DCJennifer
Recycles dryer sheets
- Joined
- Dec 8, 2017
- Messages
- 73
I have that much in savings and in the equity in my apartment. I purchased it in 1996 for about $80,000 and it is now worth $310,000. The co-op fees here (now $1071 per month include garage parking, water, electricity, sewer, trash, grounds maintenance, staff --everything but my cell phone through Republic Wireless--$23.00 per month and my Internet bill of about $86.00 per month with Comcast. My car is paid off and has only 11,000 miles on it and it has been in a garage since I owned it. It is a 2008 VW Jetta and like new inside and out. If I sell it I would save insurance costs of $965 per year, inspection fees every two years and tag renewals every year of $72.00 as well as $130 a month to house it in the garage.I have about $150,000 in an IRA/401k savings. $20,000 in liquid savings. I also have to think about when Medicare kicks in as that will be an expense in over a year.Take your spending and subtract your SS benefit income. Take that number(annual) and multiply by 25. If you have that much or more in your savings then you don't need to find another job. Example: $24,000 spending minus $15,000 SS income equals $9000/yr needed to live on. $9000 multiplied by 25 is $225,000. Do you have that much? You may not even need to get another job if you are willing to live rather cheaply.
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