Is it possible to live on SS only in TV?

[SallyR]

Both my husband and I recently lost our pensions and are sick with worry. We can buy a house in the villages (a small patio villa perhaps) free and clear, but will only have social security to live on. We have to leave the cold north. I am having a nervous breakdown about this. Does anyone there live on just social security? Is it possible and if not, any suggestions for us? Thanks.

[kittygilchrist]

suggest you sit together, hold hands, close eyes, and take several deep breaths, once an hour.

don't buy a house free and clear if you can get a mortgage. keep your cash.

praying...
Kitty

[Irishmen]

I guess the obvious question back is What will be your combined benefit?

[gomoho]

If you were both collecting the maximum amount and were frugal it might be possible. The beauty of TV is so many things are free so you can keep yourself busy and entertained with very little additional cost.

[Midvale]

Good advice.
There are also many nice manufactured homes in the historic area, some for under $100k.

suggest you sit together, hold hands, close eyes, and take several deep breaths, once an hour.

don't buy a house free and clear if you can get a mortgage. keep your cash.

praying...
Kitty

[tucson]

Sent you a pm. (private msg)

[redwitch]

Incomes here run the gamut from below poverty to extremely wealthy. All seem to live the type of life they want.

I do know some that live on only Social Security. All of the ones I know have no mortgage. They can't play golf every day; they do have good medical to go along with their Medicare; they do have fun here and their friends are not limited to just those in the same financial circumstances.

Purchasing a manufactured home is not a bad idea. You get a nice place with beautiful old growth around you. Your taxes are lower and there is no bond. Regardless of what you choose to own (or rent), all activities are open to you, so pick and choose what you want to do and go for it.

[ROCKETMAN]

Both my husband and I recently lost our pensions and are sick with worry. We can buy a house in the villages (a small patio villa perhaps) free and clear, but will only have social security to live on. We have to leave the cold north. I am having a nervous breakdown about this. Does anyone there live on just social security? Is it possible and if not, any suggestions for us? Thanks.

The average ss payment is $1260 but the high end is around $1900 so don't know where you fall in. You can do it but need some savings money for buying golf cart, roofs, furnaces, depending the age of unit you are purchasing. Utilities, amenities, property taxes, house and car insurance all add up. Everyone is different but a house in the historic section with more money in the bank would do it for me.

[queasy27]

Gosh, that's a huge blow, SallyR. Did you both used to work at the same company that lost its pensions?

Living on two SS payments should be possible. To give you an example, my budget when I lived on the historic side was $2050/month, which included a $547 mortgage, amenity fee, utilities, lawn maintenance, home repair, gas, food, entertainment, and all other normal expenses. I also budgeted an additional $500 a month in discretionary income.

The biggest variable might be health care costs, depending on your situation with insurance or Medicare.

[asianthree]

first what does it cost to live yearly where you are...find a planner either in person or online...how you budget may not be how we budget..there are patio villas with little or no bond. if you have not been here i would off season a couple of months before i would think of buying a home and try for a mortgage..are you a veteran than you can go that route for a mortgage on a preowned

[DianeM]

Maybe it's just me but I would prefer to have my residence paid for and then not have to worry about a mortgage payment.

[Madelaine Amee]

Both my husband and I recently lost our pensions and are sick with worry. We can buy a house in the villages (a small patio villa perhaps) free and clear, but will only have social security to live on. We have to leave the cold north. I am having a nervous breakdown about this. Does anyone there live on just social security? Is it possible and if not, any suggestions for us? Thanks.

First Don't have a nervous breakdown over this, hundreds of people have been in this position before you and you will manage................

Get in touch with your company and go to this website to see if they have picked up your pension Pension Benefit Guaranty Corp - PBGC Protects America's Pensions (http://www.pbgc.gov/)

This is the website for the The Pension Benefit Guaranty Corporation and your pensions may have been picked up by them.

[Bill Tasker]

This is a good question. I have often wondered the same thing. My spouse will have a small pension, hopefully enough to cover medical coverage. We will both have SS (hopefully) and I have a 401K. Buy a house out right or keep the cash has always been a quandry for me. When we looked at the historic side, most of them required a lot of updating. The realto rwe spoke with advised that TV will be completed 2015 and prices are moving up up and away. :-(

[eweissenbach]

Based on my research if you have no mortgage, you can live as cheaply in TV as you can in almost any other place, and cheaper than many, especially near either coast. As has been stated, social security payments can vary widely, if you both collect near the maximum, you could live very well, if toward the minimum you had better count on at least some part-time work. Because of all the activities available with no or low cost, I think this is an outstanding choice of destination for someone with moderate income, giving them the ability to do things that would be difficult, if not impossible in most places. For example where else could you afford to belong to even one country club, much less ten, enjoy live entertainment every evening, and play executive golf every day for free?

[coach]

My opinion is not to have a mortgage. The reason is that if one of you dies that SS money is gone. Can the surviving spouse live on one SS check and still make the mortgage payment?

