Amount needed to retire

by Joy Tomme
(Philadelphia, PA)

I was just told I screwed up mightily because I am living on Social Security of $11,000. I was told that my friend's mother is 94, that the woman made a meager salary, invested wisely, and now lives comfortably in retirement. Is this possible without the daughter kicking in mega amounts of money?

Joy Tomme
Age 81

Wendy: Like anything, it depends.

If she saved all her life, 30+ working years, she might be well ahead of the game... however, few do. Family life gets in the way of saving for the future.

Maybe she gets a small pension and Social Security (hers or a deceased spouses). Maybe she earned little but she gets a deceased spouses Social Security at a higher rate.

There are so many comparable and you don't have all the facts to make that comparison... please don't get upset over what someone says. It really may not be true at all...
What does "lives comfortably" mean? My father had a $800 Social Security check, lived in low income senior apartments and lived VERY comfortably... read his story above.

You might have the same income as my father, but you might have mortgage payments, credit card debt, and many monthly bills.... where he did not.

Again, it all depends... no easy answers!

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Money: Income and Expenses.