How much is enough???

[Chuck1674]

My conundrum: In two years I can retire at age 55 with a 65k per year pension. Or wait 5 more years to take home 72k at 60yrs old. I don't qualify for social security. If I try to keep my mortgage payment under $1000 is it feasible to enjoy the Villages on 65k or wait to be more secure. I will be by myself so I won't need as huge place. I need to know the hidden costs, taxes, bonds, insurance etc. I know this is a question for a financial planner and there are books on it but if anyone would like to share their situation I am listening. I want to get down there as soon as possible but I also don't want to shoot myself in the foot...again....lol my pension would have been 102k if I didn't get divorced, but it is so worth it...Cheers and thanks in advance.

[2BNTV]

Go to "Nuts and Bolts" section as there is a three part post by zcaveman telling you what it costs for a patio villa.

I found it to be extremely helpful.

[village dreamer]

work 2 more years , and pay cash for home.:spoken:

[manaboutown]

Do your due diligence. There is a lot of written and on-line information available on the core costs of living in TV. As I understand it the developer's information is quite accurate. The real variables are about your personal lifestyle, restaurant meals (Ruth's Chris or McDonald's), transportation expenses, (Escalade or golf cart), etc.

[Toymeister]

What is a reasonable estimate of your life expectancy?

You are buying years of retirement, it does little good to work to sixty if everyone in your line lives to 64. Most that give advice don't ask this question.

[Toymeister]

Once you decide by how much is enough you can go to firecalc.com and see the chances of your nest egg lasting your lifetime. You can input many variables such as social security, lump sum withdrawals and so on.

[rjm1cc]

My conundrum: In two years I can retire at age 55 with a 65k per year pension. Or wait 5 more years to take home 72k at 60yrs old. I don't qualify for social security. If I try to keep my mortgage payment under $1000 is it feasible to enjoy the Villages on 65k or wait to be more secure. I will be by myself so I won't need as huge place. I need to know the hidden costs, taxes, bonds, insurance etc. I know this is a question for a financial planner and there are books on it but if anyone would like to share their situation I am listening. I want to get down there as soon as possible but I also don't want to shoot myself in the foot...again....lol my pension would have been 102k if I didn't get divorced, but it is so worth it...Cheers and thanks in advance.

When you find a home update your costs as the Villages are in three different counties and can also have city taxes. One county does not allow bonds. You will owe the bond and it will not be in the price of your home.

Inflation is a big problem. Assuming you live to about 95 and inflation is 2% per year you will need twice the amount of money you need when you retire. Thus your might have to save part of your retirement income to cover inflation.

Be sure you figure out health costs.

I would not retire if you need a mortgage. Work longer and save more money,

[kstew43]

we were in the same situation. retire at 48 or wait till mandatory 56.

we chose 56, because he was fed CSRS with a pension it will? adjust with inflation, also no social security

the thought was to work till he had to... and then retire to the villages. The issue was, every year we waiting the prices of homes inflated....

So, think carefully in making your decision.

Also, TV is not your usual home purchase.

1- Most homes come with a bond, ($10k-50K) depending on the home type you purchase, on top of the home sale price. you can pay it off at time of home purchase, or finance at approx 5-7% for 30 years,on your tax bill, but its not tax deductable. Older homes sometimes have lower to no bond balance.

2-Yearly maintenance fees, ($250-900) also depends on which neighborhood you choose and is paid on your yearly tax bill, also not deductable. This fee pays for upkeep of the common areas of your particular neighborhood.

3- Amenity Fees, (typical HOA) pays monthly with your water bill and pays for use of pools, clubs, golf, ect. $150 per month.

4- Taxes depend on what county you live in and your city. Millage from 11-17%. You can use the tax estimator on the county websites.


Thats the long and short of it. Think about the gain you will make working 5 more years, vs the prices of Villages home esculating and then you can make your decision. Best case, buy now and rent the house till you get here.

P.S. there are also neighborhoods close by TV that do not have all the fees....just in case your interested in those as well.

Hope this helps....

[Travel Addict]

We retired at 60 a year ago and were told we could continue with our company’s health insurance until we qualified for Medicare. Then after a year, the company decided to cancel that benefit. You didn’t mention health insurance. Check that out carefully. Our costs are extremely high now for the next few years until we reach 65.

