Author Topic: Can I retire with family (2 kids) on 2k per month in US?  (Read 6282 times)

whywork

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Can I retire with family (2 kids) on 2k per month in US?
« on: June 22, 2018, 10:44:40 PM »
I am a 38 year old guy, with a networth of 650k.

My work pays well. The problem though is that I'm very frustrated with going to work. Not that anything is majorly wrong with my work. It is just that I am losing it. I am losing the ability to go to work every morning, sit there and come back. I am thinking the best way out for me is to quit now. I have calculated the possible monthly expenses if I go to a low COL place in US. Here is what I expect.

Rent: 800$ (For a 1-2BR in a low COL city)
Grocery:  300
Eat Out:  20 (Twice a month in mcdonalds)
Entertainment & Shopping:  50 (Basic clothes needed)
Car Gas:  50 (Bike most places)
Sprint:  50 (One line as both wife and I will stay home and don't need two lines)
Car Insurance:  50
Electricity:  50
Internet:  50
copays:  100 (I have regular meds to take)
unplanned / medical OOP:  200
health insurance Premium:  300

Total: 2020

Kids will go to public school and will try for scholarships / loan in college. Hopefully the 650K remains a significant amount till I am 65 when I start drawing social security and take medicare help. I can drive uber part time if needed. OR both my wife and I could work at wholefoods store 3 days a week after dropping kids from 9 am to 3 pm and then go together to pick up our kids. Since we both are working together it will not be that difficult. Also with a 8$ hourly rate, we will make 1150$ per month. We can spend 450$ of that as luxury and invest rest 600$

I am really liking this as I type. Let me know your thoughts.

APowers

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Re: Can I retire with family (2 kids) on 2k per month in US?
« Reply #1 on: June 22, 2018, 11:08:51 PM »
Sounds entirely feasible to me. We've been doing a ~2k/mo budget (or less, or WAY less, in varying situations) for years now. Our kids are 6 & 7 now, and if they're going to be in school, you can always work for some extra spending money during school hours.

If you pay attention, you'll probably find that your "household supplies" budget line will end up more than $50/month on average, while your gas/insurance may well be far less, especially if you bike most places (we have a '96 Civic as our grocery-getter, and I fill up about once per month, which is $20-25.). Also, if you shop around, you can find internet for less than $50 (we pay $40 for a low-midrange plan with Comcast). And if you're willing/able to do a third-party cell provider like MintSim, you could have two lines for $30/month (T-Mobile network).

For instance, here is our budget, laid out by line item. Note that we own our home (well, mortgaged, but still, we pay taxes/insurance/etc plus all maintenance) and we have THREE vehicles (work truck, grocery-getter, wife's car). We're currently on medicaid for health ins, as our income is too low to hit the subsidized exchanges, and we don't have any ongoing medical conditions.

Mortgage & Rent   $1,200
Internet         $40
Utilities         $180
Home Supplies      $50
Home Phone      $30
Clothing         $50
Tools/Equipment   $10
Personal Care      $25
School Supplies   $17
Food & Dining      $200
Birthday Presents   $20
Amusement      $20
Life Insurance      $17
License/Registration$16
Gas & Fuel      $75
Auto Insurance   $117
Service & Parts      $30

Total =         $2097

kei te pai

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Re: Can I retire with family (2 kids) on 2k per month in US?
« Reply #2 on: June 23, 2018, 04:27:02 AM »
Whywork, I have read back through some of your posts through the last month. It sounds like you are unhappy in your present situation and desperately looking for alternatives.
You have had good constructive input from forum members.
Most here have planned, saved and worked out their strategies for years before they make big life changes.
I think you are at risk of making an impulsive decision to ease your unhappiness.
Where is your wife in all this? This may be a cultural factor, but I dont get a sense that you have involved her very much so far.


whywork

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Re: Can I retire with family (2 kids) on 2k per month in US?
« Reply #3 on: June 23, 2018, 09:11:07 AM »
Yeah I am desperate to retire. My wife is ok with this. She is from Thailand and she says instead of retiring in US, we should move to Thailand as the COL will be quite low. I want to stay here and raise my kids here if possible.

Living frugally on 24k per year sounds like the solution to me.

