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Old 06-30-2019, 10:57 AM
 
1,629 posts, read 557,035 times
Reputation: 3076

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Quote:
Originally Posted by bluestocking12 View Post
That rental has a roommate. 950. is *unheard of* as a rent in this area.

Agreed. That number MIGHT get you a totally illegal 1-bedroom apartment in some homeowner's damp basement hereabouts also. I did a quick search for rentals $900-$1000 on the 'legit' market here on Long Island and there were zero results.

Upping the rent range to $1000-$2000 got this one at $2K; heat and electricity NOT included, of course, and it's in the middle of a commercial area, not a residential neighborhood. It's a third-floor walkup above a storefront. And good luck finding a place to park one's car (which is a necessity here.)

https://www.mlsli.com/rentals/92-Mai...1501-273951687
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Old 06-30-2019, 11:03 AM
 
1,945 posts, read 2,708,224 times
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You know -- I think THE answer is this: consult a financial adviser. As far as I know, none of us here are not financial. advisers.

And there is just something about your OP that makes me feel a bit uneasy. You've made a lot of money, you live in one of the highest COL cities/areas in The US -- and yet you've never consulted an adviser and never saved any money. I find that rather hard to believe.
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Old 06-30-2019, 11:14 AM
 
Location: Knoxville, TN
1,239 posts, read 585,282 times
Reputation: 2711
Quote:
Originally Posted by Fran66 View Post
I didn't read all the other posts, so forgive me if I am not original here:

1. Are you taking taxes into consideration??

2. DO NOT MOVE unless you absolutely have to or unless your inability to "keep up with the Jonses" in retirement is too embarrassing for you. I am assuming that you have at least some REAL friends where you are now -- that is worth its weight in gold -- and new, good, real friends are harder to make as we get older.

3. A real problem that I don't see you taking into consideration is: how will YOU live when DH dies??

4. I am single but I live on a bit more per month, gross (before taxes), that you will be living on. Poor is relative sometimes. I do understand why you think/feel you will be poor, particularly in Boston. After doing a monthly and a yearly budget -- and allowing for approx $5000/yr. in medical expenses (medical, dental, acupuncture, massage) -- I have approx $15,000/yr. to put into savings. And/But I live in a state with a low COL -- I couldn't begin to live in Boston. So -- if I were married and living in Boston Metro -- I can see why you're worried. While I live a very nice life, it might not be quite so nice for two on the same retirement income. Plus -- I did all the traveling I ever wanted to do when I was younger, so I don't have a need to travel now. If I did want to travel now, I could do it, but I wouldn't have a healthy savings account. (Just an insert here: I spent two weeks in Boston years ago, and I could walk all over the place or take a taxi. I certainly didn't need a car. Do you really need a car??)

If you haven't done both, you must do a projected monthly budget AND a projected YEARLY budget to get a real idea of where you are financially now and where you will be financially when you retire.

Lastly, you REALLY don't want to live in the country anywhere. The older you get, the more important it will be to live near (or IN) a city and VERY nearby medical care.

No, this is last: try not to worry too much. I think you're going to be fine (as long as both of you are still alive). A lot of retirees would love to be 'poor' like you and I.
Moving is not right for everyone, but is completely right for some. After 32 years in metro Atlanta, I am thoroughly enjoying Knoxville. It is so much easier to get around and there is a lot to do. I either swim in the neighborhood pool or take a class at the Y just about every day. I have made new friends. Last week I went to a play at a local theater, to a daylily farm, on a 2 mile walk, out to lunch, another group walk today, tomorrow I go to book club and Thursday I will march in the 4th of July parade. All of this is with new friends. I have lived here full-time just over one year. Yes, you have to make an effort, but you can build a new, happy life elsewhere where costs are lower. In some of the low COL cities in the south, you will find many transplants from the north looking to establish social connections.
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Old 06-30-2019, 11:14 AM
 
