U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics > Frugal Living
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 04-05-2017, 11:00 PM
 
17,615 posts, read 12,203,533 times
Reputation: 12856

Advertisements

Quote:
Originally Posted by Submariner View Post
I have bought multiple properties.

Most were apartment buildings, where tenants paid rent, to cover all operational expenses, and provided my family with housing, and tax-sheltering, and profit.

I do not see what point you are trying to make.
So combined with your w2 wages your total income was?




Quote:
During the 2008 Recession, I did.

And... ?
You weren't entirely successful in your real estate endeavors




Quote:
My salary income maxxed at about $65k/year.
That ignores total income from you know rental income


Quote:
This thread asks: "Is it possible to retire on 36k?"

My pension is $1,480/month [$17k+]
Your pension alone isn't your only source of retirement funding and to suggest you have no desire to grow the income ignores your personal history that led you to retirement. For instance if my retirement income was 17k a year but I had no debt, a paid off house and 2mm in cash it would be somewhat disingenuous to say yeah living on 17k is no problem


Quote:
I am foggy about what topic you are whining about.
Far from whining rather calling you out for what I see as disingenuous commentary
Reply With Quote Quick reply to this message

 
Old 04-06-2017, 03:32 AM
 
64,551 posts, read 66,100,109 times
Reputation: 42988
Quote:
Originally Posted by Lowexpectations View Post
So combined with your w2 wages your total income was?

if my retirement income was 17k a year but I had no debt, a paid off house and 2mm in cash it would be somewhat disingenuous to say yeah living on 17k is no problem




Far from whining rather calling you out for what I see as disingenuous commentary
that was my gripe with our friend eddie in the other thread about who is joining him retiring in their 20 and 30's . then he went on to say he is living life nicely on 20k a year .

but he failed to mention somehow he got a paid off house ,a car , an inflation adjusted 20k income plus free medical insurance .

a disingenuous thread , at the least .
Reply With Quote Quick reply to this message
 
Old 04-06-2017, 05:10 AM
 
Location: Tampa, FL
27,798 posts, read 24,859,410 times
Reputation: 14611
Tax burden by state. Purple is good, red/orange is bad.




https://www.axios.com/what-is-the-ta...345956480.html
Reply With Quote Quick reply to this message
 
Old 04-06-2017, 07:33 AM
 
Location: Forests of Maine
29,722 posts, read 47,483,706 times
Reputation: 17565
Quote:
Originally Posted by Lowexpectations View Post
So combined with your w2 wages your total income was?
When I was on Active Duty I had a Navy paycheck and I had rental income. I also had mortgages and a lot of other expenses to maintain those apartments. We kept our AGI close to zero, always less than $1,000.

We lived on my paycheck and we spent the surplus on the apartments. Rental income went to the expenses of those properties and to buying down the mortgages, to build equity and avoid income taxes.



Quote:
... You weren't entirely successful in your real estate endeavors
After I retired we used the equity that we had built-up to buy our retirement homestead with cash. Then later during the Recession, we went through bankruptcy after we lost all tenants for a year. We never used rental income for our own living expenses. They were vehicles to build equity and shelter my salary from Income Taxation.

I view it as having been a success.



Quote:
...That ignores total income from you know rental income
And you are ignoring business expenses.

Income from our apartments has always gone into buying down the mortgages. If we had ever touched any of that money for ourselves we would have had to pay income taxes on that money.

It has been a number of years since that last time we had any apartments. We lost the last apartment complex when the Recession forced us to go through bankruptcy.




Quote:
... Your pension alone isn't your only source of retirement funding and to suggest you have no desire to grow the income ignores your personal history that led you to retirement. For instance if my retirement income was 17k a year but I had no debt, a paid off house and 2mm in cash it would be somewhat disingenuous to say yeah living on 17k is no problem
I do have a history of collecting apartment complexes. And I will do it all again.

At the time of my retirement, we were down to only one property. We took the equity out of that apartment complex after I retired in 2001 and we used it to buy our homestead. We own our homestead 'free and clear'. As a side-line I sell farm produce, my gross income from farm sells is less than $1,000/year selling maple, honey, eggs and herbs. After expenses our Schedule F [farm income] is zero.

We had a bankruptcy in 08/09 and we have not had any rental properties from then until now.

I do not have 2mm. I do not have 1mm.



We are in probate at this time dealing with the estate of my in-laws. It is going directly into a separate LLC that we are managing and is targeted at purchasing another apartment complex, and it's refurbishment. We hope that this LLC will begin to have rental income in the Fall of 2017. Cash flow from this new set of apartments, held by this LLC, are designated for other purposes, in accordance with the will. We will not be taking any proceeds from that estate.

We are fine on my pension income as we have been this past 15 years.