Living on SS is possible but it must be with no debt.

[jblum315]

I believe the surviving spouse gets the deceased spouse's SS

[Madelaine Amee]

I believe the surviving spouse gets the deceased spouse's SS

I think the surviving spouse draws the larger of the two amounts.

[eweissenbach]

I think the surviving spouse draws the larger of the two amounts.

correct

[rubicon]

SallyR: I am sorry that you and your husband are have difficulty. The tone of your post tells me that you are deeply disappointed and deeply worried.

What your post does not reveal is you and your husband's age, whether you have any additional savings, qualify for medicare and/or have health insurance. Your post also doesn't indicate the extent of any additional liabilities nor your preferred lifestyle.

Coach Ed was correct in stating that costs would likely be lower here than in many places albeit we don't know your tax situation, etc.

In my view someone wanting to live strictly on social security needs to be clear of any obligations and even than a reduction in fixed costs. so perhaps such a person would live without ll the bells and whistles from cable TV, etc.
Then their are variable cost. Let's start with the cost of moving. Insurance premiums, that go up.etc. etc. etc.

In my view those issues have to be considered and if the outcome is that in the long run you are financially better off in Florida than here. well then
I would invest in a financial counselor You are making a capital decision here

[Schaumburger]

Good advice.
There are also many nice manufactured homes in the historic area, some for under $100k.

Agree with Midvale! Although as a wannabee I haven't lived in a manufactured home in The Villages, I have been to quite a few open houses for manufactured homes in The Vilalges, and several have been lovely. I have been thinking about going the manufactured home route myself...

[casita37]

Something else to consider is the possibility of one of you dying well in advance of the other :(. Then you're down to one SS check, but your expenses won't be cut in half.

Oops...didn't see the other posts with SS info, but it's still an important consideration.

[dsned]

My girlfriend lives on Historic side in a completely remodeled really beautiful home. She was so surprised because it only cost her 500 a month to live there. No mortgage. And yes she put out saving for a cart. Good luck and come on down!!

[Bonnevie]

another possibility is to look at another area that would be less expensive. you might try Sun City Center near Tampa...you could get a resale for less there and you might be able to make money on your home sale....not as many activities as TV but would still get you out of the cold north

[patfla06]

Sun City has HIGH taxes being in Hillsborough
County.
They also have a Chinese drywall problem.
And the traffic is HORRENDOUS.
I'm just saying...?

(I currently live in Hillsborough County)

[Lbmb24101]

I agree w queassy...wow i feel for you two....how terrible losing both pensions...
I do know someone who lives on her deceased husband's
'social sec, she pays mortgage on a ranch in TV, lives tight, but makes do.
With budgeting and some sacrifice, it is possible.
And though jobs are low paying, some villagers do work to supplement incomes.
Good luck w everything! :)

[queasy27]

Another consideration for a manufactured home is that property insurance is comparatively high since only 2-3 companies provide it. Premiums have really been going up. I would never recommend going without, but that would be an option if you didn't have mortgage.

Property taxes in Lake County are low if you have the homestead exemption (my bill was about $525 annually).

[senior citizen]

This is a good question. I have often wondered the same thing. My spouse will have a small pension, hopefully enough to cover medical coverage. We will both have SS (hopefully) and I have a 401K. Buy a house out right or keep the cash has always been a quandry for me. When we looked at the historic side, most of them required a lot of updating. The realto rwe spoke with advised that TV will be completed 2015 and prices are moving up up and away. :-(

It is wise for you to consider the money you "might" have to sink into an older home. We've always bought older homes in Vermont as there wasn't much of any choice nor new builds.......everything moves at a snails pace up here, including home building. Mostly singly built homes by owner. Not a development type situation like in N.J. or Fl.

Which leads me to: Even on social security alone, people would have to remember to have an emergency fund.

After years of noticeable climate change up here in Vermont with warmer winters and the typical January thaw coming in November......and the snow being RAIN....with saturated ground and sometimes rain on frozen ground......people started getting minor flooding in their lower levels and basements.........like soggy carpeting........

After years of thinking it would "change back" to the old climate, which did not happen........and more winters of ice jams and ice dams on the roof (which was new).........we had to put in French Drains all around the perimeter of the home.......dug out deep and then pipes put on gravel, etc. and they WORK GREAT......especially this year with two months of steady heavy rains up here..........VERY ODD WEATHER, TO SAY THE LEAST.

We also replaced our fairly new roof with another new roof with special "something or other" under the shingles and "ice glides" on the edges so that the snow and ice on the roof will gently fall off and not accumulate and go under the roof shingles..........

Just guessing, but in an older Florida home..........the airconditioning might go and that is as important as our oil furnace is up north......so even on S.S. keep in mind (the original poster) to keep an emergency fund for home repairs..............one never knows.