God has not given me great people skills or the ability to work well with people. I have been given good coding skill which helped me get to here. I also have been given the frugal living skills. I think the solution is in putting them to use.

havregryn

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Re: Can I retire with family (2 kids) on 2k per month in US?
« Reply #4 on: June 23, 2018, 09:31:59 AM »
Whywork, are you originally from the US? I somehow get the impression you're not, so I feel you may be unnecessarily focusing on it as a place to FIRE? I mean, I'm also not from there so a lot of these things are fairly abstract to me, but I get the impression that retiring with a family and a relatively low amount is risky simply because you have no real way to reliably predict your healthcare expenses in the long run? And since your wife is not from there either it sounds like you may not have much of a family support network around there? Moving to a random place just because it is cheap will also remove your current network of friends, it sounds like a very lonely, so maybe risky project.

You sound very burned out by your job, maybe as a first step you should consider if you can take some time off to decompress and be able to think more clearly.


whywork

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Re: Can I retire with family (2 kids) on 2k per month in US?
« Reply #5 on: June 23, 2018, 10:17:04 AM »
Whywork, are you originally from the US? I somehow get the impression you're not, so I feel you may be unnecessarily focusing on it as a place to FIRE? I mean, I'm also not from there so a lot of these things are fairly abstract to me, but I get the impression that retiring with a family and a relatively low amount is risky simply because you have no real way to reliably predict your healthcare expenses in the long run? And since your wife is not from there either it sounds like you may not have much of a family support network around there? Moving to a random place just because it is cheap will also remove your current network of friends, it sounds like a very lonely, so maybe risky project.

You sound very burned out by your job, maybe as a first step you should consider if you can take some time off to decompress and be able to think more clearly.

I am not born in US but came here in high school and has lived here ever since. The peace of mind and comfort here is much better which is why I prefer here slightly. But I am completely open to moving to Thailand too. The other advantage of staying in US is that I can go back to working if I want to in the future. With thailand it is done for good.

Yeah I am burned out by my current job. The main burnout comes from the fact that it is high paying (260k) and if I lose it finding another like that is very rare. The most likely thing is a contracting job with an average pay of 120k. The fear of losing this is stressing me out. If it doesn't pay much then I would have been bit more chilled out in the job as I can always find another with the same pay.

Healthcare OOP might be a maximum of 1k more per month right? If I allocate a 3k budget per month, still my 650k would go down to only 520k by the time kids complete their college (16 years from now). By the time social security kicks in, it will be 400k. With occasional part time jobs, I can get it to 600k by the time social security starts. Does this sound risky?

whywork

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Re: Can I retire with family (2 kids) on 2k per month in US?
« Reply #6 on: June 23, 2018, 10:21:08 AM »
The only downside is that I won't be able to pay for the college of my kids and won't be able to give them inheritance. If I think of their college, private school and inheritance, then it looks like I have to stick to my current job for 10 more years. I am more like counting weeks now not years

ZMonet

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Re: Can I retire with family (2 kids) on 2k per month in US?
« Reply #7 on: June 23, 2018, 11:43:14 AM »
The fear of losing this is stressing me out. If it doesn't pay much then I would have been bit more chilled out in the job as I can always find another with the same pay.

If it is the fear of losing the job that is stressing you out, wouldn't the fact that you have a plan that will work without the job take some of the stress away and enable you to continue at the job?  Kind of like how for some people having FU money, which is basically what you would have with your plan, opens up all sorts of opportunities and takes stress away.  Also, if you are willing to leave your job as you can't take it under the current conditions, why not approach your boss and see about modifying the conditions to work for you and your family?

I would be concerned about your plan -- not because it won't necessarily work on paper but because you would be going from such a high salary to none/little income.  You've saved a fair amount, $650k, but at your pay rate you should be able to save a lot more.

Finally, why the two extremes of $260k and $0/15k year?  If you have this blessing of coding skill, and assuming you enjoy that if you don't have the people issues, I would think you could find a 6 figure job (you mention contracting) that would give you projects that are pretty much you on your own.  Maybe that isn't the case?  Or maybe as others have said, you're trying to run away from something (a job you hate) and not run to something (something that you would like to do with your life -- you don't mention really at all what that would be)?   You wouldn't be the first, or the last to do so.

whywork

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Re: Can I retire with family (2 kids) on 2k per month in US?
« Reply #8 on: June 23, 2018, 12:27:23 PM »
If it is the fear of losing the job that is stressing you out, wouldn't the fact that you have a plan that will work without the job take some of the stress away and enable you to continue at the job?  Kind of like how for some people having FU money, which is basically what you would have with your plan, opens up all sorts of opportunities and takes stress away.  Also, if you are willing to leave your job as you can't take it under the current conditions, why not approach your boss and see about modifying the conditions to work for you and your family?

