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Thread: Retiring on $27,000 a Year

  1. #11
    Senior Member jp1's Avatar
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    That’s definitely a tighter budget than ideal. As has been mentioned, they will be walking everywhere once the car dies. And what about when one of them dies and the other is left to live on only one social security check. What then?

  2. #12
    Senior Member iris lilies's Avatar
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    I reread the article and they are 69 not 67. Also their income now is $24,000 not $27,000.

    Yeah, they both need to get part-time jobs.

  3. #13
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    This couple reminds me of the woman who used to post here a long time ago - she and her husband were artists and managed an apartment building in San Francisco. As I recall, they lived on very little. I haven't done the math lately but I think our annual expenses (excluding surprises like a tree falling down) are around $25,000. We save the rest of our income. I am thinking about a pt nursery job next summer just for the fun of it. I saw a quote about the Amish and their Plain lifestyle that might apply here - "it's not what we don't have, it's what we have."

  4. #14
    Senior Member flowerseverywhere's Avatar
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    I’m all for people living a simple life, but they are in poverty. As in they go to food banks occasionally. Have no means to fix or replace a car. If they get sick co pays could be a problem as well as getting to and from medical care. Plus when they get to one social security check it is really going to be bad.

    They have two choices. Stroll along the beach and create art, possibly relying on the mercy of others or the government (taxpayers) , or get a job to keep a roof over their heads and a better cushion.

    to be honest to be that age with zero home equity, almost zero savings, a 16 year old car with no means to replace it and not working even part time if you are physically able to , means a lifetime of not planning well to provide for themselves. Plus we are hearing all over the country rents are rising. Then what.

    a most difficult undesirable position To be in.

  5. #15
    Senior Member iris lilies's Avatar
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    I don’t really know what the answer is for very low income people who seemingly have low skills.

    I do think that living in Florida in one of those trailer house communities seems pretty cheap living. The rent of $800, assuming that covers utilities, probably cannot be beat anywhere else. I don’t know though.

    I was looking again at the cost of living in our Hermann house (prior to major renovation.) Last year I calculated it at $4500 annually. That covers taxes, insurance, utilities. We have no mortgage. Add $335 as a monthly payment if we had financed this Hermann property, so, my Hermann house would cost this couple: $710 monthly. That is comparable.

    There are no telecommunications costs in that $4500.

    Our Hermann house is old, not updated, but it’s cute and could be pleasant if someone wanted to apply simple elbow grease and not major renovation money. It is bigger than what this couple would need. My Hermann house, being an old house, would need lots of maintenance, though, and that is a completely unknown annual expense.

  6. #16
    Senior Member Teacher Terry's Avatar
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    They could live in Wichita Kansas much cheaper than Florida but of course no ocean. Once one dies the other will need low income senior housing.

  7. #17
    Senior Member catherine's Avatar
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    I was trying to get some insight on what would motivate a couple to live with a low income when they clearly are able to continue working.

    So I went on Amazon, and as a Kindle Unlimited member I was able to download her book, Joyful Passages, for free. So, I think that their motivation is similar to the motivation of other adventurous non-earners like Suelo, Heide Marie Schwermer, Mark Boyle, etc. Here is the description of the book from Amazon:



    "You may retire at the lakeside, but retirement is a vast ocean. Joyful Passage: A Woman’s Path to Retirement is not a book about financial security, it is about investing in personal growth.“Whoever said retirement is a full-time job was spot-on. Joan B. Reid’s debut book, Joyful Passage: A Woman’s Path to Retirement, discusses her journey from her first thoughts about the warp and weave of leaving her job to part time work, and, finally, to full departure. She encounters good times and humbling events at each stage. Hers is not a roadmap, but rather an unveiling of competencies as her adventure unfolds. Joyful Passage makes a fine gift for retirees and for those somewhere along the retirement road." Nancy Hartney, author of If You Walk Long Enough, a coming home from Vietnam novel, and two collections of short stories, If the Creek Don’t Rise and Washed in the Water.

