[Ohiogirl]

as individuals vary so widely. I'm sure someone's already said to check the Nuts n Bolts forum for zcaveman's great info.

But, SSchuler, I also find groceries to be quite a bit more expensive than in Columbus, OH, and I do shop when in TV mostly by checking the Wednesday flyers. But, admittedly, when only there for short times, I usually don't take the time to do the smarter shopping I do when in Ohio.

Ivanhoe, what coupon sites do you like on the Internet? I used one recommended on a frugal website one time and immediately saw a huge increase in spam email.

I currently have Illinois BC/BS via Cobra when my office closed, and checked that there are providers in/near TV, as I expect to have it thru June of 2011, but will need to shop around after that in Florida. Am concerned about developing any pre-existing conditions, and the new health law won't help until 2014, if I am interpreting it correctly. Just trying hard to stay healthy and maybe lose a few pounds (why is that so hard)??? right now, but it's a worry.

Met someone in the pool recently who thought they were set - he and his wife both had serious pre-existing conditions, but had retirement healthcare thru his former employer - got a letter after a year or two stating new policy had $100,000 cap! He ended up working full-time to get benefits, but luckily his condition was in remission - very sad what would have happened had he not been healthy enough to work.

[spk7951]

Originally Posted by Lisa@AskLisa.net

Me too! That is why I asked if anyone knew what the average villager's budget is. Does anyone know the answer?

Not sure how that question could get completely answered.
But I can give a rough idea of our necessary expenses for our house. We have a Lantana and in 2009 it cost about $9,500 for utilities, amenities and house cleaning. When you add in insurance for house, car and golf cart along with taxes and bond then that is about another $7,000.

[ivanhoe]

Originally Posted by Ohiogirl

Ivanhoe, what coupon sites do you like on the Internet? I used one recommended on a frugal website one time and immediately saw a huge increase in spam email.



Met someone in the pool recently who thought they were set - he and his wife both had serious pre-existing conditions, but had retirement healthcare thru his former employer - got a letter after a year or two stating new policy had $100,000 cap! He ended up working full-time to get benefits, but luckily his condition was in remission - very sad what would have happened had he not been healthy enough to work.

Actually I was thinking of the emails that we get from our grocery store that offer discount coupons; also Radio Shack and the local pharmacy...not a site dedicated to coupons. I think my wife tried that and ran into the same problem with spam.

Speaking of that unfortunate couple...my father retired with LIFETIME health care then received a letter when he reached 80. They had defined LIFETIME as twenty years! So who can figure whats in store over the next few years. I can't calculate for everything but I do appreciate all the input.

[ivanhoe]

We have a Lantana

spk7951: What style is the Lantana...I can't find it on the Web site.

[spk7951]

Originally Posted by ivanhoe

spk7951: What style is the Lantana...I can't find it on the Web site.

Lantana is largest home in the Designer series, about 2,030 sq ft. I did find one that is avail in Buttonwood, http://www.thevillages.com/homes/new...s/qsearch.aspx

[2BNTV]

If 60k allows a couple to live the life of kings, does that mean a single person would only need 30K? Medical cost are covered with the Medicare Complete
program thru AARP which administers the plan for Social Security. My understanding is this plan is available in Florida or so I'm told by AARP.

I assume that were talking about net income. I haven't looked at the cost lately but I believe in a couple of post that a villa would cost about 9,300 per
year to be run, assuming no mortgage.

That should leave another 20K to party. I haven't crunched the numbers for a while. Am I missing something?

[l2ridehd]

I don't think you can take the 60K for a couple and divide by 2 to get what a single person would need. Most basic costs are the same for single or couple. It costs about $1000 a month to support an average home weather one or two people live there. That is for all utilities, amenity fee, lawn service, and a few other requirements. Maybe one person uses a little less water and electric, but not much. Most other expenses like health care, eating out, cloths, golf, entertainment, food, might be divided by 2. Mortgage, bond and taxes are the same for a house regardless of the number of people living there. Smaller home, smaller amounts, larger home, larger amounts for those items.

