Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I'm sorry to say, I really don't know what food costs. I lost track about three decades ago when they stopped putting the price on all of the food except meat. I've never budgeted for food, clipped coupons, checked ads or made a grocery list. I think I should, I just don't. I don't do weekly food shopping, either, so I have no idea about how much I spend on food per week or month. I go to the store when I need stuff and I buy sizes based on what I can carry not price. I don't have expensive taste, though. I live up a flight of stairs and did when I was working, too, so I make more frequent smaller purchases so I don't have to make multiple trips up and down the stairs with heavy bags. I don't buy the more economical large sizes to save money. I buy the small sizes for the lug factor. I just know I don't see a total price difference from when I shopped the same way in Maryland. I think the food is cheaper here but the sales tax makes up the difference. If you want to know what things cost in Kroger's for example, their website carries their weekly circular. here's the one for my store. Keep hitting Next to page through and you'll get an idea of food prices.
My auto insurance is based on my driving record, mileage and the make and model and year of my car (and I think the neighborhood I live in) as well as me being the only driver so that cost won't help you.
Off the top of my head, my renter's insurance is about $125 - $130 a year. I recall it was $116 in 2007 (when I moved here).
My land line telephone bill, with no long distance calls made, is $58.93. I'm thinking about canceling it.
My health insurance payment and life insurance payment is auto-deducted from my paycheck. My car is paid off and I pay off my credit card in full, monthly. I have the bank automatically transfer money from checking to savings every month so I can still save money.
I pay an annual anti-virus subscription, an annual computer back up subscription, an annual magazine subscription and have an annual membership fee for something I belong to. I have prescriptions I'll be on for life. You might want to think about whatever you subscribe to, prescriptions and any dues you pay. I also make annual charitable contributions and campaign contributions so don't forget to factor in stuff like that, too.
Water and trash is included in my rent but you might have to think of it as a separate cost.
As for me, I still have at least 10 to 12 years before I'm eligible to retire and if I stay where I'm right now, my projected future monthly expenses might be as the following: (no mortgage, no car payment by then)
Phone (including cell phones), internet, and cable: $270
Utilities (electric and gas): $335
Gasoline: $250
Food (groceries, eat out, ...): $900
Cloths and Misc.: $900
Real estate & property taxes: $760
water bill: $50
Life insurance: $90
car & Home repair: $345
Total per month: $3900
Health Insurance (premium & Medicare part B?) $600 + $200
Grand total:$4700
Travel per year: 20K to 30K? (if $ is available?)
Unreal? Maybe or Maybe not
I don't know
That's why I want to put RETIREMENT IntoMyDream.
Seems like you're one of the few people here talking about a middle middle or upper middle class lifestyle as opposed to retiring on a shoestring. Like someone else said a few messages up in this thread - really depends on what standard of living one is looking for. To me - the issue isn't what someone can live on if forced to. It's what someone needs to spend to live a lifestyle he or she will enjoy. Obviously mileage will vary in that regard (and it also depends on whether you're 50 and planning for retirement - or 75 and retired and stuck). Note that we do spend more than your proposed budget - including the $20-30k a year on travel. But there's a lot of stuff I wish were cheaper (like $5k a year in property taxes and over $5k a year in utilities). But that stuff won't ever be cheaper - and I'm not going to turn off the A/C in the summer to save $100/month on the electric bill.
Anyway - good luck to you. Think you're heading in the right direction. Robyn
there are lots of cheap rural areas around but living in nyc now and having a home in the poconos i see the best and worst of both.
limited medical choices and facilities are a major issue.. lack of public transportation is a problem when you need it. everything requires long drives to buy anything.
in an emergency help is ofton quite a ways off...
if you decide to work many areas have next to no real jobs
traveling is very trying at times, i know by us most roads are 1 lane. in an emergency grandma can be out for a drive and a long line of cars back up behind her.
living in some of these rural areas has a price and dont forget with no traffic the poconos are 2 hours to our nyc home so we arent that rural but thec daily life has the concerns of above...
