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Old Yesterday, 11:46 AM
 
Location: Scottsdale, AZ
7,648 posts, read 4,699,473 times
Reputation: 27948

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Quote:
Originally Posted by Returning2USA View Post
Please be explicit.
Yes, please.

Were they Honey Nut Cheerios?
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Old Yesterday, 12:01 PM
 
78,922 posts, read 33,560,179 times
Reputation: 15811
Quote:
Originally Posted by ddm2k View Post
Move to rural SE US about an hour outside a major metro. Live cheaply and in peace, with access to great medical care.
It doesn't get much cheaper than where I am at. Really good medical care is a couple hours away though. Family is here so I will be staying.
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Old Yesterday, 12:16 PM
 
Location: Denver CO
21,175 posts, read 11,780,372 times
Reputation: 32183
Quote:
Originally Posted by Nightengale212 View Post
I agree there is no one size fits all magic number, but I will tell you as someone who has been mortgage free since 1998 my former mortgage payment was a drop in the bucket compared to what all my other home ownership expenses are now 20+ years later. For example, in 1998 my property taxes were $208/month and now they are $550/month. My electric and gas heat are paid on a monthly budget plan where I pay the same amount every month throughout the year. Two adults live in my 2200 square foot pretty energy efficient home that does not have central AC. We have no excessive energy use, heat never goes above 68 in the winter, we do 3 loads of laundry once a week, all our appliances and lightning are energy efficient, and despite that we pay $183/month for electric and $185/for gas. In 1998 those two costs combined were less than $185/month.

All that being said, paying off a mortgage certainly does help the bottom line initially, but as the years progress that bottom line becomes shorter and shorter because inflation chews away at it year by year. So projecting retirement expenses is very important, but that projection needs to factor in inflation over a possible 25+ year retirement because if it isn't, when year 13 rolls around one's retirement income may likely not be sufficient to cover one's COL.
Except that taxes and utilities would all be going up regardless of whether or not you still have a mortgage payment. Lots of people are paying the 550 plus 183 plus 185 PLUS a mortgage payment. And since they most likely bought more recently and at a higher price, their mortgage payment is a lot higher than yours was in 1998. The value of having the paid off mortgage should be looked at in 2019 dollars, not 1998 ones.
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Old Yesterday, 12:26 PM
 
Location: Las Vegas & San Diego
204 posts, read 32,747 times
Reputation: 214
Quote:
Originally Posted by ohio_peasant View Post
Is this bunk? Maybe. But I take it mean, not that retirement is a hopeless quest for any but the most agile or gifted, but rather, that those who are smug in self-congratulation that they've done well, saved aggressively, invested with fortitude and patience and so forth, ought maybe to reconsider, and to keep working and saving.

Short version: don't even think of early-retirement even if you're a healthy child-free multi-millionaire.
There is no one size fits all in retirement - our medical insurance continues at the same rate as when working and our retirement income is equal to when working without touching 401K - continuing to work and saving more would do very little other than significantly increase taxes and other costs since it would keep me in a high cost area with a significant amount of savings locked into a very expensive house. My DW retires this month and we are in the process of moving from CA to NV. We can have a better lifestyle in NV due to lower costs.

Quote:
Originally Posted by Cabound1 View Post
I live in coastal CA debt free, and 1.7M would be plenty. California really isnít that expensive outside of mortgage/rent.
CA is also very expensive for many other things such as taxes & utilities - for us, taxes are about $20K higher and utilities are about $5k more a year in CA even though use more electricity in NV due to AC. Housing is the biggest cost of most retirees, so don't discount that difference - our housing is more than double the cost in CA vs NV (we have similar home in both locations).
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Old Yesterday, 12:57 PM
 
3,296 posts, read 850,592 times
Reputation: 3789
Quote:
Originally Posted by ddeemo View Post
CA is also very expensive for many other things such as taxes & utilities - for us, taxes are about $20K higher and utilities are about $5k more a year in CA even though use more electricity in NV due to AC. Housing is the biggest cost of most retirees, so don't discount that difference - our housing is more than double the cost in CA vs NV (we have similar home in both locations).
Knowing certain costs ARE controlled, helps. Such as the ability to remain on group healthcare into retirement. Prop 13 can mean a home in CA has cheaper taxes than than a similar one in NV.

While not being tied to a job means that a couple is in fact more mobile, there may or may not be a financial incentive to move, based on the above two factors, and I'm sure a few others.
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Old Yesterday, 01:30 PM
 
270 posts, read 73,279 times
Reputation: 679
Ddee, Californians coming to Nevada is causing huge problems for some locals. Rents and housing prices have skyrocketed. Some working poor and seniors are becoming homeless. They tore down all the weekly motels and they are all empty lots with nothing replacing them. The casino workers without tips are suffering also. Our homeless population is growing a lot. Our property taxes are ridiculously low. The average family in Nevada makes 47k/year yet you need 80k to buy a house. A tiny one bedroom apartment is 1200 and 2 bedrooms between 1600-1900. Our roads now can’t handle the traffic. You can’t stop growth but it’s causing real issues.
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Old Yesterday, 01:38 PM
 
2,196 posts, read 538,329 times
Reputation: 3795
Quote:
Originally Posted by ddeemo View Post
There is no one size fits all in retirement.
Wait. There isn't? Dang. Next thing you know, you're going to tell me there is no Easter Bunny.
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Old Yesterday, 02:04 PM
 
1,978 posts, read 1,306,334 times
Reputation: 3393
Awesome. 1% of Americans will meet this criteria.
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Old Yesterday, 04:45 PM
 
Location: R.I.
977 posts, read 605,084 times
Reputation: 4232
Quote:
Originally Posted by emm74 View Post
Except that taxes and utilities would all be going up regardless of whether or not you still have a mortgage payment. Lots of people are paying the 550 plus 183 plus 185 PLUS a mortgage payment. And since they most likely bought more recently and at a higher price, their mortgage payment is a lot higher than yours was in 1998. The value of having the paid off mortgage should be looked at in 2019 dollars, not 1998 ones.
Don't think you got the point I was trying to make. The poster mentioned that once her mortgage was paid off she had such and such amount of surplus money left over. And I tried to make the point that the surplus money will dwindle over time because all her home ownership expenses will rise for which I gave my examples how mine rose over the past 20 years.

The bottom line is, it doesn't matter if one has a mortgage or not in retirement, what matters is can one's a retirement income which for most does not usually grow like working income does cover whatever one's retirement expenses are in year 12 of retirement as it did in year 1.
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Old Yesterday, 06:34 PM
 
Location: SoCal
13,226 posts, read 6,326,744 times
Reputation: 9839
I pay very little for utilities in California. We pay about $2-3k per year, water, electricity, and gas. There is no way I’m going to be able to save $5k by moving elsewhere.
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