You really need to look at fixed expenses and variable expenses to determine how to build your budget. As I have posted before, a couple can live on 30K with no mortgage, a smaller home, being very frugal and meet all basic needs. But my guess would be that a single person would need almost that same amount and have the same frugal lifestyle. To be more comfortable, 50K would be better. If you have a mortgage, probably 60K to 75K is needed. And with 100K you can live very nice.

If you take the 1K a month for basic home support, add any mortgage you have, bond and taxes, that gives you a total to open the door and say I am home. (fixed costs) Add to that your desired lifestyle cost. (variable costs) How much do you travel, eat out, health care, other entertainment, car, golf cart, food, clothing, movies, etc. etc., you should be close to your actual required budget.

[TrudyM]

I have crunched these numbers so much I have 12 tabs on the spreadsheet. I have taken the current cost of our fixed home expenses, mtg, taxes , utilities,etc. and deducted them from our current annual net income, figured the balance was a guessmimate of our variable expenses.

Then I added back in the cost estimated by you guys for fixed in TV., the cost of airfare back every summer, golf cart and golf cart insurance, medical insurance, and a two month sublet somewere cooler than FLA for July and Aug. It all looked ok. Then I added an inflation escilator to the expenses and also to the no fixed portion of our income based on the history of the last 30 years. Ouch the whole thing goes tilt.

We finally decided that we can't predict the future or live in fear the way our depression era parents did. We will live modestly but comfortable the way we want and if we are running out of money 20 years from now we will take the last of the money book a cruise and jump off the back of the boat.

[aljetmet]

Originally Posted by Ohiogirl

as individuals vary so widely. I'm sure someone's already said to check the Nuts n Bolts forum for zcaveman's great info.

But, SSchuler, I also find groceries to be quite a bit more expensive than in Columbus, OH, and I do shop when in TV mostly by checking the Wednesday flyers. But, admittedly, when only there for short times, I usually don't take the time to do the smarter shopping I do when in Ohio.

Ivanhoe, what coupon sites do you like on the Internet? I used one recommended on a frugal website one time and immediately saw a huge increase in spam email.

I currently have Illinois BC/BS via Cobra when my office closed, and checked that there are providers in/near TV, as I expect to have it thru June of 2011, but will need to shop around after that in Florida. Am concerned about developing any pre-existing conditions, and the new health law won't help until 2014, if I am interpreting it correctly. Just trying hard to stay healthy and maybe lose a few pounds (why is that so hard)??? right now, but it's a worry.

Met someone in the pool recently who thought they were set - he and his wife both had serious pre-existing conditions, but had retirement healthcare thru his former employer - got a letter after a year or two stating new policy had $100,000 cap! He ended up working full-time to get benefits, but luckily his condition was in remission - very sad what would have happened had he not been healthy enough to work.

Regarding health car. I don't know the laws of OH or FL. Each state has their own laws, but in NY and TN ( where we live now) If you had group insurance through an empolyer and now need private insurance, as you do, pre-existing conditions does not matter! The insurance carrier must take you with no changes to the policy. Check your state medicare office, they should give you the skinny... Any peeps younger than 65 with pre existing out there in TV? I have a few more years to go but if I get canned, I'll be calling FL , get my insurance then buy in TV!

[Ohiogirl]

Originally Posted by aljetmet

Regarding health car. I don't know the laws of OH or FL. Each state has their own laws, but in NY and TN ( where we live now) If you had group insurance through an empolyer and now need private insurance, as you do, pre-existing conditions does not matter! The insurance carrier must take you with no changes to the policy. Check your state medicare office, they should give you the skinny... Any peeps younger than 65 with pre existing out there in TV? I have a few more years to go but if I get canned, I'll be calling FL , get my insurance then buy in TV!

I won't be on medicare for five plus years, but I believe that pre-existing conditions do matter. In 2014, they just won't be able to charge you more than twice or three times (I can't remember which - I think it's 3 times) their lowest premium for the same coverage, if I am remembering correctly. They can't deny you when you've had continuous coverage but they sure can charge you more. That was the issue for the couple I talked to at the pool. Couldn't afford the horrendous premiums for their pre-existing conditions.