[senior citizen]

My opinion is not to have a mortgage. The reason is that if one of you dies that SS money is gone. Can the surviving spouse live on one SS check and still make the mortgage payment?

Living on SS is possible but it must be with no debt.

Excellent advice. It's true. They would be down to one check monthly if the spouse passed away.

We haven't had a mortgage since we were 45 years old since we bought our first home at age 22 and then obviously paid off all the other mortgages.

I've mentioned to my husband how people do buy in TV with mortgages and that they seem to give them out to older people........

He always has told me he would NOT want to start with a mortgage again.

Last count, we have owned and sold 5 homes; this being our 6th home which we will sell, hopefully, next spring. Neither of us would want a mortgage at age 68 now and 69 next year.

[senior citizen]

I believe the surviving spouse gets the deceased spouse's SS

They do get the higher amount, but it's still one check, minus the other one.

[Dr Winston O Boogie jr]

Gosh, that's a huge blow, SallyR. Did you both used to work at the same company that lost its pensions?

Living on two SS payments should be possible. To give you an example, my budget when I lived on the historic side was $2050/month, which included a $547 mortgage, amenity fee, utilities, lawn maintenance, home repair, gas, food, entertainment, and all other normal expenses. I also budgeted an additional $500 a month in discretionary income.

The biggest variable might be health care costs, depending on your situation with insurance or Medicare.

This pretty much says that the answer is yes. If you buy a house outright and have no mortgage payment, you can reduce that budget by about $300. If you can mow your own lawn, you can save another $50 a month.
If you both are receiving SS benefits you are taking in at least $2600 a month well over Queasy's budget.

[towgo]

nb; NOTHING IS FREE IN THE VILLAGES

[CFrance]

I think the surviving spouse draws the larger of the two amounts.

That's correct. My friend was a widow and had to choose between her or her deceased spouse's SS. Doesn't seem fair to me, but there it is.

I would vote for no mortgage.

[jebartle]

nb; NOTHING IS FREE IN THE VILLAGES

golf is free on execs. if you walk!...You might be referring to VCDD fee, and we all pay approx. $135 month, IMHO..

[gomoho]

nb; NOTHING IS FREE IN THE VILLAGES

Would you feel better if we said "you get a whole lot of stuff for your amenity fee"???

[kittygilchrist]

If you pay up front, you might be able to get a reverse mortgage in the event of an emergency, but not on a manufactured home, I'll bet..they don't get worth more with time, like site built homes, require more maintenance and are risky for storms. Right?

[SusanOfWoodbury]

Both my husband and I recently lost our pensions and are sick with worry. We can buy a house in the villages (a small patio villa perhaps) free and clear, but will only have social security to live on. We have to leave the cold north. I am having a nervous breakdown about this. Does anyone there live on just social security? Is it possible and if not, any suggestions for us? Thanks.


My suggestion would be to figure out how much you get on ss and minus out your expenses. There are also lots of part time jobs in The Villages and surrounding area's for extra money.. Buying a house would be great, but, I would suggest buying something with NO BOND.Owning a home would be better than renting. Getting a three bedroom house and renting one of the rooms is another option, there is always snow birds looking for a place to stay...

Good luck...

[LuauLinda]

My husband and I considered a manufactured home in Orange Blossom Hills but decided not to once we learned of how much higher the homeowner's insurance was on an older manufactured home! Many insurance companies would not even insure it because it was older than 1985. It made no sense to us but that is how it is - take the insurance premium payment into consideration before buying a manufactured home!

[Duvalboomer]

Maybe it's just me but I would prefer to have my residence paid for and then not have to worry about a mortgage payment.

I agree, I would never get a mortgage if I have the cash to pay for the home, just doesn't make sense to me. It depends on your benefit from SS. My wife and I combined get about $3K we could certainly live here without a mortgage. Also if you are in good health you could also pick up a part time job 10 or 20 hours a week to supplement your SS

[kittygilchrist]

I hope to make over the 3% for a mortgage by investing the cash.

[eweissenbach]

I hope to make over the 3% for a mortgage by investing the cash.

I would agree with Kitty, but I also understand there are people who are totally risk-averse and would not feel comfortable with that.

[kittygilchrist]

I hope to make over the 3% for a mortgage by investing the cash.

I forgot to say, and I can deduct mortgage pmts.
I love the security of a paid for home, but if I have a potentially unstable situation, I want liquid assets.

[chachacha]

when i was a little girl i overheard a conversation among the adults about a matriarch of the family who had saved the necks of most of the family during the depression because her house was paid for and she could provide a roof for them...i took this to heart and 60 years later remembered it and paid cash for my little house...i guess i am risk averse in the terrible economy i see coming. liquid assests won't be much good if the stock market tumbles again....or the dollar continues to devalue....i have a small pension but i make out ok by being very frugal and with God's help.

[Vinny]

That's my plan but my SS is pretty high.

