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I was thinking, as otterhere mentioned earlier post, you could rent out a couple of rooms in your house and perhaps that supplement income would make it more comfortable to live.
I have considered the same thing or downsizing to a camper for mobility and travel.
I am blown away by the high property taxes so many pay on their homes. The tax rate on my main residence, in Pueblo, Colorado, is less than $300 a year. And when I turn 65, I will only have to pay half of the assessed rate. I read of some of you paying over $1000 a month and I am horrified.
Not in California. But in Oklahoma I can. Taxes are low. Utilities run about 150. I support me, the furries, my chief hobbies (anything yarn) and my computer with plenty left for food. I get the pet food off Amazon discounted (and as I don't have a car, no delivery problems). I save a bit in the emergency fund. I'm only feeding me, though I don't buy cheap food, especially meat and milk. My usual method of figuring out what's for dinner is opening up the frig and seeing what's there.
It's not perfect and recently the fund was hit over the washer repair. I got the parts and am doing it via a video with instructions. The dog will get fixed next month.
I keep a supply of non perishable food around too, and if necessary its there. I recently bought a trimmer for the yard so I can say no to all the helpful who offer to mow.
My hobbies are crafts, especially stitching, and I literally have a large box full of yarn of all colors so I'm pretty good there.
In California I got more benefits. And had horrible smog, a tiny apartment, no yard, neighbors on the other side of the wall who yelled all night, and smog. Oh, mentioned that already. Here in OK that is ONE problem we don't have.
I'm fine with my life and while I'd like a few trips a year, I love having my own little house with the furry contingent.
If you want travel, all the stuff, to be busy (me, I love the not busy part) then maybe you couldn't. But while there are costs, then there are rewards if your happy with chilling out and going with the flow.
I figure I have a HOME which for paying the taxes will be mine and that's worth everything. And taxes are a bit over 300 a year.
I live in Oklahoma, and theres absolutely no way I could live on $1,000.00 a month. We have long summers, and my electric bill is $300.00 a month, and it's still unbearable. That's keeping it at 74 degrees. My water is $100.00, then you have the other bills. No.
I am blown away by the high property taxes so many pay on their homes. The tax rate on my main residence, in Pueblo, Colorado, is less than $300 a year. And when I turn 65, I will only have to pay half of the assessed rate. I read of some of you paying over $1000 a month and I am horrified.
I hear you.
I have owned homes that were in crazy high COL areas with super high taxes. But as a retiree? heck no.
It is low COL and low taxes for me. My pension is so small that if I were to return to my home state [California] I could barely afford to live in a cardboard box.
Instead we settled in an area where my pension puts us in the upper half of the income spectrum. A lot of families here earn less than I earn. It makes my tiny pension 'feel' okay.
Guess I wouldn't need clothes if I wasn't working. 99% of clothes I buy are for the office.
$ 150.00 (HOI & taxes) - small house, under 100K
$ 300.00 groceries & pet supplies
$ 150.00 electric (I prefer a cold thermostat, but I could live with it hotter if I have to)
$ 50.00 (water, trash & sewer) - not sure this is accurate?
$ 60.00 basic net
No cable, I'll get a Leaf Antenna so I can pick up the news and the major networks.
That leaves me quite a bit. Maybe it's doable.
What do you guys pay for trash/sewer/water ?
I agree. It is doable, at least in your case (and even after adding on automobile insurance). But, to the extent that you're willing and able, I def wouldn't "splurge" and would save aggressively what you don't spend in the event that you had an emergency and needed to dive into savings.
I was going to say "YES! NO PROBLEM!" and then all the adults of the crowd threw in the grown up problems: property tax, etc. I still think it's possible. Could you take in a student boarder or a professional (airline crew member?) who needs a port in the storm?
If your SS was 1K a month and you lived alone, never had kids, and kind of a homebody, could you make it? House would be paid for, but of course, there is HOI and maintenance (or a condo fee if you have a condo).
Let's say house for the sake of argument, so there is no HOA fee.
I do have cats, but they are pretty healthy and go to the vet yearly.
I seriously doubt it - between taxes, homeowner's insurance (assuming there is no HOA fee and the house is small), possible flood insurance depending on where you are, auto insurance, electricity, water, landline and/or house phone, groceries, copays on doctor bills and any meds you might take, gas & maintenance for a vehicle including tires, brakes, oil changes, etc., veterinarian bills (they may be healthy now but what if something happens) and groceries I would have to say a resounding NO.
Perhaps if you were in a small condo with low HOA fees where you didn't pay water and only had to have insurance for the inside maybe but even though you would probably be worried about anything that breaks down. How would you pay for a new appliance? Do you have a credit card? If it were me I couldn't deal with that kind of stress and enjoy my life.
If your SS was 1K a month and you lived alone, never had kids, and kind of a homebody, could you make it? House would be paid for, but of course, there is HOI and maintenance (or a condo fee if you have a condo).
Let's say house for the sake of argument, so there is no HOA fee.
I do have cats, but they are pretty healthy and go to the vet yearly.
My property taxes alone are more than $1k per month.
By the time I retire, I imagine my monthly premiums for health insurance will also be much higher than $1k. At this point, I'm planning on having about $4k in monthly expenses, and that will be after we downsize to a smaller home.
My property taxes alone are more than $1k per month.
By the time I retire, I imagine my monthly premiums for health insurance will also be much higher than $1k. At this point, I'm planning on having about $4k in monthly expenses, and that will be after we downsize to a smaller home.
You are in an extremely high COL region. I suspect you already know this too.
Our taxes are less than $1,000 per year.
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