How many on this board live on no more than approximatelly $35,000 per year?
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We spent just under $34,000 on health care costs, other insurance and property taxes alone in 2011. Our private health insurance premiums were $13,000 for both of us, with $1,500 deductibles and 30% co-pays. Plus there are all the services that aren't covered -- dental, chiropractic, naturopathic and acupuncture. I expect the insurance premiums, deductibles and co-pays to go down when I start Medicare at the end of this year and DW a year later.We're paying much higher property taxes than before I retired but we got rid of the mortgage, so our monthly housing expenses are a lot less. We had only owned our first modest home, near Silicon Valley, for 6½ years, but the increase in equity enabled us to get a much nicer place in the Portland area. That was a case of right place, right time. If only we had gotten into the CA housing market decades before, like Montecito Man did, the equity would have provided for a castle up in OR. And having rich parents, like he does, wouldn't hurt either.;)So it's obvious that this household isn't going to do it on $34k. We've got to eat, stay warm, drive and take the occasional trip, not to mention the upkeep and repairs that come with a house that's not new.--fleg
Our health insurance is $10K for each of us (total $20K), just for basic premiums. Then we each have a $2.5K deductible, then we each have a $2K co-insurance. I have major health issues, so I paid the full $4.5K for deductible and co-insurance, plus $2.5K for our $10 co-pays for meds. Living on $35K per year is just plain impossible for us.
Thankfully, I have a lot more than that coming in. But my oldest daughter does not earn more than #35,000 a year...if that. And she has two college age children living with her, plus the dog. Fortunately for her, I supplement her rent.Other daughter has been on unemployment for almost two years...taking courses at college. Her husband does not earn more than $35,000. Its rough here in Ohio. They are lucky I have enough to cover their emergencies.Birgit
Our health insurance is $10K for each of us (total $20K), just for basic premiums. Then we each have a $2.5K deductible, then we each have a $2K co-insurance. I have major health issues, so I paid the full $4.5K for deductible and co-insurance, plus $2.5K for our $10 co-pays for meds. Living on $35K per year is just plain impossible for us. Seems like the major roadblock to a cheap retirement in the USA is health care costs. I'm not retired yet but it's the thing I worry most about.
The comment by fleg about health insurance reminded me that I use net values in my projected cash-flow spreadsheet, so our the premium for group Blue Shield that is withheld from my wife's COLA pension was inadvertently excluded. Even though we're both covered by Medicare, that premium adds nearly $1K a month to our COL. Blue Shield covers my medicine, so it's about a wash given that I had a resection of a pituitary adenoma in 1987 and take medicines aimed at supplementing an inactive thyroid.What he writes about getting into the CA housing market early, in our case Silicon Valley near Stanford in '69, is accurate, but my parents were the classic millionaire next door folks who lived frugally, not rich fat cats.db
What he writes about getting into the CA housing market early, in our case Silicon Valley near Stanford in '69, is accurateOur frugality backfired on us when we bought our first house in the Silicon Valley area in 1994. We decided to spend less than what we qualified for and ended up in San Carlos. Had we maxed ourselves out and got a place in Palo Alto, closer to the action, we would have walked away with a lot more equity, more than making up for the higher mortgage and property tax payments. But my crystal ball wasn't sensitive enough to see that when we were ready to leave, prices would have doubled and more by then. --fleg
We decided to spend less than what we qualified for and ended up in San Carlos. Are you familiar with Carlos Royal and Molly & McGee, the most famous barn owls in the world that live in the Royal Barn Owl Box???Birgit (aka Mimolly)
fleg,I had come off of a post doc at Stanford a couple of years before we bought our first house. The sense of community around Stanford was appealing as was an under 10 minute commute. With a little sweat equity, our property value increased dramatically. For most of us who lived in the area at the time, our biggest wealth builder was our homes.db
Are you familiar with Carlos Royal and Molly & McGee, the most famous barn owls in the world that live in the Royal Barn Owl Box???Not at all. But it sounded interesting so I looked it up. Turns out those barn owls are in San Marcos, not San Carlos. San Marcos is way south, in San Diego County. And it all happened long after we left the state.--fleg
I could live on 35K a year.I choose not to!t.
House paid for. Cars paid for.Taxes $4200 real estate taxes, house insurance $1400/yrHealth care - now on Medicare - $330/month for all....Car insurance and liability insurance $1200/yr for 2 cars full coverage. Utilities $500/month-----Dental/Vision $700/yr....Food $100/week, including eating out ......Repairs - I figure about $4000 a year for house, cars, etc....don't usually spend it but put that much aside in case of new roof, major appliance, etc, goes on the fritz....clothing $300/yrthe rest is fun money including the newspaper, magazines, travel, gas for the car, etc. t
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