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It's true that no one can really say, without knowing all the circumstances, what your expenses would be or your expectations for retirement, whether or not you could manage on the money that you state you have. But I'll say this, a lot of people manage on a lot less than the amount of money you are talking about..
And I'd think that hands down, living in TN in a small town would be less draining on the finances than living in CA.
People manage on a lot less. They don't necessarily live on a lot less. Something always gets shoved aside -- an adequate diet and/or less heat in the winter and/or less medical care (can't fill Rx) and/or dental care and/or car upkeep (or no car at all). I forget what politician said that $22/hr. is a liveable wage, but I think it is -- and that comes out to $45,760/yr. before taxes. I'm a single person, retired, and I need AT LEAST $30,000 to live a decent life (IMHO). I don't travel, I rarely eat out, I don't buy clothes very often, I don't get my hair colored (just cut), I have no Rx meds, etc., etc. That $30,000/yr. does include taxes -- fed and state -- but it does not include any kind of savings -- no 'cushion' at all. And my current rent is under $500/mo. and my utilities run an average of $55/mo. (total). So tell me how someone lives on $20,000/yr. (and often less).
If I sound angry -- I am. This is a real concern of mine, because I know a lot of seniors who are doing without necessities. REAL necessities.
After 65
???
it is better here
here is the biggie
medical infrastructure friends and a home you already have here
Leaving shangrala is a one way ticket
remember you will be too old tired and sick to claw your way to the top to shangrala like u did when you were 20
In shangrala everybody is young and groovy and there is no winter
Did u notice the poor in Tenn have no teeth?
No tj dentists there
you bring up a good point that is only now starting to come up in the retirement equation.
retiree spending patterns are belived to shift over time.
they buy and do less stuff as time goes on and are less effected by inflation. the fall off in what they aren't doing or spending has been greater then inflation increasing what they do buy. this becomes even truer when a paid off home is involved.
the result is while all these calculators plan for a yearly raise by inflation that hasn't been the case. retirees more or less have been spending at a constant rate offsetting the increases with less doing and buying.
you actually may need 20-30% less then these calculators tell you that you need.
Probably does not apply to low earners who rent; there is little room to cut back spending and rent just keeps going up so they can't reduce their inflation exposure.
Say you had $3000 a month, nothing else, like people who rented and
couldn't afford to invest...which is many, many people living paycheck to paycheck
....you can fig that out pretty easily...
Gas, food, utilities, car ins, pet food, rent. (Or no rent because you buy a $150k house in TN)
You could do it.
A simple life is sweet.
Plus, there are little ways to putter around and bring in more cash with hobbies and such.
I just made $80 for 5hrs of pulling a neighbor's weeds...I would have done it for him for free in his backyard...
Say you had $3000 a month, nothing else, like people who rented and
couldn't afford to invest...which is many, many people living paycheck to paycheck
....you can fig that out pretty easily...
Gas, food, utilities, car ins, pet food, rent. (Or no rent because you buy a $150k house in TN)
You could do it.
A simple life is sweet.
Plus, there are little ways to putter around and bring in more cash with hobbies and such.
I just made $80 for 5hrs of pulling a neighbor's weeds...I would have done it for him for free in his backyard...
??? and what do you do when you are no longer able to care for yourself and you need help and you have no money and no assets and no home to sell?
Is your retirement income much less than what you were use to having?
I pay more rent than you but it includes utilities. If I had wanted to travel, I would have rented a studio as a home base, but I like being home. so I have a large two bedroom in a nice, older neighborhood.
Is location the difference between your needs and those of myself and others like aquablue?
I know people here who live on ss only of less than a $1,000 a month, but they use the government and family help available. I wouldn't want to have to do it, but its doable. For some people, its not much different from the way they have lived throughout their lives.
Its never too late to start saving and trimming the fat. I saved enough this summer to buy myself a laptop. I rarely dip into my savings.
I think the OP will be fine. We can't see the future. There may be rough times ahead, but I don't want to spend the good times worrying about them.
??? and what do you do when you are no longer able to care for
yourself and you need help and you have no money and no assets
and no home to sell?
So you mean 'you' (or this couple) are together living in that $150k house or 90K condo in TN?
Why would you/they have no money?
It was said they would have the $3000 a month.
They do have their investment money and, say, another $100,000 or more left from the
sale of their house.
Why do they have nothing in this scenario?
Maybe someone knowledgeable of Nursing Homes, senior assisted living, gov subsidized living could
answer what happens
when 2 people are old and can absolutely not function alone any longer.
I always believe in making friends with people younger...I help a 92 yr old out so much!
My male neighbor, 50ish, goes over sometimes and picks her up when she can't get up...
once up in a chair she can manage.
A memory...I was called in off the street once in San Antonio...to help
a 98 yr old bag of just bones out of the bathtub!...Her 75 yr old daughter couldn't do it.
Young people that care is important.
Did u notice the poor in Tenn have no teeth?
No tj dentists there
I do hope that was meant to be a joke. My neighbors go out of the country to get their dental work done. There is a big dental office behind me that does work for those who can't afford their regular prices a couple of times a year. The place is always packed.
Many places offer payment plans.
I am more aware of over whitened teeth than a lack of teeth.
I do hope that was meant to be a joke. My neighbors go out of the country to get their dental work done. There is a big dental office behind me that does work for those who can't afford their regular prices a couple of times a year. The place is always packed.
Many places offer payment plans.
I am more aware of over whitened teeth than a lack of teeth.
I haven't seen a corncob pipe lately, either.
yes, I am (over)sensitive.
I was not talking about rich Californians or the rich of Tenn i was talking about poor people I know
ever hear of the worlds longest yard sale in Tenn? Google it
a toothless event
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