Talk of The Villages Florida - How much is enough???

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Quote:

Originally Posted by tippyclubb (Post 1532355)

We live on 55k-60k a year and live in a patio villa, which is paid for . We have no debt and our vehicle is paid for too. Both of us pay for health insurance which cost $12k a year. We eat out twice a week, sometime 3. We travel, take cruises, and do beach trips 3 or 4 times a year. We live a good life and want for nothing, so yes I think you can do it too with your projected income for 1 person.

Like others have mentioned your days are not guaranteed. This was the main factor in our decision to retire early. I was 59 and husband was 62. Had we of worked longer we would have more money but it wasn't worth it. We are having to much fun being retired. I say go for it!

Sounds like you are really enjoying life. Is the 55k-60k before or after taxes?

Thank you,

Quote:

Originally Posted by DigitalGranny (Post 1531784)

There's no yearly maintenance fee in Lake County. Don't overlook the "historic" side, which is in Lake County. No bond either. Nice, mature landscaping and friendly people, too!. Plus it's easy to find a home under $150,000. Agree with the poster who advised working until you can pay cash.

This is misleading.

There is no maintenance fee or bond in Lady Lake, which includes villages on both sides of 441 - Country Club Hills, Orange Blossom Gardens, Silver Lake, Del Mar, El Cortez, La Reynalda, La Zamora, Mira Mesa, Valle Verde.

Pine Hills and Pine Ridge are in Lake County and they have both a maintenace fee and a bond.

Quote:

Originally Posted by tippyclubb (Post 1532355)

We live on 55k-60k a year and live in a patio villa, which is paid for . .....
We are having to much fun being retired. I say go for it!

Can I ask, is the 55k-60k gross or net?

You have the life we want. We are coming down for a life style visit in June, with hopes to move down summer of 2019.

Thank you,

Quote:

Originally Posted by MSchad (Post 1532412)

Can I ask, is the 55k-60k gross or net?

You have the life we want. We are coming down for a life style visit in June, with hopes to move down summer of 2019.

Thank you,

It is gross income.

Quote:

Originally Posted by Chuck1674 (Post 1531626)

Thanks, I found the Nuts and Bolts. Very helpful.

Your welcome. :smiley:

Only you can make a personal decision but consider the following.

What's it worth, to get on, with the rest of your life?

Quote:

Originally Posted by Lottoguy (Post 1532388)

Well said! I think it all comes down to your current job. If you hate it then retire. If you love it then stick to working. Health insurance is by far the biggest concern to those who want to retire before age 65. Now, many major companies will not longer offer health insurance to many long term employees.

You have mentioned this several times and with good reason. It is a big factor and is unpredictable. We have had huge swings in health insurance premiums over the past 6 years since my husband retired. I still work part-time because of that. Sure, it may be fine right now, but what happens the next year is always the question. This issue has been our biggest concern, as you said, with both of us taking early retirement.

I remember sweating it out about health insurance premiums until I turned 65. My last year, 2006, I recall I was paying @ $800 per month for supposedly high end coverage. It was difficult to squeeze the money from the insurer, Blue Cross, when it was time to pay for my various medical expenses and they were not costly.

Quote:

Originally Posted by Lottoguy (Post 1532388)

Well said! I think it all comes down to your current job. If you hate it then retire. If you love it then stick to working. Health insurance is by far the biggest concern to those who want to retire before age 65. Now, many major companies will not longer offer health insurance to many long term employees.

And that’s why we have the ACA.

Sent from my iPhone using Tapatalk

Quote:

Originally Posted by Wiotte (Post 1532791)

And that’s why we have the ACA.

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Yes, but with an income of 65 k ACA is extremely expensive. I was quoted $1,800 through the market place with a high deductible. Ended up going with Florida Blue for much, much cheaper.

Quote:

Originally Posted by tippyclubb (Post 1532796)

Yes, but with an income of 65 k ACA is extremely expensive. I was quoted $1,800 through the market place with a high deductible. Ended up going with Florida Blue for much, much cheaper.

