Yearly income
 

Wondering if 1 person can afford to live in TV on $25,000 a year?

Is that before or after taxes? If after, and your house is paid for, and you are frugal, I believe you could. Much of what is available here is free, like pools and golf and clubs and pickle ball and...

sunshine, and fellowship, and dancing in the squares.......

You'd be pinching pennies but yes I believe you could do it. There are people here who manage on just Social Security. That's one of the lovely things about The Villages - no one cares or notices how much money you have or spend. You never need to dress up. Just about everything - utilities, taxes, even restaurants - is cheaper than wherever you came from. Make a budget and stick to it and you'll be fine.

I know a couple who do it on about 28K. And they own a large home so taxes are a bit of an issue. If you owned a small home, Patio Villa, small ranch or manufactured home so your taxes are really low and were frugal, I believe you could do it. Key is to own the home outright.

free pools and clubs?
 

nothing is free in the villages. monthly fees for amenities.

To the OP, I agree with most of what jblum said, except the part I put in bold above. I can tell you that taxes are higher here than in AZ, where WE came from. That is assuming the reference to taxes in the above post is in respect to property taxes. I do know that taxes in many states are much higher than here. Restaurants...well, that is subjective, as it is hard to compare unless you are talking about a chain restaraunt, then the prices will likely be the same. Gasoline is higher here than where WE came from...today at Sams Club in Lady Lake, regular is $3.37, in Tucson AZ at Sams Club it is $3.13. (per Gas Buddy). And utilities...I gather jblum is comparing it with the "Frozen North", not everyone comes here from an extreme climate. Food at the markets wasn't mentioned... I can also say that food seems to be more expensive here than where we came from. Just one example, a gallon of milk here is what, $3.69 at Publix? In AZ the regular price is $2.99, and it is very often on sale at $1.99/gallon or less. In the few months we have been here, we have yet to see milk "on sale" here. A head of iceburg lettuce seems to be regular priced here at $1.69, normal price in AZ is $1.29. Homeowners insurance is most definately higher here than in AZ as well.

I didn't mean to make my post so long, I just intended to make it clear that OP needs to do his/her own research and be sure they look at all of their potential expenses before making a decision to move here.

We are very happy here, but I can't say for fact that it is cheaper to live here than "wherever you came from"

Thanks, Towgo. I can only speak for where I came from which was NY state. The OP didn't say where they are coming from.

i guess it would depend on the person...as we get closer to retirement we cut down and bank the rest....try to cut down each year...goal is to live on $2500 a month...by the time we retire...no mortgage, no car payment, and eating out for us it has to be really great before i spend money in a resturant...so i have a plan...in the works five years out...it should be in place

Groceries are a bit high...but probably are all over the country these days. We watch the ads for specials (milk etc. can be bought at Aldi, Walgreens, CVS and others on sale for less). Publix and others will have bogo items so buy your items then and use coupons. I think you can do this as the other posters indicated.

yes you can if you want to.

If you own your house and have no payments and own your car and have no payments, it is doable. You won't be going out to restaurants a lot and most of your entertainment will be at rec centers and free clubs, but it is definitely doable.

Interesting to read...
 

My short answer for my wife and I is no. As I type that I need to emphasize that this question can only be answered by the person who wants to do it. I do know folks that live in MA on less than the number you mention.

For us, I have tracked every penny we spend in a spreadsheet for the last four years. I just track it, no budgeting or trying to cut back, no detailed analysis yet, but it is a document of exactly what we spend. I do not see how we could live on $25k.

As far as costs for the last four years for us?

My home in Norton, MA costs about the same per year as my home here (mortgage not included in comparison).
My credit cards which are used for everything are a wash between here and in MA, so groceries, gas, dining is about the same.
Of course location matters, cost of living in Norton, MA is quite a bit different that a condominium in NYC.

I am not trying to be discouraging and as you can see by other posts folks do this, but I caution that someone has to do the math for themselves and how they live.

One suggestion would be try to do it NOW no matter where you live for a period of time to see....

I hope things work out, it is another beautiful day in TV.

My mother owned her home and car and had free medical from UAW retirement and lived on $15,000/yr and usually saved around $3,000/yr.

.

