I know we'll be poor in retirement - it's inevitable (conversation, retired)
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In retirement, you think living on $5000 per month which is $60,000 per year is POOR??
Or, in retirement, even much less is poor?
When you're used to living on a six figure income, which is the case with the OP, it will be a challenge. There is no way we could live on that amount without a drastic change in lifestyle.
Thanks for everything, everyone! Yes, I know 3-4K per month seems comfortable to many, but it's impossible to overstate how expensive it is to live in Massachusetts! When rents are 3000+ (way more in the city and in suburbs with good schools) and house payments are the same, I have no idea how anyone here lives with children on less than six figures.
What's hard is spending so much to live here in service of dh's job. Our daughter is up and out and we're free but for the job.
These posts really give me hope because of the practical ideas and overall support I'm getting. Thank you.
Oh, we've lived in the mid-west and I loved Iowa, especially, but don't want to move back. Dh and I are Yankees at heart and would rather be dealing with snow, etc., in VT or Maine than in the heartland.
Vt is not retirement friendly. Google search it. How about Florida or the Carolinas? Cheaper to live there.
But for two people, though? For one person, sure, no problem on $60K. But two? Especially if having two cars is a necessity, which in some areas it is. (I know there's Uber, Lyft, etc but not everywhere and not everyone is comfortable using it; I would not be.)
I don't see why two retired people would HAVE to have two cars. I don't think of Uber etc. having never lived in an area where it was operating. But why would two people without daily commitments need two cars, especially if it was a financial difficulty? Also, one doesn't need a fancy car or SUV or whatever. I have always bought a minimal new car (like an entry level Toyota or something- my recent Subaru was a nod to moving to Colorado and buying one step up from entry level). Maintain the car like religion and have it for many years.
I had a Mazda 323 for 11 years of high-mileage commuting, then a Toyota Matrix for 15 years, and now a Subaru Crosstrek. Of course, if there were two of us, we would have needed two cars.
Just for example. Except for health care co-pays and some more food, I don't see why another person would be so expensive as to result in poverty living at that income.
I don't see why two retired people would HAVE to have two cars. I don't think of Uber etc. having never lived in an area where it was operating. But why would two people without daily commitments need two cars, especially if it was a financial difficulty? Also, one doesn't need a fancy car or SUV or whatever. I have always bought a minimal new car (like an entry level Toyota or something- my recent Subaru was a nod to moving to Colorado and buying one step up from entry level). Maintain the car like religion and have it for many years.
I had a Mazda 323 for 11 years of high-mileage commuting, then a Toyota Matrix for 15 years, and now a Subaru Crosstrek. Of course, if there were two of us, we would have needed two cars.
Just for example. Except for health care co-pays and some more food, I don't see why another person would be so expensive as to result in poverty living at that income.
One car simply doesn't work for every couple. We've been reduced to one car a few times and it's a headache. Now we have two vehicles at each house (main and winter), so each of us has a vehicle at all times. It really does make life simpler.
There is a huge dif between 60K a year and you own your home, or have a reasonable mortgage.
60K and you pay full market for your housing? HUGE problem.
The OP is not considering Federal and State tax either.
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One car simply doesn't work for every couple. We've been reduced to one car a few times and it's a headache. Now we have two vehicles at each house (main and winter), so each of us has a vehicle at all times. It really does make life simpler.
Housing costs where the OP resides are outrageous. I own a small ranch (under 1000 sqft) just outside of Boston & the property taxes are 7k per year with no end in sight. 60k for 2 people in eastern Massachusetts is considered low income by just about every metric for the area.
The OP has her answer in her own question: take advantage of the senior housing complex in your affluent home town & you will not have to uproot yourselves at all.
What the needs to do is sit down and list the "needs" and see if the budget covers the "needs." Then you can choose what "wants" and "conveniences" you to add.
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Well, obviously from an earlier post, I really cannot relate to any of this. But I am noticing people suggesting the OP check out the senior apartments.
I recall another poster in another thread who seems to have a generous income mentioned that they didn't want to try living in a small one-bedroom apartment, which is what the senior apartments would be.
So since the OP has a nice (in my opinion) income and is probably living in a nice home, why would they want to move into a senior retirement apartment.
I'm probably missing a lot of information but this is what I "heard."
I'm not judging. I might have at one time, but not anymore.
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