You're right.......ACA is reasonable, but only if you income qualify. Thanks for the heads up about Florida Blue.

i LIKE TO BELIEVE I SEE THINGS DIFFERENTLY

Quote:

Originally Posted by kstew43 (Post 1531274)

we were in the same situation. retire at 48 or wait till mandatory 56.

we chose 56, because he was fed CSRS with a pension it will? adjust with inflation, also no social security

the thought was to work till he had to... and then retire to the villages. The issue was, every year we waiting the prices of homes inflated....

So, think carefully in making your decision.

Also, TV is not your usual home purchase.

1- Most homes come with a bond, ($10k-50K) depending on the home type you purchase, on top of the home sale price. you can pay it off at time of home purchase, or finance at approx 5-7% for 30 years,on your tax bill, but its not tax deductable. Older homes sometimes have lower to no bond balance.

2-Yearly maintenance fees, ($250-900) also depends on which neighborhood you choose and is paid on your yearly tax bill, also not deductable. This fee pays for upkeep of the common areas of your particular neighborhood.

3- Amenity Fees, (typical HOA) pays monthly with your water bill and pays for use of pools, clubs, golf, ect. $150 per month.

4- Taxes depend on what county you live in and your city. Millage from 11-17%. You can use the tax estimator on the county websites.

Thats the long and short of it. Think about the gain you will make working 5 more years, vs the prices of Villages home esculating and then you can make your decision. Best case, buy now and rent the house till you get here.

P.S. there are also neighborhoods close by TV that do not have all the fees....just in case your interested in those as well.

Hope this helps....

You apparently had some government job-pension starting at 56-medial coverage oh and inflation protection.

NOT AN OPTION FOR US. You probably are aware that you need to be 65 to get onto medicare. Private healthcare insurance costs about 18,000 and that has to come out of savings.

As to prices in the Villages rising-that is true BUT, IT IS A SALES PLOY. I think many people in the villages owned a home before they moved here. So, at least in our case, our previous home had a market value higher than the place we bought in the Villages. The price on that place was also rising according to zilliow at a slightly lower rate than our place in the villages has been. BUT, in the end it is a wash. We left behind 6% state tax, 3% city tax, 10,000 in real estate tax and far higher electric costs.

As to paying cash for a home and or for a bond you should talk with an accountant. I've not looked recently but, I think you can still get a 30 year mortgage at 4%. Average stock market return is stated as 7-8%. I find it STRANGE that they cannot hold your age against you. By the way, I just checked our bond which started 4 years ago is 5.12% interest.

RE: deductible
That only matters if you itemize your taxes.
I was surprised as was my accountant that I can only take the standard deduction. Under the new tax bill the standard deduction will double-I WILL BE PAYING LESS TAXES.

Buy a bond free house in an established lower tax area, get rid of the Ferrari, ignore the Jones's, and a good life can be more than had on $65k.

Which county are you in? If it is Sumter, BC/BS (aka Florida Blue) is the only provider of healthcare (assuming you do not have access to health care via your employer, either present or past). Whether you sign up via the market place (aka ACA) or not, the BC/BS plans are the same. Signing up via the market place potentially gives you a price reduction based on your MAGI.

Quote:

Originally Posted by Abby10 (Post 1532811)

You're right.......ACA is reasonable, but only if you income qualify. Thanks for the heads up about Florida Blue.

Quote:

Originally Posted by biker1 (Post 1532877)

Thanks for this info. I am still living full-time up north but have a property in Sumter which I hope to move to within the next 2 years.

Actually what you say is exactly what I thought because when I went on the ACA website all I saw were Blue plans. However, it sounds as if the poster I was responding to found out otherwise by going a different route. Does the ACA upcharge for those who come in over the 60,000+ limit versus going to an independent agent? Or maybe there are other Blue plans not offered by the ACA. Or possibly the poster I responded to is in another county. Hopefully he/she can clarify.

The plans and the prices for the plans are the same whether you signup via the marketplace (aka ACA) or not. There are a lot of BC/BS plans. If your MAGI is below about 60K then you get a subsidy if you signed up via the marketplace. Others counties near us may have other providers but in Sumter it is BC/BS only.

Quote:

Originally Posted by Abby10 (Post 1532884)