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Old 09-06-2016, 04:34 AM
 
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my wife has a 20k pension but that is 15% of our yearly budget . so we are on the yoyo plan for the rest . you are on your own
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Old 09-06-2016, 05:49 AM
 
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Originally Posted by mathjak107 View Post
my wife has a 20k pension but that is 15% of our yearly budget . so we are on the yoyo plan for the rest . you are on your own
Your annual budget is 130K?!?!?

wow...you guys are big spenders!
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Old 09-06-2016, 06:01 AM
 
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those are our goal posts but it does not mean we spend that much .remember this is nyc . just rent ,health insurance and long term care insurance are 35-40k alone .
we have a nyc income tax , state tax , federal tax and all of the rest of life to support so yep it can take quite a bit of money to do what we want to do here ..
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Old 09-06-2016, 06:02 AM
 
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Originally Posted by mathjak107 View Post
those are our goal posts but it does not mean we spend that much .remember this is nyc . just rent ,health insurance and long term care insurance are 35-40k alone .
I'm in NYC too
How much do you spend on health insurance?
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Old 09-06-2016, 06:07 AM
 
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i am on cobra so i am 6200.00 . my wife is on medicare and a high deductible f-plan supplement so she is about 3k plus we have 2k exposure , a ny partnership plan for long term care is 8500.00 for both of us and we get a 1600.00 nys tax credit .

then we have dental and vision which is uncovered .so we likely exceed 15k normally after tax credits . this year we got whacked with 20k in dental unexpectedly for the two of us .
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Old 09-06-2016, 06:14 AM
 
Location: RVA
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Elegant summary nightingale212. She has her plan and defined what "enough" is. That is all you can really do. Funny, when I read Matts post of 20k being 15% I thought, "only 130k living in NYC?". Isn't rent for a nice place in Manhattan like 4-5k a month?
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Old 09-06-2016, 06:16 AM
 
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it sure can be that high , but we don't live in manhattan . we live in a nice part of queens . our rents are rent stabilized . at 20k a year they are a steal where we are .

half of all housing in nyc or the boroughs falls under being stabilized . that does not mean rents are cheap . your rent just depends on how long you have been in the apartment and whether you were there for the days when rents were used to win votes decades ago . my wife is here 35 years .

market rate is about 30k a year for our apartment at this point . on the other hand our tenants in the apartments we own in manhattan are at almost 1/2 market rate since values have shot up so much and they are original tenants since before the co-op conversion so they remain stabilized .

Last edited by mathjak107; 09-06-2016 at 06:25 AM..
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Old 09-06-2016, 06:24 AM
 
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If you can have a budget of 130k a year to live on and are still managing to save and your investments are growing not just because of return on investments but also because of continued investing, why not? Even if not in a high cost of living area why not? If you are working and have a budget of 200K and still saving and investing for future needs and retirement why not? Is retirement a minimalist endeavor or it is a effort to maximize wealth and the ability to have as many enjoyment options as possible?
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Old 09-06-2016, 06:27 AM
 
Location: RVA
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$1700/mo is a real steal for a nice place in a nice part of Queens. My neice had been looking for an apt in decent parts of Brooklyn and 1 bedroom railroad apts in split up homes 3 -4 blocks from a stop are that much.
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Old 09-06-2016, 06:28 AM
 
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we are in bay terrace which is a very nice area . homes are 800k in to the millions . we have two bedrooms 2 baths , pool and tennis courts, although there is an extra fee .

on the other hand the 1 bedroom co-op in kew gardens we own that we rented out is 1800 a month with no amenity's . that apartment is not stabilized since with a co-op once the original tenant is out the apartment is destabilized . that is why we paid 100k to the tenants in the apartments in the city to sell us back their leases .

Last edited by mathjak107; 09-06-2016 at 06:37 AM..
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