Cost of Living question

[eweissenbach]

Okay, I am brand new to the TOV site, and in the last two days have learned a lot about TV (including the popular abbreviations). For all of you that have shared knowledge here, thank you! My wife and I are 63 and considering selling our Missouri Lake Home and moving to TV in a couple years. My question is subjective, but perhaps some of you can provide some insight. My income will be about $4500 a month in retirement, with some fexibility depending upon investments. With no mortgage, will that be sufficient for an active lifestyle in a $200,000 home? P.S. we will be taking the lifestyle tour sometime in '10.

[villages07]

EW...

That should be more than adequate, especially with no mortgage.

You'll find some older threads discussing this in greater detail, but, as a generalization your direct housing-related costs (insurance, amenity fees, CDD fees, utilities, property taxes, phone, lawn and pest services, CATV, etc) on a 200K house should be about $1,000-$1,200/month.

Beyond that is what you spend for food, golf, entertainment, travel, clothing, medical, other taxes, etc.

[Army Guy]

With a income like that, you can live like a King.

Army Guy

[Walt.]

We've been here almost 4 months and are almost exactly in your situation (age, income, house). You'll do just fine.
We are actually living about $100 a month cheaper than in our Miami condo... but we now have an extra room, garage, back yard and nice neighbors. I don't know what the property taxes will end up being but I don't think it'll be much different than what I was paying.
Also keep in mind... there is no state income tax in Florida so you should save a few bucks there.
I was a bit leery about the whole Villages thing but now you couldn't get me out of here with a crowbar.
Walt.

[Kelsie52]

IF YOU ACCESS THE VILLAGES WEB SITE ON THE HOME PAGE LOWER LEFT HAND CORNER --CLICK ON COST OF LIVING RUNDOWN
IT SHOWS ON A 250,000 HOME COSTS TO BE ABOUT 960 OR SO.

WE HAVE NOT BOUGHT YET BUT HAVE VISITED TWICE OVER THE LAST 6 MONTHS AND FROM WHAT WE HAVE FOUND --THIS SEEMS TO BE IN THE BALLPARK. GOOD LUCK

:welcome:

[Xavier]

Okay, I am brand new to the TOV site, and in the last two days have learned a lot about TV (including the popular abbreviations). For all of you that have shared knowledge here, thank you! My wife and I are 63 and considering selling our Missouri Lake Home and moving to TV in a couple years. My question is subjective, but perhaps some of you can provide some insight. My income will be about $4500 a month in retirement, with some fexibility depending upon investments. With no mortgage, will that be sufficient for an active lifestyle in a $200,000 home? P.S. we will be taking the lifestyle tour sometime in '10.

You shouldn't have any problem at all. I had a earlier posting of actual costs for our home. Just click here: https://www.talkofthevillages.com/forums/showthread.php?p=235982#post235982

You'll live well within your means. We hope you enjoy your lifestyle visit.

[MargaretR]

Just wondering, can you "live like a king" on $4500 monthly gross income or would that be net income (after federal taxes)?

Thanks,
Margaret

[BobKat1]

One persons idea of Living Like A King might be different than another's. It all depends on ones perspective, and of course $$'s.

It seems that when people make it to retirement they have a pretty good idea of what they need to live on. Good luck to you...

[BogeyBoy]

$4500 may seem like a lot to some, and may seem like an impossible budget to others.

i would recommend you make a detailed list of everything in your current monthly budget. Then cross off what what pertains to where you are now and you will no longer need once moving to TV. (Like snow removal and transportation to work.) Make sure to be complete, like do you have some expenses that only come up once a year? Maybe insurance, etc. Make sure you include every expense that won't go away just because you are retiring to TV.

Then pull out that list mentioned above that estimates the cost of a home in TV.

Then make one more list - expenses that you will incur while retired and living here. Often people spend more on recreation when newly retired. If you play a lot of championship golf that can cost a lot. You may want to travel. Maybe a new hobby that is expensive. Maybe some of your health insurance costs will go up.

Add the three lists together and see where you are.