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My husband and I are getting ready to retire and we are interested in moving to an Active 55+ Community.
In our research we have discovered that it is important to us that it be located in close proximity to shopping and medical care. Sun City AZ was suggested to us.
I've been reading past posts regarding the Sun Cities in AZ but I didn't find anyone writing about the financial side of living in Sun City AZ.
Can you please let me know what you think a person should have coming in each month in order to be able to afford an 1800 sq ft home in Sun City? In other words, do you think an "average" person should have $2,000 cash flow in addition to mortgage + Federal and State income tax + health insurance + car loans + credit card minimum payments?
Or do you think the number is closer to $3,000 per month in addition to mortgage + Federal and State income tax + health insurance + car loans + credit card minimum payments?
Or will they need $4,000, or $1,000, etc.?
I'm thinking this person will want to eat out several times a week, have enough funds to socialize, maybe go to movies or plays occasionally in additional to having enough money for the usual life expenses of groceries, utilities, etc.
In other words, this person wants to live a comfortable life without worrying about what bills to pay this month or being forced to conserve on air conditioning. I will add back the items that I excluded (mortgage, etc.) once I see what figures are being quoted.
I just want to make sure that we won't have to find jobs if we move to Sun City AZ.
The cost of living in Sun City is relatively cheap compared to other cities in AZ. Taxes are low, plenty of inexpensive eateries and entertainment plus shopping are everywhere.
Mortgage I have no idea, our 2000 sq. ft house is paid for so I can't comment on a mortgage. Our ppty taxes are about $2100.00, utilities under $150.00 monthly, we eat out 2x week. There are no city taxes. HOA fees vary as there are 365 different HOA areas in Sun City.
There are many realtors who specialize in Sun City, contact them for any details you may have. I know of many residents who live comfortably here for way under $2000.00 a month.
Your needs may be different than others so an exact COL would be difficult to answer.
If we wanted to live in Sun City or Sun City West in an 1800 sq ft home, we want to go out to meals at more upscale restaurants, go to movies, go to plays, and enjoy social clubs frequently. We want to buy groceries without worrying about sales or coupons. We want to keep the house around 79 degrees in the summer and around 70 in the winter.
If there are 2 people and 2 dogs in the household
If we don't have a mortgage, don't have car loans, don't have credit card debt, don't pay for health insurance apart from Medicare, but we have to pay State and Federal income tax.
Do you think this can be done for at least $40,0000 per year? $50,0000 per year? $60,000 per year? More?
The reason I am asking this question is because we don't want to purchase a home and move and then find out that we are house poor and living a very frugal life, and we don't want to have to go back to work.
I have asked this question at Tellico Village in TN and been told that this type of life can be lived for $60,000. I have asked this question at Sun City Texas and been told it would be closer to $80,000.
The cost of living in Sun City is relatively cheap compared to other cities in AZ. Taxes are low, plenty of inexpensive eateries and entertainment plus shopping are everywhere.
Mortgage I have no idea, our 2000 sq. ft house is paid for so I can't comment on a mortgage. Our ppty taxes are about $2100.00, utilities under $150.00 monthly, we eat out 2x week. There are no city taxes. HOA fees vary as there are 365 different HOA areas in Sun City.
There are many realtors who specialize in Sun City, contact them for any details you may have. I know of many residents who live comfortably here for way under $2000.00 a month.
Your needs may be different than others so an exact COL would be difficult to answer.
Would you really say that there are many eateries nearby? Seems to me there aren't a lot of eateries nearby. Everything is relative I guess.
Would you really say that there are many eateries nearby? Seems to me there aren't a lot of eateries nearby. Everything is relative I guess.
Within 5 miles there are at least 50+ places to eat depending what type of food you want to eat. Peoria & Surprise bordering SC has many many fine restaurants next to SC. SC has dozens of nice places to eat at. If you want expensive upscale then you need to go to Scottsdale or Central Phoenix.
From google, 200 restaurants nearby Sun City... https://www.opentable.com/nearby/res...me-sun-city-az
OP depending on what your lifestyle is will determine your cost. No one can give you a definite answer. I know people who live here that enjoy their lifestyle for less than $20,000 per year, and then there are others who spend $75,000 or more and live extravagantly.
We've just purchased an 1819 sq ft home in one of the Sun Cities of AZ and I think that your cash flow... which I assume would be for utilities, spending money, entertainment and not your taxes, mortgage etc. would be fine with $2,000 +.
Assuming you can afford a reasonably typical mortgage in a 55+ community which could range from $900 to $2,000 a month depending on down payment, etc. We are paying $1350 a month until we sell our original home then will be paying off our retirement home in AZ. HOA's are, I think, pretty reasonable for most Phoenix area 55+ communities, probably ranging from $100 to $350 a month.
Thank you, 4khansen. I really appreciate your helping to clarify the cost of living in Sun City AZ. Congratulations on your new retirement home. May you enjoy it in good health, happiness, and prosperity.
We will be taking our first trip to Sun City in early 2019.
