[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]

Originally Posted by 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.

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

[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]

Originally Posted by 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.

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]

Originally Posted by 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.

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.

How much daily "food and fun" money is enough for YOU?

TV cost of living

[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
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]

Originally Posted by 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.

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.