Taking SS early (62)

[30338]

My dad is 94, has a $30,000 pension, social security and some dividend income. Every year he saves money, fishes, and lives on his own. Roll the clock back to when he was 84 and 74 and nothing has really changed. So just wondering what amount it takes to have to eat cat food and live in a trailer by the river?

Lot of fear mongering around how much money you need. Healthy life expectancy, the years when you may spend a little money on trips and things you enjoy doing is 64 in the US. Life expectancy is around 77. So since we want to play the odds, I think doing all you can to do what you want before you get too old is very reasonable.

I've been self emplyed for the last 15 years now and have been paying very large sums of money on health insurance so I know what my bills are going to be for the next 5 years. I'm not a gambler and actually have a plan that has been in place for over 35 years. I just needed the motivation to pull the trigger. And I got it.

 

[riversidejeep]

Like my wife tells me, be careful with that money because one might want better quality diapers in the old folks home HAHA!

 

[180ls1]

My dad is 94, has a $30,000 pension, social security and some dividend income. Every year he saves money, fishes, and lives on his own. Roll the clock back to when he was 84 and 74 and nothing has really changed. So just wondering what amount it takes to have to eat cat food and live in a trailer by the river?

Lot of fear mongering around how much money you need.

For what it's worth, that probably puts him in the top 20% of retirees. Not many have SS, Pension, Investment portfolio and a house (assuming he does).

There is certainly fear mongering but there is an alarming amount who desperately need to maximize their SS as that's their *only* income, even worse if they don't own a property.

 

[KnightExtreme]

Some aren't as fortunate few are slightly better off than me but over my 50 years of working I rarely had much extra and got burned when 401K's came along. (Then I was never advised there was a penalty if you were laid off and got those funds 50% of what you had saved) Anyway I have a small IRA and try to live off my Social Security Benefits but with Medicare CMS Costs and Medicare Type G that is some $ so it is not easy maintaining an old home and have much left for some Deer Hunting. But I stay home a lot more and try to save my $. But everything costs much more New Roof once was 2.5K back in 2002 now 6K, Windows 1 K per window in 2025 so 11K paying that over time via IRA Distributions. Lets also add in the Homeowners Insurance and Property Taxes and then Auto Insurance so more dollars to keep living some kind of a life. I know many I have worked with that have familes ( with children) which I could never afford or I would be in the poor house for sure. And my main activty is just Deer Hunting. Other than that save every penny I can as then lets mention Prescription Drugs every month or 90 days. Some like myself do the best we can and hope we can still get to Deer Hunt.
Some do not have any kind of "pension" and 401K's are okay but covering bills when I was working never allowed me to put much in. Been very lucky my financial guy has kept my IRA working so I have a little more that what I started with even some some distributions but staying active (which some say is important is not that easy). Glad some can have a good retirement not all have that "luck". ( I sure don't)
Just an observation.....
KE