[SoHumble]

According to city-data the median household income for the Villages in 2009 was about $61k. So it it appears about half the households live on that amount or less and the rest on that amount or more.

http://www.city-data.com/city/The-Villages-Florida.html

[Ohiogirl]

Originally Posted by SoHumble

According to city-data the median household income for the Villages in 2009 was about $61k. So it it appears about half the households live on that amount or less and the rest on that amount or more.

http://www.city-data.com/city/The-Villages-Florida.html

This has been covered before somewhere but I can rarely find this stuff when I do a search - however, these median income reports are skewed because a significant percentage (don't think anyone even knows for sure - but maybe 5-20%)? who buy are still working, are either snowflakes or landlords for awhile. And is this number a pre-retirement income figure or post?

Plus, where do they get these numbers? From the mortgage lender? If so, then that's skewed because there's another large percentage who pays cash. As far as I know, if you're paying cash, no one is asking you what your income is.

I'd say don't pay so much attention to statistics and just do the math for yourselves. If you're really uncertain about being able to retire, live where you are while either working or retired and start keeping track of your expenses and get a good handle on future expenses, with an inflation figure in mind. Read all you can about retirement (see Boomer's posts, lots of good stuff there, and good books recommended). THEN make the decision.

[ladylake1]

I agree with you ohiogirl. Stay with the reality of required expenses (with a cushion for increases), the lifestyle you want (eating out, bar drinks, purchasing golf cart, etc.) and then let your fingers do the walking on a calculator. $1000 per month is a good starting point for general expenses without mortgage but you have to decide your comfort level for finances. Health insurance may be the bugger here though. I worked here for several years and can stay on health insurance thru my former employer at my own cost for life. It isn't the best coverage and not being on Medicare yet I still have the 20% and other copays to contend with. Check that out thoroughly despite your current good health.

[rjm1cc]

Originally Posted by ivanhoe

Thanks for the suggestions.

My concern is with draw-down of assets. All things being equal without big curve-balls (health care? taxes? illness?) we can achieve the 60k, however 50k would be more comfortable given that I have some longevity.

My father who just passed away this December was 101 years old and rather spry.
He was still swimming and walking around etc just before the stroke that brought him down. He only had to keep that up a few more years and he would have been broke.

We do not have health issues. My wife and I take better care of ourselves then our parents did i.e. no smoking, exercise, less stressful live choices, so I expect we will be in good health and active for a solid 20-25 years. (Or maybe I just put the whammy on it right there!)
Personally, a good book and a dip in the pool are all I need.

We’ll be fine on the executive courses and do not expect to dine out more than once or twice a week. Believe it or not I plan on taking up cooking (hear that laughing sound...my wife).

It’s my belief that people of our generation must be a bit more exposed in the financial market however what I’m learning here is that we can perhaps reduce that exposure and still expect a good lifestyle.
I’d like to finance just to establish a credit line with a bank and perhaps an equity line of credit on the unit we purchase (if that’s the case with these homes). That was going to be my next question but I should be doing my own homework over at Nuts $ Bolts, so I appreciate your patients.

Drawn down rate. The short answer is 3.8% of your portfolio.

Look at this by the 10th.

http://www.retirementoptimizer.com/

On the left side of the screen click on the Free Download under Books. Next screen is a free 500 page book that will help you a lot. You might guess that in 500 pages the answer is not as simple as 3.8% but this is what I would use as my starting estimate.

Be careful with your health care estimate. I think a lot of us do not realize the true cost that our employers have been picking up for us. The Medicare site has a program that will help you estimate insurance costs.

[Ohiogirl]

Originally Posted by ladylake1

I agree with you ohiogirl. Stay with the reality of required expenses (with a cushion for increases), the lifestyle you want (eating out, bar drinks, purchasing golf cart, etc.) and then let your fingers do the walking on a calculator. $1000 per month is a good starting point for general expenses without mortgage but you have to decide your comfort level for finances. Health insurance may be the bugger here though. I worked here for several years and can stay on health insurance thru my former employer at my own cost for life. It isn't the best coverage and not being on Medicare yet I still have the 20% and other copays to contend with. Check that out thoroughly despite your current good health.

I'm not on Medicare yet either, but I believe they still have deductibles and co-pays, and it doesn't cover everything, or else buying a medicare managed care policy or a supplemental policy - those of you who know for sure might want to chim in here.

Anyway, my point is, don't assume you only have to cover health care costs until age 65 - there are some significant costs then too.