I would be concerned about your plan -- not because it won't necessarily work on paper but because you would be going from such a high salary to none/little income.  You've saved a fair amount, $650k, but at your pay rate you should be able to save a lot more.

Finally, why the two extremes of $260k and $0/15k year?  If you have this blessing of coding skill, and assuming you enjoy that if you don't have the people issues, I would think you could find a 6 figure job (you mention contracting) that would give you projects that are pretty much you on your own.  Maybe that isn't the case?  Or maybe as others have said, you're trying to run away from something (a job you hate) and not run to something (something that you would like to do with your life -- you don't mention really at all what that would be)?   You wouldn't be the first, or the last to do so.

Good questions. People say that FU money would somehow give you advantage. I don't think it is a significant advantage. The job is painful coz we can't deal with people because of the way we are (timid, not street smart, introvert). Having additional money may let you quit the job altogether but I don't think employers are willing to make exceptions for you just because you have money. They can make exceptions because you are good at what you do and there's a dependency on you at work.

Yeah contracting is an option; When I quit, I might try that too. But this pay and job is the big deal here; Sticking to this for as many years as possible would give me the most bang for the buck. With contracting I have to work twice or thrice as many years; almost no early retirement.

If it looks good on paper, not sure what can go wrong in reality?

Physicsteacher

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Re: Can I retire with family (2 kids) on 2k per month in US?
« Reply #9 on: June 23, 2018, 12:29:59 PM »
How much could you add to your investments by sticking with your job for another year? Two years? Keeping the fire hose of cash going just a little longer could make a big difference in the security of your retirement.

whywork

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Re: Can I retire with family (2 kids) on 2k per month in US?
« Reply #10 on: June 23, 2018, 01:17:30 PM »
How much could you add to your investments by sticking with your job for another year? Two years? Keeping the fire hose of cash going just a little longer could make a big difference in the security of your retirement.

Here is how my networth would grow if I continue to stick with this job (assuming a 4% ROI):

This EOY, 692k and from there each year it will be

Year1 -> 840k
Year2 -> 990k
Year3 -> 1.15m
Year4 -> 1.3m
Year5 -> 1.5m
Year6 -> 1.67m
Year7 -> 1.85m
Year8 -> 2.1m
Year9 -> 2.3m
Yea10 -> 2.57m

ZMonet

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Re: Can I retire with family (2 kids) on 2k per month in US?
« Reply #11 on: June 23, 2018, 04:35:55 PM »
What is your spending right now?  You can't just lay things out on a piece of paper and expect that you'll be able to meet it.  Not that you can't, but you should see how much of a "hardship" it is to live under your $2000 budget and then you'll have a better idea if at least the day to day living is possible.

I'm old school, and old (mid-40s), so unless your job is that much of a problem then I'd try and stick it out at least a little while longer.  You might think of investing in some therapy or something else to potentially give you better coping skills for your job situation.  In your case, $260k versus $0 income, it is unquestionably worth the investment.  You could also use that time to work through why exactly you are exploring two very different scenarios ($0 income immediately versus working @ $260k/year for 10 years).  I think many of these questions can only be answered by you and your family.

Letj

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Re: Can I retire with family (2 kids) on 2k per month in US?
« Reply #12 on: June 23, 2018, 05:04:55 PM »
This seems a bit drastic given your income level. With two small children to care for I would consider sticking it out for a few more years. In the long run, it would be very hard to live on such a tight budget.   Children are expensive especially as they get older.   Could you be suffering from mental health issues that are making it difficult for you to cope? Getting help from a competent psychiatrist  or psychologist can be life changing. You may also be experiencing an existential crisis. I went through something similar at 30 but ultimately felt I had no choice but to continue working and I don’t regret it.