[Roll With It]

Consider this...tomorrow is promised to no one.

[Goldwingnut]

Consider this...tomorrow is promised to no one.

Quite hardily agree with you.

Carpe diem

[vintageogauge]

You have not mentioned your savings, investments, or if you presently have a home to sell. The goal for most is to not have a mortgage when retiring. Go to a financial planner and let him tell you what to do as you most likely don't want to divulge your personal financial situation on a public forum. It doesn't matter where you end up, The Villages or some other retirement community but the fact that you are asking for financial advice on a public forum would tell me that you have not planned for your retirement and that you don't want to pay for professional advice. You get what you pay for.

[TNGary]

Chuck,
Also as pending when you got t he divorce, need to assess what other assets took a hit such as 401k Still paying any loans college for kids, etc.. As your asset base and debt factors are important variables. Suggest now is a good time to bunker down and build the base plus payoff loans while your still working. Most folks coming out of a late life divorce take a hit $ wise. But perhaps your situation is different. Wish you the best!!!

[ColdNoMore]

Yolo.

[CFrance]

we were in the same situation. retire at 48 or wait till mandatory 56.

we chose 56, because he was fed CSRS with a pension it will? adjust with inflation, also no social security

the thought was to work till he had to... and then retire to the villages. The issue was, every year we waiting the prices of homes inflated....

So, think carefully in making your decision.

Also, TV is not your usual home purchase.

1- Most homes come with a bond, ($10k-50K) depending on the home type you purchase, on top of the home sale price. you can pay it off at time of home purchase, or finance at approx 5-7% for 30 years,on your tax bill, but its not tax deductable. Older homes sometimes have lower to no bond balance.

2-Yearly maintenance fees, ($250-900) also depends on which neighborhood you choose and is paid on your yearly tax bill, also not deductable. This fee pays for upkeep of the common areas of your particular neighborhood.

3- Amenity Fees, (typical HOA) pays monthly with your water bill and pays for use of pools, clubs, golf, ect. $150 per month.

4- Taxes depend on what county you live in and your city. Millage from 11-17%. You can use the tax estimator on the county websites.


Thats the long and short of it. Think about the gain you will make working 5 more years, vs the prices of Villages home esculating and then you can make your decision. Best case, buy now and rent the house till you get here.

P.S. there are also neighborhoods close by TV that do not have all the fees....just in case your interested in those as well.

Hope this helps....
You could consider buying the home now if possible and renting it out until you retire.

[retiredguy123]

Although I don't have to, I could easily live on $65 K in The Villages. There are bargains galore in housing, food, and other neccessities.

[daca55]

My conundrum: In two years I can retire at age 55 with a 65k per year pension. Or wait 5 more years to take home 72k at 60yrs old. I don't qualify for social security. If I try to keep my mortgage payment under $1000 is it feasible to enjoy the Villages on 65k or wait to be more secure. I will be by myself so I won't need as huge place. I need to know the hidden costs, taxes, bonds, insurance etc. I know this is a question for a financial planner and there are books on it but if anyone would like to share their situation I am listening. I want to get down there as soon as possible but I also don't want to shoot myself in the foot...again....lol my pension would have been 102k if I didn't get divorced, but it is so worth it...Cheers and thanks in advance.

I would wait till you are 60 and are eligible for the $72K. My pension is a little higher then that and I have had no problem affording a small place here bond or no bond and I am still able to travel and do the things I want to do. Good luck!!

[Cisco Kid]

My conundrum: In two years I can retire at age 55 with a 65k per year pension. Or wait 5 more years to take home 72k at 60yrs old. I don't qualify for social security. If I try to keep my mortgage payment under $1000 is it feasible to enjoy the Villages on 65k or wait to be more secure. I will be by myself so I won't need as huge place. I need to know the hidden costs, taxes, bonds, insurance etc. I know this is a question for a financial planner and there are books on it but if anyone would like to share their situation I am listening. I want to get down there as soon as possible but I also don't want to shoot myself in the foot...again....lol my pension would have been 102k if I didn't get divorced, but it is so worth it...Cheers and thanks in advance.

Retire as soon as you can. My brother was going to,,,,,
We buried him two months ago.

