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Originally Posted by Bill14564
No HOA fee in the Villages. Amenity fee (similar but not the same) is about $2,400 per year. Annual tax bill (property, school, bond, fire) is about $5,000 though of course this depends on the size of the home and the bond.
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Is $1M enough to retire on? As others have written, it depends on what you want to spend. Another thread asked whether someone could live on SS alone - many answered that you could not. If SS is $2,500/month then for two people that would be $60K/year. At $60K/year, $1M would last about 16 years. I hope to live longer than that.
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Many homes north of Sumter have their bond already paid off; the historic section never had bonds in the first place. So it also depends on WHERE your property is located, to determine whether you even need to pay a bond at all.
At $2,500/month in social security, two people can absolutely live on social security alone in The Villages. They won't have much left over for anything else, but yes it's doable.
That $1M in savings would only need to be spent UNTIL you start collecting those social security checks. And then, you have those social security checks.
If you're under 62, you won't get SS checks until you turn 62, at the very minimum. So if you're under 62, then yeah you would have to rely on whatever you have in savings.
But once you turn 62, you have those checks coming in monthly. You could wait til you're 65 and have bigger checks. You could even wait til you're 67 and have much bigger checks, than if you started getting them at 62.
But you only "need" to rely on savings until 62.