Anyone Retired Fixed Income?

Yep, I'm on 100%  commission (in THIS economy) and have a husband at home with 3 brain tumours. Fixed income? I'd love one!

Barbe.  I pray you are an Ontario resident at least.  At least you'd have OHIP.

Galnok, 100% commission means I don't get paid unless I sell something. And then, only once it is delivered to the customer! People are hanging on pretty tightly to their money lately. As I don't have a fixed income, banks hate me. I make different amounts each year so have no stability. Got a mortgage thank God, or rent would be higher. We pay $1,500 now, but rents here are stupid. We can't deduct mortgage expenses in our income taxes like you guys can in the states.

No treatment other than surgery....can't take a chance with side effects, so I'll just wait to see if/when it metastisizes.....sigh. Maybe then I can get off the treadmill! 

What exactly does "fixed income" mean?  Is there not cost of living adjustments made?  I'm on SSDI and I got a "raise" at the beginning of 2009.  Does retirement or pension not adjust for cost of living?  Not trying to be snippy, I really don't know.  I don't think Social Security should be called "fixed income" because it adjusts annually but I know that some do call it that.

My stepmother gets $9,000 a month from my Dad's pension (even though he is dead). She also get medical, dental, prescription, eyeglasses, etc.

Gee, I could live on that quite nicely! 

I hear you! My meds are about $600 a month. That's one of the reasons I have to stay at my full commission job as I finally have a drug plan! I couldn't do chemo as I couldn't afford what my plan doesn't pay! That's one of the reasons I went right to double mastectomy. I couldn't afford the time off or side effects.

Hah! She "became" a lesbian after my Dad died and has a girlfriend in Seattle (she lives just north of Toronto).

I think that's a horrendous medical policy. You're right! Us old people have been paying into the system for a lot longer than the young pups that we now have to support.

Kind of on a fixed income here. I'm on SSD and hubby is on unemployment, with not much prospect of going back to his regular job. I've been covered for the last several years on his insurance through his union, but now he hasn't had enough work to keep the insurance unless we pay for it. We did that this month and will next month, then I get on medicare and he will be able to stay on his insurance for 4 more months.

What bothers me is that his unemployment will run out about Nov, and my SSD will be up for review in Nov. If I lose my SSD and medicare, then we will have no income no insurance.  

I have a small teacher's pension.  Unfortunately I taught 33 years in a rural area at a pretty low salary so the pension is pretty small.  I started a business on the side and paid in social security, etc. as well as working side jobs many different summers.  Nearly 1/3 of everything I made in the business (which I had for 12 years) went for SS and because I have this tiny teacher's pension, I don't qualify for the amount of SS benefits that I would have had if I hadn't taught.  It infuriates me every time I think about it.  I feel as if I'm penalized for trying to get ahead while others are getting SS benefits and haven't paid into the system.  I have a friend whose single daughter had a disabled premature baby (due to drugs) and she gets a nice check each month for the baby even though she hasn't paid into the system.  I know she needs the help but I think the system needs to be reviewed.  It was orginally set up as a retirement system for the working and I guess I'm just frustrated because now we "mature people" are still paying for the younger generation and it's hard to work all your life and then retire on a "fixed income" and still pay your insurance out of your pension....Thank goodness though I have the insurance.  I guess we can gripe and moan all we want but we just have to adapt and move on.  Hugs to all of you struggling with the money issue and insurance fears.  We don't need this extra stress.

I am single, living alone on just SSDI which is 1/3rd of what I used to make.  Although I'm grateful for the ssdi I know I will HAVE to get back to work at least part time once my lungs improve and I'm off oxygen.  Luckily being a nurse I can work 1 day a month or 30 and my previous employer already said they'd take me back for as much as I could give.  Needless to say I won't do anything to jeopardize the ssdi benefit but they have programs in place to allow you to try to work without losing the benefit.

But really, in this economy with the groceries costing what they do and with nothing in savings I have nothing to fall back on so no choice but to get back to earning as much as I can for as long as I can. If I was breathing well enough that would have been YESTERDAY!!

barbe,  are you aware of the Ontario Trillium Drug plan?  There is a deductable based on income level but if out-of-pocket drug expenses exceed the deductible, it can be very helpful.  The deductables are approx. 4% of net income; it would be approx. $1,400 per year for someone making $40,000, $3,000 for someone making $75,000, $5125 for someone making $125,000, etc..

http://www.health.gov.on.ca/english/public/pub/drugs/trillium.html

http://www.forms.ssb.gov.on.ca/mbs/ssb/forms/ssbforms.nsf/GetAttachDocs/014-S46850E-87~15/$File/TrilliumBookE.pdf

I'm retired, as is DH.   We each receive a pension from our jobs and DH also gets a reduced SS benefit.  Although we receive yearly cost of living increases, they don't come close to catching up with inflation.   When we retired, we moved to a semi-retired/resort community and the fees increase each year, again far more than our annual retirement increases.  We had worked long and knew where we wanted to be when we retired.   It is doable, but we are beginning to just tread water financially.   We don't much of a savings reserve--I've lost more than half of a savings account I had through my job with the market downturn--sure hoping it picks up!    It is a scary time for all.....oh yeah--and we're both suckers when a grown kid hits a stumbling block! 

ritajean--I hear your frustration loud and clear!!!  Most of my working years were with the fed govt--did not pay into soc sec.   After I retired, I thought to work part-time somewhere and get my qtrs so to get a little more income from soc sec--I discussed with a local rep and was told to not waste my time--I could work 'til the cows came home, pay into soc sec, and never be able to apply for SS bennies because of the offset factor.   It was kind of a pisser for me--thinking that if I worked and "paid my dues" in both sectors, I should be compensated...NOT!!!    grrrrrr...

We aren't really on a fixed income as I am still sort of working in real estate, but it is getting harder to work.  My husband is officially retired but still teaching one class and that helps a lot.  We do OK on the day to day stuff, but the house needs some work and I dread finding out what a new roof will cost.  The darn "check engine" light is on in the car.  That surely won't be good.  We do have a financial cushion, but it won't take too many hits to deplete that.

Hi Tricia:  Canada has enjoyed universal health care for many years, and no rationing yet!  Only longer wait times for non-emergencies and elective surgeries.  But longer life expectancies than in the U.S.  Rationing destroys the underlying principle of universal healthcare.

FYI,  Canada spends 9% of its GDP on healthcare, while the U.S. spends almost 16%.  After reading all the many posts on this website about patients fighting insurance companies, losing insurance benefits, co-pays etc., I'm very thankful I live north of the border. 

Best, Linda