DreamFIRE

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Re: Can I retire with family (2 kids) on 2k per month in US?
« Reply #13 on: June 23, 2018, 06:22:36 PM »
Yeah I am burned out by my current job. The main burnout comes from the fact that it is high paying (260k) and if I lose it finding another like that is very rare.

Hmmm   So since you are burned out because it's high paying and you might lose it, you will go ahead and quit.  That doesn't make a lot of sense to me.

Some of your living costs look a little underestimated to me.  I'm a single person in a LCOL area, and my FIRE bare bones is estimated at $1600/mo just for me.

The other thing is, do you want to just exist getting by without any significant extra cash to enjoy FIRE?  I'm planning to spend more discretionary than I do on my basic expenses.  For a family of four, I recommend getting up to $1M stash range at a minimum.

Cassie

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Re: Can I retire with family (2 kids) on 2k per month in US?
« Reply #14 on: June 23, 2018, 09:20:28 PM »
Kids get more expensive as they get older. Health care costs will go up as you age. You will also want more creature comforts as you age. Tent camping is fun at 40 but not so much at 60.  You might want to travel, etc and won’t be able to afford it.

whywork

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Re: Can I retire with family (2 kids) on 2k per month in US?
« Reply #15 on: June 23, 2018, 11:57:13 PM »
What is your spending right now?  You can't just lay things out on a piece of paper and expect that you'll be able to meet it.  Not that you can't, but you should see how much of a "hardship" it is to live under your $2000 budget and then you'll have a better idea if at least the day to day living is possible.

Good suggestion; here are my current and the new 2k expenses; I think cutting life insurance will be the major issue

Expense -> Now -> New
Rent -> 3300 -> 800. (Right now in Silicon valley)
Grocery -> 400 -> 300
Eat Out -> 100 -> 50
Entertainment -> 200 -> 50
Car Gas -> 150 -> 100
Sprint -> 160 -> 50
Car Ins -> 50 -> 50
Home Phone -> 50 -> 0
Electricity -> 70 -> 70
Internet -> 65 -> 65
kids classes -> 70 -> 0
copays -> 100 -> 100
kumon -> 125 -> 0 (Will buy the Kumon books on amazon and will teach at home)
kids school -> 50 -> 50
Medical OOP -> 200 -> 200
Life Insurance -> 400 -> 0 (Losing this is tricky)
health insurance -> 0 -> 300
Vacation -> 350 -> 100
Total -> 5840 -> 2285

The total comes to 2285; Adding the life insurance of 400 (I have health issues so high), I'm looking at 2685$ per month or roughly 32k. Adding a 3k more per year as buffer with 35k, by the time social security kicks in I will have 400k left.

imolina

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Re: Can I retire with family (2 kids) on 2k per month in US?
« Reply #16 on: June 24, 2018, 12:02:37 AM »
why don't you take a break for a year, and then look for another job in the same field to keep adding to your savings?. 2K can be tight

whywork

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Re: Can I retire with family (2 kids) on 2k per month in US?
« Reply #17 on: June 24, 2018, 12:10:17 AM »
Thanks for your replies others. Good suggestions there.

It is true that my budget is tight and sudden health issues and growing children expenses can make it difficult. I am thinking I can supplement it with part time work as needed or go back to occasional contracting IT work after lets say 2 years after retirement. 1M would be good but I have to stick to this job for another 3 years for that. Right now as I said I am counting weeks. I am also having insomnia and sleep apnea and feeling tired as well.

A psychiatrist / psychologist is probably what I need. I have to probably practice some kind of meditation as well. I am sure I won't last long like this.

whywork

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Re: Can I retire with family (2 kids) on 2k per month in US?
« Reply #18 on: June 24, 2018, 12:12:45 AM »
why don't you take a break for a year, and then look for another job in the same field to keep adding to your savings?. 2K can be tight

Yeah break is definitely one option; May be ask for a sabbatical at my current position and take a mini break

mxt0133

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Re: Can I retire with family (2 kids) on 2k per month in US?
« Reply #19 on: June 24, 2018, 12:17:08 AM »
Like others have said why does it have to be $260K or $0?  If you are an engineer making that much money, you can find a job that pays 2/3 of that and coast.  You don't have to work at the big tech companies, there other companies that are more mature, less sexy, doing less challenging work, that you could literally work 20-25 hours a week at and coast for 10 years, I know tons of people that have done this at other companies.  I could be making as much as you but I choose to work for companies that have work life balance, on an hourly basis I am making more because I only work about 30 hours a week if that.

