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.

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

Good Luck
 

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.

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

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.

have a plan for only one income just in case

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.

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.

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

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.

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.

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