#29 Florida
What do you think Guys ?
Can You be comfortable in The Villages at $48,305 a year? 29. Florida A comfortable retirement costs: $48,305 a year Although Florida isn’t among the states where a comfortable retirement costs the least, it’s one of seven states with no income tax — which means residents can hang onto more of their money. One of the best cities for retirement in this income-tax-free state is Tampa, according to another GOBankingRates study. It’s one of the top U.S. cities where your retirement nest egg stretches furthest. |
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What is your point
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As to your chosen number do not forget INFLATION. Our government tells us their target is 2%. First of all those numbers are always wrong and our government has never held their reported inflation to 2% for an extended period of time. Using the government goal at 2% inflation, in roughly 36 years, you will need $2.00 to buy what a $1.00 buys today. Long term plan? The government is constantly changing the rules of the game. We ex-New Yorkers, escaped a 6% New York State Tax, a 3% New York City Tax, real estate taxes on a home that was 1200 sq ft at 10,000 and even our auto insurance has dropped to 1/3 of what we were forced to pay in NY with a clean driving record. On our larger sq foot than our NY home our electric bill is about equal to what our heating (gas) was. POINT-IT IS FAR CHEAPER HERE. |
Florida has no state income tax and living is cheaper here than a lot of other parts of the county. But comfortable at 48k a year? That's a stretch. Add 20k and go from there.
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A big mortgage would be a problem, but most people here do not have a mortgage, or have a very small one. You do not need an expensive home to enjoy all the amenities in TV. |
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Please, I'm not at all being snarky. I am genuinely interested in the things that you do. Are there two of you? I am always interested in living well on less. We were just talking today about ditching one of the cars (both paid for). And I suppose a cat would be a lot cheaper than an 84-lb shedding dog. (I must have a pet.) This is an interesting topic for me. |
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I travelled last year to Italy, Cancun, Vegas, Riveria Maya and Punta Cana. I use many many ways to save money on groceries, including Ibotta, saving star, etc. I don't buy anything I don't need. I don't shop in brick and mortar stores much. I shop estate sales, garage sales and online. I am 50 years old... and have earned every penny I have. I did not win the lottery or collect an inheritance. I believe in the value of hard work and living below my means. When people ask if they can live on 48k a year without providing specifics about lifestyle or debt, it's a difficult question to answer. I can only provide my perspective or experience. Sent from my SM-N920R4 using Tapatalk |
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We own our house, car, and motorhome outright and could not maintain our current standard of living on $50K per annum. This is mainly due to the fact that we spend at least three months on the road in the RV every year. With fuel, insurance, maintenance, wear and tear, it costs about a buck a mile to operate the motorhome. Average nightly stays are about 40 bucks. Without the "Beast", we could probably be pretty comfortable at $50K.
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As to no mortgage
Finance and mortgage is yet another distorted by government insanity.
They cannot hold your age against your ability to quality for a mortgage. So you can be 80 and take out a 30 year mortgage. I've not looked in a while but the interest on a 30 year mortgage is below 4%. Stock market returns long term is 8%. |
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