Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I'm sure I could do it. Sell the house, and eliminate HOA, taxes, maint., insurance, heat, water, elec, internet and cable. All that stuff plus extra repairs runs me almost $800 a month now. So I get rid of the house and purchase a mobile home and park it in a mobile home park with low rent or and RV and put it in an RV park, with again low rent. Then I could probably handle most of the rest, and use the left over from the sale of the house to fund extras for awhile.
If that still couldn't handle it, I'd opt for the mobile home with 2 bedrooms and take in a renter.
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.
Depending on where you live, it's possible because on 1K/month, you'd qualify for a lot of programs.
One way to find out - try to live on as close to $1,000 a month and put away the rest of your income towards funding your retirement.
How? If you can manage it, try to make do with less clothing, lunches, vehicle and other work-related expenses (use public trans, forego the latest styles, pack your lunch). Also, learn how to garden and raise some of your own food. Gardening is good for your health, and can be low cost. Use the library to learn new things that would be handy to know so you can do some of your own repairs, maintenance, etc.
Not a chance. Various insurances and property taxes eat most of that $1K up. Still have to eat and fill up the gas tank, etc., on top of that.
You got that right. Property tax ($500) and set aside for 76 y/o home maintenance/yard work, whatnot ($600) is already $1,100/mo. I need $2,300 just to cover fixed/anticipated expenses - what about the unexpected and gifts and fun and travel?? - maybe save a bit on groceries, but that's about it. And, I'm not leaving this city b/c family is here. Further, rents around here would run over $1k/mo., so no point renting, either. Roommate is absolutely out. No way can I live w/anyone.
Last edited by Ariadne22; 04-27-2016 at 08:18 PM..
You could but it would be tight. Where you might run into trouble is when the car needs new tires or the refrigerator needs to be replaced or if you need any dental work. I've found that vets in Florida are pretty expensive too.
A lot of seniors around here have part time jobs or do small gigs to supplement their social security. Also a good idea to buy things you might want to use in retirement such as a bicycle, kayak, hobby things, tools, etc ahead of time. Living in a place where there are a lot of free things to do is very helpful.
Could not live on that if we stayed here in NJ. Property taxes are too high -- and we live in the cheaper end of the state, where property taxes are slightly less insane.
no way, medical insurance is $275 a month
property insurance takes $200
property taxes takes $285
car registration $10
car insurance $100
stupid illegal fire tax $10
medicine $40
Those are the required things and it is over $900 total
And, well, I LIKE electricity, water, gas, both for the car and house, phone and internet, and tv, and, yes, food too! Oh, and the trash and sewer bills, almost forgot them, and they are mandatory at trash, $69 for 2 months and sewer, $89 for three months.
Nope, part of why I will leave CA and move to TN when I retire!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
