Planning for the unexpected
 

This may have already been asked on this forum.

After calculating what your monthly expenses would be in TV were there any unexpected costs/expenses that hit you by surprise?
Please share.

This would have happened whether we were in TV or not, but the cost of gasoline has skyrocketed since we have been here. It hasn't hurt us as much as many other folks, because we drive a Prius and a golf cart, but it still hurts.

Nope

:agree:

Maybe, if something goes wrong with your home but that's a one shot deal.

One should be able to stick to their budget.

Think that's a great question. For those of us making the transition from working to retired, you plan and plan. When you are working and unexpected expenses come up (and don't want to take from savings), you can work overtime, get another job or in my case, make more sales.

When you retire it's more final - working - yes I know seniors do work.

While I know most of us have planned retirement, unexpected expenses can be unexpected.

In our case, we took all our expenses, including entertainment, and then doubled the number. When we knew we could hit that target, we felt comfortable retiring. Not to touch savings, which is for traveling and/or nursing care, OR our kids will have a great life!

We are retiring next month!

We appreciate the sage advice from others that have gone before us.

I know it isn't fair to compare PA with The Villages, but the water, trash sewer, and irrigation base were somewhat of a surprise. In The Villages the monthly cost is about $70.00 (rough number). There is more water used in The Villages, the trash is picked up twice per week, and less than what we pay in PA. Because we rent the property in The Villages until we can move full time, we have no control over water usage. There is an increase in these fees 9/1 and it may become more in line with what we pay in PA.
We budgeted more and this was a pleasant surprise.

We find when we are in The Villages we think we're on vacation and want to try all the restaurants, hit happy hour, and eat out more than we do in PA. We've discussed the fact we will need to cut back on that expense once we are residents. This is a cost someone has total control, and for us, we will have to fight the urge to eat out as much when we are residents to stay within our budget.

The IRS potential costs are a concern in the back of our minds because of lack of understanding. We hesitated for a while before buying in March and realized we can worry about what may happen or proceed with the purchase. Does the cost cross our minds at times, it would be a lie to say it doesn't, but we have no regrets for moving forward with the purchase.

Overall, the numbers we were given by our sales person were spot on and have had no hidden costs not anticipated.

This was drilled into me from childhood. How to plan for an unexpected surprise? Save your money. Do it now and do it when you move here. Whatever you have planned to use for living expense and then after the actual living expenses have presented them selves. Don't spend all of it, always put some back for a rainy day.

I have used this speech to my kids and grandkids four trillion times. Do you want to hear about not having unprotected sex? I have used that one too.

Whoops. sorry. I guess not.:read:

You can expect your cable/satellite TV service to double or triple after the first year (or before)

Please explain how this would affect a Village homeowner ?

But that is only because many providers start new customers out with an introductory rate that normally extends for one year. The trick is to remember that the rate will increase after that introductory rate and budget accordingly.

For the last year and a half before we retire we will be living on what we would get from my retirement funds and if so security is around. That way we will know how things will pan out. I don't do surprises.

Keep in mind that the payment of the VCCDD's attorney fees have been and still are paid out of our amenity fees and not out of our pockets as special assessments; and amenity fees have a cap on the potential for any annual increase. One can read the history of the IRS go 'round here: Village Community Development Districts

I agree, I found this information out years ago with a simple google search. Also, a lifestyle visit lets you "try it out" first before deciding to purchase in TV. If you are the type of person that complains about every little thing, then TV is not for you. I personally love it there and find nothing to complain about. I am always looking for a man with a cowboy hat so I can shake his hand and thank him.

The overall cost of living here is less than in Montgomery Co MD or in WV. The "add ons" like entertainment, eating out, green fees, etc can drive that up. However, they are controllable.

Do keep in mind that the real crisis is likely to come if one (or both) member(s) of a couple have to go to a skilled nursing home. While Medicare will probably pay for part of a "rehab" period, a longer stay is all yours. Figure around $8000 per month. Each.

Before my parents got sick I had told them to stay liquid at least $100K (they are 91 and 90). After most of a year in nursing homes (and *with* LTC insurance), we are steadily eating thru that and I'm begining to look at the time of CD maturities.

That cost varies. In the DC area, it would be more like $10-15K each. In a rural area, it could be less (if you can find a skilled nursing facility).