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Old 04-16-2018, 07:30 AM
 
1,696 posts, read 609,966 times
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Quote:
Originally Posted by wisnowbird View Post
Many outings can be done cheaper, though. I'm early retired in Upper Manhattan and don't really spend much on entertainment. Wednesdays are free for the zoo or to walk the grounds at the botanical gardens. The Met is still pay as you wish for NY residents. I have a Movie Pass and can see multiple movies every month for around $10/mo. We went to see Groundhog Day on Broadway before it closed when the lottery was easy to win - about $40/person. I won tickets to see Hamilton by buying a few raffle tickets from a charity. We have some friends who are actors/actresses - sometimes they give us free tickets to see their latest off-Broadway shows. Travel from NYC can be cheap, especially if you combine with credit card points and frequent flier miles. Our co-op puts on interesting events/readings occasionally, too. This city offers good choices for many income levels, as far as I'm concerned.
The NYC monthly subway pass for seniors (I think it is for 65+ yrs) is also a very good deal. I haven't unfortunately noticed that the city offers good HOUSING choices for many income levels. There is obviously the international jet set, there are those middle income people who snagged a rent-controlled rental long ago, and there is a massive amount of subsidized housing for people fully or partially on welfare. There are very rare options for incoming middle income people (including those that may want to retire to NYC) that would want to buy a condo (or buy into a co-op), and the rents for such people are also fairly intolerably high. NYC has devoted way too much money and effort to subsidized/welfare housing, at the expense of having a normal housing stock for middle-income people, IMHO. Correction of that situation should be a priority.
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Old 04-16-2018, 11:54 AM
 
Location: Atlanta
110 posts, read 50,210 times
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Quote:
Originally Posted by wisnowbird View Post
Many outings can be done cheaper, though. I'm early retired in Upper Manhattan and don't really spend much on entertainment. Wednesdays are free for the zoo or to walk the grounds at the botanical gardens. The Met is still pay as you wish for NY residents. I have a Movie Pass and can see multiple movies every month for around $10/mo. We went to see Groundhog Day on Broadway before it closed when the lottery was easy to win - about $40/person. I won tickets to see Hamilton by buying a few raffle tickets from a charity. We have some friends who are actors/actresses - sometimes they give us free tickets to see their latest off-Broadway shows. Travel from NYC can be cheap, especially if you combine with credit card points and frequent flier miles. Our co-op puts on interesting events/readings occasionally, too. This city offers good choices for many income levels, as far as I'm concerned.
It does, I would think a large percentage of NYers live on minimal funds if they have low housing costs.
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Old 04-16-2018, 03:05 PM
 
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If they have low housing costs odds are they have all different welfare perks too.

Rent stabilized apartments are not generally cheap anymore compared to rent control apartments which barly exist . There is no link between income and assets for stabilized apartments . We pay over 2k a month for ours with another 190 a month for a spot . Stabilized apartments can run 3,4,5k a month depending on the number of bedrooms .
So you are talking low income housing which is subsidized along with assorted other low income perks including subsidized health insurance , utility bills ,etc

Many of those in low income housing have the equal of 35-40k a year in income with the perks .likely even more .The rest of us need quite a bit unless you want a ghetto life style .
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Old 04-16-2018, 03:17 PM
 
Location: Atlanta
110 posts, read 50,210 times
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Quote:
Originally Posted by mathjak107 View Post
If they have low housing costs odds are they have all different welfare perks too.

Rent stabilized apartments are not generally cheap anymore compared to rent control apartments which barly exist . There is no link between income and assets for stabilized apartments . We pay over 2k a month for ours with another 190 a month for a spot . Stabilized apartments can run 3,4,5k a month depending on the number of bedrooms .
So you are talking low income housing which is subsidized along with assorted other low income perks including subsidized health insurance , utility bills ,etc

Many of those in low income housing have the equal of 35-40k a year in income with the perks .likely even more .The rest of us need quite a bit unless you want a ghetto life style .

Yes many have perks

Even more live in outer boroughs, in walk in apartments, or with family and use public transportation.
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Old 04-16-2018, 03:27 PM
 
71,511 posts, read 71,694,121 times
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Same applies .we live in the outer boroughs . Rents are pretty high ,even stabilized ,unless it is a run down ghetto looking building . Unless subsidized someone has to help support them either tax payers or family .

To live a middle class lifestyle here on your own takes quite a bit of dough . Just 40k can take 1 million or the risks of failing under poor sequencing is way to high to even be considered safe .

Could you try drawing that amount on less ? Sure you could . But you would be basing you retirement on hope as in hoping you have the right sequence of returns ,rates and inflattion. That is your choice to do.

There is no magical amount .everything is based on secure you want that income to be .

Don't people build cheaply constructed homes in storm areas? Of course they do and some are lucky and never get damaged or destroyed . The question is do you want to risk it . If yes than no you don' t need a million . Burn more principal thwn is considered safe and keep your fingers crossed . That is how retirement planni g works

Last edited by mathjak107; 04-16-2018 at 03:36 PM..
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Old 04-16-2018, 03:57 PM
 
Location: Atlanta
110 posts, read 50,210 times
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Quote:
Originally Posted by mathjak107 View Post
Same applies .we live in the outer boroughs . Rents are pretty high ,even stabilized ,unless it is a run down ghetto looking building . Unless subsidized someone has to help support them either tax payers or family .

