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Tell me what my other options might be if my monthly income definitely will not cover market-rate rents?
The best option is to move. Different housing markets have vastly different rental stock and rental amounts. Most of us may not like the idea of moving, but if we move to a senior apt building in a city we can truly afford we will be surrounded by people in the same boat. It's a lot nicer than one might imagine.
I live in a senior retirement community in a city in Arkansas that has different buildings for different income levels. My rent and internet are around $1,000 a mo including utilities. Today I took the elevator and strolled over to the HUD building that is connected to our building. They just finished redoing all the apts there and they're MUCH nicer than ours. If I were to move over there my rent would be reduced drastically.
Never in a million years did I think I would be living in Arkansas, but it's been wonderful. True Southern friendliness from down to earth folks. The public transportation is lacking though, as well as roads I can bike on, so I will soon be moving to a city in Kentucky. The public transit is much better there and the rental amounts are much less.
I've lived in Hawaii, San Francisco, New Orleans, Savannah and a lot more really cool places. Even if I could still afford those places I wouldn't go back because they aren't the same cities anymore. I'm more than happy to live in Arkansas and Kentucky.
The best option is to move. Different housing markets have vastly different rental stock and rental amounts. Most of us may not like the idea of moving, but if we move to a senior apt building in a city we can truly afford we will be surrounded by people in the same boat. It's a lot nicer than one might imagine.
I live in a senior retirement community in a city in Arkansas that has different buildings for different income levels. My rent and internet are around $1,000 a mo including utilities. Today I took the elevator and strolled over to the HUD building that is connected to our building. They just finished redoing all the apts there and they're MUCH nicer than ours. If I were to move over there my rent would be reduced drastically.
Never in a million years did I think I would be living in Arkansas, but it's been wonderful. True Southern friendliness from down to earth folks. The public transportation is lacking though, as well as roads I can bike on, so I will soon be moving to a city in Kentucky. The public transit is much better there and the rental amounts are much less.
I've lived in Hawaii, San Francisco, New Orleans, Savannah and a lot more really cool places. Even if I could still afford those places I wouldn't go back because they aren't the same cities anymore. I'm more than happy to live in Arkansas and Kentucky.
You wrote a very interesting post with good suggestions. i don't (can't drive) so I am somewhat limited as to my options when it comes to moving. I would have to live in an area within walkable distance to supermarkets, drug stores, libraries. You've lived in some really cool places. I lived in New Orleans for six years and loved it. Would love to move back there but the crime and the potential hurricanes are problematic.
On the flip side you will not be forced into Required Minimum Distributions. But, it sounds like you will need to take a portion of it annually to live on anyways.
Part of my assets include a small amount of cash my late husband left me in a IRA which I switched over to my name after he died. I do have to take an RMD every year but I simply move it from the IRA into my savings account. I don't have to take any money out of my savings yet to live and I truly hope I don't have to. That is my emergency fund.
You wrote a very interesting post with good suggestions. i don't (can't drive) so I am somewhat limited as to my options when it comes to moving. I would have to live in an area within walkable distance to supermarkets, drug stores, libraries. You've lived in some really cool places. I lived in New Orleans for six years and loved it. Would love to move back there but the crime and the potential hurricanes are problematic.
There is another poster here who is exploring Pittsburgh for retirement. In one of the quality-of-life websites, Pittsburgh has been recently voted #1 city in the US and #32 in the world. It is wonderful and affordable. It is easy to find a studio under $1k per month, and a luxury studio for $1.5k per month. If I were in limited financial circumstances, and not considering to move abroad (which I still think is the best solution for a senior in a financial gap between eligibility for subsidized home and ability to pay market rent), Pittsburgh would be probably #1 on my list.
There is another poster here who is exploring Pittsburgh for retirement. In one of the quality-of-life websites, Pittsburgh has been recently voted #1 city in the US and #32 in the world. It is wonderful and affordable. It is easy to find a studio under $1k per month, and a luxury studio for $1.5k per month. If I were in limited financial circumstances, and not considering to move abroad (which I still think is the best solution for a senior in a financial gap between eligibility for subsidized home and ability to pay market rent), Pittsburgh would be probably #1 on my list.
Pittsburgh would have been #1 on my list, at least to explore if I had wanted to live in a large affordable city.
Pittsburgh would have been #1 on my list, at least to explore if I had wanted to live in a large affordable city.
Yes, Pittsurgh is on my list of options. The only reason I'm hesitating is because I currently live in a rent-stabilized (not rent controlled, there is a difference) apartment. My rent will continue to increase albeit by whatever percentage the Rent Stabilization Board approves. If I do move out of New York, rents will not be stabilized and the landlord can increase the rent however much he wants to. Do not equate rent stabilization to low rent; they don't necessarily go together. I'm already paying more rent than I comfortable with and I have another rent increase coming up.
The best option is to move. Different housing markets have vastly different rental stock and rental amounts. Most of us may not like the idea of moving, but if we move to a senior apt building in a city we can truly afford we will be surrounded by people in the same boat. It's a lot nicer than one might imagine.
This is in western PA...
My mother recently moved from her 2 BR second floor apartment into senior living.
She was paying $627 + utilities for the two bedroom. But, at age 89, she needed something more suitable. PLUS she was giving up driving and public transit was inadequate.
She is now in a senior community in an adjacent county, run by a mainline religion.
Independent living floor - one bedroom and smaller than the previous apt - for just under $1400.
Her monthly rent includes all utilities including internet (which she doesn't use), twice monthly housekeeping, activities, van transportation, and all lunches and dinners.
Cheaper living IS available if/when anyone decides to relocate.
This is in western PA...
My mother recently moved from her 2 BR second floor apartment into senior living.
She was paying $627 + utilities for the two bedroom. But, at age 89, she needed something more suitable. PLUS she was giving up driving and public transit was inadequate.
She is now in a senior community in an adjacent county, run by a mainline religion.
Independent living floor - one bedroom and smaller than the previous apt - for just under $1400.
Her monthly rent includes all utilities including internet (which she doesn't use), twice monthly housekeeping, activities, van transportation, and all lunches and dinners.
Cheaper living IS available if/when anyone decides to relocate.
Sounds like your mother got a good deal there with utilities included. Even though i now live in a one-bedroom apt. I would be willing to downsize and move into a studio if the rent was reasonable and it was within walking distance to shopping.
Sounds like your mother got a good deal there with utilities included. Even though i now live in a one-bedroom apt. I would be willing to downsize and move into a studio if the rent was reasonable and it was within walking distance to shopping.
Since we are talking about annuities in the other thread, it occurred to me: could you "decrease" your assets by turning them into annuities? You would have a higher monthly income when annuities are added, but lower assets - maybe you could find a point where you wouldn't get so much income in annuities that it would disqualify you from subsidized housing, yet you would decrease your assets below the limit where they start disqualifying you from subsidized housing? Probably not a good approach if you want to leave stuff to heirs, but could work if you need resources just for yourself.
I think people need to be careful not to qualify for fraudulent activities.
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