[sharonga]

There are beautiful mobile parks right outside the village. A really nice one would cost about $20,000. maintenance fees and spot fees are like $300. a month. or you can rent one for about $500. they all have pools and clubhouses and the villages are right near for restaurants and nightly entertainment. Just a thought.

[rockyisle]

I would definitely sit down with someone here in TV who can help you sort this out. My immediate thought is that you could purchase your home outright, then reverse it if the numbers made sense - then you'd have income each month coming back at you - it all depends upon your ages right now.
Something more to think about - I'm so sorry about your pensions. Let's hope they have been picked up by our government.

[Villager Dude]

I think step one is to determine what your costs are now.

Then what you can cut out , dry cleaning, pension contributions, social security, etc.

My gut feel is it costs 4 - 5 K per month for most people in TV to have an excellent lifestyle. This is without mortgage.

I know you can do it for less .

I would love to know if I am all wet on this theory.

[DougB]

I think step one is to determine what your costs are now.

Then what you can cut out , dry cleaning, pension contributions, social security, etc.

My gut feel is it costs 4 - 5 K per month for most people in TV to have an excellent lifestyle. This is without mortgage.

I know you can do it for less .

I would love to know if I am all wet on this theory.

4 - 5 K without a mortgage? No where near that much. I would say you are soaked. :popcorn:

[asianthree]

my goal is $2500 with everything....one income and done...that way no worries later in life

[senior citizen]

I've read everyone's posts and they all make sense, depending on where you are on the monetary ladder. Some people who were not government employees simply do not have large pensions. Some did manage to save quite a bit and can live comfortably without a pension. Social Security is really NOT much at all in the bigger scheme of things. Living in a mortgage free home has always made sense to me. As one poster mentioned the Great Depression, those who owned their homes free and clear , at least had a roof over their heads. Those with mortgages, lost their homes and their businesses in many cases.

We've never invested in the stock market, always believing that "Cash is King" and it's a good feeling actually..........

My question is:

"When do grandparents stop being over indulgent with GIFTS for all the grandchildren and adult childen?" I can see the handwriting on the wall. We have only been retired for less than two years now. Thanks in advance.

[asianthree]

I've read everyone's posts and they all make sense, depending on where you are on the monetary ladder. Some people who were not government employees simply do not have large pensions. Some did manage to save quite a bit and can live comfortably without a pension. Social Security is really NOT much at all in the bigger scheme of things. Living in a mortgage free home has always made sense to me. As one poster mentioned the Great Depression, those who owned their homes free and clear , at least had a roof over their heads. Those with mortgages, lost their homes and their businesses in many cases.

We've never invested in the stock market, always believing that "Cash is King" and it's a good feeling actually..........

My question is:

"When do grandparents stop being over indulgent with GIFTS for all the grandchildren and adult childen?" I can see the handwriting on the wall. We have only been retired for less than two years now. Thanks in advance.

good question each year we give a little less...as the kids and grandkids get older they understand..we no longer give christmas gift to our kids... because everyone has everything..but do buy for the grand kids....so by the time i retire they will be in graduate school..and a card will bring a smile to their face.

[collie1228]

Sorry to hear that your pensions were lost. Are you aware that private pensions are generally guaranteed by an agency of the Federal Government?

"The Pension Benefit Guaranty Corporation (PBGC) is an independent agency of the United States government that was created by the Employee Retirement Income Security Act of 1974 (ERISA) to encourage the continuation and maintenance of voluntary private defined benefit pension plans, provide timely and uninterrupted payment of pension benefits, and keep pension insurance premiums at the lowest level necessary to carry out its operations. Subject to other statutory limitations, the PBGC insurance program pays pension benefits up to the maximum guaranteed benefit set by law to participants who retire at age 65 ($54,000 a year as of 2011).[2] The benefits payable to insured retirees who start their benefits at ages other than 65, or who elect survivor coverage, are adjusted to be equivalent in value."

Have you checked to see if your "lost" pensions are guaranteed by the PBGC? A close relative had his pension program cancelled when his employer went bankrupt but he now gets his monthly check from the PBGC.

[Bonnevie]

I think everyone has a different level of lifestyle that suits them. I have always lived under my means. I chose what things were worth spending more on. for me travel was more important than silverware. I could have bought a more expensive home, but chose to keep my monthly expenses down.
Although the taxes might be higher, Sun City Tampa --the older Del Webb side has resales that can be bought for much less than the cheapest patio villa. The amenity fee if $256 a year which would make up for tax differences. And the traffic down there is not so bad, Tampa, yes, but not where Sun City is. It's possible for someone to buy there and have money left over from the sale of their previous house. It's just a suggestion. I researched it pretty well because economically it would have made sense for me to go there, but as a single, I wanted the more active lifestyle.

[graciegirl]

Maybe it's just me but I would prefer to have my residence paid for and then not have to worry about a mortgage payment.

Living here is not a right. You may be better off not moving. A nervous breakdown is more real when you can't pay the bills so think carefully. It is expensive to move ANYWHERE for dozens of reasons.