    “Reading Joyful Passage is like talking to a friend. It encourages you to go forward, inspires you to create positive changes, and empowers to never give up.” Joan Y. Edwards, M.A., B.S., Retired Elementary School Teacher, author of Flip Flap Floodle and Joan’s Elder Care Guide.

    “Joyful Passage” tells the story of one woman’s approach to the retirement threshold, her struggles with the decision, identity questions, loss of status, the changes in family dynamics and friendships, and how she found unexpected joys and riches in retirement.

    I respect their decision, just as I respect the decisions of others who look at living with low/no income as a sort of thumbing their noses at assumptions about retirement and money. I'll probably try reading the book for fun.
    "Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
    www.silententry.wordpress.com

  8. #18
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    There is a large mostly hidden group of people living in vans and cars. You can meet some of them on Youtube where they explain how they do it. One is a quite famous 76 year old woman. She is very clear in the difficulties and does have a daughter to rely on during times of trouble. One is middle aged and she is pretty honest about her issues and difficulties.

    Nomad is a good film about this group. Other than they live in movable dwellings, their issues are the same as a couple living in a fixed location.

  9. #19
    Senior Member iris lilies's Avatar
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    Quote Originally Posted by catherine View Post
    I was trying to get some insight on what would motivate a couple to live with a low income when they clearly are able to continue working.

    So I went on Amazon, and as a Kindle Unlimited member I was able to download her book, Joyful Passages, for free. So, I think that their motivation is similar to the motivation of other adventurous non-earners like Suelo, Heide Marie Schwermer, Mark Boyle, etc. Here is the description of the book from Amazon:
    "You may retire at the lakeside, but retirement is a vast ocean. Joyful Passage: A Woman’s Path to Retirement is not a book about financial security, it is about investing in personal growth.“Whoever said retirement is a full-time job was spot-on. Joan B. Reid’s debut book, Joyful Passage: A Woman’s Path to Retirement, discusses her journey from her first thoughts about the warp and weave of leaving her job to part time work, and, finally, to full departure. She encounters good times and humbling events at each stage. Hers is not a roadmap, but rather an unveiling of competencies as her adventure unfolds. Joyful Passage makes a fine gift for retirees and for those somewhere along the retirement road." Nancy Hartney, author of If You Walk Long Enough, a coming home from Vietnam novel, and two collections of short stories, If the Creek Don’t Rise and Washed in the Water.

    “Reading Joyful Passage is like talking to a friend. It encourages you to go forward, inspires you to create positive changes, and empowers to never give up.” Joan Y. Edwards, M.A., B.S., Retired Elementary School Teacher, author of Flip Flap Floodle and Joan’s Elder Care Guide.

    “Joyful Passage” tells the story of one woman’s approach to the retirement threshold, her struggles with the decision, identity questions, loss of status, the changes in family dynamics and friendships, and how she found unexpected joys and riches in retirement.

    I respect their decision, just as I respect the decisions of others who look at living with low/no income as a sort of thumbing their noses at assumptions about retirement and money. I'll probably try reading the book for fun.
    I dunno, I respect those who live on $24,000 annually and don’t have to do that, rather than those who are perfectly capable of having paid-for real estate but chose not to get it back in the day.

    If this couple didn’t have rental costs, they could live at a level of ease on $24,000.

    My rigid thinking calls for us all to have a paid-for house upon retirement. That’s just what you do! Haha, I will admit it is rigid on my part, and is also flyover country thinking where middle class income people can actually afford to have a paid-for house.

  10. #20
    Senior Member Tradd's Avatar
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    I live in flyover country and it’s too damned expensive in the Chicago area to buy. I’ll just keep renting. I like the freedom that I can pick up and move if I want to. Plus I don’t have to bother with repairs or anything.

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