Can a single person live off $32K in retirement? (2015, relatives, restaurant)
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Tell God your plans and make him laugh. I can sympathize. My dad had all his ducks in a row but cancer didn't care.
So sorry about your dad. That's the cruelest thing because the person doesn't have the option to make changes in their life when they happen.
Yes, no one should believe that things will work out exactly as they planned because they followed the right formula for success. Not that they followed the wrong plans but that fate sometimes intervenes and they never saw it coming.
One of the things I did to make my life easier was to move from a place with a high COL to one with a low COL. The great thing about these United States is there are so many options. I actually found a city not only with a lower COL but one in which I had options to be able to live on my income and do the things I love to do.
I did a ton of research after I decided to relocate which actually is what led me here to City Data so I was pretty much aware of what my new location had to offer. There are so many affordable things for older people to do here I have many options.
I would say to the OP he could probably live of 32K or whatever the equivalent of 32K might be by the time he retires under the right circumstances in some areas. If he is able to save more without any interference, he should definitely do so. If he feels he would comfortable with more, by all means that's what he should aim for it.
That certainly assumes a lot about other people you don't know. Obviously, money runs your life but you should realize that it's not true for everyone. Some of those "Poor" people you see sitting in the back of the concert may choose to be there for reasons other than they can't afford seats up front.
When I go to a pop concert I tend to sit in back because sitting in front it gets too loud for me. People stand up and you can't see the performers and I can't stand for that long a time. When I was working and regularly went to see plays I could afford front row seats but I preferred the first balcony because I believe one can has a better view of the entire stage. For symphonies I like either that seating or towards the middle in the back.
Not all people sitting in the back are retirees with little money. Some may be students or parents of young families; anyone of any age with limited funds currently working, going to school or whatever. After they have had a chance to make their way in the world as you have, maybe they will be able to afford seats in the front if they want them.
I have never owned either a house or a car because I never wanted them. And yes, when I was working I could have afforded them. My options were to choose not to have to deal with these things and at age 70, I doubt I will be changing my mind. Early on I opted for the advantage of not having to pay for repairs for a roof leaking or tire changing. I have an air conditioned apartment that, if the AC breaks down, the building maintenance people will replace it without my having to pay a penny for it. For transportation the bus, train etc had always been my means of getting around and now are some senior organizations that provide transportation within my area. I'm also looking into Uber.
As far as arranging "life purpose" no one arranges to be poor. But stuff happens. It could happen to anyone as has been pointed out numerous times in this forum. Money is a fickle friend.
I am speaking as someone who is comfortably retired who doesn't consider that living on $32,000 would be poor at all especially because I live contentedly on less.
The Lady Gaga story was a joke that I admit missed the mark. Sorry about the fail there.
In my defense, because I'm still going to rock concerts at my age, one might imagine that I would be well aware of why people choose to sit in the various locations other than by ticket price. And as a former teacher, I don't want to think about what the kids sitting in the back in the dark are doing, lol.
I agree that you're correct - it's wrong of me to imply that living on 32K is "poor".
The point I'm trying to make, however, is not about whether you, me, or the OP wants to have a particular lifestyle, house, or car.
The point I'm trying to make is having the option to make these choices. By choosing at this time to live on 32K later, he will be lose having these options later in life, and the decision will be irreversible.
The Lady Gaga story was a joke that I admit missed the mark. Sorry about the fail there.
In my defense, because I'm still going to rock concerts at my age, one might imagine that I would be well aware of why people choose to sit in the various locations other than by ticket price. And as a former teacher, I don't want to think about what the kids sitting in the back in the dark are doing, lol.
I agree that you're correct - it's wrong of me to imply that living on 32K is "poor".
The point I'm trying to make, however, is not about whether you, me, or the OP wants to have a particular lifestyle, house, or car.
The point I'm trying to make is having the option to make these choices. By choosing at this time to live on 32K later, he will be lose having these options later in life, and the decision will be irreversible.
I believed you and didn't think you were joking. I'm not embarrassed to admit I listen to the likes of Lady Gaga, Katy Perry and Pink, to mention just a few. And on the male side I listen to Fall Out Boy, Pitbull, Flo Rida and Calvin Harris, just to mention a few.
To contrast, my 80-something mother lives in a low COL town in rural Washington -- no state income tax there either. But her monthly spend definitely exceeds 2700:
HOA 950 (this includes all utilities)
Prop Tax 200
Car 400
IRS 300
Insurance (house, car, umbrella) 200
Medicare Part B 250
Medigap 200
Private Doctor "concierge" fee 100
Other Health 100 (drugs, copays)
Food & Entertainment 500
Miscellaneous (arts & crafts, cell phone, travel, gifts for grandchildren) 500
.
I live right on the Sound in an apt and at 53 would never pay that much ( if any )to any HOA in my 80's nor have a 400 car payment . I don't think I could sleep . My husband has me take care of all things financial and I would always be worried . My husbands is 260 a month and is very nice car . Yet I don't even like paying that .
Quote:
Originally Posted by AlaskaErik
I believed you and didn't think you were joking. I'm not embarrassed to admit I listen to the likes of Lady Gaga, Katy Perry and Pink, to mention just a few. And on the male side I listen to Fall Out Boy, Pitbull, Flo Rida and Calvin Harris, just to mention a few.
LOL oh no now your going to have me listen to "My House" all day I LOVE THAT SONG !!! I was at the Seahawk's game the other night against Dallas and its on their playlist Also at training camp I am just hooked on it .
It would help to have some hobbies that keep you out of the stores.
I have older retired friends (late 60s) and family that get bored so spend their time and money at the Dollar Stores and Wal-Mart. Buying stuff to make things that later just get tossed aside. It was only a dollar - is a favorite line. But gee - it was more than one item and that adds up when you complain about getting your car repaired and can't afford it.
lots of people are . but if you can afford life here in retirement it is hard to beat all the city offers . we were going to retire in the pocono's where we had a house . but once we started thinking with our retirement hat on , it lacked all the things we would want as we aged.
no public transportation if we couldn't drive
limited hospital's and facility's
few specialists
nothing to do all winter if we were not skiing
no place to earn decent money if i wanted to work a bit in retirement .
everything was a drive , even to get milk .
it was getting boring as we exhausted all there was to do in the area .
the list went on and on . everything we wanted was already in place right here , so we sold the house
Yes, assuming a willingness to be frugal including housing, and also assuming physical and mental abilities are good enough for day-to-day living without assistive devices or people.
The Lady Gaga story was a joke that I admit missed the mark. Sorry about the fail there.
In my defense, because I'm still going to rock concerts at my age, one might imagine that I would be well aware of why people choose to sit in the various locations other than by ticket price. And as a former teacher, I don't want to think about what the kids sitting in the back in the dark are doing, lol.
I agree that you're correct - it's wrong of me to imply that living on 32K is "poor".
The point I'm trying to make, however, is not about whether you, me, or the OP wants to have a particular lifestyle, house, or car.
The point I'm trying to make is having the option to make these choices. By choosing at this time to live on 32K later, he will be lose having these options later in life, and the decision will be irreversible.
Understood about the Lady Gaga post.
I do understand what people are saying about options. It's good to have as many as possible and I think that's what we all try to plan for. The point I was trying to make is in the unforeseen event those options become narrowed, it's good not be so tied to them you can't make a Plan B.
As long as you have a paid-for house in a low property tax area and you are physically able to do your own home maintenance, you would be OK.
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