I would tell my children who I love dearly, you have to separate what you want, what you deserve and what you can afford. It is the sad reality of life.

If you get the cost of living list from the packet the sales office sends you, it is very close to the real cost of living, ..judging from others responses on this subject on this forum.

It is nice to live here but we can be happy wherever we are if we try.

If you state what your annual income is, folks would be more able to guide you, but I realize that is very private and it embarrasses me to even type it...but if you need to know..........it is part of the information that folks would need to guide you on this subject.

You can live here quite economically if you are on medicare, if you don't go out to eat all of the time,if you drink moderately, if you don't smoke, if you don't have major health issues, if you keep your expenses low by having a smaller home to heat and cool. Pretty much the same way people live carefully within their budget anywhere.

https://www.talkofthevillages.com/forums/villages-florida-new-members-forum-115/how-much-daily-food-fun-money-enough-you-39191/

https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/tv-cost-living-38344/

[NJblue]

I see that you are from NJ. As someone who also moved here from NJ, I am a bit perplexed about your concern about moving here. Unless there are circumstance about your life in NJ that we are not aware of, I would think that the move to here would be a no brainer.

First, the price of houses in NJ tend to be much higher there than they are for comparable housing here, so immediately you should have excess capital from the sale of one house and the purchase of a cheaper one.

Second, the property taxes down here are CONSIDERABLY cheaper than in NJ.

Third, you will be saving on state income taxes since there are none down here.

Fourth, the cost for both auto and home owners insurance is cheaper down here (although the home owner advantage is starting to go away with increased sink-hole coverage costs).

Finally, your dining/entertainment costs are considerably lower down here than they are in NJ.

So, while I understand the angst of a sudden change to your financial future, I think when you look at the actual numbers, you will conclude that a move down here makes perfect sense and in fact may be mandatory. Perhaps your question should be, "Since a move to a low cost area like Central Florida is required, can I afford The Villages or should I look at something outside The Villages." The answer to this would depend on some of the issues brought up before: amount of SS, costs for medical, availability of savings, etc. - but don't forget, you probably will have excess equity in your home sale that will augment your savings.

The advice to look into the federal pension guaranty program is excellent - there may be some situations that I am not aware of, but your pensions should be covered by this program. My neighbor has his pension paid in this way and he didn't lose a dime because of it. Good luck!

[TrudyM]

Cost of Living Comparison (http://www.bestplaces.net/cost-of-living/)
I have used this site before when we have been comparing job offers from different cities. I remove the housing number and then add back in a specific housing number that reflects what we currently own and by searching the mls what a similar or acceptable home would cost in the new location and add in the real taxes and insurance.
Figure around 2000 to move if you do it yourself about 5000 or more if you hire it done (pods I haven't used but would fall somewhere in the middle I would think) My moves have been twice this as I have moved with a lot of junk by coastal but I pulled averages off the net. Don't forget to add closing costs and start up fees for utilities etc.

I don't know where in the NJ you are but I used Paterson as it was a NJ place that came to mind. It gave the following but you can play on the site for more details.
Cost of living Indexes 100 being national average.
Cost of living........Paterson NJ........The Villages
Overall...................123%...............101%. ........ So 18% cheaper
Food.....................120%............... 105%
Utilities.................134%................. 95%..........So 28%cheaper
Transportation.......110%................ 101%
Health..................114%...............100%... .My research on this Vill at 113%
Miscellaneous.........121%.................97% Also I think vill is low
Housing.................129%................101%

One thought my son had was if we ran short and had bought a 3 bedroom we could store our personal stuff locked in the third bedroom come stay with him for Jan Feb March and rent it out as a two bedroom. Then have about 7000 after taxes from the rent to help with the rest of the year. We use a credit card that gives airline miles and we put all bills on it. He has the same so between the two airfare would be covered.

If there is a penny to pinch I will find a way to make it cry for help.

Hope this helps,

[l2ridehd]

If you are able to pay cash for your home, and a manufactured home on the historic side is a viable option and your income from SS or where every is over 25K a year. I think you can do it. Yes you will have to be frugal, and cut coupons, and be careful and buy a used golf cart and use mostly free entertainment, and maybe even a part time job doing something. The two major costs you need to know are the cost of your home and ongoing health care. But one thing I will guarantee is that the cost of living in TV is less then the cost of living in NJ.

[Harleyman]

If it is any help, we have owned a patio villa in Sable Chase for three years. We are from Canada and only use it for about 4 1/2 months a year so the figures I quote would be a bit low because the gas and electric bill would be higher if we were there full time.

For everything, insurance, taxes, pest control, lawns, furnace cleaning, tree trimming, house washing, golf car insurance, trail fee, guy looking after it when we are not there, I mean every cent we spend to keep the place, it is just over $700 per month. Last year was $708.

