Don't Stop Working - The Odds Are That on Social Security You Can't Afford Even a Studio Apartment

It was a heady time - that is, the counterculture. And the "street people" - that era's term for the homeless - primarily were young folks who could fend for themselves. 

They knew, for example, to come to liberal sanctuaries such as university towns like Ann Arbor, Michigan which provided essential services as well as compassionate mental health outreach. Oh, and all the free concerts. 

Some were runaways. Some were simply experimenting with an alternative lifestyle. Many would return to the conventional way of life of paying rent or, down the road, even buying a house. 

Now, we Boomers who were free spirits during the counterculture, bear witness to a very different kind of homelessness. It lacks many support systems. It certainly isn't an adventure or a voluntary time-out. And since it includes so many aging, there may not be any way back to being able to have your own roof over your head again.

MSN documents:

"Single adults 50 or older are now estimated to account for about half of the US homeless population, up from about 10% three decades ago."

Homelessness can happen fast. Almost 80% of those in America live paycheck to paycheck. The new survival mechanism is to keep a paycheck coming in, even when receiving entitlements like Social Security. 

In MI, where I used to be a doctoral student and activist reaching out to the young homeless, the current average SS monthly payment is about $1,600.  Meanwhile, in Ann Arbor the rental situation right now is:

"When you rent an apartment in Ann Arbor, you can expect to pay about $1,590 per month for a studio, $1,616 for a one-bedroom apartment, and around $1,884 for a two-bedroom apartment."

As a coach I am candid and firm with the aging who assume that when they end their careers they can stop working. I present the financial realities and also the good news about all the freelance options (here listen to my comments on this award-winning  podcast) as well as part-time and even full-time slots available to those on Social Security.. 

Think of those paid employment opportunities as forms of semiretirement. They include: 
  • Customer service agent.
  • Companion to those in need.
  • Event usher or attendant.
  • Grocery store greeter or clerk.
  • Home mortgage underwriter.
  • On-demand driver.
  • Real estate agent.
  • Temporary office worker.
  • Tour guide.
  • Tutor.
To those I would add security guard, dog walker, online entrepreneur, household mover and residential cleaner.

And, believe me, much of the stigma is gone from shifting, for instance, from a career in middle management to slots which fill the gap between that monthly entitlement check and what it takes to pay the bills. More and more, we congratulate each other on having landed work, any kind. Along with the paycheck, working for income brings us out of social isolation. 

You made it this far. The next phase could be semiretirement. Coach For Seniors Jane Genova welcomes providing you with a complimentary consultation about that transition. Text/phone 203-468-8579, email janegenova374@gmail.com for appointment. Fees custom-made for your current budget.

 



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