TheOtherMe
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Post by TheOtherMe on Dec 27, 2016 21:01:50 GMT -5
Take it all until it's paid off. Disability shouldn't be exempt either. SSI needs to be exempt. My client has schizophrenia. She can't work and lives on $700 per month. She barely exists as it is. She is not alone in the kind of money SSI pays per month. I couldn't live on what she receives a month. I do not want to live in Section 8 housing, rely on food stamps, etc. I want to pay my way. If she was still paying off student loans, she could not eat or keep a roof over her head.
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zibazinski
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Post by zibazinski on Dec 27, 2016 21:10:06 GMT -5
I doubt she has student loans.
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cronewitch
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Post by cronewitch on Dec 27, 2016 21:17:05 GMT -5
But the 40 something is much more dicey. Suddenly it is a much riskier. A person who takes out SL's to go to graduate school can quickly find they have a heart attack or stroke or get lupus and can't work or not near enough to pay the $200,000 loan they took out. What do we do with them? lump them in with the 50+ year old people getting a house with a 30 year mortgage, which I also don't understand. If they only make minimum payments, there is a big chance they could be dead, incapacitated, unable to live on their own or unable to continue working before the mortgage is paid off - and yet they still qualify... My ISO got his 30 year mortgage at 65 a few months before retirement. He uses his SS check to pay the mortgage and lives on his pensions. If he had gotten a 15 year mortgage he would be 80 when paid, he doesn't expect to live to 80. I am 68 with 24 years left on my mortgage, I will sell and get a new mortgage in my 70s. No worse than people who rent in retirement.
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cronewitch
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Post by cronewitch on Dec 27, 2016 21:20:52 GMT -5
Yes, I know. I saw that I was just addressing the qualification part. However, I punched in 25K/year from 1988 to 2004 with no other working years on the SS calculator and it came up with $1076/month at 67. Not a fortune, but not a hell of a lot less than mine comes up with working for the full 40 years. www.ssa.gov/planners/retire/AnypiaApplet.htmlIn 1988 25K was a pretty good job. They adjust wages for inflation so lower income years ago counts like lower income now. We also have a regressive system so low income get a higher percentage so you really do get a better deal low income.
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Post by The Walk of the Penguin Mich on Dec 27, 2016 21:25:09 GMT -5
But the 40 something is much more dicey. Suddenly it is a much riskier. A person who takes out SL's to go to graduate school can quickly find they have a heart attack or stroke or get lupus and can't work or not near enough to pay the $200,000 loan they took out. What do we do with them? lump them in with the 50+ year old people getting a house with a 30 year mortgage, which I also don't understand. If they only make minimum payments, there is a big chance they could be dead, incapacitated, unable to live on their own or unable to continue working before the mortgage is paid off - and yet they still qualify... What difference does it make? The house gets sold on death, and the mortgage gets paid from the estate. My dad's mortgage would have easily been paid after retirement.
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cronewitch
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Post by cronewitch on Dec 27, 2016 21:33:04 GMT -5
I know the rallying cry is always oler people are on a fixed income but older people are also normally richer people. And no matter how hard I try my income has always been pretty fixed. I've never understood the entire "fixed income" thing either. A guaranteed check in the mail every month seems more secure than someone working who could get laid off or injured or sick and not able to go to work. Fixed income was a major problem in the past and some are still whining about it even if they don't have it. Fixed income was when pensions and SS didn't have COLA. You could start retirement with a pension that would pay your blue cross and a month of groceries and 20 years later barely covered your blue cross. My ex's grandparents had that in the 60-90s. Starting at age 67 and 65 they retired with that pension and his SS in a little house. Within 15 years the pension didn't cover groceries and SS hadn't increased so they slowly got poorer. When he died she lost his pension and part of the SS so was even more poor. Interest on bank accounts is pretty fixed. She was 65 and died at 93 before so her fixed income made her poor.
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naughtybear
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Post by naughtybear on Dec 28, 2016 7:01:47 GMT -5
There are a lot of people that are "woe is me" when their problems were brought on by themselves. There is a wealth of information out there, even before google came about to not make stupid decisions. Yet people still do and then bitch, moan and whine about it and set up go fund me. Take responsibility for your failings, own your mistakes, no-one wants to hear it was someone's else's fault when anyone with half a brain can see through it.
Anyway this attitude of what some may feel is "hard hearted" is more of a "tough love" approach.
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Deleted
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Post by Deleted on Dec 28, 2016 7:59:13 GMT -5
What difference does it make? The house gets sold on death, and the mortgage gets paid from the estate. My dad's mortgage would have easily been paid after retirement. I agree- the mortgage company has to look at financial circumstances, not age. I put down about 60%, so plenty of equity in the house, and took out a 15-year mortgage at age 62 when I was already retired. Believe me, the bank does not have to worry about foreclosing on me.
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swamp
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Post by swamp on Dec 28, 2016 10:55:19 GMT -5
I doubt she has student loans. why would you doubt it?
Often schizophrenia manifests in early 20's, the prime time to incur student loans, and cut your work history short.
I know several schizophrenics who attended college, and did well. Some were employed several years before their symptoms became unmanageable.
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Tiny
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Post by Tiny on Dec 28, 2016 13:40:05 GMT -5
I doubt she has student loans. why would you doubt it?
Often schizophrenia manifests in early 20's, the prime time to incur student loans, and cut your work history short.
I know several schizophrenics who attended college, and did well. Some were employed several years before their symptoms became unmanageable.
Or what if she co-signed Student Loans for her kids? If her kids aren't making the payments she will be responsible.
For older folks - the Student Loans they owe on could have been from their kids' education.
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TheOtherMe
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Post by TheOtherMe on Dec 28, 2016 13:43:47 GMT -5
I doubt she has student loans. why would you doubt it?
Often schizophrenia manifests in early 20's, the prime time to incur student loans, and cut your work history short.
I know several schizophrenics who attended college, and did well. Some were employed several years before their symptoms became unmanageable.
True swamp. I don't have any clients in this situation, but the office where I volunteer does. I did have to help my client pay off some old debts that meant she got $20 per week spending money and that included food. That was the reason she was referred to the program where I volunteer. The people who work there do have clients with student loan debt and say that they are glad the SSI can not be garnished. I did have one client who only got $400 per month. He was in a nursing home, but I'm told the agency has clients with student loan debt receiving that amount of money. I'm surprised at the number of relatively young people I see going in to pick up their checks for personal money when I go to the agency. Have some compassion for people with mental illness people. It could be you or your child in the future.
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