UnThreaded | Threaded | Whole Thread (38) | Ignore Thread Prev | Next
Author: determinedmom Big red star, 1000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 1498  
Subject: Re: Parents Nearing Retirement Date: 8/20/2006 11:24 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 1
Staying home, watching TV and going out for dinner is not all that expensive and may be quite manageable on $30k a year.

My mother is now 82 and retired in her mid-60s. She lives just fine entirely out of about $14k social security. She does have some savings which she rarely spends.

She is not much a spender. Her house is paid for. Utility costs are low. Her car (which she rarely drives) is paid for. Her property taxes are relatively low. She likes to watch TV and visit with family. She rarely eats out. She doesn't have cable TV (always thought that was a waste of money -- thinks ABC, CBS and NBC are enough for anyone). She has no real hobbies that cost money.

Her biggest expense is prescriptions. She is someone who has saved a lot through the prescription drug plan.

While my dad was still alive and drawing social security they managed to save money at that time as they just didn't spend that money each year.

The one thing that might have been a problem for them was when my dad was still alive he was hospitalized several months and came close to reaching the limit that Medicare would have paid for. It would have been good for them to have long term care insurance but they didn't have it.

Anyway, it is perfectly possible to live just fine on $30k a year particularly if your house is paid for.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (38) | Ignore Thread Prev | Next

Announcements

Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Macro Economics

Looking at Currency Ratios
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement