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I still don't see why it's mandatory to retire in one's sixties. Why not keep working longer and save money?
Not everyone wants to work until they drop dead or are so old that they aren't capable of doing very much. My former boss dropped dead last week from a massive heart attack. He was only 62. At least he got to do some traveling, as he retired five years ago. OP already indicated she has some health issues. There needs to be a balance between working vs retiring comfortably but being too old to enjoy that extra money.
Not everyone wants to work until they drop dead or are so old that they aren't capable of doing very much. My former boss dropped dead last week from a massive heart attack. He was only 62. At least he got to do some traveling, as he retired five years ago. OP already indicated she has some health issues. There needs to be a balance between working vs retiring comfortably but being too old to enjoy that extra money.
Yep, it's a balance that will vary in importance to different people. We chose to have less income and more time, and do not regret it for an instant.
I lost my first husband when he was 43, and that lesson stuck with me. You never know when your time is up.
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yes - 3300 a month for expenses is 825 a week, 117 a day
Would it help if you think in those terms?
Lol, Clemencia, them's stats I wish I was so poor to have!
Quote:
Originally Posted by BBCjunkie
"Northeastern privilege"???
Well, that's a new one on me but I suppose it can be filed in the same folder as a certain 2016 candidate's comment about "New York values."
I can totally relate to the "Northeastern privilege" syndrome. When I was forced to leave my home state of Massachusetts after my hubby died and moved to Florida, you bet I felt "better" than everyone. I had an attitude. Going on 4 years later I have lost a lot of that attitude but I still smh over so much down here.
Quote:
Originally Posted by Nightengale212
I live in R.I. in a coastal town that borders southeastern MA and the drive to Boston for me in light traffic is a little over an hour and in heavy traffic would be close to 2. If your husband drives now 2 hours daily to get to Boston despite living only 15 miles away, you have not looked far enough beyond your affluent community for a more affordable area to live that would provide your husband an equal to or lesser time commute despite it being geographically further away.
If you are not aware, there are many many Rhode Islanders as well as those who live in southeastern, MA that make the commute to Boston daily for work either by car or they catch the train in Providence or the T at the station where Attleboro, MA and East Providence, R.I. meet. These people are very smart in doing this because they get to keep more of their Boston paychecks while paying Rhode Island rents which are a little more than 1/2 of what you are paying for an equally nice 2 BR apartment or condo. And if it is healthcare you are concerned about many of the R.I. hospitals and doctors are affiliated with Ivy League Brown University medical school, if that that does not suit your needs Boston is still not that far away as I myself see eye doctors at Mass Eye and Ear several times a year.
You might be wise to take a nice Sunday drive today to Providence and surrounding communities because I think you will be pretty surprised at what you will find.
Hubby and I worked in Rockland, Ma. and when we finally had enough of his town, Randolph, Ma., we could only afford to buy a house in Attleboro, Ma. by the RI line. Ten Mile River actually. My town of Plymouth was out of the running big time. We made good money but we didn't want it all to go to a house.
We tried different ways of commuting to work, 138 into Rockland center then cut across to by rte 3. Then we tried 495 to 128 Braintree then rte 3 south until our exit. We started work 7 a.m. most times but in our busy time it was 6 a.m. By 2004 when our 55 year old company folded, the s bound side of rte 3 had gotten pretty congested until Weymouth. It had been worse for me commuting before we got married, I was going in n bound from Plymouth! I loved having to be at work at 6 a.m.! I could get to work in 25 minutes! There were times it took me 2 hours for the 35 mile drive when I got stuck in traffic for 7 a.m. On an aside note, took me 4 HOURS to drive back home in a blizzard one time because I got stuck behind a jerk going 25-30mph on rte 3!! I didn't dare pass him because the snow was blinding! Then I had to shovel my way into the driveway!!
Oooh, sorry, didn't mean to blabber on!! OP, you might consider that area of Ma./RI. It's more laid back, better air and your hubby might have an easier time commuting. The Blackstone Valley was nice.
I should have clarified, because I momentarily forgot that most people aren't familiar with the rental market in my area.
An "illegal basement apartment" is one that was constructed without permits or the Town knowing about it, and is often not done to code. Because our property taxes are so high, this is not an uncommon thing for homeowners to do in order to ease the burden. There may be only one means of egress, for example; or there may be a mold or other less than healthy issue because most basements here are some degree of damp.
