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Old 07-01-2019, 03:42 PM
 
Location: Alexandria, VA
11,419 posts, read 20,245,949 times
Reputation: 16475

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I haven't read the many, many posts in this but I would LOVE to have that kind of income and think I am poor. I'm retired on disability and my mortgage is more than half my income. It is what it is - you learn to really budget, conserve, etc. and get used to the idea that you can't go out to eat, etc.
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Old 07-01-2019, 04:17 PM
 
Location: northern New England
2,435 posts, read 1,057,100 times
Reputation: 9480
Please stick to answering the OP's question. Discussions about "how it should be" belong in P&OC. Thank you.
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Old 07-01-2019, 04:23 PM
 
Location: northern New England
2,435 posts, read 1,057,100 times
Reputation: 9480
As a VT resident, I thought I remembered that this year was the first year of a new tax bill regarding SS benefits.
Here it is, FWIW. https://vtdigger.org/2018/08/10/new-...ty-recipients/


Also, VT has a very generous property tax rebate for homeowners on the house and 2 acres. Renters' rebate for those who rent, like me. I got back this year more than 1 month's rent. (still can't figure out how, but I filled in the forms truthfully).
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Old 07-01-2019, 04:55 PM
 
Location: Wasilla, AK
7,224 posts, read 4,119,698 times
Reputation: 15530
Quote:
Originally Posted by TMSRetired View Post
Well I guess $60K a year would make you poor in Boston or California.
But it would make you rich elsewhere so why not look elsewhere ?
I think the OP should be more concerned about what happens should her husband predecease her. With no assets, it's going to leave her in an extremely dire situation, as her husband's SS income will provide the bulk of their retirement income.
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Old 07-01-2019, 05:25 PM
 
8,815 posts, read 5,119,154 times
Reputation: 10085
Quote:
Originally Posted by AlaskaErik View Post
I think the OP should be more concerned about what happens should her husband predecease her. With no assets, it's going to leave her in an extremely dire situation, as her husband's SS income will provide the bulk of their retirement income.
Yes, but she can have the higher amount of his or hers. So she will lose the amount which is hers, should he pre-decease her.
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Old 07-01-2019, 05:26 PM
 
30 posts, read 14,945 times
Reputation: 72
Quote:
Originally Posted by AlaskaErik View Post
I think the OP should be more concerned about what happens should her husband predecease her. With no assets, it's going to leave her in an extremely dire situation, as her husband's SS income will provide the bulk of their retirement income.
This is so true and will be the first thing we discuss with a financial planner. Dh has generous life insurance now through his work, but that will indeed change.
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Old 07-01-2019, 05:32 PM
 
Location: VT; previously MD & NJ
2,183 posts, read 1,338,732 times
Reputation: 6286
Quote:
Originally Posted by bluestocking12 View Post
This is so true and will be the first thing we discuss with a financial planner. Dh has generous life insurance now through his work, but that will indeed change.
Doesn't your husband have a 401k at work?
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Old 07-01-2019, 10:22 PM
 
Location: Australia
887 posts, read 325,888 times
Reputation: 1634
I cannot comment, nor should I, on too many specifics from here.

However, some things are universal. I suppose you need to go through your budget item by item and see how to adapt.

I notice that when I go to retired people activities where we go to lunch afterwards, some people just get a coffee for $3.50 whereas others always get more of a meal for $20. No one cares or says anything but obviously some have to watch their expenses much more than others. Similarly some close friends always prefer to go to dinner on the two-for-one special night at the club. If we want an upmarket $200 meal we know which friends to approach to join us.

Just now I was at the local mall with my grandsons who are on school holidays. I was really tempted to stop for a coffee and a snack for them . Actually thought how it would end up costing at least $20 and decided to drive home for lunch. Because coffee with 5 and 7 year old boys is not too relaxing!!

Often we save money on things like renewing insurance policies by simply getting around to doing something about it and getting some comparisons. Friends who have a fairly tight budget will always do their food shopping at ALDI and just get a few things at the more expensive places.

Obviously your housing expenses are the big problem so I suppose it is a case of doing plenty of research and working out exactly are the essentials for you. But do not fall into the trap of our friends who relocated three hours away to live somewhere nicer but now regret everything they have left behind. She was able to work as much as she wanted to in the city and was shocked to discover it was almost impossible to find anything equivalent there.
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Old 07-01-2019, 11:17 PM
 
6,303 posts, read 5,042,575 times
Reputation: 12799
Quote:
Originally Posted by MarisaMay View Post
I cannot comment, nor should I, on too many specifics from here.

However, some things are universal. I suppose you need to go through your budget item by item and see how to adapt.

I notice that when I go to retired people activities where we go to lunch afterwards, some people just get a coffee for $3.50 whereas others always get more of a meal for $20. No one cares or says anything but obviously some have to watch their expenses much more than others. Similarly some close friends always prefer to go to dinner on the two-for-one special night at the club. If we want an upmarket $200 meal we know which friends to approach to join us.

Just now I was at the local mall with my grandsons who are on school holidays. I was really tempted to stop for a coffee and a snack for them . Actually thought how it would end up costing at least $20 and decided to drive home for lunch. Because coffee with 5 and 7 year old boys is not too relaxing!!

Often we save money on things like renewing insurance policies by simply getting around to doing something about it and getting some comparisons. Friends who have a fairly tight budget will always do their food shopping at ALDI and just get a few things at the more expensive places.

Obviously your housing expenses are the big problem so I suppose it is a case of doing plenty of research and working out exactly are the essentials for you. But do not fall into the trap of our friends who relocated three hours away to live somewhere nicer but now regret everything they have left behind. She was able to work as much as she wanted to in the city and was shocked to discover it was almost impossible to find anything equivalent there.
Good points.

I go out to eat with people that will only order water with lemon. I've thought about doing this also - cuz 2.50 is 2.50!

Today we were asked to provide some items for a volunteer organization that we help out with. I spent almost 40 dollars - others maybe 4.

But then i don't spend as much as they do on clothes and gifts - i guess it all evens out?

Just be aware of what you can afford.
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Old 07-02-2019, 05:46 AM
 
Location: SoCal
13,189 posts, read 6,301,958 times
Reputation: 9808
Iíve always order water with lemon, itís not budget concern, itís what we drink.
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