[dewilson58]

Originally Posted by Pugchief

If only we knew our expiration date, financial planning would be sooo much easier.

I've thought about that....................would you want to know??

I've decided, I don't.

[tophcfa]

I have friends up north who have retired on much less, but they live in a small home with no mortgage, drive old clunkers, and hardly ever go anywhere or do anything that costs money. They go hiking or bike riding for activities and eat all meals at home. I have other friends with multiple properties who are constantly traveling and have expensive hobbies, who would blow through a million rather quickly. Both friends are perfectly happy. What one needs to retire depends on both lifestyle and health, there is no set number.

[vintageogauge]

Less than 4% of retirees have a one million dollar nest egg. That should tell you something .

[bopat]

I asked the question in Grok, with some details, and the result was highly customized and detailed. You should try it yourself and see what your results are.

[Pugchief]

Originally Posted by dewilson58

I've thought about that....................would you want to know??

I've decided, I don't.

I think I would. Just my personality. Regardless, it's moot since the only way you will come close to knowing is if you have a terminal disease. And even then, it's only an estimate.

[margaretmattson]

Originally Posted by kkingston57

Wife and I received $5500 a month in SS and have no mortgage. If we spread out the 1 mil over 30 years it would give us 30K a year and that does not include interest. 96K a year will pay for a lot more than the Historic District.

The developer is building thousands of affordable homes in the new areas. In fact, the average price of a home in the Villages is not higher than those nationwide. Before buying, seek the advice of a financial
planner. IMO, it is quite easy to retire with one million cash in the bank.

Don't be misled. There are MANY living in the Villages on fixed incomes. When comparing, I know many who chose to retire in the Villages because it was CHEAPER than other communities.

IMO, It important to make financial plans based on one income. Very often, a spouse dies suddenly leaving the widow in debt. Do not let this happen! Buy a home that is still affordable if this occurs. Sadly, I have seen many forced to leave their homes. Downsizing is easy and a relief for some. If you require a big home with a large garage, view, pool etc, the Villages may not be in your price range.

[ROCKETMAN]

Originally Posted by BlueStarAirlines

What you describe to me sounds like surviving..... You've adapted your lifestyle to fit your income.

You "chuckle at the million dollar figure", but if you had a million wouldn't you live differently?

If I had a million of course things would have been different. Would have bought a little bigger house. As far as working, at first it was necessary but later we both looked at it was good exercise and most doctors will tell you if physically able it’s good for the mind. We both worked a rival grocery stores.

[opinionist]

My pension, in addition to Social Security, has been enough to cover expenses. I live a modest lifestyle with no expensive tastes. If it were not for inflation, I could go on like this forever. I am 70 years old and have not touched my retirement fund. I will be forced to start withdrawals soon, but I don't need it.

[Ruger2506]

Originally Posted by AMB444

No real estate so need to pay mortgage.

Let's say this person is not yet 65.

$1,000,000 probably isn't enough with FL prices and FL property taxes. I'm pushing my wife to pack our bags and move to a lower cost of living and a low property tax state. Not sure how the poor sucker is going to afford my house after it appreciates for 8 more years and then I sell it to them with high property tax rates and FL cost of living.

I'm shooting for 1.5 million and leave FL. Should be able to live comfortably for the rest of our days

[vintageogauge]

Originally Posted by Ruger2506

$1,000,000 probably isn't enough with FL prices and FL property taxes. I'm pushing my wife to pack our bags and move to a lower cost of living and a low property tax state. Not sure how the poor sucker is going to afford my house after it appreciates for 8 more years and then I sell it to them with high property tax rates and FL cost of living.

I'm shooting for 1.5 million and leave FL. Should be able to live comfortably for the rest of our days

Wherever you move to the homes will most likely appreciate over that 8 year period also.

[Ruger2506]

Originally Posted by vintageogauge

Wherever you move to the homes will most likely appreciate over that 8 year period also.

Not if we buy soon at 2025/2026 prices. Or if I say screw it and move back to my place in MN full time.

AND I'm gambling that homes in other places/states aren't going to appreciate like homes in The Villages/Middleton. Even if they do, cutting my tax rate by 80% is helpful. And lastly we paid mostly cash for this home and it will easily be paid off when we sell it (take the appreciation and run).

I have back up plans to my back up plans. My last resort plan (which is my wife's last resort plan and my dream) would be to move to my remote land in MN. Till up the 1 acre garden. Grow a years worth of veggies. Shoot a few deer and a bear for the freezer as well as fish and birds. Cut 10-11 cords of wood per year to heat the house and live peacefully away from society smiling comfortably until my last day.

Some of these people's statements in here about 3 million minimum or 5 million are so unrealistic. Obviously they have an unrealistic idea of wants vs needs.

[Ruger2506]

Florida Medicaid is an option for the healthcare issue. I believe it works like MN (which I'm familiar with). They don't care what your net worth is, they care what your INCOME is. So you could have a million in the bank but as long as you make "low income" you can receive the Medicaid. Pretty sweet option for those years between retirement and Medicare.

[biker1]

You might be better off with an obamacare plan and a big subsidy if your reported income is pretty low.

Originally Posted by Ruger2506

Florida Medicaid is an option for the healthcare issue. I believe it works like MN (which I'm familiar with). They don't care what your net worth is, they care what your INCOME is. So you could have a million in the bank but as long as you make "low income" you can receive the Medicaid. Pretty sweet option for those years between retirement and Medicare.

[AMB444]

Originally Posted by Ruger2506

My last resort plan (which is my wife's last resort plan and my dream) would be to move to my remote land in MN. Till up the 1 acre garden. Grow a years worth of veggies. Shoot a few deer and a bear for the freezer as well as fish and birds. Cut 10-11 cords of wood per year to heat the house and live peacefully away from society smiling comfortably until my last day.

Some of these people's statements in here about 3 million minimum or 5 million are so unrealistic. Obviously they have an unrealistic idea of wants vs needs.

This is such a cool Plan B.

But as you say your wife doesn't like this plan. And you're plan depends on your back, knees, ankles not giving out.

Plus you and wife not slipping on the ice and breaking a hip. Plus your wife unhappy in MN living through 8 months of winter.

I'm from Wisconsin and Minnesota. Lets' not kid ourselves.

[ROCKETMAN]

Originally Posted by ROCKETMAN

If I had a million of course things would have been different. Would have bought a little bigger house. As far as working, at first it was necessary but later we both looked at it was good exercise and most doctors will tell you if physically able it’s good for the mind. We both worked a rival grocery stores.

I think we do more than just survive. We both play golf 3 times, some championships, some executives, go to squares once or twice a week. If I want a good steak go to Texas road house or Cody’s for a $26 filet instead of Palmer or Chop house for a $52 dollar filet. I always lease every 3 years a small suv so I think we do more than just “survive”.