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Well, now I have to clarify...I totally missed the word "illegal". I must be having several senior moments today. I don't think anyone should live in such a place. My bad.
However, FWIW, I'm well aware of the LI market, having spent 46 years there and worked in RE there. I get it. It's a tough thing to do and could take them over a year or more, but one can find a legal basement or commercial area to live in, tiny, not-so-nice, but still safe, and bite the bullet to do what they have to do. The reward for living in a studio basement apartment is watching their bank account soar...and it would.
In retirement, you think living on $5000 per month which is $60,000 per year is POOR??
Or, in retirement, even much less is poor?
I thought the same. I make 53k per year working full-time.
OP, 60k per year is about the median household income in this country. Yes, you can live on it quite comfortably. Your idea to relocate to a less expensive area is a good one.
Are there three in your household? Does the special needs child live in your home?
I'm brand new here and trying to come to terms with what it's going to be like to be poor in retirement, especially since we are accustomed to a 6-figure income now. I'm 62 and dh is 63. We are among the millions who, with the exception of a couple of houses we bought and sold a long time ago, did not save or invest for retirement. I need to say that I'm very aware of the mistakes we made, our irresponsibility, as well as extenuating circumstances that made saving difficult (special needs child). No scolding necessary. We've been through the miserable beating ourselves up stage. I'm trying to problem-solve.
We rent in a very affluent New England town. By our SS calculations, allowing for me taking retirement now (500.) and dh taking his at 70 ($4000.), we will be receiving between 4500 - 5000/month. (That upper number assuming that my amount will go up to a percentage of his benefit.)
It will be possible to move further into the country, say, Vermont, and rent a cottage for about $1200. That would also be about the cost to stay here and live in elderly, public housing. A thought which (unnecessarily) shames me. It also kind of intrigues me: such a wealthy town doesn't really have a public housing waiting list.
We will have 1 car, no debts, and very simple needs. Moving isn't an option, we're in metro-Boston, have no funds for a downpayment and cannot find a rental for less than what we are paying now.
Could you do live on about $3300/month, after housing costs? What would you do to get ready?
I am sorry, but I am really struggling to understand this scenario - you've been making six-figures, but rent, have no assets, no retirement accounts and no savings???? None at all? If that is truly the case, I think you need to do as many have suggested - start right NOW and sock away the money while it is still coming in. Also, are you sure hubby will be getting $4000 SS? Even if he does, yours will be calculated on what his check would be at full retirement age - you will probably get 37% of his (not 50%) because you took yours early. If you can save money in the interim, you can get by, but I think one or both of you will need to supplement the income somehow especially if you stay in such a high COL area.
My hubby and I were also not very good at saving, but thankfully he has worked for the government (state of Florida) for a number of years and has quite a healthy retirement account along with a pension payment when he retires in 1.5 years. We are very, very grateful.
All these median numbers thrown out here and in articles are all pretty meaningless depending where one lives and what the minimum standards you have for life are ....only one number counts and that is what you need to live where you are ..all the rest of these numbers people live on are useless..
I would never have retired if all I had to live on here was 60k pretax , pre medical insurance and pre housing costs ..I could not care less if that is the median country income
They aren't meaningless if one's income is the same no matter where one lives. Staying in a HCOL is a choice. If one can't afford to retire in a HCOL area, then one must choose between retirement and the HCOL area.
I thought the same. I make 53k per year working full-time.
OP, 60k per year is about the median household income in this country. Yes, you can live on it quite comfortably. Your idea to relocate to a less expensive area is a good one.
Are there three in your household? Does the special needs child live in your home?
No, our daughter is up and out and working as a BA level Social Worker. It took her 10 years to get through college but, by god, nothing was going to stop her. If we hadn't spent 100s of thousands during her childhood getting her/fighting for services, she would never be where she is today. She's applying for grad school next year.
"Your post certainly cracks me up! I live on HALF what you will and still pay ALL my bills, rent, utilities, insurance and have 2 vehicles"
the
Where do you live?
I live 30 minutes south of Charlotte NC where a one-bedroom apt now goes for $1200./month. I do not pay that and never would, but I am quite resourceful.
Not sure what is meant by "OP is not one of these, but I can tell you why dh and will retire in our 60s. Because time is a non-renewable resource and is more important than the slog.
Smart lady!
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OP, you might consider that area of Ma./RI. It's more laid back, better air and your hubby might have an easier time commuting. The Blackstone Valley was nice.
