Hard for a single to live on 40K + SS?

[jim584672]

I have been living on sub $16k for the last 5 years. So $40k plus SS would be a huge amount of fluff spending for me.

 

[GenXguy]

I have been living on sub $16k for the last 5 years. So $40k plus SS would be a huge amount of fluff spending for me.

Yeah, as long as you're on Medicaid or otherwise have very low health care expenses, it sounds very doable in many places for a single person. I'm not sure I could even force myself to spend $40K+ a year.

 

[Vinnygret]

I think it most depends on where you live and how spendy you tend to be. I live in MD, a high tax state with cold enough winters to raise my utility bills to $300+ per month. My husband and I are not spenders. We have no debt. But, if he predeceased me (likely, as he is 12 years older), I will move to PA as quickly as I can.

 

[ESRwannabe]

$40k per year and a paid off house? That would be easy to live on in the South East.

I spend around $36k a year (age 43, still working). Rent is $900 a month for a 1 bedroom apt, car lease is $265 (honda hrv).

W-2 income is around $73.5k, financial assets around $1.1 million. Roughly $500k of that is in my taxable account (VYM/VYMI) with a div yield around 3.5%. So, gross income around $91k. I have a pension, 18+ years vested so far.

 

[gayl]

I live on less than 40k yr but own my house, only travel abroad 3-4 times a year, and will draw SSA in a little more than a year. Doing fine [emoji16]

 

[steveark]

My SS alone is almost 50K so yeah, that plus 40K is a ton fur a single.

 

[Doribe]

It would be very easy in the Midwest.

Except some areas in and around Chicago. $40k in Chicago would be a very frugal existence.

 

[jollystomper]

As a couple, the majority of our expenses are "self-imposed". I did a quick analysis and figured out if we paid off our mortgage, stopped giving charity and gifts, were able to get ACA subsidized health care, and did not vacation, our expenses not counting taxes would be around $40K. If we moved for our state to one with little or no income tax and did not do Roth conversions, our total expenses with taxes would still be under $50K. Without requiring cat food.

So I would say it is quite possible for a single person to live on 40K +SS per year, perhpas comfortably based on the areas cost of living, in the context of the OP's post.

 

[aaronc879]

I have a mortgage and live on less than half that so it can obviously be done. Problem is a lot of people think luxuries are necessities and many of them would struggle to get by on $40K/yr or even more. You have to find what works for your personal situation and not worry about what works for others.

 

[jasg]

IME, Yes. For the past few years, DW & I have been spending about $40k on food, housing, cars and medical. SS is our personal 'fun' money.

(HCOL area, own home & cars)

 

[NW-Bound]

Move to Texas.

Rattlesnake Anti-venom and scorpion repellent will eat up all the savings!

On the other hand, if one learns to prepare rattlesnake, it reduces the grocery bill. Tastes like chicken, from what I heard.

 

[JJpop]

This is like asking can I retire on the salary I had in 1998?
It obviously depends on how much your SS is,where you live and what your expenses are. I do not understand opening a thread with no information to help answer your question.

 

[ER Eddie]

Yes, I'm single, and my total expenses are right at 40K per yr. That's actual spending over the first 8 months of retirement. It's a bit higher than I had projected earlier, based on pre-retirement expense tracking a few years ago, but not by much. Spending was heavy in the first two quarters of retirement, but it has settled back down.

My lifestyle is modest. It doesn't take much to keep me calm and content. Naturally, if you have more expensive desires, it will be more difficult.

It's good that you have your health insurance expenses covered. That can be pricey. Also good that you've got your house paid off.

The only way to really know, of course, is to track your spending.