I would definitely pay cash if it were possible. Playing the market with your house money in these times would be like playing Russian Roulette. Not a lot of winners in that game these days.

[sueandskip]

QUOTE]
Sorry to hear about loosing your pension....If you have never been to the villages I would suggest renting a patio villa for a month or two in the off season, which saves you a lot of money , then you can go to see the different homes for sale and go to all the open houses that happen everyday and see where and what you can afford to buy...You can talk to people and ask questions and get answers from people who live here...You can also get a part time job here doing many things....I can tell you that my patio villa cost me an average of 500 per month for all costs with no mortgage...This does not include entertainment or car insurance or food cost , but is electric, lawn care, golf cart insurance,home insurance,garbage,newpaper,wifi and cable and phone and amenities fee...Good luck in your search

[casita37]

I was thinking about how to cut corners, to make the ends meet, and I thought of something I wish we had considered more before we bought. When choosing your house, be sure to choose one you like....just the way it is! When you start tiling your lanai, pavering (made up that word..) your driveway, installing solar tubes, new carpet/tile/wood, etc., enlarging your lanai and the list goes on and on, it really adds up. EVERYday, we weave through construction/service trucks in the neighborhood. Seems like every other house is "remodeling".

Low maintenance landscaping can save you a fortune, too, unless you are the diy type and just like yard work. Again, people are always changing things. Our yard guys offered us a palm tree really cheap because another customer just didn't like it....nothing wrong with the tree. I've even seen ads on here for free landscaping items.

What are your plans for furniture? If not bringing your own, consider a turn-key house (as long as you LIKE it). Lots of consignment and used furniture stores here because, again, people are always remodeling. You can find some good deals on nice furniture, if you don't mind used....I don't mind!!

Just something to consider. Hope it helps.

[CFrance]

I was thinking about how to cut corners, to make the ends meet, and I thought of something I wish we had considered more before we bought. When choosing your house, be sure to choose one you like....just the way it is! When you start tiling your lanai, pavering (made up that word..) your driveway, installing solar tubes, new carpet/tile/wood, etc., enlarging your lanai and the list goes on and on, it really adds up. EVERYday, we weave through construction/service trucks in the neighborhood. Seems like every other house is "remodeling".

Low maintenance landscaping can save you a fortune, too, unless you are the diy type and just like yard work. Again, people are always changing things. Our yard guys offered us a palm tree really cheap because another customer just didn't like it....nothing wrong with the tree. I've even seen ads on here for free landscaping items.

What are your plans for furniture? If not bringing your own, consider a turn-key house (as long as you LIKE it). Lots of consignment and used furniture stores here because, again, people are always remodeling. You can find some good deals on nice furniture, if you don't mind used....I don't mind!!

Just something to consider. Hope it helps.

Good stuff, casita. I always appreciate your posts. And you are right. We bought a spec house and have been upgrading it ever since. We liked how it was situated, plus the price vis-a-vis something more expensive, and those were the main factors. But we are pumping a lot of $ into it.

[Jhooman]

I am so sorry about your loss. Economic fear can be so frightening, especially in retirement.

Here is my suggestion. Honestly know your spending, write down everything you spend, starbucks, groceries, clothes, shoes, gifts, cat food, dog food, utilities. Know your spending habits. That also includes tax's, medical and dental.

The more knowledge you have about your situation the more power you have about living right sized here or where you are located.

Once you know your spending habits, contact a Financial Planner, this may cost you a fee, but it will help to have an expert opinion.

God bless you both.

[Parker]

Not all financial planners are created equal. Good ones can be very helpful, while bad ones can make everything worse. Be careful.

[mgjim]

I'm hoping to move to The Villages with an income of Social Security and a small military pension and a small IRA to supplement my income. My goal is to avoid using my IRA so I can pass that on to my kids. I'm single so I don't have to worry about losing a second income but I do expect to have a mortgage. My estimated budget allows for some golf on the championship courses and a few nights out for dinner each month. I'm frugal but I want to enjoy my final years. I suspect you can too.

[Villages PL]

Both my husband and I recently lost our pensions and are sick with worry. We can buy a house in the villages (a small patio villa perhaps) free and clear, but will only have social security to live on. We have to leave the cold north. I am having a nervous breakdown about this. Does anyone there live on just social security? Is it possible and if not, any suggestions for us? Thanks.

The short answer is YES. OMG, it certainly can be done with money to spare. If you have one check that pays $1,200. per month, you could almost live on that one check alone. This assumes that you pay cash for your home so you won't have a mortgage payment. If you're not experienced stock market investors, that's probably the best way to go about it.

[eweissenbach]

The short answer is YES. OMG, it certainly can be done with money to spare. If you have one check that pays $1,200. per month, you could almost live on that one check alone. This assumes that you pay cash for your home so you won't have a mortgage payment. If you're not experienced stock market investors, that's probably the best way to go about it.

