“My social security gets me through retirement”
Above is a frequently uttered phrase among retirees today.
It’s a common theme: Social Security paying the bills.
But what is Social Security and how does it work?
Las Vegas Social Security at a Glance
Put simply, while you were working a portion of your taxes each month went towards paying into Social Security.
When you retire, you will be able to claim some of this money back as a monthly income, which may give you enough money to retire on or supplement your monthly income.
Social Security can be a great safety net for those who hadn’t saved up enough money to retire in the lifestyle they were hoping for.
When you are ready to make a claim, they will then evaluate your claim and determine how much you are entitled to. This will often be based on the circumstances that you are facing when you make your claim.
Despite this, living on Social Security can be a struggle for some people.
But for others – those who are savvy and wise enough – it’s allows them to live a comfortable lifestyle during their retirement. It all just depends on how you use it.
Retirees living in high-cost states like California and New York may struggle just to get by.
But many are finding the solution to living comfortably on Social Security by living in a low cost, no income tax state like Nevada, Texas, or Florida.
And just because you live off social security doesn’t mean you don’t deserve to live your ideal retirement lifestyle.
Living in Las Vegas on Social Security
But how does one retire on Social Security in Las Vegas?
The amount that you will be able to claim often depends on your circumstances.
For example, individual retirees in Nevada who are living independently may be able to claim around $820 each month.
If you are an individual living in someone else’s household, you may be able to claim somewhere around $546.
But, if you are an individual living in a nursing home or a residential home, you may be able to claim around $1,170. However, most of these extra funds end up going to the facility rather than your own bank account.
The table below lists the combined federal and state payment amounts in Nevada. Not all SSI recipients receive the maximum amount and your payment may be lower if you have other income.
|Category||Independent Living Arrangements||Living in Someone Else’s Household||Domiciliary Care|
|Aged Person and Blind Spouse||$1,549.60||$1,315.28||$2,056.00|
|Aged Person and Disabled Spouse||$1,249.46||$832.98||$2,056.00|
|Blind Person and Disabled Spouse||$1,549.60||$1,315.28||$2,056.00|
To get a more accurate calculation, you should visit your local Social Security Office, or alternatively, you can use an online tool to determine an estimation on much you will be able to claim.
Action Plan for Retiring in Las Vegas on Social Security
One of the first things that you should do is draw up a budget. This will give you a better understanding of the types of expenses and how many you have.
You might also want to wait before you claim Social Security, as some find it best to claim after they turn 70.
Another area to look at is your tax situation. If you’re only earning money from Social Security, you often won’t need to pay taxes on the payments.
It’s also a good idea to plan ahead for your retirement. You want to try and reduce your costs as much as possible, and for many it’s a good idea to pay down debt before retiring.
Another thing you may want to consider is becoming a member of an organization like AARP which deliver extra benefits and savings.
- Create a budget
- Determine when you will claim Social Security
- Look into your tax situation
- Have a plan!
The good news is that Las Vegas has some of the lowest living costs in the United States, making it an ideal place for retirement.
If you are interested in making this transition, we can help you.
Click here to speak with one of our relocation specialists and see if moving to Las Vegas is the right move for you!
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