[Wiotte]

No one can answer the OP’s question with any certainty at all. It’s a very personal decision that really has little to do with financials but much more to do with what will life be like in retirement and are you really ready, which can’t be answered until it’s experienced.


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[My Post]

For me it comes down to if he likes his job or not.

[manaboutown]

Here is another thought. If you do decide to retire at 55 you could pick up the 40 QCs you need to get Social Security by working part time over the next ten years. You may already have some QCs so it might not take that long. Insured status (https://www.ssa.gov/oact/progdata/insured.html)

[Packer Fan]

I would wait till you are 60 and are eligible for the $72K. My pension is a little higher then that and I have had no problem affording a small place here bond or no bond and I am still able to travel and do the things I want to do. Good luck!!

DACA,
I think your post answers the spirit of the OP question. Let me restate what I think he is asking - if you had it to do all over again, would you have worked longer or not retired earlier and why? Did you find out that stuff was more expensive or less expensive than you expected when you retired to TV?

Ed

[Retiring]

My conundrum: In two years I can retire at age 55 with a 65k per year pension. Or wait 5 more years to take home 72k at 60yrs old. I don't qualify for social security. If I try to keep my mortgage payment under $1000 is it feasible to enjoy the Villages on 65k or wait to be more secure. I will be by myself so I won't need as huge place. I need to know the hidden costs, taxes, bonds, insurance etc. I know this is a question for a financial planner and there are books on it but if anyone would like to share their situation I am listening. I want to get down there as soon as possible but I also don't want to shoot myself in the foot...again....lol my pension would have been 102k if I didn't get divorced, but it is so worth it...Cheers and thanks in advance.

Chuck this is a question only you can answer. Only you know the type of lifestyle you want in retirement. There are those that eat out everyday and those that clip grocery coupons. Personally I couldn’t retire on $102k, that includes the home paid for in full. I like expensive things and enjoy travel. One great thing in TV, a home priced for everyone. You will find a home within your budget. If your willing to tighten your day to day budget, and pay cash for home, you should be ok on $65k.

[CFrance]

Retire as soon as you can. My brother was going to,,,,,
We buried him two months ago.
That happened to my father too. 57. Life can turn on a dime.

[fw102807]

Depends on how you want to live. We have friends who retired here on a lot less than 65K but they watch their pennies and live a very modest lifestyle. They don't buy a lot and they don't travel but they have a lot of friends and activities and are happy to be here.

[manaboutown]

My father lived to 94, much longer than he planned or expected to live. He was very worried about running out of money his last 10 years. Over time, in his case almost 30 years, inflation ate up what, at the time of his retirement, seemed a comfortable fixed income. His wife (my mother), who was considerably younger than him and had some social security income, passed about five years before he did. That income stopped when she died. I know the OP is unmarried at this time but when a spouse passes some retirement income stream can be lost. When to retire is a decision not to be made lightly or without as much information and guidance as one can obtain.

[KSSunshine]

My conundrum: In two years I can retire at age 55 with a 65k per year pension. Or wait 5 more years to take home 72k at 60yrs old. I don't qualify for social security. If I try to keep my mortgage payment under $1000 is it feasible to enjoy the Villages on 65k or wait to be more secure. I will be by myself so I won't need as huge place. I need to know the hidden costs, taxes, bonds, insurance etc. I know this is a question for a financial planner and there are books on it but if anyone would like to share their situation I am listening. I want to get down there as soon as possible but I also don't want to shoot myself in the foot...again....lol my pension would have been 102k if I didn't get divorced, but it is so worth it...Cheers and thanks in advance.

Work with a fiduciary who can help you plan for your wants/needs. Once you know how much you will have to work with and at what age, you can determine when you are ready to retire to TV. They should help you think through what you want to do with your life (e.g. golf, travel, hobbies....grandkids...) and the financial difference to you at different ages. There are a multitude of resources out there to help. Good Luck! Difficult decisions when you don't know the future!

[BK001]

Retire as soon as you can. My brother was going to,,,,,
We buried him two months ago.


Good advice. So sorry about your brother. Prayers for you and your family.

[ColdNoMore]

Retire as soon as you can. My brother was going to,,,,,
We buried him two months ago.

Sad to hear about your brother...but I totally agree.

Running out of money, before running out of breath...is IMHO preferable.

There are programs to help with the former...not so much with the latter.