1,629 posts, read 557,035 times
Reputation: 3076
Quote:
Originally Posted by Fran66 View Post
You've made a lot of money, you live in one of the highest COL cities/areas in The US -- and yet you've never consulted an adviser and never saved any money. I find that rather hard to believe.
Not really. I was once in a similar situation (with the Ex) and we never consulted one either. For one thing, my ex was a suspicious lawyer and he didn't trust anyone except the one somewhat crooked accountant whom he used for his business tax returns, LOL. [and whom I personally never trusted but had no say in the matter]

Some people just aren't comfortable talking with "outsiders" about their finances, too. Often the more they make, the less comfortable they are with that. We all have our personal comfort levels about what things we choose to share, and using a financial advisor would necessarily involve full disclosure. That doesn't imply anything illegal, simply that it's a place not everyone wants to go to. Different strokes for different folks in that as well as most things...

As far as not saving, well, that was never something I focused on either; and that goes for the times when I had little or no income as well as the times when I didn't have to pay much attention to what price tags said ... and all the times in between. My mom nagged me incessantly to save when I was a child, and my reflex action was to tune all that stuff out. (When I did "save" sporadically, it was only because I wanted to spend it on something specific later.) Especially since my dad was the opposite (never saved) and I was always much closer to my dad than to my mom. All I saw was that my dad was a happy optimistic person and my mom was an unhappy pessimistic one, and those differences were grounded and reflected in how they regarded money. Huge bone of contention between them. Guess which parent I chose to model myself after? Not sure if I would do the opposite if given the chance again; though quite possibly find some middle ground. Some people are just not "savers" by nature (or nuture?), and some are. IMHO.

Last edited by BBCjunkie; 06-30-2019 at 11:24 AM..
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Old 06-30-2019, 11:33 AM
 
662 posts, read 476,598 times
Reputation: 1690
Quote:
Originally Posted by BBCjunkie View Post
Agreed. That number MIGHT get you a totally illegal 1-bedroom apartment in some homeowner's damp basement hereabouts also..."

"...Upping the rent range to $1000-$2000 got this one at $2K; heat and electricity NOT included, of course, and it's in the middle of a commercial area, not a residential neighborhood. It's a third-floor walkup above a storefront. And good luck finding a place to park one's car (which is a necessity here.)
Well, I can see why one wouldn't want a roommate (sorry, missed that), but I see no reason why one can't live in a basement or commercial area (with flights and figuring out parking) if one really wants to do what is necessary. Seven years of 6 figure income, living low to the ground, could translate into a large down payment on a house in a lower COL area (perhaps even a cash purchase?), and their retirement income would cover it mortgage, etc.

Many would wish for 7 years of 6 figures, living in a basement or commercial area. Just because it's not "wanted" doesn't mean it shouldn't be done. They can save themselves, and live quite nicely, if they look at cutting NOW, rather than living in subsidized housing so they can spend 6 figures a year for the next 7 years.

But I see this going no where.
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Old 06-30-2019, 11:37 AM
 
256 posts, read 64,766 times
Reputation: 607
COL really varies and is important. We live in a MCOL area and I had a part time job making 21k/year. We used a lot of this money to travel abroad, go to many local events, dinners, etc. Then after 6 years it ended. We quit traveling and cut 700 from our monthly budget. We now live on 3900 before paying mortgage. We each get 150/month to spend and have 300 month for joint fun money. Our cars are paid for and if one dies we will get by with one. Our biggest expense is our employer retired HI which is 1k/month. In 5 years my husband will be on Medicare and we can drop my expensive insurance. Not sure if Medicare for both of us is cheaper or not. We couldn’t live in Southern California or Boston on this income so it appears you will sadly have to move or utilize senior housing.
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Old 06-30-2019, 11:47 AM
 
436 posts, read 177,167 times
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Quote:
Originally Posted by AlaskaErik View Post
Why would anyone want to live in such a place voluntarily? Small space, shared walls, draconian rules and restrictions, no garage, deaf neighbor's tv blaring, difficulty with pets needing a space to go, etc, etc.
Want a list?

