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My Mom did it in FL on not much more than that. Her SS was $800-something and pension was like $239. She paid nothing for insurance or co-pays; she had employer-paid supplemental coverage as part of an early-retirement package. (The company later tried to renege on that deal and lost in a lawsuit.)
I know she had a small mortgage, car payment at times and condo fees of maybe $275 or so. Cable was included, landline was $29, AOL was $10, electric is around $60, water $40. I don't know what she spent in food but she ate like a bird so probably not much, and she didn't travel or spend on clothes and frills. I guess she had to take RMDs but I don't think they were much. Property taxes were low due to homesteading and low-income.
I can't tell you exactly how she did it but I know when I took over her bills, I realized just how frugally she lived and why she was always searching around for a gas station with a penny-cheaper gas.
I think a lot of people would be surprised to find how little income their parents have.
So the hypothesis is I'm somehow wiped out financially and have to live on a $12,000/year Social Security check?
I could do it but I'd have to move somewhere with much lower housing costs but urban enough to have public transportation. I'd have some kind of shared housing arrangement. I'd be walking and taking the bus. I'd have to be fairly fanatical about food costs. It's not circumstances I'd aspire to but I could certainly do it if I had no other option.
with subsidized medical you would actually be getting more than 1k a month . medical can run up to 5k a year wih a 6k out of pocket exposure with no subsidy .
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 can't answer that, it would also depend on where you are living, but no matter where, in the USA, you're talking a very basic subsistence. Not that it's impossible though, if you are strategic on where you live, minimize COL, get innovative with expenses like clothes (Goodwill?), food (grow your own?), services like veterinary care (bartering?), transportation (bicycle vs. car?). Perhaps a worthy and challenging experiment.
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.
Where I live, it would be a struggle. Property taxes alone would eat up over half of that. Don't forget utilities, cable/internet/phone, food, health insurance, health care.
Since my property tax alone is almost 6k a year I'd never make it on a $1000. a month. My husband keeps bitching now because we spend almost 5k a month now on the important stuff, gas, elect, food, pet food, 2 auto insurances, internet and my little shopping sprees but that's for 4 of us plus multiple pets.
I can't even imagine trying to cut that down to 1K a month living where I am now.
I think it could be done but we'd have to move to another state with a lower COL and get rid of some people living here.. LOL..
Ha, it just dawned on me that it even crossed my mind to get rid of some of the pets.. yeah, that ain't happening.
elliedee no joke about the pets, AND NY! As our income declined, the financial cost of having 2 dogs has really come to light! We got them for our kids after the loss of grandparents to cheer them up, but now they are like my children as well! I wouldn't change a thing, but after paying a few vet bills of over $1,000, I know that once they are gone, I don't think we will be getting any more dogs in retirement!
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 live in Delray and pay monthly ~: $55 for water-sewer-trash, $65 electric, $30 internet, $200 HOI, $75 RE taxes. Medicare, gap, and drug insurance runs ~$300/mo.
I live in a man-gated community where HOA runs over $300/mo and includes 2 HD cable boxes and 24/7 roaming security, pools, gym, clubhouse, theatre, and landscaping.
My biggest other 'needs' (other than food) is my car and attendant costs.
All in all I could not live here and 'make it' without outside assistance of any sort.
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 probably could if I didn't have any mortgage payments but it would be very difficult if I had some emergency expense.
What's gonna determine the most is your property taxes and homeowners insurance. If you acquired your home years ago, chances are your property taxes are not very high in FL.
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yeah, that ain't happening.
