Is $1million enough

[donheff]

If it's a new (or new-ish) home.. 3% is perhaps too high. But when you include longer-term re-modeling costs.. 3%/yr. is about right. Also depends some on climate.

This has to be one of those features that are true at one point in time but change later, like "make your age" was the mantra in the 60s. My house has doubled in value over the past several years. Maintenance costs haven't changed much at all around here. For me, if they were 3% a few years ago, they must be at 1.5% now.

 

[GolferAndy]

This has to be one of those features that are true at one point in time but change later, like "make your age" was the mantra in the 60s. My house has doubled in value over the past several years. Maintenance costs haven't changed much at all around here. For me, if they were 3% a few years ago, they must be at 1.5% now.

If your house has doubled in value over the past several years, you are extremely fortunate. I've owned a home in a major metropolitan area for 14 years and it's value hasn't kept up with inflation.

 

[youbet]

my limited impression is that these small towns are really not friendly towards Northerners looking to relocate to their small town for early retirement. So building fruitful friendships could be more challenging.

Just as an FYI, small town folks in the north are not really friendly towards non-locals relocating to their towns for early retirement.......

 

[audreyh1]

Another option for the frugal financially independent person:

You can still do some things here and there to bring in a little extra cash. You are financially independent which means that you can choose not to work a full time career. But you can still do seasonal stuff or opportunistic stuff.

If there are some things you enjoy doing that cost money, then you have the flexibility to find ways to do them cheaply or at no cost. If you enjoy travel - you can figure out how to serve as a tour guide or do some seasonal stuff in a favorite destination. If you enjoy sailing, you can serve as crew on someone's boat on a part time basis. There are also all sorts of "volunteer" positions where you get benefits - free access to concerts or conferences or campsites, etc.

When you have the available time, you can really stretch those dollars if you are so inclined.

Audrey

 

[mathjak107]

our goal is 2 million in savings before we pull the plug. we will figure about 300-350000 for a house out of that, social security and a 20,000 a year pension will add to it.

 

[nun]

our goal is 2 million in savings before we pull the plug. we will figure about 300-350000 for a house out of that, social security and a 20,000 a year pension will add to it.

Well I think that I could probably make $1M work for me, but it'll be a bit tight. I'll get US and European SS cheques and a small pension at 65, but to just to be on the safe side I think I'll take a part time job. If I can get $10k to $20k I'll be in very good shape.