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Old 09-23-2007, 09:49 AM   #161
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I paid $1,300 in property taxes last year.
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Old 09-23-2007, 09:54 AM   #162
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JohnP, why in the world are you paying $1,200 per year for life insurance at the age of 64??
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Old 09-23-2007, 03:12 PM   #163
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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
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Old 09-23-2007, 03:22 PM   #164
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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.
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Old 09-23-2007, 03:38 PM   #165
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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.
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Old 09-23-2007, 03:41 PM   #166
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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.
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Old 09-23-2007, 04:08 PM   #167
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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.
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Old 09-23-2007, 08:02 PM   #168
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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.
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Old 11-01-2008, 09:19 AM   #169
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Originally Posted by charlie View Post
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.
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Old 12-15-2008, 11:09 AM   #170
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It lives...as the economy tanks..prices of most stuff coming down...3K per month and some frugal spending and one can live quite well...
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Old 12-15-2008, 11:12 AM   #171
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It lives...as the economy tanks..prices of most stuff coming down...3K per month and some frugal spending and one can live quite well...
Guess it depends on what your definition of "quite well" is
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Old 12-15-2008, 11:42 AM   #172
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Quite well for us is paying all the bills, a steak every now and then, and a few golf trips a year. We don't demand that much out of life to be happy and content..We do all we want and don't exceed the 3k limit..we seem to be able to find most of life's shortcuts
available to us..all you need do is to look for them.
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Old 12-15-2008, 12:24 PM   #173
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My mother did quite well on less than $30K last year (2007). That gross income came from a state pension, SS, and IRA withdrawal, and was before any taxes.

She lives alone in Ahwatukee, a relatively newer area of the Metropolitan Phoenix. She owns a 3-BR house of 1650 sq.ft. The house is probably worth $250K now. The RE tax was $1700 last year.

Though not a big spender, my mother was not all that frugal. Last year she spent some of the above annual income to buy some jewelry to keep up with her friends and my SIL! (we kept telling her that it was OK for her to spend, as she wouldn't be able to "take it with her".) My mother also takes a couple of domestic trips a year.

So, $36K/year is not subsistence living, depending on where you live.
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Old 12-15-2008, 12:27 PM   #174
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I'm sure a lot of people can live on $36,000 a year but what happens when one of those SS payments disappear ? Can you still live comfortably on $24,000 ?
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Old 12-15-2008, 01:13 PM   #175
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Looking at ONLY our expenses now, it looks like we could live reasonably well on $3000 a month. The problem is, we'd have to add the full cost of health insurance back in if this was all coming from "passive" income (i.e. no j*b), which would blow that out of the water.
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Old 12-15-2008, 01:53 PM   #176
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I could pay my rent and health insurance, keep my car on the road and buy food for this. But no money to pay taxes, and none for fun. And I am single.

It sounds grim to me.

Ha
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Retired and easily living on $3k/mo
Old 12-15-2008, 02:09 PM   #177
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Retired and easily living on $3k/mo

Neat thread!

My DW and I both about 64, and in good health.

House has long been paid for. Re-sided (steel), new Reveal windows,and upgraded to geothermal heat pump in the last 10 years(while I was still consulting)

Car and pickup in good shape, and paid for.

Income: about $26k SS, and $10k IRA distribution

Home, car, umbrella Ins: $1300/year
Electric (incl heat/AC): $1630/year
Groceries: $1500/year (cooking is one of my hobbies, also gardening)
Med Ins, and expense: $9500 ($397/mo major med - $10k ded.)

Spent about $11.5k on travel and booze this year (Yes - mostly travel), which could be curtailed, if necessary.

I fire up Taxact when it's available in the fall and convert IRA money to Roth up to the point where I would pay Income tax out of pocket. (only $2800 this year, but No tax on the distribution!)

We could live a lot higher on the hog, but this way the fact that the portion of our IRA's that are in cash would cover us for the next 25 years, ex inflation. Makes it easier not to worry about the portion in equities.
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Old 12-15-2008, 02:14 PM   #178
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I'm sure I'd find a way to live on $3k/month (I've done it before) but I would probably have to move to the mainland to accomplish this feat. Another big "hit" would be to my kids Roth IRAs. I fund 4 "kid" Roths to the tune of about $1500/year each or more (depending upon their income and mine). Yes, I could stop that, but I never bought my kids the "big toys" when they were with us because I wanted them to learn how to earn the money for themselves. Now that they have learned the lesson and are living it, I am rewarding them (and making myself feel good!) I'd hate to give this up. But, yes, absolutely, (if you have health care eventualities covered) $3K is enough in the right US location. In many OUS locations, $3K would be a "princely" sum.

YMMV of course.
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Old 12-15-2008, 02:15 PM   #179
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Groceries: $1500/year (cooking is one of my hobbies, also gardening)
What is your secret? The two of us spent more than $7000 on groceries this year. I don't think we eat anything fancy either, it just seems to add up! For the new year I would like to reduce our grocery budget so I would appreciate any tip!
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Old 12-15-2008, 02:56 PM   #180
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I could pay my rent and health insurance, keep my car on the road and buy food for this. But no money to pay taxes, and none for fun. And I am single.

It sounds grim to me.
grim? you can still play on a budget, ya know. why do you think they make flasks?



it worked back in college & it works just as well today. bartender, could i have some more ice please.

my barebones south florida budget is under $34k including gym membership, all taxes &, at current prices, 100 gal/month to play in the stang.

$3,000/month? sounds like the life of riley to me.
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