What do you think of my Retirement Plan? (dollars, California, bonus)
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Car insurance seems crazy high for retired people. You should be paying half that if not 1/3rd of that.
I pay 154 a month - that's with 2 drivers on 1 brand new car and another >2 year old sports car (which is what drives it up - it was closer to 100 before and wow, that sports car skyrocketed it).
AND I have a very high amount of coverage (750k) and low deductible (250).
Have you had any major accidents? I know that raises the price. Just curious. Thanks so much for this info ^^
I don't think I'd enjoy living in a tiny home or living on 20k a year. Are you currently working or drawing SS? The SS seems low but I guess taking it early has that impact
Yes I am working.
And yes the SS is very low. it's about the same as what the average american gets. Except it would be shared between the two of us
These three jumped out at me. They are areas that should - IMHO - be lower.
DH and I are in our 60s, my car new, his a lease. We pay less than $100 a month.
$600 for food is high for 2, unless you eat out a lot.
What is included in personal hygiene that you spend $1200 every year????
No, and no.
No way I would want to retire in 280 square feet in the middle of nowhere. But hey, if it is what YOU have always dreamed of, have fun!
Thank you Pitt Chick
The personal hygiene is getting my hair colored and planning for a bridge for my husband in later years. His dentist said his two front teeth are dead but they can do a root canal to save them for a time. My dental insurance thru work pays 80% for the root canal and we'll pay $1200 for the rest.
But he will need implants (which I assume we cannot afford) or a bridge at some point in the future.
I can color my own hair. We'd have just one car because I have eye disabilities. I can drive but prefer not to as they tend to just give out after being "used" too long. Kale helps a ton to keep them less tired. My medical insurance will not pay for a specialist for my eyesight but I did pay out of pocket to learn I have two rare disorders of the eye which runs in my family.
Your estimate for car insurance sounds high, unless your a bad driver? tickets, accidents?
Food bill also seems high, $400 a month, maybe less if you can grow some food on your acreage? Hunt, fish., raise livestock?
I have high speed internet for around $60 a month. Maybe spend $20 a month on hygiene and cleaning products. My entertainment budget is maybe $100 a month including eating out a few times. So if you live a little frugally your plan might be fine. The little extra things you do to raise money on the side definitely helps.
Lol yes so true JustMike! That is a teeny tiny area.
My guess is we'd only be able to take one or two children under 2 years old due to the size of the house, and only for up to a few days. But we could babysit for the other foster parents for one night. I think it would be fine if most of the day was spent having fun hiking, fishing swimming, panning for gold etc...to wear them out a little. Technically, emergency foster parents are only licensed for up to 48 hrs... but it can sometimes take an extra day for placement
Just Griffon-We'd have about 125 thousand+ saved (in my estimation) but I want it to go to my son as his inheritance. We live simply because that is what we enjoy. I wasn't sure of the cost of car insurance for a Senior who'd be driving so just guessed. I assumed a few accidents (just to be on the safe side) so the insurance could be higher. Food costs could easily go down, especially since some of it would come from our garden. As you noticed, most costs could probably decrease pretty easily except the internet
For some reason, there was a message saying a moderator had to approve my messages then it just didn't happen, no posts appeared....so my response for both is in this post.
The $125K saved makes this plan a lot more doable.
I don't know if you have that all in cash or not. I would certainly want some of it in cash, maybe a year's worth of expenses, say $20 to 25k. I'd put the rest in a fairly conservative mutual fund where it has the potential to grow faster than a bank account. A fund like Vanguard Wellesley Income comes to mind.
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