I know we'll be poor in retirement - it's inevitable (move, spouse)
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Life happens to throw many curve balls. I had to use up my pension/IRA trying to save my house (government requirement!), but lost my home of 20+ years in 2008.
I'm not ashamed to admit that I live in subsidized housing. I found this information for Boston affordable housing. When you scroll down to almost the bottom of the page, you'll find:
Quote:
For example, the expected household size for a two bedroom apartment is 3 people. Using the table above, the maximum income for a 3 person household at 60% of the AMI in Boston is $64,020 a year, or $5,335 a month.
Just below that you'll see that subsidized rent for 2 bedroom at 60% is $1,601. Hope this information will help your family!
There are some decent areas in places like Iowa and Nebraska where that income would provide a very comfortable lifestyle. Moving from an east-coast urban area to the Midwest would definitely require some adjustment, but it might be worth considering.
Thanks for everything, everyone! Yes, I know 3-4K per month seems comfortable to many, but it's impossible to overstate how expensive it is to live in Massachusetts! When rents are 3000+ (way more in the city and in suburbs with good schools) and house payments are the same, I have no idea how anyone here lives with children on less than six figures.
What's hard is spending so much to live here in service of dh's job. Our daughter is up and out and we're free but for the job.
These posts really give me hope because of the practical ideas and overall support I'm getting. Thank you.
Oh, we've lived in the mid-west and I loved Iowa, especially, but don't want to move back. Dh and I are Yankees at heart and would rather be dealing with snow, etc., in VT or Maine than in the heartland.
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By our SS calculations, allowing for me taking retirement now (500.) and dh taking his at 70 ($4000.), we will be receiving between 4500 - 5000/month. (That upper number assuming that my amount will go up to a percentage of his benefit.)
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If I understand you numbers, DH will get $4000 when he retires at age 70. If so, you will get half; i.e., $2000 for a total of $6000.
Thanks for everything, everyone! Yes, I know 3-4K per month seems comfortable to many, but it's impossible to overstate how expensive it is to live in Massachusetts! When rents are 3000+ (way more in the city and in suburbs with good schools) and house payments are the same, I have no idea how anyone here lives with children on less than six figures.
What's hard is spending so much to live here in service of dh's job. Our daughter is up and out and we're free but for the job.
These posts really give me hope because of the practical ideas and overall support I'm getting. Thank you.
Oh, we've lived in the mid-west and I loved Iowa, especially, but don't want to move back. Dh and I are Yankees at heart and would rather be dealing with snow, etc., in VT or Maine than in the heartland.
If money is the limitation to moving to a lower cost area I would reevaluate. I saved about 2 months or more income by moving South. Look at older 55 communities and see if you can find a home up for sale by an estate that might give you a mortgage.
I hate to mention this, but not only should you look at your expenses when you have two incomes/two SS checks and two people but please think about what you would do with one SS check and one person. In my widow/widowers grief support group about 1/3 of the widows, and a few of the widowers, needed to move out of their house/apartment shortly after their spouse died as they couldn't afford the rent/mortgage, utilities and other expenses anymore (several had to move in with adult children). Not that you should unduly worry about it but at least consider what would happen in the worse case scenario (death or serious illness of one of you). IMHO, try to secure extra income for emergencies though side gigs.
Good luck
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