[600th Photo Sq]

My conundrum: In two years I can retire at age 55 with a 65k per year pension. Or wait 5 more years to take home 72k at 60yrs old. I don't qualify for social security. If I try to keep my mortgage payment under $1000 is it feasible to enjoy the Villages on 65k or wait to be more secure. I will be by myself so I won't need as huge place. I need to know the hidden costs, taxes, bonds, insurance etc. I know this is a question for a financial planner and there are books on it but if anyone would like to share their situation I am listening. I want to get down there as soon as possible but I also don't want to shoot myself in the foot...again....lol my pension would have been 102k if I didn't get divorced, but it is so worth it...Cheers and thanks in advance.

I would wait.... for many many reasons. To involved to fully explain ...bottom line retire with peace of mind.

Ya don't want to end up buying Scratch Tickets .......Get the picture ..:plane:

[Ron_Ski]

My conundrum: In two years I can retire at age 55 with a 65k per year pension. Or wait 5 more years to take home 72k at 60yrs old. I don't qualify for social security. If I try to keep my mortgage payment under $1000 is it feasible to enjoy the Villages on 65k or wait to be more secure. I will be by myself so I won't need as huge place. I need to know the hidden costs, taxes, bonds, insurance etc. I know this is a question for a financial planner and there are books on it but if anyone would like to share their situation I am listening. I want to get down there as soon as possible but I also don't want to shoot myself in the foot...again....lol my pension would have been 102k if I didn't get divorced, but it is so worth it...Cheers and thanks in advance.

Unless you're working at a profession you really love, I would retire at 55 and take the money.

Why? At age 60 you would have already accumulated $325,000 in benefits.
You would have to live to 104 for the additional $7,000/Yr to equal the accumulated benefits of retiring at 55.

You could work a part time job doing something you really like or perhaps monetize a hobby you enjoy until your SS kicks in.

Best wishes in your retirement.

[Chuck1674]

Thanks, I found the Nuts and Bolts. Very helpful.

[thetruth]

My conundrum: In two years I can retire at age 55 with a 65k per year pension. Or wait 5 more years to take home 72k at 60yrs old. I don't qualify for social security. If I try to keep my mortgage payment under $1000 is it feasible to enjoy the Villages on 65k or wait to be more secure. I will be by myself so I won't need as huge place. I need to know the hidden costs, taxes, bonds, insurance etc. I know this is a question for a financial planner and there are books on it but if anyone would like to share their situation I am listening. I want to get down there as soon as possible but I also don't want to shoot myself in the foot...again....lol my pension would have been 102k if I didn't get divorced, but it is so worth it...Cheers and thanks in advance.

You do not say if there is an inflation clause in your pension. Our government says they want a 2% rate of inflation. First of all they have NEVER IN OUR HISTORY been able to control inflation at 2% or whatever.
Assuming that they do control inflation at 2% and do it LONG TERM-FAT CHANCE. In 36 years you will need more than $2.00 to buy what a dollar does today.

We've all seen reports, guides etc. In the real world all you need to know is what you have, the rate of return on your investments for your remaining lifetime, the exact date you will die, the rate of inflation for your remaining life time and the cost of any illness now and till you pass. Unless I miscounted there are seven questions you must answer ONLY ONE IS KNOWABLE-WHAT YOU HAVE NOW.

[Transplant]

At age 62 you might be able to collect Social Security using your ex wife's earnings.

"Current spouses and ex-spouses (if you were married for over 10 years and did not remarry prior to age 60) are both eligible for a spousal benefit.

You must be age 62 to file for or receive a spousal benefit. You are not eligible to receive a spousal benefit until your spouse files for their own benefit first. Different rules apply for ex-spouses. You can receive a spousal benefit based on an ex-spouse's record even if your ex has not yet filed for his or her own benefits, but your ex must be age 62 or older."

[Topspinmo]

If you have to get loan to buy house by now you are living above your means. Which imo means your looking at close million dollar properties. The sale of your home should cover cost of home down here?

If you can't retire at 55 on 65k pension without down spending you never will.

65k year is more than enough to retire on here, if you live within your means and don't have to take trip every month or compete with the snobs.

[TX2040]

What is the nuts and bolts section?

[fw102807]

What is the nuts and bolts section?

