Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 09-20-2011, 10:46 AM   #21
Recycles dryer sheets
oma's Avatar
 
Join Date: Mar 2007
Location: Tampa/St Petersburg, FLA
Posts: 314
I could easily retire in a small space apartment located in the heart of a city like Chicago or Manhattan. You'd never run out of things to do/see, would you you?
__________________

__________________
oma is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 09-20-2011, 01:38 PM   #22
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: Chicagoland
Posts: 11,978
Quote:
Originally Posted by oma View Post
I could easily retire in a small space apartment located in the heart of a city like Chicago or Manhattan. You'd never run out of things to do/see, would you you?
I'd run out of money though...
__________________

__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 60% equity funds / 35% bond funds / 5% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is offline   Reply With Quote
Old 09-20-2011, 01:51 PM   #23
Moderator
MBAustin's Avatar
 
Join Date: Jul 2010
Posts: 4,162
Welcome, truenorth! As a fellow megacorp escapee (although I left of my own accord) I hope your RE experience is as great as mine has been. Congratulations on taking control of your options and making the most of it!
__________________
"One of the funny things about the stock market is that every time one person buys, another sells, and both think they are astute." William Feather
----------------------------------
ER'd Oct. 2010 at 53. Life is good.
MBAustin is offline   Reply With Quote
Old 09-20-2011, 02:12 PM   #24
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Feb 2007
Posts: 5,072
Congratulations.

I agree with the general comment on housing.

Just curious... If you sold your 275 sq ft apt in Manhattan... what would it fetch?

If you moved to a lower cost location... would you sell it or rent it out?
__________________
chinaco is offline   Reply With Quote
Old 09-20-2011, 03:43 PM   #25
gone traveling
 
Join Date: Aug 2011
Location: Los Angeles
Posts: 39
What about health insurance between now and Medicare?
__________________
westcoast is offline   Reply With Quote
Old 09-26-2011, 09:44 AM   #26
Recycles dryer sheets
truenorth418's Avatar
 
Join Date: Sep 2011
Location: New York
Posts: 484
Quote:
Originally Posted by chinaco View Post
Congratulations.

I agree with the general comment on housing.

Just curious... If you sold your 275 sq ft apt in Manhattan... what would it fetch?

If you moved to a lower cost location... would you sell it or rent it out?

In the area of Manhattan where I live, co-op apartments cost about $900 per square foot. That means my 275 sq foot shoebox could sell for as much as $250k under the right circumstances. I recently searched some of the local real estate websites and there are a lot of studio apartments for sale at the moment. Since mine is not in the best condition, maybe I could sell mine for around $225k. So after state and local capital gains taxes, commissions, and other expenses I would probably walk away with a little less than $200k, more than enough to afford a very nice place in most other parts of the country.

The NYC real estate market is very unique. I could rent my place out, but since I own a co-op and not a condo, I am restricted by my co-op board's rules which restrict rentals to 2 years out of every 5. This is pretty standard when it comes to NYC co-ops.
__________________
truenorth418 is offline   Reply With Quote
Old 09-26-2011, 10:44 AM   #27
Recycles dryer sheets
truenorth418's Avatar
 
Join Date: Sep 2011
Location: New York
Posts: 484
Quote:
Originally Posted by Midpack View Post
I'd run out of money though...

No question that NYC is one of the most expensive markets in the U.S. I think this is primarily driven by housing costs. If you can address that expense, then the economics become easier.

One benefit to living in NYC is that one can live quite comfortably without a car, which can save thousands of dollars a year compared with places that require it. While I have needed a car to commute back and forth to my j*b in the suburbs, I now have the option of giving it up. There is a company called "Zipcar" which provides cheap and convenient auto rentals when a car is needed.
__________________
truenorth418 is offline   Reply With Quote
Old 09-26-2011, 10:49 AM   #28
Recycles dryer sheets
truenorth418's Avatar
 
Join Date: Sep 2011
Location: New York
Posts: 484
Quote:
Originally Posted by oma View Post
47 yo retiree here as well (no kids) - what do you plan on doing w/ your newly acquired spare time?
I'm not clear on what I want to do with my time over the long term, but in the near term I am planning to catch up on some travel. I have not had more than a week off for vacations in over 20 years! I am REALLY looking forward to being able to come and go as I please and not rushing through vacations because of limited time off..
__________________
truenorth418 is offline   Reply With Quote
Old 09-27-2011, 06:47 PM   #29
gone traveling
 
Join Date: Sep 2011
Posts: 112
Most people live over 100 now so it looks like you will spend 50+ years not working.

WOW - NYC is one of the most expensive cities on the planet too. What did you tell your employer though?
__________________
ER Man is offline   Reply With Quote
Old 09-27-2011, 06:48 PM   #30
gone traveling
 
Join Date: Sep 2011
Posts: 112
Do you have a girl friend?
__________________
ER Man is offline   Reply With Quote
Old 09-27-2011, 09:59 PM   #31
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
 
Join Date: Mar 2003
Posts: 16,391
Quote:
Originally Posted by haha View Post
My apartment is 500 sq ft. It has one very hard to reach, small closet. The bedroom is small, but I can fit a queeen size bed. It is a real job to turn the mattress, and changing sheets must be done from the bed, as I can't get to the far side or the top except by reaching down from above. The kitchen is plenty big for me to store my pans and a moderate size refrigerator, but I do shop for food almost daily. It is most comfortable for one cook, not group or couples' cooking. The LR is actually spacious.

The neighborhood and building are primo, which is why I am here. However, if I buy a condo I really would like at least another 100-200 sq ft, and a balcony. Also, Io have a big storeroom in the basement.

I think I could do a smaller place right on Venice Beach Boardwalk, but otherwise 500ft is about my limit I think.

Ha

I will refrain from comments on teh privations you must endure with such a small bedroom, given your social life.

When DW and I were young, we had a 775 sq ft 2BR apartment in Queens we shared with two dogs and a cat. It was more than adequate for our lifestyle (both working full time and going to school at night), but I think long term it would have been tough. That said, I have spent over a week at a time in our 16X7 camper with DW, two kids and two dogs and been ecstatically happy, so maybe a small space is OK depending on circumstances. Certainly the folks at tendervittles.net don't seem to be suffering.
__________________
"There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest have to pee on the electric fence for themselves."



- Will Rogers
brewer12345 is offline   Reply With Quote
Old 09-27-2011, 10:09 PM   #32
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,487
Quote:
Originally Posted by ER Man View Post
Do you have a girl friend?
??
__________________
MichaelB is offline   Reply With Quote
Old 09-28-2011, 03:16 PM   #33
gone traveling
 
Join Date: Sep 2011
Posts: 112
Quote:
Originally Posted by MichaelB View Post
??
This was for the OP.
__________________

__________________
ER Man is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Can we retire now? bellhead FIRE and Money 18 08-05-2011 09:13 PM

 

 
All times are GMT -6. The time now is 06:33 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.