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I recall being in my 30s wondering if I would have a comfortable retirement. It's common at that age. Especially those tougher days at work when you want to tell the boss to go **** himself. But when you remember that eating cat food while living off SS income, you humble yourself and go back to working for the man......and adjust your attitude a little.
Seems like OP is learning that the SS-only plan isn't feasible and he better stick it out, invest wisely, keep competitive in the work force.....
No. There in rural Maine, those are your taxes. Certainly not anywhere in Ct, Ma, or RI, all part of NE. How much subsidized housing up there near you? Not much I’d wager.
In our rural town there is no subsidized housing.
I know homeowners who get by on SSDI of $600 to $800 / month.
Quote:
Originally Posted by Nightengale212
With likely a mill rate of $10/$1000, Homestead exemption, Veteran exemption, Tree Growth exemption, Open Space exemption and you probably found a way to get a Farmland exemption I am actually surprised you pay any property taxes at all living where you do in Maine.
... Now fess up, how much of your $1,500 monthly budget is spent on the purchase of Deep Woods Off because the one and only time I ever ventured into your neck of the woods I recall the mosquitoes were the size of seagulls and the welts they caused me from their bites were the size of plums ?
Back in the 1980s, we decided to become off-grid organic farmers when I retired. I make my own bug dope.
Quote:
Originally Posted by mathjak107
High cost of living areas are not high cost in a vacuum. They have high real estate taxes because home values are high. Home values are high because these areas are desireable.they are desireable because that is where the higher paying jobs are .
Someone with a paid off home after decades and the higher lifetime of social security payments from the
higher incomes who relocates to cheapsville is far wealthier than the locals usually.
A home that appreciates 3% a year and is now 800k is far more than a house that appreciates 3% a year and is 200k.
So desireable areas can be worth it.
True. This state is the 'oldest' state with the highest percentage of retirees.
Young adults flee seeking high-paying jobs [because there are none here], while young retirees migrate here to take advantage of the low home prices, low taxes and low COL.
One town near us has a per-capita income of only $8,000/year.
My small military pension puts me easily in the top 20% income earners in our town.
We garden, we raise livestock, I am a beekeeper. We produce most of our own food and we market the surplus. So while our food budget is less than $500/year, we also have a farm income of around $1,000/year [mostly in barter].
My mom has SS a little less than that. Can't get into subsidized housing and told she is not eligible for food stamps.
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With likely a mill rate of $10/$1000, Homestead exemption, Veteran exemption, Tree Growth exemption, Open Space exemption and you probably found a way to get a Farmland exemption I am actually surprised you pay any property taxes at all living where you do in Maine.
Now fess up, how much of your $1,500 monthly budget is spent on the purchase of Deep Woods Off because the one and only time I ever ventured into your neck of the woods I recall the mosquitoes were the size of seagulls and the welts they caused me from their bites were the size of plums ?
It’s the black flies that are brutal. If you’re out hiking in northern New England and forget your 100% Deet, you have a problem. They breed in running water and a fairly narrow temperature band. In the mountains, there is often a 3 or 4 month season. In the flats, it’s not so bad.
Anybody who would plan for the type of retirement that OP described is crazy. That is the type of retirement you have when you screw everything up or something terrible goes wrong. It's not something any sane or intelligent person would ever plan for as a baseline.
Auto maintenance (I assume most retired people actually still own cars?)
Auto insurance (see question above)
Cable/internet (lots of free time once retired...no cable or internet?)
Travel (will you never go anywhere ever again?)
Personal (will you stop cutting your hair?)
Electric bill (do people in senior facilities not pay this?)
Water bill (see question above)
Gifts (will you not give to any charity and/or give any gifts to anyone ever on special occasions and/or holildays?)
Hobbies/socializing/shopping (will all the things you do be free? will you never eat out? will you never buy anything you want for these hobbies or shop for clothing again?)
At subsidized housing I know water, gas and electric are included. Not cable.
We garden, we raise livestock, I am a beekeeper. We produce most of our own food and we market the surplus. So while our food budget is less than $500/year, we also have a farm income of around $1,000/year [mostly in barter].
That $1726 is the ending amount, not the starting amount. And $16 a month won't get you much. It's not even worth driving to the welfare office and showing your income periodically for verification. You'd really need to be quite hungry.
The vegetable gardening would probably get most everyone much further. Healthwise and via the pocketbook. You are a great example of how people can become self sufficient. Ours is very limited but I'll include it for others here.
Responding to adds on Craigslist for free manure, we had chicken, horse & llama manure. Spent $15 on starter potatoes ended up being free potatoes for life. Various kinds. We just kept cutting the eyes out of the potatoes tossing them back in the manure pile so it would re-grow into another potato. Got a ripped plastic pool from the dump to put the manure in---after tossing the eyes back in we'd eat the remaining 75% of the potato. Home-grown potatoes taste SO MUCH better than organic, store bought. We'd make homemade mashed potatoes adding butter and sour cream and bring to church potluck. Very cheap. We also eventually raised chickens, sold some and kept the eggs. We raised their food also so it would cost less. And picked up old organic vegetables from the local health food store to supplement their diet. They were free range but just for about 4-5 hours a day. Then they'd roam our fenced 1/3 of an acre.
We also got into growing herbs and sprouts in jars. Ate them as part of our vegetables since it seemed harder to grow the other vegetables. Only the tomatoes & kale seem to produce in large abundance so we had a ton of spaghetti sauce and tomato sauces in general.
At my clients house, only water and trash is included in rent
If you’re talking House, is that section 8? I was answering about the subsidized low income senior apartments, with rents at 1/3 your income. Section 8 is a different animal.
Back in the 1980s, we decided to become off-grid organic farmers when I retired. I make my own bug dope.
True. This state is the 'oldest' state with the highest percentage of retirees.
Young adults flee seeking high-paying jobs [because there are none here], while young retirees migrate here to take advantage of the low home prices, low taxes and low COL.
One town near us has a per-capita income of only $8,000/year.
My small military pension puts me easily in the top 20% income earners in our town.
We garden, we raise livestock, I am a beekeeper. We produce most of our own food and we market the surplus. So while our food budget is less than $500/year, we also have a farm income of around $1,000/year [mostly in barter].
I just moved up to northern maine myself, most people posting on this thread lack the self sufficiency required here.
They cannot imagine life outside what I call the rat race, i came from the uk in 68 as an idiot socialist , dependant on gvmnt to do everything.
I slowly learned life skills, fixing my own car, welding and construction, I was a baker so there was nothing in my work that contributed to that.
We bought a very nice house on 1 acre with apple trees for under 50k , in Boston that would easily cost 250-450k. So far I've had to change 2 lightbulbs and run the snowblower up the driveway, that's it.
Low taxes, low everything.
Buy my eggs from the farmer next door. Food from the Amish store, should anyone think food is expensive here...
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