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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).
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
Car insurance- $150 per mo (only one of us will drive)
Food-$600
Personal Hygiene-$100
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????
Quote:
Originally Posted by CarolinaM
Does this seem like a decent enough retirement plan??
Would you enjoy it??
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!
Some months you will make money, by the end of the year or second year you will be losing money, possibly a-lot of money. You forgot to account for the upkeep of the RV's, once leased out they need to stay in working order. Once leased out if something breaks you need to fix or replace it, if something breaks you really can not run down to the local Home Depot for RV parts. Also, you seem to be basing this number ($500) off both being rented, there will be months only one is rented and maybe a time when neither are rented. Finally, tenants interested in living in RV's are not going to be the best tenants, you are in for a world of headaches when one of them does something stupid or does not pay. (Breaking Bad popped into my head here.)
I suggest you find another way to supplement your retirement, that does not rely on people who are willing to live in an RV.
The $250 rent is profit, I accounted for 50% upkeep. I know that is more than enough but wanted to stay coservative. The total rent charged will be $500 a month per RV, so $250 profit per RV which is $500 profit total
We've done this before, renting out an RV on the property and had a very good tenant who wishes to come back to rent.
We won't have issues finding good people so that is a non-issue. We already know people who are interested, more people than we plan on renting to. Breaking Bad is a funny show, you should watch the take off called Better Call Saul if you haven't yet
Are you suggesting living entirely off Social Security?
Is that seriously possible?
Property taxes $150 a month? WTF? Do you live in Mexico?
I think you need to read my OP again but sure it is very possible to live off of Social Security. People do it all the time.
It all depends upon the money coming in versus money going out to pay for for basic needs. If you garden, that is money not going out except a small amount for the dirt, seeds etc..there are many circumstances which could allow a person to live well off of SS. We have a hundred thousand dollar+ cushion if needed though I'd like at least that amount to be for our sons inheritance. Plus the tiny home and 20 acres it is on.
Last edited by CarolinaM; 10-25-2016 at 03:10 PM..
You added $1350 + $500 and got $1900 when it should be $1850. With expenses of $1725, that leaves only $125 per month left over, not close to $200 as you estimated. I think that is cutting it too close to the bone.
Also, realistically, will it be easy to rent those 2 RVs and for the price that you are hoping? Since that is a large percentage of your potential income, I would make sure that is in place and will be steady before you retire.
Best of luck to you.
Thank you. I also sell on Amazon & Ebay but didn't add that in because who knows what will happen in 20 years, if that will still be a possibility. I currently make $500 per month profit selling on these venues
No, it is not doable. You have zero money for unexpected expenses, and you are relying on both RVs being permanently occupied. Is an agency going to foster a child into what is basically a big shack?
Thanks for your reply, I am going to seriously re-examine the plan again. I appreciate your input except I am not aware of any "big shack" you speak of. We are going to build a 280 sq foot tiny home with high ceilings. Average size bedroom & bathroom and our bedroom will be in the larger loft area above. Plus we'll have a large garage for vehicles and bikes, plus a room adjacent that for storage and a place just to have a guest or two. And a separate outside bathroom for that w/shower.
Just to re-iterate, we are considering what is known as EMERGENCY FOSTER PARENTS so we'd be licensed to take children up to two under two years old for a very short time, up to 48 hrs though at times, it can take another 24 hrs for placement (3 days). Prior we were regular foster parents and fostered a child or two, on average for 6 month or so spurts depending. All were re-unified with one or both parents afterwards
Otherwise there are NEVER enough foster parents so the babies and children are sent to a local receiving home to sleep on mats on the floor. It is always so crowded they never have enough beds or staff to even meet the childrens needs. I wish more people would foster.
And we'd also be qualified to babysit any minor for other foster parents. Probably choosing to do it up to 24 hrs and when the weather is nice so we can spend alot of time outside. But again....this is just a thought. We are not completely sure about becoming foster parents again but keeping the possibility open.
The receiving home costs the taxpayers about 4 times what the Foster Subsidy is. So Fostering is the easiest way to save the taxpayers thousands of dollars while providing a child with a real family, even if temporarily. But we'll see how life works itself out
Last edited by CarolinaM; 10-25-2016 at 03:07 PM..
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nice to meet you