It's near the bottom of the home page

[Wiotte]

If you have to get loan to buy house by now you are living above your means. Which imo means your looking at close million dollar properties. The sale of your home should cover cost of home down here?



If you can't retire at 55 on 65k pension without down spending you never will.



65k year is more than enough to retire on here, if you live within your means and don't have to take trip every month or compete with the snobs.



[emoji1303]


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[Chatbrat]

Two years of receiving $65K, is a lot better than receiving 2 weeks of $72K, unless, you have a contract with God--receiving $130K for 2 years--divided by$7k=almost 18 yrs--live while you can

[Lottoguy]

The big question is your health insurance? Will you have that if you retire at 55? You didn't mention that.

[Lottoguy]

Exactly what I said. Health insurance is the biggest concern. It's like people who want to live close to the ocean in Florida. They never think about the cost of home owners insurance for that location. Hurricane insurance is huge in Florida if your in a storm surge area.

[DigitalGranny]

There's no yearly maintenance fee in Lake County. Don't overlook the "historic" side, which is in Lake County. No bond either. Nice, mature landscaping and friendly people, too!. Plus it's easy to find a home under $150,000. Agree with the poster who advised working until you can pay cash.

[Lottoguy]

Yes, their now building site built homes on the lots of former manufactured homes on the historic side. Great location over there, close to everything.

[tippyclubb]

My conundrum: In two years I can retire at age 55 with a 65k per year pension. Or wait 5 more years to take home 72k at 60yrs old. I don't qualify for social security. If I try to keep my mortgage payment under $1000 is it feasible to enjoy the Villages on 65k or wait to be more secure. I will be by myself so I won't need as huge place. I need to know the hidden costs, taxes, bonds, insurance etc. I know this is a question for a financial planner and there are books on it but if anyone would like to share their situation I am listening. I want to get down there as soon as possible but I also don't want to shoot myself in the foot...again....lol my pension would have been 102k if I didn't get divorced, but it is so worth it...Cheers and thanks in advance.

We live on 55k-60k a year and live in a patio villa, which is paid for . We have no debt and our vehicle is paid for too. Both of us pay for health insurance which cost $12k a year. We eat out twice a week, sometime 3. We travel, take cruises, and do beach trips 3 or 4 times a year. We live a good life and want for nothing, so yes I think you can do it too with your projected income for 1 person.

Like others have mentioned your days are not guaranteed. This was the main factor in our decision to retire early. I was 59 and husband was 62. Had we of worked longer we would have more money but it wasn't worth it. We are having to much fun being retired. I say go for it!

[Lottoguy]

Well said! I think it all comes down to your current job. If you hate it then retire. If you love it then stick to working. Health insurance is by far the biggest concern to those who want to retire before age 65. Now, many major companies will not longer offer health insurance to many long term employees.

[MSchad]

We live on 55k-60k a year and live in a patio villa, which is paid for . We have no debt and our vehicle is paid for too. Both of us pay for health insurance which cost $12k a year. We eat out twice a week, sometime 3. We travel, take cruises, and do beach trips 3 or 4 times a year. We live a good life and want for nothing, so yes I think you can do it too with your projected income for 1 person.

Like others have mentioned your days are not guaranteed. This was the main factor in our decision to retire early. I was 59 and husband was 62. Had we of worked longer we would have more money but it wasn't worth it. We are having to much fun being retired. I say go for it!

Sounds like you are really enjoying life. Is the 55k-60k before or after taxes?

Thank you,

[champion6]

There's no yearly maintenance fee in Lake County. Don't overlook the "historic" side, which is in Lake County. No bond either. Nice, mature landscaping and friendly people, too!. Plus it's easy to find a home under $150,000. Agree with the poster who advised working until you can pay cash.This is misleading.

There is no maintenance fee or bond in Lady Lake, which includes villages on both sides of 441 - Country Club Hills, Orange Blossom Gardens, Silver Lake, Del Mar, El Cortez, La Reynalda, La Zamora, Mira Mesa, Valle Verde.

Pine Hills and Pine Ridge are in Lake County and they have both a maintenace fee and a bond.

[MSchad]

We live on 55k-60k a year and live in a patio villa, which is paid for . .....
We are having to much fun being retired. I say go for it!

Can I ask, is the 55k-60k gross or net?