I think you have to make up a list of what you are currently spending. Then look at this site for cost estimates of living here - home upkeep, utilities etc. This could fit in 25,000 with health costs being an unknown. Better if you could find a roommate.

Here is a simple breakdown of some numbers pre-owned home and an estimate on some expenses that would/could occur per month. I do/did this a lot for people to help them with an idea on budgeting. You can put your numbers in on your spending. IF you buy a pre-owned home with houses running about $100k and put 20% down for 30 years, your payment at 4% would be about $382 per month excluding any mortgage insurance. The bond would be less or $0, taxes would less. You would have to have your auto paid off. Medical insurance/doctors is a key factor. This also does not account for "unexpected" expenses so you should bank at least 5% of your income, or have 4-6 months in savings available.
Just a start :) Hope it helps:

AVG MONTHLY BUDGET Monthly Annually
GROSS INCOME 2158.33 25900.00
Monthly Wage 12.02 2083.33 25000.00
Other - OT 0.00 0.00 0.00
Other 0.00 75.00 900.00 Income Tax Return

NET PAY 1854.17 22250.00
Income less Taxes89% 1854.17 22250.00
OT after taxes 0.00 0.00
OTHER 75.00 900.00
Other 75.00 900.00
NET INCOME 1929.17 23150.00

TOTAL EXPENSE 1927.00 23124.00
FIXED 1007.00 12084.00
House - Mrtg 382.00 4584.00 $100k Home w/ 20% down
House - Tax 140.00 1680.00
House - Insurance 60.00 720.00
Bond 0.00 0.00
Amenity Fee 145.00 1740.00
Auto Lease/Loan 0.00 0.00 No payment
Auto - Insurance 80.00 960.00
Medical Insurance 200.00 2400.00
FIXED VARIABLE 635.00 7620.00
House - Utility 135.00 1620.00
House - S/W/T 85.00 1020.00
House - Int/Cbl 75.00 900.00
Cell Phone 65.00 780.00
Auto - Gas 75.00 900.00
Groceries 200.00 2400.00
VARIABLE 140.00 1680.00
Entertainment 20.00 240.00
Meals Out 10.00 120.00
Cash 60.00 720.00
Doctor/Dentist/Prescrip 50.00 600.00
DISCRETIONARY 145.00 1740.00
Clothes 20.00 240.00
Hair/Nails 10.00 120.00
Personal Items 10.00 120.00
House - Expense 25.00 300.00
Classes, Fees 40.00 480.00
Vacation 0.00 0.00
Christmas 20.00 240.00
Gifts 10.00 120.00
Misc. 10.00 120.00

NET SAVINGS 2.17 26.00
% AVG SAVINGS 0.1%

If there is a will there is a way!
 

you can get a room mate or room in with someone. Some people find a mate & live together... someone's posted earlier about a car, you can get a golf cart (do not need to reg. it) You can go anywhere in TV with it. Or there are some places just outside of TV that are nice. you can still go to the squares and enjoy the entertainment & go to the resturants.... so if you really want to you can. I live just outside TV in an apt. I love it, I do not have to pay all the extras, and I still can use TV entertainment! I know you can not use the pools, I have one at my apt complex... and you can not join the clubs, but I am sure you are not currently in clubs like here anyhow. (what you do not have you will not miss) Come on down and see for your self, there are many options! The weather is great... who knows you may meet someone too!!

Stay debt free and you will be fine....I know people here that live and manage just fine on S.S. and a little savings....They play golf 3 times a week , go to the pool everyday , go to the square every night to dance, and eat out 2 to 3 times a week with friends and they are in there 70's and they are just fine....

Herein lies the key to your question. You can SURVIVE many places on $25k, however the villages is one of the few places where you could live a full, exciting, active, and stimulating lifestyle on that income.

Your husband know you are wondering this?

Don't forget the other costs there are pest control, weed control,termite inspections, lawn mowing,trash pick up,insurance on golf cart, then you have to learn how to say no to people wanting to test your water,trim your trees,weed your lawn,they do come around ringing your doorbell. If you are coming from the north at least you don't have high heating bills in the winter, we didn't think we could do it but after much home work and budgeting we did it and it was the best decision that we ever made. Love the lifestyle. We are so happy here.

