar 18

@epiffanie They do in the US but not everyone will receive a pension it depends on what career path some go with.

1 person likes this

@epiffanie (11326)

• Australia

28 Mar 18

No governments can afford to give out pensions..

1 person likes this

Timea

@tzwrites (4835)

• Romania

28 Mar 18

It all depends on countries

James Higgins

@JamesHxstatic (29413)

• Eugene, Oregon

27 Mar 18

We are in the US and get our work savings plus the Social Security monthly payments we receive, a fund we paid in to throughout our working lives.

6 people like this

hereandthere

@hereandthere (45645)

• Philippines

27 Mar 18

@epiffanie so the reason you don't receive a pension is because you did not contribute to superannuation?

5 people like this

@epiffanie (11326)

• Australia

27 Mar 18

That must be the equivalent to what we call here in Australia as 'Superannuation' .. As self employed, I had a choice to have superannuation or not .. My husband and I decided to invest instead on rental properties to fund our retirement .. so the government think that we can take care of ourselves ... But we still get some rebates on our electricity, water, land tax, car registration, and our medical prescriptions plus discounts on public transport ... So we are grateful ..

5 people like this

James Higgins

@JamesHxstatic (29413)

• Eugene, Oregon

27 Mar 18

@lnillerman No, it is something that all US citizens pay in to and are entitled to when they retire. It is not welfare.

3 people like this

Angie

@andriaperry (117172)

• Anniston, Alabama

27 Mar 18

I do not have retirement and wont when I get old enough.I have to invest to make myself a living when I am over 65.

7 people like this

@vandana7 (100638)

• India

27 Mar 18

@epiffanie There are disadvantages both ways. But there is more control with us when we are investing and withdrawing.

4 people like this

@epiffanie (11326)

• Australia

27 Mar 18

I think it's the best way.. not to rely on pension..

5 people like this

@epiffanie (11326)

• Australia

28 Mar 18

@vandana7 I agree..that's why I made that decision 30 years ago to save and fund my own retirement ..

3 people like this

John Roberts

@JohnRoberts (109846)

• Los Angeles, California

27 Mar 18

No I could not live on pension alone. It is just one piece of the economic puzzle when retired.

5 people like this

@epiffanie (11326)

• Australia

28 Apr 18

I don't think anyone could live on pension alone specially if they are renting .. It would be very difficult ..

2 people like this

Lynn Fowler

@lynnief (1203)

• Australia

27 Mar 18

You need to talk to Centrelink. If your assets are not too high for you to get a pension, you might still be able to get it even though you are working. There is a program called "working credit" which allows you to earn a fairly generous amount from employment (but not from investments) and still receive the pension. I work one day a week, and with working credit it does not affect my pension at all.

6 people like this

@vandana7 (100638)

• India

27 Mar 18

That is a nice information. :)

1 person likes this

@epiffanie (11326)

• Australia

28 Mar 18

@lnillerman Being productive sure makes feel proud of ourselves..

2 people like this

Belle Starr (Iz)

@BelleStarr (61101)

• United States

27 Mar 18

In the United States if you have worked for at least 10 years you are eligible for Social Security, the amount is determined by what you earned in those 10 years. Many companies no longer provide a pension. My husband and I are lucky, we both get a pension, I actually get two and we both get Social Security plus we have our own 401K and 403B saving. We could live on our pensions comfortably but not to the standard we are used to.

4 people like this

@epiffanie (11326)

• Australia

28 Apr 18

You are very lucky to have savings .. Are 401K and 403B same as our superannuation? ..

1 person likes this

Belle Starr (Iz)

@BelleStarr (61101)

• United States

28 Apr 18

@epiffanie Yes, we are allowed to put a certain amount of our pay into tax delayed savings, we pay the tax when we remove them. The thought is that when we are retired we will be in a lower tax bracket.

1 person likes this

Anne Marie Guyer

@LeaPea2417 (37386)

• Toccoa, Georgia

27 Mar 18

We shall see when the time comes. We are not at retirement age yet.

4 people like this

@epiffanie (11326)

• Australia

28 Mar 18

@lnillerman .. Just keep yourself healthy and you will go on ..

1 person likes this

@epiffanie (11326)

• Australia

28 Mar 18

@LeaPea2417 .. I hope you prepare well for retirement ..

2 people like this

Anne Marie Guyer

@LeaPea2417 (37386)

• Toccoa, Georgia

28 Mar 18

@epiffanie Thanks.

1 person likes this

anthony davis

@lookatdesktop (27134)

• Dallas, Texas

27 Mar 18

As the price of living continues to go up faster than our paychecks, I would have to say, you need a second income to cover things. You could live moderately comfortable on your pensions, but that means cutting back and nobody enjoys having to compromise comforts and incidentals. Better to have something like a pension than nothing at all for sure.

4 people like this

@epiffanie (11326)

• Australia

28 Apr 18

Indeed.. it's good that people can get pension.. Very lucky those who are in countries like US ,Australia and other western countries ..

solxee

@sol_cee (38219)

• Philippines

27 Mar 18

In my hometown, pensioners have their free movie day once a week. My father used to enjoy his movie privilege. He'd hang out with his co-retirees and enjoy the little things they could get from the government.

4 people like this

@vandana7 (100638)

• India

27 Mar 18

How do they manage that? wow

@epiffanie (11326)

• Australia

28 Mar 18

@sol_cee .. Yes, the retirees in the Philippines are now getting quite a lot more privileges .. Good for them!..

1 person likes this

Shiva

@Shiva49 (26787)

• Singapore

27 Mar 18

We contribute to a retirement scheme and get monthly payments from that after retirement age - now 67. The taxes are low, so no pension paid by the government although financial assistance is provided to the really needy after means testing. I am now retired and since I managed to save almost every year of my forty years of working, I have a decent income but much less than what I was earning as salary - siva

4 people like this

@epiffanie (11326)

• Australia

1 May 18

@Shiva49 yes indeed.. amazing how some people with a lot of money think that there will never be enough.. while the ones who didn't plan ahead, have nothing to worry about..

1 person likes this

@epiffanie (11326)

• Australia

28 Apr 18

Thank you Siva .. you are fortunate to have saved for retirement .. There are many who did not think far ahead when they were young ..

1 person likes this

Shiva

@Shiva49 (26787)

• Singapore

28 Apr 18

@epiffanie I read a news item that many rich think they can live up to 100 years. Even those with a million in invested funds worry whether that will be enough to take care of increasing medical expenses! siva

1 person likes this

Darcy Nemo

@YrNemo (20255)

•

27 Mar 18

Oh dear, I didn't know that your husband receives only that much in the name of 'pension'.

4 people like this

@epiffanie (11326)

• Australia

28 Apr 18

Yes .. but we are still grateful that we get a pension card which gives us discounts on utility bills, car registration and a few other things ..

1 person likes this

@epiffanie (11326)

• Australia

1 May 18

@ConVolines yes you are right on that..

2 people like this

Con Volines

@ConVolines (1449)

•

28 Apr 18

The Australian government is always interested in taking money off the citizens, in as many ways as they can come up with... but they are less inclined to spend it back on citizens.

2 people like this