Hello All,
This site has been a wealth of information!
I am looking to retire to Florida in the summer of 2019. I currently have about 80k in equity in my home and will be selling here in NC and buying in a lower cost of living area in Florida. The homes I have been looking at are $185k - 200k. I figure if I can put the 80k as a down payment I should be around $700-800 per month for a mortgage.
I am retired military and really my only debt would be my mortgage. Of course we have cell phones, internet, cable etc but vehicles are paid off and no credit cards.
My monthly amount would be $1908 (taxable retirement) and $1895 disability not taxable so I'm at about $3800 per month before taxes. I have around 100k in Roth IRA and 40k in savings.
I wanted to get your opinion on if you think it would be realistic for me to live on this income. The following items are deducted from my military retirement automatically (healthcare $50, dental $110, survivor benefits $130) so my actual retirement is just over $2200 before these items are deducted.
I plan to pay off the new home with my Roth when I turn 59 1/2 (13 years from now). Take a look at my budget below. Any suggestions or recommendations on how I can make this work are greatly appreciated!
Also, I started a new job recently which will allow me to transfer to Florida, so I plan to continue working for probably a year so that I can determine if this pension is enough to sustain us.
Monthly budget:
Mortgage $1000
Internet/cable $120
groceries $600
Car insurance $100
life insurance $80
gas for vehicle $150
utilities $250
cell phone $100
entertainment $1000 (could dip into this for any emergencies if necessary) This includes shopping, movies, golf etc.
eating out $200
investments $300
Total = $3250
This would just be for my wife and I.
Thanks again!
This site has been a wealth of information!
I am looking to retire to Florida in the summer of 2019. I currently have about 80k in equity in my home and will be selling here in NC and buying in a lower cost of living area in Florida. The homes I have been looking at are $185k - 200k. I figure if I can put the 80k as a down payment I should be around $700-800 per month for a mortgage.
I am retired military and really my only debt would be my mortgage. Of course we have cell phones, internet, cable etc but vehicles are paid off and no credit cards.
My monthly amount would be $1908 (taxable retirement) and $1895 disability not taxable so I'm at about $3800 per month before taxes. I have around 100k in Roth IRA and 40k in savings.
I wanted to get your opinion on if you think it would be realistic for me to live on this income. The following items are deducted from my military retirement automatically (healthcare $50, dental $110, survivor benefits $130) so my actual retirement is just over $2200 before these items are deducted.
I plan to pay off the new home with my Roth when I turn 59 1/2 (13 years from now). Take a look at my budget below. Any suggestions or recommendations on how I can make this work are greatly appreciated!
Also, I started a new job recently which will allow me to transfer to Florida, so I plan to continue working for probably a year so that I can determine if this pension is enough to sustain us.
Monthly budget:
Mortgage $1000
Internet/cable $120
groceries $600
Car insurance $100
life insurance $80
gas for vehicle $150
utilities $250
cell phone $100
entertainment $1000 (could dip into this for any emergencies if necessary) This includes shopping, movies, golf etc.
eating out $200
investments $300
Total = $3250
This would just be for my wife and I.
Thanks again!