You need to build a spreadsheet or you will be guessing. I certainly would not trust a stranger with my budget. What would be helpful is if people let you know what they pay for heat, garbage, air, HOA range, etc. That’s all the value they can add on this site. Don’t forget about housing maintenance, upgrades, etc. You have to think about deductibles, etc. Yea, vet bills, pet food, pet watching etc etc. Do you want supplemental insurance? I have been keeping tract for years inside of Quickbooks and monitor every nickel (yea, I’m cheap). For me, the answer is $80K. But we travel a lot (on the cheap), eat out 400 times a year (on the cheap) vacation like mad (with free airfare) etc. So $80K in my pocket is the ticket. But I plan on living larger than most.
Next up, “how much money You need” can be all over the map because of state and federal taxes. That 1st page of the taxes will say everything about what you REALLY get in your pocket. Per my financial planner (and if memory serves me well), combined income including SSN above $65K(ish) starts to be taxable again for a family of two. Are your investments pretax? If so, that’s going to erode your real in pocket income. After all, you HAVE to start receiving the $$’s from a Roth or 401K etc before 70. As you see, you might need a financial planner. OR, if you have only get social security income, it simplifies the math.
Those are a lot of words to say only you can figure out what it takes to make things work along with the potential need to consult a tax planner.
For my wife and I, we are holding out for the max SSN payout because we have a lot in reserves. In today’s standards, our SSN is a little over $5K per month or $60K. I have everything paid for. I have all of my assets after tax. So I can control how much I pay in taxes.
As you see, everyone is different. When you start that spread sheet, keep it close. The line items that you will forget will grow and grow and grow!
You need to build a spreadsheet or you will be guessing. I certainly would not trust a stranger with my budget. What would be helpful is if people let you know what they pay for heat, garbage, air, HOA range, etc. That’s all the value they can add on this site. Don’t forget about housing maintenance, upgrades, etc. You have to think about deductibles, etc. Yea, vet bills, pet food, pet watching etc etc. Do you want supplemental insurance? I have been keeping tract for years inside of Quickbooks and monitor every nickel (yea, I’m cheap). For me, the answer is $80K. But we travel a lot (on the cheap), eat out 400 times a year (on the cheap) vacation like mad (with free airfare) etc. So $80K in my pocket is the ticket. But I plan on living larger than most.
Next up, “how much money You need” can be all over the map because of state and federal taxes. That 1st page of the taxes will say everything about what you REALLY get in your pocket. Per my financial planner (and if memory serves me well), combined income including SSN above $65K(ish) starts to be taxable again for a family of two. Are your investments pretax? If so, that’s going to erode your real in pocket income. After all, you HAVE to start receiving the $$’s from a Roth or 401K etc before 70. As you see, you might need a financial planner. OR, if you have only get social security income, it simplifies the math.
Those are a lot of words to say only you can figure out what it takes to make things work along with the potential need to consult a tax planner.
For my wife and I, we are holding out for the max SSN payout because we have a lot in reserves. In today’s standards, our SSN is a little over $5K per month or $60K. I have everything paid for. I have all of my assets after tax. So I can control how much I pay in taxes.
As you see, everyone is different. When you start that spread sheet, keep it close. The line items that you will forget will grow and grow and grow!
Thank you MN-Born-n-Raised. For the past 10 years I have used Quickbooks to keep track of our spending. I can tell you how much we spend on each category. I can even tell you how much we spend per vendor. I know our personal inflation rate. I prepare our Federal income tax return. I know what we pay in income taxes, and what will cause changes in that during the future. I have planned the best way for us to take Social Security Retirement Benefits based on the recent changes to the law and my plan will also help us alleviate the effects of inflation.
I do not currently pay State income tax. I plan to contact a tax professional and have a sample AZ income tax return using our figures prepared so that I can see what our state income tax burden is likely to be. I have run the numbers quickly after reading the 2017 instructions, but I want to double-check my figures and to review how the changes I anticipate will effect the tax due.
We do not plan to have a mortgage, car loan, or debt. I'm not sure at the moment if we will want 1 car or 2.
We aren't concerned about health insurance. We will pay for Medicare. My husband's former employer covers our secondary insurance and that will continue until we die. The health insurance is very good. We are very blessed. The LTCi gets expensive, but I have that figured in. I also have auto, homeowners, life, and umbrella insurance figured into my numbers.
I will have a spreadsheet of 54 grocery items listed with prices here. I will compare the cost of those items in Sun City grocery stores when I get there on our first visit. But if anyone feels like telling me the cost of a gallon of store brand whole milk, or the price of a dozen store brand white shell grade A large eggs, that would get me started :-)
When we start looking at homes I will contact the utility companies to find out the average monthly utility cost. Perhaps the seller will have that data too.
I don't believe that my CFP will be able to answer questions about my life in a different state. I will have to find a new CFP once we are moved.
I vacillate from day to day as to whether or not moving to a different state and a 55+ community will provide us with a better life. Added to my concern is the quality of medical care we will find in AZ. It is outstanding here. One day I will start a separate thread on those questions.
Thank you for sharing your thoughts.
Last edited by LookingatFL; 11-06-2018 at 04:52 PM..
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