You keep saying that it is a high paying job, but what exactly is burning you out?  Is it the hours or the work?  The only real problem that I hear is that you are afraid of loosing it so you should just quit before they fire you.  That's like leaving someone you love because you are afraid they will leave you first.  I think you should spend the money on a therapist to help you get to the bottom of all this anxiety and how to deal with it, even if it delays you quitting for a few months, the money spend will be worth it financially.

Or you could just milk your current job for as long as you can.  Tech talent is soo scarce right now that unless you kill, sexually harass, or personally put the company out of business, they will not fire you no matter how bad your personal skills are.  Trust me, I have to treat people that report to me like I report to them just to keep them happy.


Imma

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Re: Can I retire with family (2 kids) on 2k per month in US?
« Reply #20 on: June 24, 2018, 06:43:11 AM »
why don't you take a break for a year, and then look for another job in the same field to keep adding to your savings?. 2K can be tight

Yeah break is definitely one option; May be ask for a sabbatical at my current position and take a mini break

You should ask for a sabbatical / medical leave. You sound like you have mental health issues that you need to work on.

You are at very bare-bones FIRE now (especially since you have the option of going to Thailand where COL will be lower) which means you will survive (alhough living a very frugal life) if you never work a day again in your life and most likely you would be able to get some short-term contract work, start a side hustle etc. Very few people who are FI at a young age never actually do paid work again.

You can be bold and ballsy now and approach your boss and tell them you need a break. People with your skills are rare and very wanted, the company you work for now will probably be cooperative. When you come back feeling refreshed, you can ask for work-from-home options or a position that puts less stress on you, and that will be worth it even if you have to take a paycut. Then you work from home in a lower COL area and spend more time with your wife and kids until you've got proper FIRE money. I'm sure you are approached by competitors all the time, if your current company is not cooperative, maybe you should tell them you've had offers from companies that offer a better work/life balance.

Davids

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Re: Can I retire with family (2 kids) on 2k per month in US?
« Reply #21 on: June 24, 2018, 12:25:40 PM »
How much could you add to your investments by sticking with your job for another year? Two years? Keeping the fire hose of cash going just a little longer could make a big difference in the security of your retirement.

Here is how my networth would grow if I continue to stick with this job (assuming a 4% ROI):

This EOY, 692k and from there each year it will be

Year1 -> 840k
Year2 -> 990k
Year3 -> 1.15m
Year4 -> 1.3m
Year5 -> 1.5m
Year6 -> 1.67m
Year7 -> 1.85m
Year8 -> 2.1m
Year9 -> 2.3m
Yea10 -> 2.57m
Honestly if I were you I would work for 2-3 more years. Your stache right now is a bit tight to pull this off. You need to have a buffer. In 2-3 years then you can either keep staying here or go move to Thailand. And who knows the fact that you know you will do this for 2-3 more years may make work more enjoyable since you have an end date in mind. You just need to build the stache more. I think right now it is a very tight squeeze.

MrThatsDifferent

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Re: Can I retire with family (2 kids) on 2k per month in US?
« Reply #22 on: June 26, 2018, 05:25:14 AM »
For real dude, you’re too close to the edge with a family of 4.  2 years, that’s it. 2 years and you’re virtually a millionaire. You go from $24k a year to a $40k cushion. For the security of your family, it’s worth you putting up with your job, that, let’s face it, isn’t working in a salt mine, for 2 years. Get therapy, join yoga, have more sex with wife and laugh more with the kids. You’ll be fine.
« Last Edit: June 26, 2018, 05:57:13 PM by MrThatsDifferent »

Dragonswan

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Re: Can I retire with family (2 kids) on 2k per month in US?
« Reply #23 on: June 26, 2018, 08:22:33 AM »
I mean this face punch in the nicest possible way:  Man up!  Work for three more years to get to 1.15M and then quit.  This gives you a real retirement budget that allows you to stay in the US, do something other than sit in the house all day, and pay for your children's education.

To help you do that, go see a doctor and see if you have an illness that qualifies for FMLA.  That will give you a couple months to rest and should be enough to get you through the next three years.  Also, if you're working overtime, that stops now.  You're just burning out faster.