You have the life we want. We are coming down for a life style visit in June, with hopes to move down summer of 2019.

Thank you,

[tippyclubb]

Can I ask, is the 55k-60k gross or net?

You have the life we want. We are coming down for a life style visit in June, with hopes to move down summer of 2019.

Thank you,

It is gross income.

[2BNTV]

Thanks, I found the Nuts and Bolts. Very helpful.

Your welcome. :smiley:

Only you can make a personal decision but consider the following.

What's it worth, to get on, with the rest of your life?

[Abby10]

Well said! I think it all comes down to your current job. If you hate it then retire. If you love it then stick to working. Health insurance is by far the biggest concern to those who want to retire before age 65. Now, many major companies will not longer offer health insurance to many long term employees.

You have mentioned this several times and with good reason. It is a big factor and is unpredictable. We have had huge swings in health insurance premiums over the past 6 years since my husband retired. I still work part-time because of that. Sure, it may be fine right now, but what happens the next year is always the question. This issue has been our biggest concern, as you said, with both of us taking early retirement.

[manaboutown]

I remember sweating it out about health insurance premiums until I turned 65. My last year, 2006, I recall I was paying @ $800 per month for supposedly high end coverage. It was difficult to squeeze the money from the insurer, Blue Cross, when it was time to pay for my various medical expenses and they were not costly.

[Wiotte]

Well said! I think it all comes down to your current job. If you hate it then retire. If you love it then stick to working. Health insurance is by far the biggest concern to those who want to retire before age 65. Now, many major companies will not longer offer health insurance to many long term employees.



And that’s why we have the ACA.


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[tippyclubb]

And that’s why we have the ACA.


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Yes, but with an income of 65 k ACA is extremely expensive. I was quoted $1,800 through the market place with a high deductible. Ended up going with Florida Blue for much, much cheaper.

[Abby10]

Yes, but with an income of 65 k ACA is extremely expensive. I was quoted $1,800 through the market place with a high deductible. Ended up going with Florida Blue for much, much cheaper.

You're right.......ACA is reasonable, but only if you income qualify. Thanks for the heads up about Florida Blue.

[thetruth]

we were in the same situation. retire at 48 or wait till mandatory 56.

we chose 56, because he was fed CSRS with a pension it will? adjust with inflation, also no social security

the thought was to work till he had to... and then retire to the villages. The issue was, every year we waiting the prices of homes inflated....

So, think carefully in making your decision.

Also, TV is not your usual home purchase.

1- Most homes come with a bond, ($10k-50K) depending on the home type you purchase, on top of the home sale price. you can pay it off at time of home purchase, or finance at approx 5-7% for 30 years,on your tax bill, but its not tax deductable. Older homes sometimes have lower to no bond balance.

2-Yearly maintenance fees, ($250-900) also depends on which neighborhood you choose and is paid on your yearly tax bill, also not deductable. This fee pays for upkeep of the common areas of your particular neighborhood.

3- Amenity Fees, (typical HOA) pays monthly with your water bill and pays for use of pools, clubs, golf, ect. $150 per month.

4- Taxes depend on what county you live in and your city. Millage from 11-17%. You can use the tax estimator on the county websites.


Thats the long and short of it. Think about the gain you will make working 5 more years, vs the prices of Villages home esculating and then you can make your decision. Best case, buy now and rent the house till you get here.

P.S. there are also neighborhoods close by TV that do not have all the fees....just in case your interested in those as well.

Hope this helps....

You apparently had some government job-pension starting at 56-medial coverage oh and inflation protection.

NOT AN OPTION FOR US. You probably are aware that you need to be 65 to get onto medicare. Private healthcare insurance costs about 18,000 and that has to come out of savings.

As to prices in the Villages rising-that is true BUT, IT IS A SALES PLOY. I think many people in the villages owned a home before they moved here. So, at least in our case, our previous home had a market value higher than the place we bought in the Villages. The price on that place was also rising according to zilliow at a slightly lower rate than our place in the villages has been. BUT, in the end it is a wash. We left behind 6% state tax, 3% city tax, 10,000 in real estate tax and far higher electric costs.

As to paying cash for a home and or for a bond you should talk with an accountant. I've not looked recently but, I think you can still get a 30 year mortgage at 4%. Average stock market return is stated as 7-8%. I find it STRANGE that they cannot hold your age against you. By the way, I just checked our bond which started 4 years ago is 5.12% interest.

