I have been reading the answers to this question based on certain cities and am a little shocked about what seems like a huge increase over prior years. The claim by some is that COVID 19 caused the increase. I am no longer a home owner or working, but I am quite comfortable. Here's the income you need to live comfortably in every state in the US (msn.com)
Estimating a state living wage isn't the best idea. In most states, the metro areas are much more expensive to live, mainly due to real estate, insurance, etc. costs. Car insurance is much higher in Houston/Harris County than it is in the more rural areas. That said, we live very comfortably on earnings from our investments, pensions, and social security. We could probably live on SS alone if push came to shove since we live fairly simply and have zero debt.
If either, or both (total), of us had a pension coming in that matched my wife's weekly pay, we'd do very nicely. But, the at-home job she is currently doing, will end soon. Old boats, like old vehicles, cost to upkeep/maintain. Both also take yearly registrations and insurance. We have to rent and have insurance on the rental apartment. We have no pensions, so we have to rely on SS and savings. We do use credit cards and have debt, but, for some-to-many, that's just part of life.
Not much. We are very comfortable if we have a roof over our heads, a t.v. and computer, our cats, (I'm getting a new dog soon, maybe this weekend), some food in the fridge and a car to take us places. (I'm hoping that gas prices will soon stabilize a little) We have two wonderful daughters and their husbands, and our three g - kids who we see quite often. We also have a "zoom family meeting" by computer once per week and keep up with each other "in person". I love to interact with them that way - its not a good as the real thing, but it will suffice when we are far apart (1 grand child is a grad student at Stanford) So, all in all, I'm very easy to please, and I am also thankful for all that God has let me enjoy in my older age.
I've been shocked at how much it costs to live my low-key life, and my home is paid off and my real estate taxes are literally 1/5th what they were outside of DC. Cheap Housing + Groceries + Healthcare + Car/Home Insurances = Retirement Sticker Shock
Income? What income? (Just a bit of wry humor here) Tax his land, Tax his bed, Tax the table, At which he's fed. Tax his tractor, Tax his mule, Teach him taxes Are the rule. Tax his work, Tax his pay, He works for peanuts anyway! Tax his cow, Tax his goat, Tax his pants, Tax his coat. Tax his ties, Tax his shirt, Tax his work, Tax his dirt. Tax his tobacco, Tax his drink, Tax him if he Tries to think. Tax his cigars, Tax his beers, If he cries Tax his tears. Tax his car, Tax his gas, Find other ways To tax his ass. Tax all he has Then let him know That you won't be done Till he has no dough. When he screams and hollers; Then tax him some more, Tax him till He's good and sore. Then tax his coffin, Tax his grave, Tax the sod in Which he's laid... Put these words Upon his tomb, Taxes drove me to my doom...' When he's gone, Do not relax, Its time to apply The inheritance tax. Accounts Receivable Tax Building Permit Tax CDL license Tax Cigarette Tax Corporate Income Tax Dog License Tax Excise Taxes Federal Income Tax Federal Unemployment Tax (FUTA) Fishing License Tax Food License Tax Fuel Permit Tax Gasoline Tax (currently 44.75 cents per gallon) Gross Receipts Tax Hunting License Tax Inheritance Tax Inventory Tax IRS Interest Charges IRS Penalties (tax on top of tax) Liquor Tax Luxury Taxes Marriage License Tax Medicare Tax Personal Property Tax Property Tax Real Estate Tax Service Charge Tax Social Security Tax Road Usage Tax Recreational Vehicle Tax Sales Tax School Tax State Income Tax State Unemployment Tax (SUTA) Telephone Federal Excise Tax Telephone Federal Universal Service Fee Tax Telephone Federal, State and Local Surcharge Taxes Telephone Minimum Usage Surcharge Tax Telephone Recurring and Nonrecurring Charges Tax Telephone State and Local Tax Telephone Usage Charge Tax Utility Taxes Vehicle License Registration Tax Vehicle Sales Tax Watercraft Registration Tax Well Permit Tax Workers Compensation Tax STILL THINK THIS IS FUNNY? Not one of these taxes existed 100 years ago, & our nation was the most prosperous in the world. We had absolutely no national debt, had the largest middle class in the world, and Mom stayed home to raise the kids. What in the heck happened? Can you spell 'politicians?' ---Charley Reese
I don't nearly as much as the reported "living wage" in N.J. There are a few reasons for that. 1. I bought my co-op apartment at age 24 (50 years ago) and our community's housing costs have consistently been about 36% lower than average housing of comparable garden apartments in our county. 2. I retired with great healthcare and prescription benefits which carried over to Medicare. 3. I manage money extremely well and have done so since I was in my 20's. I manage to remain debt free for most of those years, including for most of my retirement. 4. I don't have car expenses, which from the latest I've read could be saving me up to $9,000 a year. I can pay my basic expenses plus a few extras from my pension. I save/invest most of my social security.
My assisted living is paid for with pension income and insurance but the cash from the sale of my home would have been sufficient if I didn't have pensions and insurance.
Sure, but the question is, for how long? My condo has doubled and more in property value in the 20 years I've owned it, but I don't know what will be left after taxes when selling.
You should come out pretty good. You have lived in your condo long enough to met certain tax exclusions on Capital Gains.