Retiring on $60k/year

[Anonymous]

Op definitely should have a plan if rent increases or health fails.

[Anonymous]

Op needs to keep working for a long time. There is no other answer.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It is not that bad for one person, DH and I are planning to retire on 120k per year

That’s significantly more than 60 though

Agree. That COL expenses for a couple are not double that of a single person. For example, housing: if PP and spouse were living in OP’s apartment, the rent would be the same as OP’s.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP's situation is a reminder that we do have a retirement crisis in this country. The media loves talking about 401k averages, the government rather not talk about her people, and wealthy people pretend they don't exist.

The reality is with the rise of grey divorce and the fact that a lot of people don't really make enough, a lot of people are not going to be able to retire. It sucks.

Absolutely. I think seniors need to move in with their adult children if at all possible.

Several seniors I know today don’t have children, so this isn’t an option.

[Anonymous]

I’m a laid off contractor who wasn’t planning on retiring for a while longer, but I doubt I’ll be able to get another job. So this is about what I’m going to have to retire on. I don’t have a pension, but have some savings and consulting work. Plus, my house will be paid off soon. It is what it is. I’ve always been fairly frugal and am just hoping the stock market doesn’t crash.

[Anonymous]

Definitely get on a waitlist for senior housing. In Montgomery county I believe they can be as low as $200/month for low income seniors in a nice clean 1 bedroom.

[Anonymous]

Move to a place with rent control or at least, where rent increases are capped. OR, retire in a lower cost country like Portugal or Mexico.

[Anonymous]

It’s definitely possible. My parents live on their SS checks and a small pension. They’ve been retired 20 years and haven’t touched investments. They even don’t spend the full fixed income most years which is maybe 45kish. But they do own their home in a Low cost area.

They don’t do much money wise, mostly hang with family, gym, and prefer to eat at home. They even give my kids money because of mandatory withdrawals now (I tell them to stop and spend on themselves but they say they really don’t want/need it). Simple life, especially once they passed their early 70s.

[Anonymous]

You should move to a lower cost of living area where the rent is $1000. Since you'll be retired, work won't be tying you down to a place anymore. Then do some volunteering, or a part time job, to make friends.

[Anonymous]

Anonymous wrote:My mom lives on about 35K a year as is doing great (she even saves a lot of this), but she owns her small home. It would worry me to at the mercy of a landlord. I'd try to build up my savings a little more if possible.

Same for my mom. It’s the increase in rent I’d worry about for the OP. Maybe look into renting a room to lower monthly costs.

[Anonymous]

Anonymous wrote:Definitely get on a waitlist for senior housing. In Montgomery county I believe they can be as low as $200/month for low income seniors in a nice clean 1 bedroom.

Likely won’t qualify with an income of $60k

[Anonymous]

Anonymous wrote:

Anonymous wrote:Definitely get on a waitlist for senior housing. In Montgomery county I believe they can be as low as $200/month for low income seniors in a nice clean 1 bedroom.

Likely won’t qualify with an income of $60k

OP, should try senior housing because they will take max 1/3 utilities included. You don’t have to worry increase rent.

[Anonymous]

OP - maybe you can work a part-time job in retirement? Earning an extra 5-10k per year would be a nice supplement and likely doable depending on the job.

[Anonymous]

Anonymous wrote:My mom lives on about 35K a year as is doing great (she even saves a lot of this), but she owns her small home. It would worry me to at the mercy of a landlord. I'd try to build up my savings a little more if possible.

This!! Rents will only continue to increase and you don't want to have to move (that costs money as well and odds are everyone increases rent in the area)

[Anonymous]

Anonymous wrote:

Anonymous wrote:Definitely get on a waitlist for senior housing. In Montgomery county I believe they can be as low as $200/month for low income seniors in a nice clean 1 bedroom.

Likely won’t qualify with an income of $60k

There is reduced price senior housing for middle income seniors. An income of 60K would qualify you in Montgomery County Maryland. It's not everywhere, but it's worth it for the OP to seek it out.