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Old 06-29-2019, 10:00 PM
 
431 posts, read 177,167 times
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$60,000 a year is not poor.
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Old 06-29-2019, 10:05 PM
 
Location: Tennessee
23,541 posts, read 17,525,434 times
Reputation: 27573
Quote:
Originally Posted by Saskia Calico View Post
$60,000 a year is not poor.
Yep.

Here, median HHI is $35k-$40k. $60k HHI is well above average. It smacks of northeastern privilege.
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Old 06-30-2019, 12:42 AM
 
Location: Wasilla, AK
7,224 posts, read 4,119,698 times
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Quote:
Originally Posted by Clemencia53 View Post
I would love to qualify for senior housing! Don't have to worry about maintenance on your home etc.
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.

The maintenance requirements for my home are pretty minimal. I have no shared walls. The grandkids have their own room when they visit and there are kids their age next door they can play with. There is a garage for both vehicles and I park my travel trailer on its own parking pad right next to the garage. The back yard is fenced, so the dog can be let out and can stay out as long as she wants. I never hear the neighbor's tv, although we have the windows open right now due to the heat wave and I did hear the neighbor's German Shepherd playing with his squeaky toy. But the idea of living in senior housing sounds like hell on earth.
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Old 06-30-2019, 01:23 AM
 
Location: Middle of the ocean
31,598 posts, read 19,931,965 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.

T.

Because everyone is different. Good thing or certain areas would be insanely over populated. There is a reason why Alaska isn't.
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Old 06-30-2019, 02:03 AM
 
Location: Silicon Valley
98 posts, read 41,378 times
Reputation: 421
What would I do to get ready? Like others have said, start not only living within your means, but put a $3300 limit on your monthly expenses. You'll be surprised at how easily you can adjust your lifestyle when you have to.

Maybe I missed something, but I think your husband is still working, correct? OK, along with living within your means, start saving like crazy. You'll be surprised how much you can accumulate in a basic retirement account of just index funds if he has 7 more years of employment.

Yes, it will take some sacrifice while your getting used to the adjustment, but it really won't take that long to adjust.

Good luck!
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Old 06-30-2019, 02:23 AM
 
Location: LV & SD
182 posts, read 31,102 times
Reputation: 167
Quote:
Originally Posted by Serious Conversation View Post
Yep.

Here, median HHI is $35k-$40k. $60k HHI is well above average. It smacks of northeastern privilege.
Boston and TN are worlds apart as far as COL - just because $60k is a lot in TN does not mean it is even basic income in an area such as Boston. Very high housing costs in certain areas can mean that $55-60K is very difficult or impossible amount to live on in some areas of country, since $60K might not cover much more than the average residence payments for mortgage, taxes and insurance, leaving next to nothing for other costs such as utilities, food and medical.

The median house in Boston is currently listed for $745,000 and is just over 1000 sq ft - payments would be about $4000/mo or $48000/yr. That means that housing would eat up almost the entire $55-60K. The average rent in Boston is $2800/mo or $33,600/yr - you are not covering that on $35-40K HHI that is average for TN.

Some places in CA where average house is well above $1M, 60K would not even come close to covering house payments and would leave nothing for other costs. The average San Francisco house is $1.35M and about 1200 Sq Ft (not large), that works out to about $7300/mo or $87,600/yr just for PITI. The median rent is $4580/mo or $54,980/yr - you are not covering this on $55-60K HHI.
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Old 06-30-2019, 02:46 AM
 
71,456 posts, read 71,629,249 times
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All these median numbers thrown out here and in articles are all pretty meaningless depending where one lives and what the minimum standards you have for life are ....only one number counts and that is what you need to live where you are ..all the rest of these numbers people live on are useless..

I would never have retired if all I had to live on here was 60k pretax , pre medical insurance and pre housing costs ..I could not care less if that is the median country income
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Old 06-30-2019, 04:06 AM
 
3,750 posts, read 9,597,800 times
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Move to Indianapolis. A nice renovated senior housing unsubsidized apartment with all standard utilities is right around $1,000. In a good location with its own local bus for those without a car, a city bus that takes people downtown to our new transit center, about 1/2 mile to our best regional shopping mall, great hospitals and medical facilities all around, etc.

In fact, there are two of these complexes that are by the same company that I recommend. The other pretty much requires a car but it in a nice wooded area and slightly newer. A couple of miles from the most exclusive high end mall.

Mom lives there on less than $1,500 a month in one of the older less renovated apartments which is around $800.

These are NOT assisted living places but you can hire the services you need. They did convert a building to assisted living but it is hugely more expensive.
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Old 06-30-2019, 04:32 AM
 
10,606 posts, read 12,128,397 times
Reputation: 6498
Quote:
Originally Posted by mathjak107 View Post
All these median numbers thrown out here and in articles are all pretty meaningless depending where one lives and what the minimum standards you have for life are ....only one number counts and that is what you need to live where you are ..all the rest of these numbers people live on are useless..

I would never have retired if all I had to live on here was 60k pretax , pre medical insurance and pre housing costs ..I could not care less if that is the median country income
Great post. Sometimes it's pretty obvious that people have never had to experience living in a high COL area. I live in the DC area and, since our house is almost paid off, I could certainly make do with $60,000 per year. However, if I were trying to rent an apartment, no it wouldn't work well. Currently, my daughter (1 person) makes about this much and once she pays for healthcare, rent, expenses (she doesn't even have a car loan), she doesn't have a lot left over. Rent is very expensive and takes most of her money.

I know people love to live where they are from, but sometimes it's just not practical for those who are on the coasts.
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Old 06-30-2019, 04:47 AM
 
2,442 posts, read 2,067,677 times
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The bottom line is people will make do with what they retire on.
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