Quote:
... Far from whining rather calling you out for what I see as disingenuous commentary
We are doing much better since our children have left home. Otherwise we are fine on my pension income.

We produce nearly all of our own food.

It took us 4 years to gather all the components for a solar power system to power our house, and that got rid of our electric bill.

Now that we have been on solar power for a year and a half, we have shifted to a plug-in car. We are charging it from our home solar system. This further reduces our vehicle fuel costs.

This summer we will be working on a solar thermal system to heat our home. Our home should then become self-heating, ie without any heating costs. This should further reduce our living expenses.
Reply With Quote Quick reply to this message
 
Old 04-06-2017, 09:28 AM
 
17,615 posts, read 12,203,533 times
Reputation: 12856
I didn't ask what your agi was I asked what your w-2 plus rental income. I also don't care about your expenses but there is as reason you are ignoring the income question
Reply With Quote Quick reply to this message
 
Old 04-06-2017, 10:04 AM
 
2,062 posts, read 1,325,490 times
Reputation: 2612
You are still young, its too early for you to determine what is ideal living income for you. I remember at 21, fresh out of college, I was over the moon for getting 35K job. Yes I had low expectation because my parents combine income was 30K maybe. I knew it wasn't much but I could live in that income. I was not even aware of 401K or medical insurance or vacation LOL.


Then with in a year I was hired in at 55K. I was supper happy & tried very hard to maintain my old of 35K salary life. Slowly I understood 401K and retirement and I thought to myself, all I need is 35K. I don't mind living in low income neighborhood, I don't really need vacation and old used cars are just fine. But 10 years later & double my starting salary, my expense has gone up significantly without me noticing. My standard of comfort has gone up and now 50-60K is comfortable while 35K is barely surviving. So give it time, your idea of "ideal/comfortable life" will change significant from your 20's to your 30s. In early 20s we have college mindset where it takes a while for us to forget the poor college student lifestyle. I can't believe now I don't run toward free food because I want healthy food. Back in the days free food would make me forget about health. Part of being mature
Reply With Quote Quick reply to this message
 
Old 04-06-2017, 12:34 PM
 
33,046 posts, read 20,714,185 times
Reputation: 8928
Quote:
Originally Posted by BucFan View Post
Tax burden by state. Purple is good, red/orange is bad.




https://www.axios.com/what-is-the-ta...345956480.html

Looks like they have the colors reversed.
Reply With Quote Quick reply to this message
 
Old 04-06-2017, 01:05 PM
 
1,066 posts, read 706,323 times
Reputation: 1194
$36k a year in retirement is probably enough to cover the basics assuming you own your home and don't have to worry about rents going up and have no other debts. If you want to travel, drive a nice car, give your grandchildren a nice Christmas, and update your home.. its probably not going to be enough. I'm 32 and have worked very hard for all I have, my wife will have a state pension, I hope to own a few rental properties and we should have an IRA worth about $4,000,000. Couple this with Social Security and we should be looking at $220,000ish a year in retirement after taxes, but honestly I worry that's not going to be enough with inflation in 40 years... So clearly to each their own.
Reply With Quote Quick reply to this message
 
Old 04-06-2017, 01:57 PM
 
Location: Boise, ID
8,011 posts, read 22,505,069 times
Reputation: 9212
OP, it depends on where you live and what lifestyle you want, but it is definitely possible.

My husband and I (so 2 people) and our 2 cats, but no kids, spend approximately $23k a year now. That includes a mortgage of around $750/month, not including taxes/insurance, so when that is paid off, we will be at around $14k a year. That doesn't include health insurance costs (hubby's work has great insurance), but there is a big difference between $14k and $36k, that would cover a lot of health care costs.

You have to live in an inexpensive area, drive the same car for many years and be a frugal person to do that, and most people cannot do that. But yes, it is absolutely possible. I still wouldn't want to HAVE to do it with only that money, and no reserves at all. And having kids makes a big dent in the equation.

Plan for that pension to SUPPLEMENT your other retirement savings, not to replace them entirely.
Reply With Quote Quick reply to this message
 
Old 04-06-2017, 05:26 PM
 
Location: Forests of Maine
29,722 posts, read 47,483,706 times
Reputation: 17565
Quote:
Originally Posted by Lowexpectations View Post
I didn't ask what your agi was I asked what your w-2 plus rental income. I also don't care about your expenses but there is as reason you are ignoring the income question
In 2009 my gross income was $16,000+

Most years I have gotten a tiny COL bump to my pension which has slowly ramped up my income

In 2016 my w-2 pension income was $17,760 and I had about $1,000 farm income.

I have not had any rental income since 2008.

I can repeat this as many times as you need. This has still been my income. I have full explained my income to you many times.

I can not imagine what other method of explanation you think you need.

I get $1,480/month.
Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics > Frugal Living
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top