Current Events > when i retire at age 55, i will receive $80k/year, is this enough to live off of

(+) Yeah! (+)

-i previously made a topic saying it was 120k/year, i had put something wrong in the calculator, 80k is the right number
-40k/year is from pension
-40k/year is from 401k, assuming 5% ROI and I don't touch the principal I had upon retirement
-My luxury condo will be paid off by then but I still have to pay the HOA fees/property tax
-this is all calculated in 2023 money
-I live in Cali

Bush league numbers

I would leave california and retire to a more affordable state then you can comfortably live off 80K somewhere.

Only if you rent out your luxury condo and live in a 55+ mobile home park

Guess I'll have to rely on my inheritance

assuming your mortgage is paid off, 80K is PLENTY to live off of

Samurai_Man posted...

I would leave california and retire to a more affordable state then you can comfortably live off 80K somewhere.

They could probably leave the country entirely tbh.

Samurai_Man posted...

I would leave california and retire to a more affordable state then you can comfortably live off 80K somewhere.

This
80k in most places will go a lot further than in Cali, and if you aren't working there's no real reason to stay

Why would you ask this question on here? Do you really not know the answers? Are you really going to trust the answers you get on here?

Yeah I feel like 80k won't get you very far in Cali. Especially assuming your 55 yrs old is in like a decade or more.

ktownslayer16 posted...

assuming your mortgage is paid off, 80K is PLENTY to live off of

Crono99 posted...

80k a year doesn't even get you one room (shared with 17 other people) in the poorest slum in america

my mortgage will be paid off

sauceje posted...

Yeah I feel like 80k won't get you very far in Cali. Especially assuming your 55 yrs old is in like a decade or more.

this is 2023 dollars, it will rise with inflation

MICHALECOLE posted...

Why would you ask this question on here? Do you really not know the answers? Are you really going to trust the answers you get on here?

Dude's shtick is extra shticky.

I'm currently living off approximately 40k a year in Cali. As long as you don't have any major medical expenses and live in one of the shittier places like Stanislaus, it's doable. You aren't exactly living the high life, but you don't need to worry about being homeless either.
Truth be told though, if I were you, I'd either rent out or sell that condo and buy a high end RV, it's obviously going to go up bit by the time you retire but, currently most RV places are around $400 a month for a slot, often include water and power and you'll have the freedom to live wherever you want.
Sure you won't have room for a whole lot of clutter but really, other then maybe family photos, do you need much more?

Kai_Laguna posted...

I'm currently living off approximately 40k a year in Cali. As long as you don't have any major medical expenses and live in one of the shittier places like Stanislaus, it's doable. You aren't exactly living the high life, but you don't need to worry about being homeless either.
Truth be told though, if I were you, I'd either rent out or sell that condo and buy a high end RV, it's obviously going to go up bit by the time you retire but, currently most RV places are around $400 a month for a slot, often include water and power and you'll have the freedom to live wherever you want.
Sure you won't have room for a whole lot of clutter but really, other then maybe family photos, do you need much more?

no, im going to die in my luxury condo lol

I could.