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I own my own home but with utilities, taxes, insurance, trash removal, cell phone, etc. it takes me about $600 to $700 per month to run my home. Largest single bill ($125 per month) is cable for Internet, TV, and home phone. Gas and electric run (one company here) me about the same as cable.
Well, it would seem that way but renting smooths out the maintenance costs and even utilities if they're included (rent doesn't go up or down month to month based on your usage). My mortgage payment is $700, which isn't bad at all for a 15-year mortgage on a very nice house (LCOL area but lakefront). BUT- the monthly amounts I accrue for property taxes, insurance and maintenance add another $600-$700 so then it doesn't look that cheap. We're trying to increase the annual HOA dues enough to improve our reserves since the dam needs maintenance and the lake needs dredging every 10-12 years but we're running into resistance form the homeowners- which just means that when these things HAVE to be done there's gonna be a giant special assessment.
Add mowing and snow removal (which I do myself) and sometimes renting looks pretty good.
What you pay in one month for rent [$700/month], others pay per year for property taxes on their house.
it all depends where you live and why . ha ha ha here in the tristate area it cost more per month then 700 bucks for taxes .
Yeah, I used to live in Bergen County, NJ. A $700/month mortgage on a nice house is a bargain for me! Now THAT is a place where I wouldn't want to live on SS alone.
When DH and I were downsizing here in the KC area, we saw one listing for about $200K in a prized, historic area where surrounding houses were running $900K and up. Curious, we drove by it. There were holes in the roof. A few windows were boarded up. Clearly maintenance had been neglected to the point that it became inhabitable. I pictured some nice old couple living there, maybe even with a paid-off mortgage, but with insufficient income in retirement to maintain it. The realtor told us that $200K was probably what the land was worth.
our kids are in bergen county they pay 9500 in tax . we have one set there and one in westchester , they pay 23k in tax . but taxes are high because home valuations are high . the home valuations are high because the higher paying jobs are in the area so it is all proportional for them
Well. I live in one of the most expensive cities in the country. Near top of the list for home prices and many other items. I have absolutely no debt. No mortgage, no loans. Car paid off. All of our basic expenses are covered by social security checks for my wife and myself with a little left over. And we have significant savings which we rarely tap into.
[quote=athena53;54162489]With all due respect, you are not getting by on SS alone. You are getting by on SS plus discounts and subsidies from the government and charities. I understand that it's a very modest lifestyle but it's not SS alone and I wonder how that picture will change as more and more baby boomers retire with no other substantial income but SS. I suspect there will be cutbacks, more stringent eligibility requirements and fewer "cute little subsidized apartments" to be had.
It is amazing how many people receiving subsidies view it as something they "earned" and that they "deserve" while subsidies given to other people is "welfare" and "free stuff."
No- I HATE senior discounts. Whether they're based on the assumption that I'm struggling financially because I'm old, or because it's supposed to be some kind of reward for getting to this age, I never ask for them. I'd rather see those discounts go to the people who are struggling to pay off student loans and working two minimum-wage jobs. If someone offers one (I definitely have a 65-year old face), I thank them and accept it but I don't go seeking them out.
Why would you give up a discount just because it isn't brought up? I always ask for the senior or military discount. Over the year it adds up to hundreds of dollars. I see no reason to let that go. So I'm not shy about asking for it. The worst that can happen is they say no.
Why would you give up a discount just because it isn't brought up? I always ask for the senior or military discount. Over the year it adds up to hundreds of dollars. I see no reason to let that go. So I'm not shy about asking for it. The worst that can happen is they say no.
Military- heck, yes- you earned it. Senior? Why? As I noted, I don't need it. It just ends up costing others more. As a reward for reaching age 65- I did nothing special to do that other than take care of my health. A lot was good genes and the grace of God. I'm VERY diligent about FF miles, hotel miles, AAA discounts, credit card rewards, etc.- I don't pass up freebies if I think they're worth my time. I just don't want one based on the assumption that I need it or deserve it because I'm over a certain age.
Housing costs don't have to be half of the monthly social security. For example, the only housing costs we have is utilities, HOA fees and property taxes. Depending on where you live you may not have HOA fees and your property taxes might be really low. People downsize as well to reduce housing costs. You might live in a $300K house that is 80% paid off so you downsize to a house that is $240K or less and pay cash. As a retired person you no longer need a 3 or 4 bedroom house when a 2 bedroom townhouse will do. Remember also, if you are a married couple who's spouse either never worked or earned little your spouse also collects half of your social security. If you are single and renting then you might consider moving to an area where rental costs are less or taking on a roommate.
But yeah, many people retire without much more than social security due to lack of planning.
This should read that you MAY collect UP TO HALF.
This depends on the age the earning spouse took SS and the age the non working spouse takes it. It is only half if non working takes at FRA and then it is only half of what wage earning spouse collect, and earning spouse must be collecting themselves in order for non working to get it.
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