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I'm going to be retiring shortly and my monthly pension is estimated to be about 4k a month. I'm looking for a change of pace from NYC and I think Raleigh will be the place. Can I live on a fixed income or if not how is the job market down there for the middle aged?
I guess that all depends on your standard of living.
If you have a 1-bedroom apartment and sit at home all day watching TV, eating nothing but hamburger helper, then you will have lots of money left over.
If you have a 6-bedroom luxury house with a maid and gardener and spend all day driving around your Ferrari, attending gala luncheons, then you may have a problem.
Is that 4K after taxes? I guess it all depends on where you live/if you have a mortgage etc. Only you know you're expenses. Things in general here are NOT cheaper. The biggest difference will be in the price of your house but if you actually live in NYC, your property taxes will be about the same, maybe a little higher down here. Job market is not good either (some say the tech field and medi field are still strong) so if you need to work to stay afloat most will tell you to not move unless you have a job first. Good luck.
One person? On 4k a month? I would consider that luxurious. My family (2 adults, 4 children) live on that and are able to cover all our expenses (no debt other than a student loan) plus put something away every month for retirement. We wish we had a bit more for entertainment purposes. Our entertainment is strictly free or very inexpensive things. We almost never eat out. (Cooking for me is a hobby, though and I much prefer to eat my own cooking than go out anywhere except a very high end restaurant.) I am extremely frugal and comparison shop like crazy to stay on budget. BUT if we didn't have a large family (and a large dog!) I would live in a much cheaper/smaller house. My grocery bill would easily be 1/3 of what it is (we spend close to $1000/month on food!). We wouldn't have the education costs and clothing costs of four kids who need new clothes and shoes 3x a year. My health insurance would be much cheaper, etc., etc. So for me, that would feel like a ton of money for one person. But like others said, it all depends on your spending habits and expectations.
$4K per month...$48,000 per year? I'd say you may make more than the average teacher and as long as you live within your means, you should have no problem.
Check out one of the "cost of living" calculators that are online. That should help you some.
The job market isn't great, but with a 4K/month retirement, you should be fine. We have a family of 4 and live happily bringing home that. If you know your budget, and stick to it, you can easily do it. We do it and have money for vacations, savings, and the kids to be in karate.
Is that 4K after taxes? I guess it all depends on where you live/if you have a mortgage etc. Only you know you're expenses. Things in general here are NOT cheaper. The biggest difference will be in the price of your house but if you actually live in NYC, your property taxes will be about the same, maybe a little higher down here. Job market is not good either (some say the tech field and medi field are still strong) so if you need to work to stay afloat most will tell you to not move unless you have a job first. Good luck.
For a retiree, that amount shoudl be plenty, but I'm curious as to how you picked Raleigh as a retirement destination, since it is most known for being a "working family-type" suburban kinda place (as a general rule). People tend to move away when they retire. Retirees in this state generally head for the beach, the Sandhills area if they golf, or Asheville/Hendersonville.
Job market is grim here, though you didn't say in what field you might be looking.
The Triangle's growing retiree population is a major economic engine that fuels a wide range of businesses, nonprofits and more.
According to population counts, about 12 percent, or 1.1 million, of the state's 9 million-plus residents are over age 65. The bulk of these retirees are often living on fixed incomes, primarily Social Security, and in some instances on government or corporate pensions, and savings.
But many have money and time to spare. The Triangle, in particular, is a destination for that demographic, with a wide range of communities built or planned to attract them.
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