To live a middle class lifestyle here on your own takes quite a bit of dough . Just 40k can take 1 million or the risks of failing under poor sequencing is way to high to even be considered safe .

Could you try drawing that amount on less ? Sure you could . But you would be basing you retirement on hope as in hoping you have the right sequence of returns ,rates and inflattion. That is your choice to do.

There is no magical amount .everything is based on secure you want that income to be .

Don't people build cheaply constructed homes in storm areas? Of course they do and some are lucky and never get damaged or destroyed . The question is do you want to risk it . If yes than no you don' t need a million . Burn more principal thwn is considered safe and keep your fingers crossed . That is how retirement planni g works

Do you think most retirees in NY have a lot of money? The well to do ones have an 800k home that they bought in 1959 for 25K. He has SS and a small pension. She has SS.
Maybe they have 150K in savings.
One of the kids lives in the basement.

The less fortunate live in a rent stabilized apartment with SS and a few grand in the bank. Their kids help out. Or they live with the kids.

Then their are the homeless.

Yes there are wealthy and very wealthy most are still working. Some retired cash rich.
A lot live in Manhattan, some the other boroughs.
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Old 04-16-2018, 06:09 PM
 
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As i said i grew up in a low income nyc housing project .did we pull it off ? Sure we did . Would i ever want to retire in to that life style again? Not on your life , i would rather work until i died if it meant a better life than that. Been there and done that .

The fact is people make do with whatever they have .they may dislike that life but they have no choice it has to work . I know the lifestyle we want and i know what we need . I couldn't care about what anyone else needs or thinks we need. They ain't me and i ain't them .

It is just nonsense when others tell people how much is enough . We don't need much more than a trailer park and a mobile home .

So we all have that lifestylethat we would like to live . Many can live that lifestyle and have the money .others have to settle and never meet that goal or lifestyle
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Old 04-17-2018, 05:33 AM
 
Location: Chicago
2,883 posts, read 4,033,278 times
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Quote:
Originally Posted by Pine to Vine View Post
3. You realize that you love spending time there, but the 24/7 energy might begin to wear. It's one thing to visit, but at the end of the day, it seems a bit too much to actually live there. Rather than give up your desire for an urban lifestyle, find another city that can provide you with what you are seeking - at a decibel or two lower. I've seen Philly and Boston recommended. Chicago and San Francisco are two others that might also fit the bill. Just like Goldilocks, perhaps this avenue fits just right! (Disclosure: we moved from Houston to Philly 3 and a half years ago and still can't believe how much happier we are, now that found exactly what we hoped and planned for for many years.)

Hope your dreams come true.
Illinois does not tax retirement income and it is much more reasonable to live in Chicago. You could live on the Gold Coast and have a lot right at your door. People say winter here is horrible, but it seems to me, the east coast has it had worse the last several years.
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Old 04-17-2018, 07:45 AM
 
1,696 posts, read 609,966 times
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Quote:
Originally Posted by mathjak107 View Post
If they have low housing costs odds are they have all different welfare perks too.

Rent stabilized apartments are not generally cheap anymore compared to rent control apartments which barly exist . There is no link between income and assets for stabilized apartments . We pay over 2k a month for ours with another 190 a month for a spot . Stabilized apartments can run 3,4,5k a month depending on the number of bedrooms .
So you are talking low income housing which is subsidized along with assorted other low income perks including subsidized health insurance , utility bills ,etc

Many of those in low income housing have the equal of 35-40k a year in income with the perks .likely even more .The rest of us need quite a bit unless you want a ghetto life style .
Paying a little over 2k/month for a rent stabilized 2 bdrm apt in NYC does seem cheap for NYC, and definitely would be manageable for a person, even a couple, living on 60k per year (probably not quite on 40k) if they do not own other homes and do not travel much. The problem is that there isn't enough of such housing available for people who live on 60k per year, while there is a hugely excessive amount of housing for people who make nothing (as a result of doing nothing and never having done anything). This latter group should not really be prioritized by any city. I personally like the "projects" architecture, possibly because I grew up in that architecture, in a country where it was not associated with "projects" mentality but with normal employment and normal life (between the late 1930s and 1950s, that architecture was considered very trendy, and the buildings are usually uncommonly solid in terms of construction work). It certainly isn't a problem with the architecture, and if the non-paying population were to be moved to cheap areas of the country, and the NYC "project" buildings were to be affordably offered to the middle income, tax-paying population (eg, those earning 60k per year), that would be certainly fairer and far more useful for the city. But, as I understand, that is not possible because the welfare population makes a powerful voter base in NYC.
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Old 04-17-2018, 10:51 AM
 
71,511 posts, read 71,694,121 times
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2000 to 2500 is the going price in our area for a 2 bedroom apartment not renting a house in queens . Unless you are closer to manhattan .those areas like long island city , astoria etc are far more. Bayside has no subway so wile a prime area it is not that popularcfor those who commute to the city. We have the very expensive long island railroad in our area .


.manhattan is another story and 2x our rent is the norm. Rent and health insurance and our long term care policy alone runs about 40k in pretax dollars.

The nyc projects allow you to qualify up to 69k . They are real ghetto , there is not one i would want to live in today. The wait list is years. Rent is based on income. I would die working if that was my choice .
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