Can a single person live off $32K in retirement? (2014, friends, dating)
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Comfortable standard of living to me means the following:
ability to buy groceries and plenty of health foods without worry of price
ability to keep my car maintained 100% without delaying repairs and maintenance
ability to live in a modest home/apartment in a safe neighborhood that's reasonably updated
ability to have some fun on a regular or occasional basis (i.e. parks, vacations, restaurants, etc.)
ability to afford health care costs without severely impacting my savings
ability to accumulate some cash savings each month
Stuff like that...
I realize that you have already made a decision to keep investing but I voted no to $32K a year based on your definition of comfortable. I have older relatives who have lived on $32K but their lifestyle was nothing like the above. These were older widows who spend most of their time in a small apartment, put less than 3K miles a year on their car, ate at a restaurant a couple of times a week but generally Applebees or Golden Corral, took a plane trip to see out of state relatives once a year but did not require hotel or rental car, shopped at Walmart and bought less expensive groceries, spent most of their time watching TV, reading, doing arts and crafts, sewing or knitting, interacting with family, etc. And in low COL areas. That is what is meant by no luxuries and a mediocre existence, not your list. And while you may only plan to live to age 83, you may live much longer and have increasing medical bills. Eating well, going out to eat, taking a few trips, and renting an apartment in a safe neighborhood that is not a subsidized senior apartment will cost you.
I realize that you have already made a decision to keep investing but I voted no to $32K a year based on your definition of comfortable. I have older relatives who have lived on $32K but their lifestyle was nothing like the above. These were older widows who spend most of their time in a small apartment, put less than 3K miles a year on their car, ate at a restaurant a couple of times a week but generally Applebees or Golden Corral, took a plane trip to see out of state relatives once a year but did not require hotel or rental car, shopped at Walmart and bought less expensive groceries, spent most of their time watching TV, reading, doing arts and crafts, sewing or knitting, interacting with family, etc. And in low COL areas. That is what is meant by no luxuries and a mediocre existence, not your list. And while you may only plan to live to age 83, you may live much longer and have increasing medical bills. Eating well, going out to eat, taking a few trips, and renting an apartment in a safe neighborhood that is not a subsidized senior apartment will cost you.
lol - that is what most of us around here do now - and we have lots more than 32K. We are just little sloths that like to lead a simple carefree life - lol
3k miles a year on the car - my car is 10 years old and barely just now hit 49K miles. Most of the miles were put on at the beginning of its life when I was going to the city for school. I was going to be a permanent student, but now I;m just mediocreing around.
I had all my excitement in my earlier years and now I just want to rest
And you are probably right, Clemencia, that is "living average" for many folks and I may have the same lifestyle come 70. But the OP is in his 30's and needs to understand how his investing today will impact his retirement. If he is okay with that, then all is well (maybe).
And you are probably right, Clemencia, that is "living average" for many folks and I may have the same lifestyle come 70. But the OP is in his 30's and needs to understand how his investing today will impact his retirement. If he is okay with that, then all is well (maybe).
And he better sow lots of wild oats and just live life to the fullest, so that when he retires, he can just relax and not worry about going zip-lining, hot air ballooning, hiking the Appalachian trail etc.
Do it all when you are young!!! Then just relax with your mai-tai and watch the world go by.
The OP is assuming he will remain healthy up to and into his retirement years. What if you need to go into an Assisted Living facility much earlier than you thought? $32K per year won't cut it. Be thinking of LONG TERM CARE as well as your retirement.
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