Hi all!
I’m concerned about the years ahead and want to make sure I have enough to sustain me if I live another 10 years or so.
I have $100,000 in savings (plan on transferring to HYSA soon). I’ll be getting a total of $4,000 a month from SS, pensions, etc.
Right now I pay $2,200 in rent with all utilities included. Internet is also included. Other misc. bills total around $600. Food is $200-300.
I have Medicare and VA health insurance. I own my car.
I need to move though, because my arthritis is way too painful to keep going up and down stairs (live on second floor). I also don’t need a 2 bedroom anymore.
Any suggestions or advice is welcomed.
I do help my 2 sons financially here and there, as one is totally disabled, and the other is unemployed and is having a really hard time finding a job.
I’ve been using some of my savings to help them. I had $120,000 to start.
Thoughts?
Future budgeting advice for 74 year old widow
byu/SecretSanta-70 inpersonalfinance
Posted by SecretSanta-70
1 Comment
Is the $4,000 after taxes are taken out?
If so, you are in pretty good shape. It sounds like you should have around $1,000 a month left over to add to savings or spend on wants.
You make enough you are unlikely to qualify for low income housing. In your situation, I would probably consider trying to start looking for a roommate. Your 2 bedroom isn’t an option, but someone else might have a 2 bedroom that is. That will probably still be affordable and you’d have company if you find someone you like. If that isn’t an option, look for a 1 bedroom or small studio that fits your needs. In most places in the US, you can find that for under $2,000 a month, though your utilities might end up higher putting your total expenses at something like $2,500 or so.
I would consider looking for someplace where a car won’t be a necessity. It is likely that driving will become less reliable to you in the next 10 years. An over 55 community might have a routine bus to the grocery store. Also, at some point, not paying car insurance might save money.
Definitely get the $100k in a HYSA. It should generate as much as $300/ month in income for you. That alone could make up for slightly higher rent.
I probably would not invest much of those funds at your age with that little as a backup. I would do things like a certificate of deposit, treasury bonds, and money market accounts that are very low risk.