RE: deductible
That only matters if you itemize your taxes.
I was surprised as was my accountant that I can only take the standard deduction. Under the new tax bill the standard deduction will double-I WILL BE PAYING LESS TAXES.

[Two Bills]

Buy a bond free house in an established lower tax area, get rid of the Ferrari, ignore the Jones's, and a good life can be more than had on $65k.

[biker1]

Which county are you in? If it is Sumter, BC/BS (aka Florida Blue) is the only provider of healthcare (assuming you do not have access to health care via your employer, either present or past). Whether you sign up via the market place (aka ACA) or not, the BC/BS plans are the same. Signing up via the market place potentially gives you a price reduction based on your MAGI.

You're right.......ACA is reasonable, but only if you income qualify. Thanks for the heads up about Florida Blue.

[Abby10]

Which county are you in? If it is Sumter, BC/BS (aka Florida Blue) is the only provider of healthcare (assuming you do not have access to health care via your employer, either present or past). Whether you sign up via the market place (aka ACA) or not, the BC/BS plans are the same. Signing up via the market place potentially gives you a price reduction based on your MAGI.

Thanks for this info. I am still living full-time up north but have a property in Sumter which I hope to move to within the next 2 years.

Actually what you say is exactly what I thought because when I went on the ACA website all I saw were Blue plans. However, it sounds as if the poster I was responding to found out otherwise by going a different route. Does the ACA upcharge for those who come in over the 60,000+ limit versus going to an independent agent? Or maybe there are other Blue plans not offered by the ACA. Or possibly the poster I responded to is in another county. Hopefully he/she can clarify.

[biker1]

The plans and the prices for the plans are the same whether you signup via the marketplace (aka ACA) or not. There are a lot of BC/BS plans. If your MAGI is below about 60K then you get a subsidy if you signed up via the marketplace. Others counties near us may have other providers but in Sumter it is BC/BS only.

Thanks for this info. I am still living full-time up north but have a property in Sumter which I hope to move to within the next 2 years.

Actually what you say is exactly what I thought because when I went on the ACA website all I saw were Blue plans. However, it sounds as if the poster I was responding to found out otherwise by going a different route. Does the ACA upcharge for those who come in over the 60,000+ limit versus going to an independent agent? Or maybe there are other Blue plans not offered by the ACA. Or possibly the poster I responded to is in another county. Hopefully he/she can clarify.

[Topspinmo]

We live on 55k-60k a year and live in a patio villa, which is paid for . We have no debt and our vehicle is paid for too. Both of us pay for health insurance which cost $12k a year. We eat out twice a week, sometime 3. We travel, take cruises, and do beach trips 3 or 4 times a year. We live a good life and want for nothing, so yes I think you can do it too with your projected income for 1 person.

Like others have mentioned your days are not guaranteed. This was the main factor in our decision to retire early. I was 59 and husband was 62. Had we of worked longer we would have more money but it wasn't worth it. We are having to much fun being retired. I say go for it!

Good for you two!:ho: that way to do it:ho::ho:

[Topspinmo]

Buy a bond free house in an established lower tax area, get rid of the Ferrari, ignore the Jones's, and a good life can be more than had on $65k.
:BigApplause::BigApplause::BigApplause:

[Chuck1674]

DACA,
I think your post answers the spirit of the OP question. Let me restate what I think he is asking - if you had it to do all over again, would you have worked longer or not retired earlier and why? Did you find out that stuff was more expensive or less expensive than you expected when you retired to TV?

Ed
Perfect question....and I do have my quarters but my pension negates Social Security.

[Chuck1674]

Interesting. I don't qualify for SS. I have my quarters but my pension negartes it. The ex-Spouse thing is interesting and will be a nice pickup later.

[Chuck1674]

yes will have health insurance. Knock on wood, somewhat healthy.

[Average Guy]

Interesting. I don't qualify for SS. I have my quarters but my pension negartes it. The ex-Spouse thing is interesting and will be a nice pickup later.

The ex-spouse social security benefit will be subject to the Government Pension Offset (just as a "regular" social security benefit is), so it will be reduced by $2 for every $3 you receive in a federal retirement pension.