I find that the older we get - the less we like to drive longer distances - especially on rural roads at night - and the more we like to be near essential goods/services. I've seen many older people in our family pick medical care solely on the basis of it being to where they live - as opposed to it being good (which isn't a smart idea IMO). Robyn
I think it's pretty damn rare to have employer provided healthcare so complete and so good that there are not any co-pays associated with doctor visits and drugs. Also, most employees pay something by deduction out of every paycheck towards their healthcare. I don't have statistics on the prevalence of 100% employer-paid health insurance, whether while working or in retirement, but it's rare and becoming rarer with each passing year.
Even those of us fortunate enough to be on Medicare (as I have been since turning 65) have some costs associated with that: There is the monthly Medicare Part B premium (unless one is very poor and it's paid by Medicaid), the deductibles and co-pays of Medicare coverage itself (or the cost of a Medigap policy to cover those holes), not to mention dental which is not covered by Medicare.
And even for people with excellent employer health insurance (like my late FIL) - once you turn 65 - Medicare becomes your primary coverage under every policy I've ever seen. In fact - people can get into big trouble if they don't sign up for Medicare when they turn 65 - whether or not they're working - because the employer health insurance coverage will usually not cover anything that Medicare would have paid for.
Will also point out for those people not on Medicare that the government parts of Medicare cost the same throughout the country - but the cost of private Medigap coverage varies. And the differences can be really big (even here in Florida - people in south Florida pay about 35-40% more than we pay up here in north Florida for the same Medigap policy). Robyn
And even for people with excellent employer health insurance (like my late FIL) - once you turn 65 - Medicare becomes your primary coverage under every policy I've ever seen. In fact - people can get into big trouble if they don't sign up for Medicare when they turn 65 - whether or not they're working - because the employer health insurance coverage will usually not cover anything that Medicare would have paid for.
Good thing you put the word usually in there because the millions of retirees and their families covered by the Federal Employees Health Benefits Program are under no obligation to sign up for Medicare Part B. If we don't sign up for Part B, then FEHB remains the primary insurer for all medical expenses not requiring hospitalization (or otherwise covered by Part A). If we do sign up for Part B, then all deductibles and co-pays under the FEHB Program are waived, thereby eliminating most out-of-pocket expenses.
Good thing you put the word usually in there because the millions of retirees and their families covered by the Federal Employees Health Benefits Program are under no obligation to sign up for Medicare Part B. If we don't sign up for Part B, then FEHB remains the primary insurer for all medical expenses not requiring hospitalization (or otherwise covered by Part A). If we do sign up for Part B, then all deductibles and co-pays under the FEHB Program are waived, thereby eliminating most out-of-pocket expenses.
I don't think of the government as an employer - more like a public t*t. Especially in retirement Very glad to know the people in those systems don't live with the rules most folk live by . And politicians wonder why ordinary taxpaying folks in the private sector are mad these days . Robyn
I don't think of the government as an employer - more like a public t*t. Especially in retirement Very glad to know the people in those systems don't live with the rules most folk live by . And politicians wonder why ordinary taxpaying folks in the private sector are mad these days . Robyn
Ah yes, a rant about the federal government. How original!
BTW, how would you characterize the $400 monthly premium I pay for my health insurance? More suckling I suppose?
Ah yes, a rant about the federal government. How original!
BTW, how would you characterize the $400 monthly premium I pay for my health insurance? More suckling I suppose?
I don't think anything about your health insurance premium unless you tell me how old you are - what your coverage is more or less (excellent - good - average - lousy) - and what your co-pays/deductibles are. I would ask where you live - but I assume it's Bethesda MD (you can correct me if I'm wrong).
I am 63. Paying close to $500/month for good coverage with a $10k deductible and a 20% co-pay (max of an additional $3k). Would cost me about $1k a month for a $1k deductible. So if your deductible is perhaps $5k or less - and you're anywhere near my age - you're getting a "sweetheart" deal IMO. I'd trade places with you.
Indeed - have you ever seen a non-large employer group health insurance policy in the private sector that you'd trade yours for? Will you trade yours for mine? Doubt it. Robyn
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
As for me, I still have at least 10 to 12 years before I'm eligible to retire and if I stay where I'm right now, my projected future monthly expenses might be as the following: (no mortgage, no car payment by then)
Maybe 
or Maybe not 
. Robyn
. Robyn