Would it be POSSIBLE to live on $1200 a month in TV with no mortgage......I suppose. Would it be advisable to try........heavens no! However, I might add, it would be tough to live anywhere on that IMO.M

[Villages PL]

Would it be POSSIBLE to live on $1200 a month in TV with no mortgage......I suppose. Would it be advisable to try........heavens no! However, I might add, it would be tough to live anywhere on that IMO.M

I happen to be very comfortable financially but even so, I happen to also be a very frugal person. I guess it's just a habit I grew up with. I paid cash for my nearly new patio villa and I paid cash for my new car. So I have no outstanding debts. I normally don't keep a budget, I just spend wisely for things I need and want. But about 4 years ago, just to satisfy my curiosity, I decided to figure out my living expenses. To my surprise it only came to about $8,500. The biggest expense items were for house and car insurance and property taxes. I included everything I could possibly think of, even down to movie tickets and book purchases.

Most likely my expenses have gone up over the last 4 years. So, make it $9,500 or $10,000. It still wouldn't amount to much. I do it when I don't have to do it. I just happen to like my frugal (simple) lifestyle. If I wanted to spend 20, 30 or 40+ per year, I could certainly do so but I feel as though I have everything I want. Should I try to spend more just because I can?

The bottom line: If I can do it when I don't have to do it, I figure they can do it too.

:thumbup:

[eweissenbach]

I happen to be very comfortable financially but even so, I happen to also be a very frugal person. I guess it's just a habit I grew up with. I paid cash for my nearly new patio villa and I paid cash for my new car. So I have no outstanding debts. I normally don't keep a budget, I just spend wisely for things I need and want. But about 4 years ago, just to satisfy my curiosity, I decided to figure out my living expenses. To my surprise it only came to about $8,500. The biggest expense items were for house and car insurance and property taxes. I included everything I could possibly think of, even down to movie tickets and book purchases.

Most likely my expenses have gone up over the last 4 years. So, make it $9,500 or $10,000. It still wouldn't amount to much. I do it when I don't have to do it. I just happen to like my frugal (simple) lifestyle. If I wanted to spend 20, 30 or 40+ per year, I could certainly do so but I feel as though I have everything I want. Should I try to spend more just because I can?

The bottom line: If I can do it when I don't have to do it, I figure they can do it too.

:thumbup:

Good for you. :BigApplause: You are very unusual.

[thelegges]

have a plan for only one income just in case

[ydnar9]

I lost my job in April of 2010 as the company moved out of the country. I collected unemployment for the next year and a half and also signed up for my social security at that time. We decided to move to Florida and stayed at the Villages two different times for a month. We felt we could only affort a manufactured home but really did not want to do that as they are already over 20 years old and not built as well as a sight built home. Also the values will fall eventually fall for sure and the insurance is high as well as we did not want to live in one during the severe storms here in Florida.
We then decided to purchase a home in The Plantation about 15 miles from the Villages. We purchased a very nice home that was recently remodeled for 100,000. That same site built home in The Villages would cost between 160 and 180K. That was the reason we picked to live here. WE still use the shopping and the free entertainment offered by the Villages and enjoy going there. We are living on my SS check alone and a small pension. We do have IRA's and savings, but don't use much of that but live on the SS and pension alone. My wife will receive half my SS check in 2 years so that will help a lot. Our home is paid off, our 2011 vehicle and our 2001 Mitata are also paid off. We are living just fine on our small income. The Plantation is only $85 a month fee, is truly gated, has 3 pools, golf course, many pickleball courts, tennis courts, bocce, shuffleboard, horseshoes, etc. During the winter they have entertainment going on every weekend at the manor for 5 or 10 dollars for musical talent, etc. Very inexpensive to live here. So maybe this helps you to decide if you can make it.

[JeffAVEWS]

Not knowing you circumstances I can only offer suggestions. You should first check with the Pension Benefits Guarantee Corporation (PBGC) to see if you will get a reduced pension. It's a government entity that picks up pensions after a company goes bankrupt. You might have something coming from them. I worked for Eastern Airlines so I get a reduced pension there. You may also qualify for Supplemental Social Security, check with the SSA. Don't worry, you can live quite comfortably here in the bubble for a lot less then you would think. I know some widows who make $900 a month and they are doing OK.

[patfla06]

I think step one is to determine what your costs are now.

Then what you can cut out , dry cleaning, pension contributions, social security, etc.

My gut feel is it costs 4 - 5 K per month for most people in TV to have an excellent lifestyle. This is without mortgage.

I know you can do it for less .

I would love to know if I am all wet on this theory.

I'm not sure WHY it would cost $4-5K a month to live in T.V.

[asianthree]

I'm not sure WHY it would cost $4-5K a month to live in T.V.

golf everyday at palmer or somewhere would cost about $1200 a month...if you so choose to spend that much money

[Paperboy]

I'm not sure WHY it would cost $4-5K a month to live in T.V.

