Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#16
|
||
|
||
Quote:
|
|
#17
|
||
|
||
Quote:
Unfortunately, they are looking in Arlington, VA, where a "fixer upper" is $750-$1 million... Yes, they could afford the low end of that, but their mortgage payments would be $6K/month... And that doesn't include remodeling of the very dated homes...
__________________
Most things I worry about Never happen anyway... -Tom Petty |
#18
|
||
|
||
Quote:
|
#19
|
||
|
||
This is a tough question. Many variables need to be considered. One's expected life span, current health, proposed standard of living, inflation's effect over one's remaining life span and the relative cost of living where one expects to retire come to mind for starters. Each case will differ. Some will be able to get by on $1M - $2M; others may need $1M or more a year.
__________________
"No one is more hated than he who speaks the truth." Plato “To argue with a person who has renounced the use of reason is like administering medicine to the dead.” Thomas Paine |
#20
|
||
|
||
Quote:
A year later I bought a four unit apartment building at 321 C St SE in the Capitol Hill area of DC for $28,000. I wonder what it would go for today? Zillow shows it at about $1.5M. I have fortunately been able to assist my adult children with housing but my grandchildren aged 15 - 20 are facing very high housing costs in their future.
__________________
"No one is more hated than he who speaks the truth." Plato “To argue with a person who has renounced the use of reason is like administering medicine to the dead.” Thomas Paine Last edited by manaboutown; 04-12-2024 at 07:19 PM. |
#21
|
||
|
||
Yup, plenty of those around... I've worked in DC for close to 40 years and the changes in housing prices are staggering. It's also the same in MD, where live. Yet, they sell within a few weeks. Go figure...
__________________
Most things I worry about Never happen anyway... -Tom Petty |
#22
|
||
|
||
Quote:
I agree that a thing that can't go on forever, won't. But inflation has no bearing on my point. If you want a comfortable retirement, all you have to do is save for it. Whether or not there will be a functional America for our kids to retire in, is a different subject. But if I was a 30-something faced with a million-dollar mortgage to live in a dungheap like NY, Boston or DC, I hope I'd have sense enough to move to someplace where they don't confiscate half your income before you get a chance to pay your $5,000 mortgage payment, and then try to save $500 for your retirement after you feed your kids. Choosing where to live has just as much to do with common sense as saving 10% of your income. |
#23
|
||
|
||
Quote:
|
#24
|
||
|
||
Quote:
Savings isn't income. Most people have social security income in addition to savings. Also, if you don't owe on a mortgage but own your house, you have equity, in addition to savings, and income. We absolutely don't have $100k saved up. We took what we got for the sale of our house up north and sunk it into a house in The Villages. We owed for around 6 months to a relative and repaid it in full. And then - we had very little in savings to show for it. I continued to work part time, he got his pension, then he started work part time after the first year, then I quit, and he started collecting social security, and I'm getting social security too now. So we have two social security checks, a pension check, and not much in the way of savings. This is how millions of people live. We're living much better than many, because we have no outstanding debts, and we're not "one paycheck from homelessness." We enjoy dining out, we enjoy a house that isn't falling apart, a truck, a car, two golf carts, the taxes and insurance obligations covered, health insurance paid for, dancing, watching TV, having cell phones and other assorted technological gadgets and doodads, a decent wardrobe, and an outstanding neighborhood of great people. You don't need $100,000 savings to get all that. But you DO need a regular income stream to pay the bills, and some padding in case you need a new roof. If I wanted to live MORE comfortable than I do now, I'd say - having our current income stream, and maybe $250,000 extra kicking around somewhere would be excellent. But I wouldn't turn down the winning powerball ticket. |
#25
|
||
|
||
Quote:
Inflation has an enormous impact to those of us living off our savings and SS checks. But it does not have any impact on whether a working person, whose income is inflating along with the rest of the economy, can save that scary $1.5m number for retirement -- which, by the way, does NOT include their real estate and SS. I just showed you the math -- which included 3% for inflation -- proving that someone with an average $80K income can easily save over $2M in 45 years. The question is not, is it possible. The question is whether the average wage earner has enough common sense to do it. Given the fact that the average American has less than $1,000 in the bank, obviously, most don't. My biggest fear is that the generation who refuses to show up at the office to work, and thinks the Gooberment ought to pay for their student loans, is going to look at my nestegg one day and say "gimme". |
#26
|
||
|
||
That seems like a pretty rational fear. Wealth redistribution never turns out well, but they keep trying it anyway.
|
#27
|
||
|
||
That should cover the grocery bill.
|
#28
|
||
|
||
It doesn't cover the cost of the house, food, dining out, clothing, golf cart, replacement of appliances, furniture, etc. etc.
It's just amenity fee, trash collection, average sewer, water, gas/electric, insurance, taxes, and development district assessment which would be the bond + maintenance + fire. The numbers they provide are believable. |
#29
|
||
|
||
Like everything else in life, there are innumerable variables. My husband and I took a different path. We were focused on developing multiple income streams, so we worked 9-5 jobs and purchased a few rental properties. Our personal home was a lot less than what we could afford and we never traded up. Over the years we contributed to 401Ks, invested in the stock market and my husband used the IRS 55+ exception to quit his job and begin retirement. We paid off any remaining mortgages with some of the money from his 401K without penalty. We are debt-free and paid cash for a condo in Florida so that we could snowbird. I'm not old enough to withdraw from my retirement accounts yet, but I don't need to. Our properties help our rental income to keep pace with inflation, so we have never needed to have anywhere near a million dollars in investments or cash. I earn a nice bit of cash consulting for a couple of clients and hubby is now old enough to collect social security. We don't live extravagantly, but we do have the luxury of traveling and buying the things that we want without a financial struggle. Ours was just one of the many paths that can lead to retirement.
|
#30
|
||
|
||
it all depends on your lifestyle. I don't have a million dollars....or anywhere near it. BUT I am living a very active lifestyle, retired, own my home and car and have a nice nest egg. Managing your money is key.
|
Reply |
|
|