• Question
  • I have only a pension plus $300 a mo. in Social Security. My total net income after medicare part B

    Asked by a 84 year old woman from San Antonio, TX on 8/11/2012

    I have only a pension plus $300 a mo. in Social Security. My total net income after medicare part B and taxes is $2500 a mo. I see no way you could help me since I have no savings beyond a small emergency fund.

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  • Categories: Retirement Planning, Out of Money, Pensions and Retirement Benefits

Answers

  • Editorial 


    NewRetirement

    San Francisco, CA

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  • Well... believe it or not you are actually in a relatively good position. Very few people have a pension in addition to Social Security. That being said, it IS very difficult to fund retirement!

    A study from the Center for Retirement Research at Boston College suggests three ways to improve your retirement. They suggest:

    ----> Delay Retirement or Find a Part Time Income: There are three key benefits to delaying retirement. You can: 1) Dramatically increase your monthly Social Security benefits for retirement. 2) Contribute more money to your retirement savings accounts. 3) Reduce the period of time in retirement when you are relying on those savings. Seventy four percent of all households who retire at age 62 fall short of having adequate assets for retirement. Delaying retirement to age 67 dramatically reduces this figure to 47 percent.
    ------------------ More about benefits of working: http://www.newretirement.com/Services/Working_In_Retirement.aspx

    -----> Take a Reverse Mortgage: The typical U.S. household approaching retirement has nearly $140,000 in home equity making it the largest asset outside of Social Security. Reverse Mortgages allow those age 62 and older to extract their home equity while remaining in their home.
    ------------------- Estimate your Reverse Mortgage loan amount here: https://www.newretirement.com/Services/Reverse_Mortgage_Calculator.aspx

    -----> Control Spending: There is more than one way to retire with financial security. Reducing your day to day expenses can be more effective than increasing your assets or income. And, if you cut your budget while still working, you can add those savings to your retirement nest egg for even greater security.
    ------------------- http://www.newretirement.com/Services/Reducing_Expenses_to_Insure_Retirement_Security.aspx

  • Login to rate this answer:   Answered on 8/18/2012
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.