A roof over your head.
A safe building. A desk clerk on duty 24/7 and secured entry. No need for expensive security monitoring.
Rules about TV and radio volume so they can't disturb your neighbors.
Nice large roomy studio apartments or 1BRs. Some places have 2BR apartments.
No loud stereos at all hours of the day and night.
No little kids screaming and running around the parking lot. No babies crying at all hours.
No headboards banging against your own bedroom wall.
Safe dog-walking areas so you don't have to walk your dog out on the streets.
No need for a garage for a car you no longer own or can drive or afford to maintain.
No neighbors' dogs turned out into the fenced yard at dawn to barkbarkbarkbarkbarkbarkbark for hours without stopping.
Neighbors vetted for drug use, weapon possession, etc., before they ever move in.
No worries about how you will pay to repair the roof, the furnace, the AC, the pipes, or the washer and dryer.
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Old 06-30-2019, 11:48 AM
 
1,629 posts, read 557,035 times
Reputation: 3076
Quote:
Originally Posted by crusinsusan View Post
Well, I can see why one wouldn't want a roommate (sorry, missed that), but I see no reason why one can't live in a basement or commercial area (with flights and figuring out parking) if one really wants to do what is necessary.
I should have clarified, because I momentarily forgot that most people aren't familiar with the rental market in my area.

An "illegal basement apartment" is one that was constructed without permits or the Town knowing about it, and is often not done to code. Because our property taxes are so high, this is not an uncommon thing for homeowners to do in order to ease the burden. There may be only one means of egress, for example; or there may be a mold or other less than healthy issue because most basements here are some degree of damp.

Often these apartments are advertised/found on sites like Craigslist and because the apartment is illegal, the tenant has no recourse if the landlord/homeowner refuses to fix things. Because the rental market is so tight -- Long Island in general is zoned against rental housing, and the even higher tax rate on legal two family homes is a disincentive as well -- tenants are often reluctant to leave because they know that for only $1K/month they are unlikely to find anything better, and there will be fierce competition for anything available.

The former owners of my current house finished their basement and created a 1-bedroom apartment with a full bath and kitchen, without getting permits or inspections. According to the Town it was still the original unfinished basement. They owned it for 10 years and had one or more college students living there in rotation the entire time (we learned this afterward from neighbors, after the sellers swore up and down that they'd never had a tenant and that the apartment was made by "the original owners for their mom and only used for our occasional overnight guests.") Also learned that there had been two fires in said illegal apartment. Fire department never notified the Town because "it's not their job." We discovered that the apartment area had been infested with mice who chewed the wiring. Ended up gutting the entire thing and sanitizing it professionally. I am sure that those college students were happy to have the chance to pay only $1K/month for that illegal, not to code, wiring-compromised apartment that had damp moldy fiberglas insulation behind the walls and ceiling .... but would you? Or want anyone you know to do so? But that's what many "illegal basement apartment" situations are like here on LI. Fact of life.
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Old 06-30-2019, 11:52 AM
 
Location: Wasilla, AK
7,227 posts, read 4,119,698 times
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Quote:
Originally Posted by TheShadow View Post
Cost....duh.
There's a difference between being forced to live in such conditions vs being there voluntarily.
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Old 06-30-2019, 12:00 PM
 
436 posts, read 177,167 times
Reputation: 604
Quote:
Originally Posted by Fran66 View Post
I just wish I could have stayed with my friends in my home city/state (I wish this even though most of my friends have retired and move to other states or they've passed away). 15 years later I still get homesick at times (against my will). I think moving away from 'home' and friends is the worst thing about retirement. I love where I am now, for many reasons, but it will never ever be my 'home'.

Of course, you have to do what you need to do financially; and, yes, you'll more than likely have to find a less expensive city/state. I just wish you didn't have to do so. It can be very painful for longer than you might expect, after the move.
I wish you could have stayed with your friends, too. I wish I could have stayed with my friends in my adopted state. I have been away for nearly 7 years and I still miss them. I moved here for two reasons -- I grew up here, and there was an apartment available. I am still on the waiting list for an apartment in that other state where my friends are.

I am very glad to live in a safe, well-managed building, in a nice neighborhood, with shopping nearby. But this city in which I grew up is not my home anymore, and hasn't been for more than 30 years. The other city is, where my friends are. But I have no way to get back there.
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