LNE2032

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Re: Can I retire with family (2 kids) on 2k per month in US?
« Reply #24 on: June 26, 2018, 10:23:26 AM »
I don't know what kind of coding you do, but lots of work-from-home programming jobs here: https://weworkremotely.com/

formerlydivorcedmom

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Re: Can I retire with family (2 kids) on 2k per month in US?
« Reply #25 on: June 26, 2018, 12:23:18 PM »
I think your current estimate of LCOL expenses is a bit laughable. I live near Houston, which is fairly LCOL, and the only apartments at $800 or less are in areas of town with lots of bars on the windows.  Those areas certainly don't have a Whole Foods (your backup work plan).  Some of the rural areas may have homes for rent in that range, but the part-time work will be more scarce.

Can you take a six-month break and then look for another job in a lower COL area?  If your housing expenses go down, then a 50% pay cut won't hurt so much.

whywork

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Re: Can I retire with family (2 kids) on 2k per month in US?
« Reply #26 on: June 26, 2018, 06:41:59 PM »
I think your current estimate of LCOL expenses is a bit laughable. I live near Houston, which is fairly LCOL, and the only apartments at $800 or less are in areas of town with lots of bars on the windows.  Those areas certainly don't have a Whole Foods (your backup work plan).  Some of the rural areas may have homes for rent in that range, but the part-time work will be more scarce.

How about this one (with washer dryer inside the apt)? Didn't have to search that hard
https://www.apartments.com/indian-springs-apartments-el-paso-tx/9jfx9e7/

I can see many available for say in Tallahassee FL for around 389$, 415$, 450$, 520$, 530$ etc...
https://www.apartments.com/tallahassee-fl/2-bedrooms-2-bathrooms-under-600/

Physicsteacher

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Re: Can I retire with family (2 kids) on 2k per month in US?
« Reply #27 on: June 26, 2018, 06:53:15 PM »
I'm renting a two bedroom townhouse in Northwest Arkansas for $695 per month. It isn't fancy, but it is spacious. We're not in close proximity to a Whole Foods, but it's a pleasant walk to an art museum that is hiring part time employees for $10.50 an hour.

whywork

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Re: Can I retire with family (2 kids) on 2k per month in US?
« Reply #28 on: June 26, 2018, 08:20:00 PM »
This is a beautiful 964 sq ft apartment for just 380$
https://www.apartments.com/the-hub-at-tallahassee-apartment-homes-tallahassee-fl/0t7bne1/

Homeschool the kids and all of our family can spend our time together; Swim at the apartment's pool daily, goto beautiful parks nearby and have fun; our expenses will be as follows

Rent -> 380
Grocery -> 250
Eat Out -> 50
Entertainment -> 50
Car Gas -> 100
Car Ins -> 50
Cell Phone -> 50
Electricity -> 50
Internet -> 50
copays -> 100
Medical OOP -> 200
health insurance -> 300
Total -> 1630

This is 19.5K per year needed. This will require just 490K invested. My 650k will give me 2166$ per month i.e., a buffer of 530$. If we eat out more (+100$) and spend more on entertainment (+100$) and spend some on kids classes (+100$), we still have 230$ left for unexpected expenses.

On the other hand if we remain stingy and save that 500$ off, then I can pay for kids college and still have 715k left by the time social security kicks in.

Why do I need to go and spend my time working when I can be having fun with my family in that pool, parks and eating out and entertainment.

Physicsteacher

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Re: Can I retire with family (2 kids) on 2k per month in US?
« Reply #29 on: June 26, 2018, 08:35:23 PM »
The price you listed was a "by the bedroom" price, meaning you'd need to triple the price if you want the whole apartment.
 

whywork

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Re: Can I retire with family (2 kids) on 2k per month in US?
« Reply #30 on: June 26, 2018, 08:44:26 PM »
The price you listed was a "by the bedroom" price, meaning you'd need to triple the price if you want the whole apartment.

ah, okay; I need to double it looks like since it is a 2 BR; I see plenty of options for 400 and 500 though when I look across US.

Physicsteacher

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Re: Can I retire with family (2 kids) on 2k per month in US?
« Reply #31 on: June 26, 2018, 08:53:28 PM »
The listing says for a two bedroom "entire apartment" the price is $800-999, so perhaps the $380 figure is for renting the smaller of the bedrooms.

