Retiring on $60k/year
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Anonymous
How does one learn of the areas that do not tax pensions? |
Anonymous
Google. https://www.investopedia.com/tax-friendly-states-for-retirees-8681930#:~:text=Alaska%2C%20Florida%2C%20Nevada%2C%20South,life%20are%20also%20important%20considerations. |
Anonymous
| If you are willing and able to move, there are lower cost areas that you can move to and make it work. Can you work part time up to the Social Security limit? That pushes you up to a little over 80k a year. |
Anonymous
| You move to another country. Maybe Italy etc. |
Anonymous
| The medical expenses are so much higher than my parents estimated for and they are both pretty healthy. |
Anonymous
| I think you need to supplement your income somehow. Rents will continue to go up. Might as well do it now before you are too decrepit to work. |
Anonymous
Delaware does not and property taxes are dirt cheap. Try Milton DE not far from beach. A 200K fixer upper house can be had with $800 month property taxes. I would work an extra year and buy a place. Credit Unions have 5/5 and 7/3 ARMs at lower rates. A little interest rate risk but not much. Maybe get a roomate and pay off that mortgage before year 5 or 7. https://www.redfin.com/DE/Milton/117-Creek-Dr-19968/home/135287340 |
Anonymous
Yes, most states don't tax social security, and some states also don't tax pensions. So look into that, OP. Maybe move to those states. Your rent is probably the biggest issue. My parents live off of $35K/year in CA, but they own their little condo. They have no other expenses other than food, utilities, and healthcare. They are super old and don't go anywhere. |
Anonymous
learn to google. https://www.cnbc.com/select/states-that-dont-tax-retirement-income/ |
Anonymous
| That doesn't leave any room for emergencies or say, attending a wedding in Italy one year, or going on a cruise with extended family. It would be surviving, but not thriving. |
Anonymous
At that income, that is the best you can hope for |
Anonymous
| I think you will need to re-locate to an area with a lower cost of living. Maybe you could buy a duplex and rent out half to pay your mortgage. That is what I plan to do. |
Anonymous
|
Do you live in the DMV?
Have you factored Medicare costs in? That does not cover everything you realize, and it goes up every year. Good luck to you. |
Anonymous
| Is it possible —sure? Will you struggle — yes. I think you should try to work a little longer, pay off all bills, find a part time job for retirement. School bus driver, Home Depot, Costco, before/after care in schools and lunchroom aide. Also look around at senior apartment communities. Do you have any children or a sister you could live with while you build up your savings? |
Anonymous
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Hmmm....do you.have any skills....like building up a business that can be done online if you're not feeling well-- such as tutoring.
I don't think you can rely on social security being there for you as guaranteed. I think you should continue working while your health allows. Your rent eats up a lot of your money. Can you get subsidized senior housing or do a basement rental. |