Are these numbers average, bad , good?

[MissBoogus]

Hello! I’m sorry if this is an odd question.

but I really have no friends and I’m not close with family. Neither does my boyfriend. I have nobody to give me insight or compare to.

My boyfriend makes a monthly income of $1700 on disability.

I make a monthly income of $1500.

im trying to figure out “where we are in life”. Are these numbers good, bad, or average statistically? Keep in mind that my partners disability covers all utilities so we don’t need to pay bills. (Except internet)

His disability also covers weekly home cleaning services.
I’m truly looking for opinions if this looks “good” for someone 25 years old? Because sometimes I feel like we are really behind , but other times I feel pretty darn lucky.

[WindAtMyBack]

It depends on where you live and the cost of living. It's generally enough to get by, but it's well below average in the US. If you factor in not having to pay bills, it's probably getting close to average.

But also keep in mind that average is an average for all ages. So average overall is actually above average for your age group.

If you don't live in a high cost of living area, and are good at being thrifty, you should be able to start saving for retirement. It might not be a lot, but getting in that habit at a young age is far more important than the actual amount.

Hang in there. Be smart with your money. You'll get increase as you get older. You should be OK.

[WindAtMyBack]

I should have said median income, not average. Median means half the people make more and half make less. Average is higher than median.

[MissBoogus]

The school system failed me. I don’t know anything about retirement savings. Do you get savings automatically from working any job? I think since my boyfriend is on disability he automatically gets put onto a program at 65. If you don’t have any money saved up can’t you just get on a program later on?

[WindAtMyBack]

You should always save money for retirement no matter what. In the US you will have a payroll deduction for Social Security - that's assuming you are working legally. Social Security will provide an income when you reach retirement age.

The amount you get at retirement depends on how much you paid into it during your life. The more you work and pay into SS, then more you get when you retire.

There are also things like IRAs, 401K plans, etc. At your current income level I don't think you should be getting into things like that, but it won't hurt to read about them and understand what they are.

At 65, you might be thinking of Medicare. Everyone can get Medicare whether they are disabled or not. There are other programs, like the one he's on now. There may be some other programs beside Medicare at age 65, but I don't know what they are.

But not matter what, you should always save for retirement. The sooner you start, the better. That should be one of your most important goals in life.

[MissBoogus]

Thanks !

[Redstang88]

Well if you’re in school working part time it’s not terrible, but honestly between the 2 of you you’re not even making average income.
Having your bills covered makes an enormous difference, but still are you guys planning to put in some work and up those numbers to get yourselves ahead?

[MissBoogus]

No, not school. I have limitations so can only work 2 days a week. And my partner’s Disability has a income cap so I wouldn’t be allowed to make more anyways.

[Redstang88]

Why can you only work 2 days a week? I guess if you’re content with this then keep it up, but I won’t sugarcoat it, $3200/ month isn’t gonna get you very far in life

[MissBoogus]

Because if I work more then that they start clawing back his benefits. I’m not allowed to make more then $8500 a year or they deduct it.

[LiamJHayden]

It sound low to me, but it depends on where you live. I live in a county where $80K is considered low income. 15-year-old and 16-year-old new hires at fast food restaurants around here start at $16.50 per hour or more. There are undoubtedly places where $3200 is workable.

[LiamJHayden]

To clarify, where I live is crazy expensive. "Overall, housing in Newport Beach is 633% higher than the national average." So if housing is national average where you live you should be okay.

[MissBoogus]

Oh everything’s pretty cheap here in comparison

[LiamJHayden]

You can look up your county/state averages, but those do not take into account your utilities, cleaning, and I assume he also get low/no cost medical. If so, you are fine.

[FireFox001]

I have no idea, but quokkas are cute.