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Between Social Security, a small pension, and even smaller income from investments, I'll pull in $49K/year when I semi-retire in a few years, in addition to whatever I make from a part-time web design business and life coaching practice (I hope to pull in another $10K or more, but I'm not counting on it for my planning). I don't own a home, and at this point (I'm 67) I will probably rent a 1BR apartment for the rest of my life. My current rent is $1100/month but I'm earning $74K/year in IT.
I don't live a lavish lifestyle, but I like a vacation now and then, and to be able to go to a movie or a restaurant from time to time without straining my budget. I would want to live in a safe community. My impression from this forum (which frequently has posts of the "I only have $500,000 for a house" type) is that the Charleston area would be too rich for my blood. Is that the case? Anyone out there retired or semi retired and living happy on roughly $50K per year? Or, anyone regretting moving to the Charleston area on that kind of retirement income?
The further you get away from downtown Charleston and the coast, the cheaper rent will be. Plenty of retired folks without any debt are living well with $50K a year income. The key is no debt.
Yes you can live here on 50k a year ... clearly not lavishly ...but well enuf... if theres no particular interest in what Charleston has to offer ... the midlands and upstate are less expensive.
I do not want to retire here... I've already thought about this a lot. I don't want to have to mess with hurricane evacuations when I'm retired and it's also too touristy and expensive. I'm not a beach person, so somewhere like Greenville is where I would retire if I am even in South Carolina at that point.
We retired to Charleston (Mount Pleasant) in 2000. Relocated the Columbia (Lexington) in 2010 for family reasons. I do miss Charleston but had to do what one has to do.
The Greenville area is lovely. A bit to remote, to far right, to religious, and can get to cold for my tastes but still a great area.
I have question (maybe unusual and stupid, but I live in europe).
Are $49,000/year still to be taxed, or you mean netto for you?
And in case the amount is to be taxed, what could be a reasonable percentage?
Thanks for helping me understand
I have question (maybe unusual and stupid, but I live in europe).
Are $49,000/year still to be taxed, or you mean netto for you?
And in case the amount is to be taxed, what could be a reasonable percentage?
Thanks for helping me understand
Basically the way US Federal Taxes work is one has a Gross Income which is income from all sources. Say $30K from one source, $10K from another source and another $10K from another source. That is $50K Gross Income. These income sources get adjusted/reduced to differing amounts for differing reasons (to complicated and varying to explain). The income left over is called Adjusted Gross Income. Let us say $30K. This Adjusted Gross Income might also get further reduced (deductions for various reasons) to say $20K which is ones final Taxable Income. The $20K is actually the income taxed.
Trying to keep it relatively simple.
I assume the OP was talking Gross Income as when most say their income is such and such, they mean their Gross Income.
Yes, I did mean Gross Income. Since I'm currently having 17% of my income put away in my 401k, my gross available income is effectively $61K so unless I'm thinking this through incorrectly, I'd only need an additional $12K per year income to duplicate my current standard of living.
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