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Old 10-11-2016, 04:50 PM
 
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Quote:
Originally Posted by Submariner View Post
$70k is over twice the median household income in my town.
70k in my town qualify's a family of four to live in a low income nyc housing project . i think the cut off is 72,500.00

http://www1.nyc.gov/site/nycha/eligi...igibility.page
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Old 10-11-2016, 05:47 PM
 
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Quote:
Originally Posted by mathjak107 View Post
70k in my town qualify's a family of four to live in a low income nyc housing project . i think the cut off is 72,500.00

NYCHA - Eligibility
I know its not a lot but I feel very fortunate to be able to even consider making 70k in retirement. It's not an easy road nor has it been to get to this point. I couldn't even consider this if I were in Chicago.
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Old 10-11-2016, 08:46 PM
 
Location: SF Bay & Diamond Head
1,779 posts, read 1,419,602 times
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Divorce?
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Old 10-12-2016, 09:10 AM
 
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Quote:
Originally Posted by Clemencia53 View Post
I don't know. I live south of there.

Yes housing costs are low, but utilities are high. So are property taxes. And cable and phone service.

Water, electric, gas, cable, phone are about 800 a month for us. We do not have a mortgage or pay property taxes (exempt -VA).

There are so many tempting things to do in the city - festivals, shopping, restaurants - very easy to spend, spend, spend!

I'm not a spender, so it doesn't affect me.


I actually live in San Antonio and my water, electric, gas, cable and phone averages $400 per month. DH and calculated what we absolutely NEEDED to live and still eat healthy and we could easily live on $2k per month and that includes property taxes. House and cars are paid for and we have no other debt either. Now we certainly couldn't go out to eat very often or do the traveling that we'd like but we could live on 2k without any issues.


It's a good sized city with lots of free or low cost things to do for entertainment. Heck, if we just took advantage of those free meals we are offered through the mail from retirement/financial planning companies, we'd never have to pay for dining out. LOL It's INSANE how many of those offers we get in the mail every week.


You can also go shopping at our local HEB on a Saturday and have a whole meal for free just trying the samples and that includes free sample wine to go along with your sample dinner. Luckily we are in a position to not have to do this but if we really wanted to live on the cheap, there are lots of ways to do so.
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Old 10-12-2016, 10:26 AM
 
Location: Forests of Maine
30,682 posts, read 49,455,573 times
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Quote:
Originally Posted by mathjak107 View Post
70k in my town qualify's a family of four to live in a low income nyc housing project . i think the cut off is 72,500.00
Huge variation among COL regions.
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Old 10-12-2016, 10:26 AM
 
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When they run these calcs what is happening to the initial investment amount? Is the 4% draw rate being taken from the investment, is it the interest earnings or mix of both?





Quote:
Originally Posted by mathjak107 View Post
you forgot his social security that kicks in 13 years after he retires . he is in okay shape with ss. you don't change your draw when ss kicks in . no one who delays ss waits until 70 to spend more . rather you find a safe withdrawal rate that figures you laying out more than 4% while waiting for ss than falls to a lower level once ss kicks in . the difference in check delaying refills the money laid out.

calculators like firecalc or fidelity compute that .

firecalc looked at him drawing 70k day 1 . it then figured increases by inflation and looked at ss kicking in at 67 ,13 years later . all the while stress testing the combo
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Old 10-12-2016, 10:30 AM
 
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it is based on your original amount inflation adjusted yearly with all gains and losses calculated and then stress tested over the worst time frames to date .

if you make it through the time frames with at least a buck left you passed .

it is based on your yearly gains and losses and inflation . no averages are used .

each year over say a 30 year time frame is calculated out and then has the spending subtracted and then on to the next year.

firecalc lets you look at however many years you want to go out .

Last edited by mathjak107; 10-12-2016 at 10:44 AM..
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Old 10-12-2016, 10:34 AM
 
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the best withdrawal systems are dynamic ones that are in real time .

Last edited by mathjak107; 10-12-2016 at 10:43 AM..
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Old 10-12-2016, 03:14 PM
 
110 posts, read 133,667 times
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Quote:
Originally Posted by CLR210 View Post
I actually live in San Antonio and my water, electric, gas, cable and phone averages $400 per month. DH and calculated what we absolutely NEEDED to live and still eat healthy and we could easily live on $2k per month and that includes property taxes. House and cars are paid for and we have no other debt either. Now we certainly couldn't go out to eat very often or do the traveling that we'd like but we could live on 2k without any issues.


It's a good sized city with lots of free or low cost things to do for entertainment. Heck, if we just took advantage of those free meals we are offered through the mail from retirement/financial planning companies, we'd never have to pay for dining out. LOL It's INSANE how many of those offers we get in the mail every week.


You can also go shopping at our local HEB on a Saturday and have a whole meal for free just trying the samples and that includes free sample wine to go along with your sample dinner. Luckily we are in a position to not have to do this but if we really wanted to live on the cheap, there are lots of ways to do so.
I think mine will be somewhere around $800 in SA but includes the savings per month for property taxes which isn't too bad really. The largest risk at the moment I see is the medical but I'll figure that out along with the other stuff.


1. Might need to work part-time (no bid deal just not all yr)
2. No more 3 cars garage
3. Need to sell a couple of cars
4. Too much furniture so need to donate some
5. Control spending...like going to dine-in movie theaters and other stuff but adds up
6. Stay out of the downtown Chart House!
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Old 10-12-2016, 04:10 PM
 
Location: Eastern Washington
14,242 posts, read 44,919,845 times
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Quote:
Originally Posted by MCNE View Post
I'll go work at Starbucks (or someplace) part-time to get medical before I ever pay 30k per yr on medical.
Actually Starbucks is one of the best "small" jobs out there, health care is just one aspect. But I like coffee so I'm sort of partial to them.
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