Retire on 3k per month thoughts...

[JustCurious]

I paid $1,300 in property taxes last year.

[JustCurious]

JohnP, why in the world are you paying $1,200 per year for life insurance at the age of 64??

[JohnP]

Today 03:54 PMJustCuriousJohnP, why in the world are you paying $1,200 per year for life insurance at the age of 64??

Well... $33/mo is from employer Ins bene and just is deducted from my pension check.... Next year that expense will be zero'ed on my BD and then become a paidup ins policy. The rest is plain life insurance that I've wobbled back and forth on whether to keep or not - this year my heirs came really, really, really close to collecting - I know all the advise of keep-vs-close... Just haven't decided to punch out of the policy - figure that amount hasn't raised to the level where I am concerned about it.

JohnP

[A854321]

As appealing as being thrify is, I plan on doing considerable (budget) travel in retirement. I also would want to have some security for unforseeable ( ie- medical) expenses. I just don't think 3K gives enough security and flexibility for what I want to do.

[LeatherneckPA]

Cindy and I pay about $800 a year in property tax. Of course, that's only on our 1/4 acre village lot. When we get the 25 acre farmette I expect that to increase. But not to the point that is $400 a month or more. Heck, that's a mortgage payment!!

LOL, I had officers working for me in NJ who paid more per month for taxes than they did for their mortgage. "But I'll make such a killing when I finally retire and sell this house." Sounded like twisted logic to me. Couldn't that $10k or more per year be better invested than that. I believed so. Just couldn't make them see it. Of course, I hadn't discovered these boards yet, and I was an "outsider" and a supervisor. Two strikes right off the bat.

[LeatherneckPA]

As for the OP, I have planned all my life to retire on my pension and funnily enough that's going to be right around $40k. What I never had planned for (and I am embarrassed to say it didn't dawn on me until just last summer) was that Cindy would also finish a career with a pension. Eight years after I retire she will retire from the bank. And at the rate her salary is increasing her pension could well be more than mine.

[Gumby]

Originally Posted by lthrnckpa

Cindy and I pay about $800 a year in property tax. Of course, that's only on our 1/4 acre village lot. When we get the 25 acre farmette I expect that to increase. But not to the point that is $400 a month or more. Heck, that's a mortgage payment!!

This month's regular mortgage payment to the bank was $841 principal, $543 interest and $759 real property tax. That's right, $9108 per year in real property tax, and we are only in the first year of a 5 year revaluation phase-in. We have a 3 bedroom 2500 sqft house on 1/3 acre.

[Bigritchie]

Originally Posted by Gumby

This month's regular mortgage payment to the bank was $841 principal, $543 interest and $759 real property tax. That's right, $9108 per year in real property tax, and we are only in the first year of a 5 year revaluation phase-in. We have a 3 bedroom 2500 sqft house on 1/3 acre.

That is scary to think of property tax like that for me. I have 2 acres in east TN, with a 3 bedroom, 3 bath, 3 car garage all fenced in for just 400 a year hehe. I think the house cost me around 130k or so too.

[Hal3]

Originally Posted by charlie

The plumber said that the problem was probably
caused by nearby lightning striking a utility pole
behind our house and some of the surge was
grounded through our water system. Who knows
if he is right. Anyway, there are no more leaks for
now at least.

Damage from lightning strikes is covered by many homeowners insurance policies.

You might want to check it out.