As you mention, Aldi is very good for alot of items, my main store to shop at now.

Yearly Income
 

Yes I talked to him about this before I posted this....We never owned a home where we needed to maintain palm trees, etc.

Great stuff "Roaddog", very useful. As your expense check list indicates there are a lot of variables to consider in answering the origional question,, perhaps if the "OP" would detail specific scenarios q post like yours would be more helpful,, is the hiome the principle residence in The Villages (or do they maintain another out-of-state), is there a mortgage involved, what are some "musts" (eating out, etc.), anything to reduce the cash requirements would help. Also don't forget lawn, bug, tree, propert maintenance items. Thanks "Roaddog".

Yes

Yes as long as your pretty much debt free and don't eat out all the time.
Forgot to mention we do have a car payment of $232 and are still doing it.
But we did pay off our bond 7 years ago when we bought.

Several responders to this thread have said that living on a $25,000 budget is doable...if you have, for example, no car payment. On first blush, that seems like good advice.

But a car doesn't last forever without repairs or eventual replacement. If you're making TV work for you with a very tight budget and you have provided no budget allowance for car repairs or replacement fund, what would you do when the day of reckoning finally happens and car expense $ finally happens?

My question assumes you want/need a car (I realize that having only a golf cart is an option).

Gene

buying new car the year we retire...pay cash....with the small amount of miles you will need very little maintance....

The thing to do right now is set up a basic spreadsheet and enter in every penny you spend today. And I mean every penny. Now keep this ongoing and you will have a very clear picture what all your expenses currently are. After a period of time you will have a very good picture just where you stand and can plan for the future.

You will also have to plan on how your lifestyle in TV will compare to your current lifestyle and what things will change and what will stay the same. For example eating out, will it be about the same as today or will it be eating out 4 or 5 nights a week?

From looking at the expense spreadsheet you will also be able to spot things you may otherwise have forgotten. You can also spot things that will not be needed or may be cheaper in TV.

One thing not to over look are the two biggest unknown expenses that you will run across and that is food and medical. Quite a few years ago I attended a retirement planning program given by on of the major financial firms to the employees of the company I was working for. In the presentation it was stated that food and not medical will be your largest expense after retirement. I think everyone in the room would have bet on medical as being tops.

In your planning don't forget to add in an extra contingency to cover unforeseen expenses. If the contingency is not used one year that money can be placed into savings. The key is to continue to set it aside every month and used in later years for say the big ticket items like replacing the car.

Living in TV at that level of income can be done but it just takes some planning. It also helps if home and car are paid for.

Good luck

VG

Okay I'm confused - you ask about coming here as a single person, but from your posts you are married. If this is too personal a question I understand - otherwise can you clear this up?

After taxes $25K if your house is paid for I could do it.

Thank you. I know there are other expenses that will occur. A small patio type home if done right may not cause lots of maintenance for lawn care. Or they can do it themselves like I do. Good exercise! Other items would include pest, paper, village.net... Some things just would have to go. There will ALWAYS be that item/furniture, hobby that will pop up. That is why there is a misc or need to save. It is doable though with good diligence. I wish the best for those that want to live the life and accomplish their dreams.

Don't think it is our business. She said she explained to him she was posting this. Maybe that is their SS income alone, or pension/SS. What ever, as explained, they should have BY NOW known their expenses by documenting them, than insert the updated expenses for living here. If they can do it, live the dream!

You might want to re-read my post 'cause I don't understand your response as it relates to what I said!

I think it's doable but one would have to be frugal. A house paid for, would be a must in my opinion. The square entertaiment is free as well as other things.

If one had a nest egg, that would be helpful. If one ran over their budget for several years, the nest egg would be helpful. After all, we are not going to party when we get much older.

There is so much unknown, such as medical costs. Make a spreadsheet with all your expenses and include some leeway for future expenses and that should give you a better idea of how to proceed.

with no mortgage it will work.
If funds for housing are limited, there are some very nice manufactured homes on the "historic" side of TV. Very nice mature neighborhoods that are competitive with many new areas for ambiance.

My sister lives near Orange Blossom CC in a beautiful area and ahe does it on SS only!!!

btk

I live on less and get by