retiring on the cheap questions

[BReeves]

Yep, Wife and I do just fine in a 1000 sq/ft house on 7 1/2 acres. Place is paid for, electric runs under 200 a month and I have AC in two out buildings along with the house. I am retired and she will retire in a couple years. We have 3 vehicles, two fairly new with low mileage, all paid for. Utilities, food, insurance and taxes all add up to under 1200 a month for two of us. We are living on the 1300 I receive from SS and her pay check goes in the bank. We really do not want for anything, I have enough toys and guns to keep me busy, bought and paid for when I was working. When I go away she will sell the place which will help pay her living expenses in her later years. Life is just great.

 

[Hobbes]

I could get by on $1200 per month IF I was retirement age because I would be eligible for medicare.
Since I am still a few years from age 65 it would take about $1600 a month for me minimum to pay everything including health insurance.

I'm not sure how long I could go on that though.
The county keeps raising my property tax the maximum 3% every freakin year no matter what.
The insurance company keeps raising my home insurance premium to keep up with the cost of rebuilding.
Sometimes I think I would be better off to buy an acreage and put a mobile home on it because it wouldn't appreciate in value to justify the increases in property tax and insurance.

 

[BobBarker]

I pay over $500 a month out of pocket for my health insurance. My employer pays another $700. I guess if we had only $1200 a month we would be on Medicaid so that $500 expense would be gone

 

[n423]

I pay over $500 a month out of pocket for my health insurance. My employer pays another $700. I guess if we had only $1200 a month we would be on Medicaid so that $500 expense would be gone

Wife and I are retired and pay $900 a month for health insurance. Not old enough for Medicare...

 

[NikatKimber]

He's trying to retire on the cheap so he's not going to be living in a 5,000 sq/ft home. Move to a mapdot town like where I'm originally from, hunt, fish and garden your food. Can food. Get some chickens. You don't NEED an ac but if you have one, get used to setting it on 79 or 80. Have a fireplace. You won't use much electricity or gas for heat. You could totally do it, IF you can give up some luxuries and be a little tougher than most of us Americans are nowadays. We don't even think we can live off of $1200 /mo bc we've become so used to "needing" so many luxuries. It wasn't very long ago in this country that just about everyone had a milk cow and chickens. No one had ac, tv, phones etc.

Or move in w NikatKimber. He has a whole wing he's not using. Ha!

Ha! yourself!

My comment was directed at the poster who said $1200 is eaten up by "basic utilities". To me "basic utilities" means electric, gas, water.

I live in a sub-2k sf house, and keep the house comfortable year round. My utilities haven't been over $300/mo in 4 years I'm pretty sure. My house is a 3/2 and it's almost 40 years old, so a smaller modern house designed to be more energy efficient could be much cheaper.

I *don't* include TV, cable, internet, phone, etc in "basic" utilities. Those are all luxuries.

In other words, I agree with you. Except for the extra wing! That I don't have!

 

[CHenry]

Ha! yourself!

My comment was directed at the poster who said $1200 is eaten up by "basic utilities". To me "basic utilities" means electric, gas, water.

I live in a sub-2k sf house, and keep the house comfortable year round. My utilities haven't been over $300/mo in 4 years I'm pretty sure. My house is a 3/2 and it's almost 40 years old, so a smaller modern house designed to be more energy efficient could be much cheaper.

I *don't* include TV, cable, internet, phone, etc in "basic" utilities. Those are all luxuries.

In other words, I agree with you. Except for the extra wing! That I don't have!

I have a 15 yo, 1600' house and I run a pellet stove in winter and keep the thermostat at 85 in summer until 8:00 or so and then it goes down to 74*. Its pretty energy efficient.
I guess I shoulda worded it different. Not basic utilities i guess but all utilities. And I didnt mean I spend $1200 on them, but a good chunk of it.
I have dropped direct TV so that saves me $120/month
Elec. average $175
Trash $30
Internet $55
Gas $30
Water $75 (rural water is pricey)
phone $120 (cell phone plan for 3, no land line)
Theres almost $500 then add car insurance, home ins., property tax, fuel, car repairs (I drive older vehicles and do all repairs myself and they are constantly nickle and dimming me) and we are over $1200. Heaven forbid we have a trip to the Dr. or Dentist
I havent eaten yet either or added any "fun" money cost. I guess it depends how much your willing to give up but at some point if you live too cheap, your not living, your simply existing. $1200 a month is less than $15000 a year. No one can live on that these days, that why those making that are able to apply and get gov. subsidies.

 

[NikatKimber]

I have a 15 yo, 1600' house and I run a pellet stove in winter and keep the thermostat at 85 in summer until 8:00 or so and then it goes down to 74*. Its pretty energy efficient.
I guess I shoulda worded it different. Not basic utilities i guess but all utilities. And I didnt mean I spend $1200 on them, but a good chunk of it.
I have dropped direct TV so that saves me $120/month
Elec. average $175
Trash $30
Internet $55
Gas $30
Water $75 (rural water is pricey)
phone $120 (cell phone plan for 3, no land line)
Theres almost $500 then add car insurance, home ins., property tax, fuel, car repairs (I drive older vehicles and do all repairs myself and they are constantly nickle and dimming me) and we are over $1200. Heaven forbid we have a trip to the Dr. or Dentist
I havent eaten yet either or added any "fun" money cost. I guess it depends how much your willing to give up but at some point if you live too cheap, your not living, your simply existing. $1200 a month is less than $15000 a year. No one can live on that these days, that why those making that are able to apply and get gov. subsidies.

Gotcha. You're talking about what I would consider regular monthly expenses.

And yes, the only way I could do $1200/mo would be if I had no debt, and didn't have to pay health insurance.

 

[Hobbes]

Technically electricity is a luxury rather than a necessity.
You can go to bed at sunset and get up at sunrise like my grandparents did.

 

[CHenry]

And yes, the only way I could do $1200/mo would be if I had no debt, and didn't have to pay health insurance.

I didnt include these 2 items on my list. My health ins. is paid for (thank god) and I have no debt. I still couldnt live on $1200

 

[CHenry]

Technically electricity is a luxury rather than a necessity.

You dont know my wife, elec. is a necessity. lol