I've got a 3 bdrm. cottage, 1480 sq. ft. ( in St. James) NO mortgage & it costs me about $885.00 per mo. which INCLUDES taxes & bond & amenities.
NOT figuring in food, insurance & pocket $.
Figure out your monthly expenses.

[njbchbum]

snipped
We felt we could only affort a manufactured home but really did not want to do that as they are already over 20 years old and not built as well as a sight built home. Also the values will fall eventually fall for sure and the insurance is high as well as we did not want to live in one during the severe storms here in Florida.
snipped

sallyr - if you are still reading here...have no fear about the homes on he historic side! there are LOTS of us living there - and we even do quite well in bad storms, too! insurance is not high as long as you seek out agents beyond the confines of the villages [our small house is just around $650/yr]. and some of the manufactured homes are built on a slab - but the villages sales reps will tell you they are a site built house [you're from jersey so i am sure you wouldn't buy that line, but i did wanna mention it!].

i can still remember buying my first house and the mortgage payments coming due...told my husband i was going to take the next payment to the bank and ask them how we were supposed to keep up with all of the bills...after all, they had scoured our life history, credit history and expenses down to the penny - and they told us we could do it!...i just wanted them to tell me how they figured so! ;)

you're from jersey - living in the villages or just in florida can be done on your income.

[coconutmama]

The average ss payment is $1260 but the high end is around $1900 so don't know where you fall in. You can do it but need some savings money for buying golf cart, roofs, furnaces, depending the age of unit you are purchasing. Utilities, amenities, property taxes, house and car insurance all add up. Everyone is different but a house in the historic section with more money in the bank would do it for me.

Great advice! Needs a nest egg for repairs & the historic district is a wonderful place.

[ydnar9]

Both my husband and I recently lost our pensions and are sick with worry. We can buy a house in the villages (a small patio villa perhaps) free and clear, but will only have social security to live on. We have to leave the cold north. I am having a nervous breakdown about this. Does anyone there live on just social security? Is it possible and if not, any suggestions for us? Thanks.

There are also other options to think about. I lost my job due to NAFTA because manufacturing companies cannot compete with third world countries in labor costs. So when NAFTA passed the jobs and companies started leaving the USA just like Ross Perot said they would when he ran for president. Anyways that was a little over 2 years ago. I was on unemployment for 18 months and decided to just retire and move to Florida (as I was 62 when compnay moved out of the country.
I love the Villages but things were just too expensive for us there. We bought a beautiful home in The Plantation just south of Leesburg for the very low 100's which would sell in the Villages for probably 160 -170K. My monthly expenses are $85 amenity fee, $75 water and sewer, $80 electric, $60 insurance, $100 for taxes which includes garbage pickup twice a week and recycle pickup once a week, cable TV with internet thru Comcast $70 for first year. So that totals up to $470 a month expenses. I mow my own yard and do my own pest control which is very easy. You can purchase the same thing the companies use on the internet. Had a few cockroaches around when we first moved in but haven't seen any bugs in months. Anyway, hope this helps a little. I was worried too about retiring without planning on it but do fine. We are living on my SS and a small pension, my wife will be able to draw half mine in a couple years which will help... There are about 2600 homes here, truly gated community, 3 recreation centers, 3 pools, tennis, pickleball, golf, bocce ball and about everything else. Can't go shopping in your golf cart though. LOL My Toyota Prius gets 54 mpg so maybe better than a golf cart. Also the Villages is maybe a 15 to 20 minute ride over to enjoy the restaurants, free entertainment, etc, which we do every week. Thanks Villages for a great place and I'm sure a great place to live!!

[jblum315]

Something else to consider is the possibility of one of you dying well in advance of the other :(. Then you're down to one SS check, but your expenses won't be cut in half.

Oops...didn't see the other posts with SS info, but it's still an important consideration.

Incorrect. The surviving spouse continues to draw the larger of the SS payments.

[jebartle]

If you buy in Lake County there is NO Bond, which will save you around $25,000.....If you are looking for a villa, consider one with a tile roof, another replacement expense you won't have to consider down the road....IMHO

[Ohiogirl]

I agree that if money is REALLY tight, there might be cheaper places to live that are quite nice. You did not mention whether or not you golf. I think the free (ok, included in amenity fee) golf is a big plus in the Villages, but only if you actually use it. I for one would not golf as often if I had to pay an extra fee for it, whether yearly, or each time I played. It adds a lot of quality to your life though, if you are an avid golfer.

We never thought we'd be able to afford 2 places (condo in Ohio and villa in TV), but we found living in Florida to be much cheaper than we anticipated - I think it's all the free stuff to do at rec centers. We are quite content to stay home and cook out and watch TV or entertain at home most evenings when in Florida, as we are tired from being out and about all day in TV.

Also figure in how much you will save in car expenses - that's one of our biggest savings when in TV. We fill up the tank only once or twice monthly, while it's once or twice weekly when in Ohio - and we bike and walk a lot (more than in TV) to stuff.