What does your family currently spend on groceries in a month? I notice in your latest budget you've dropped from $300 to $250, which seems very tight for four people.

gpyros85

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Re: Can I retire with family (2 kids) on 2k per month in US?
« Reply #32 on: June 26, 2018, 08:55:57 PM »
I think your current estimate of LCOL expenses is a bit laughable. I live near Houston, which is fairly LCOL, and the only apartments at $800 or less are in areas of town with lots of bars on the windows.  Those areas certainly don't have a Whole Foods (your backup work plan).  Some of the rural areas may have homes for rent in that range, but the part-time work will be more scarce.

How about this one (with washer dryer inside the apt)? Didn't have to search that hard
https://www.apartments.com/indian-springs-apartments-el-paso-tx/9jfx9e7/

I can see many available for say in Tallahassee FL for around 389$, 415$, 450$, 520$, 530$ etc...
https://www.apartments.com/tallahassee-fl/2-bedrooms-2-bathrooms-under-600/

It is funny you choose El Paso, Tx. What made you choose this area? This is where I am from and we do have a whole foods, it is on the west side of town though. However, we do have 3 sprouts. East, Central and West.

Someone else mentioned Houston, El Paso is MUCH cheaper cost of living. You can certainly find a nice 2 bedroom for $850/month.

The apartment you selected is on the West Side which does have a whole foods probably 10 minutes away. Good luck!

gpyros85

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Re: Can I retire with family (2 kids) on 2k per month in US?
« Reply #33 on: June 26, 2018, 08:58:53 PM »
The listing says for a two bedroom "entire apartment" the price is $800-999, so perhaps the $380 figure is for renting the smaller of the bedrooms.

What does your family currently spend on groceries in a month? I notice in your latest budget you've dropped from $300 to $250, which seems very tight for four people.

If it is by the bedroom, most like college style housing. Since it is in Tallahassee which is home to FSU, most likely is college housing..

On the other hand, El Paso, you can live off of 2k/month.

whywork

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Re: Can I retire with family (2 kids) on 2k per month in US?
« Reply #34 on: June 26, 2018, 09:00:09 PM »
The listing says for a two bedroom "entire apartment" the price is $800-999, so perhaps the $380 figure is for renting the smaller of the bedrooms.

What does your family currently spend on groceries in a month? I notice in your latest budget you've dropped from $300 to $250, which seems very tight for four people.

Yeah I just wanted to get the number for the tightest budget. Assuming the lowest rent about 450$, it looks like the lowest/stingiest budget is 1700$

gpyros85

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Re: Can I retire with family (2 kids) on 2k per month in US?
« Reply #35 on: June 26, 2018, 09:02:28 PM »
I think your current estimate of LCOL expenses is a bit laughable. I live near Houston, which is fairly LCOL, and the only apartments at $800 or less are in areas of town with lots of bars on the windows.  Those areas certainly don't have a Whole Foods (your backup work plan).  Some of the rural areas may have homes for rent in that range, but the part-time work will be more scarce.

Can you take a six-month break and then look for another job in a lower COL area?  If your housing expenses go down, then a 50% pay cut won't hurt so much.


Because Houston is crime ridden area. Like most cities in the US have good and bad... El Paso, Tx as he choose has been for YEARS the safest city in the USA.. The "poor" areas here a low crime and don't have the "ghettos areas".. The poor areas are filled with hard working Mexicans. (We are 2 minutes from Mexico)...

whywork

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Re: Can I retire with family (2 kids) on 2k per month in US?
« Reply #36 on: June 26, 2018, 09:04:02 PM »
It is funny you choose El Paso, Tx. What made you choose this area? This is where I am from and we do have a whole foods, it is on the west side of town though. However, we do have 3 sprouts. East, Central and West.

Someone else mentioned Houston, El Paso is MUCH cheaper cost of living. You can certainly find a nice 2 bedroom for $850/month.

The apartment you selected is on the West Side which does have a whole foods probably 10 minutes away. Good luck!

I was searching for places to live in Texas and found El Paso. I see a few people mentioning this, but having a whole foods nearby isn't a requirement for me. :) I was just quoting it as an example of a place to work for minimum wage.

gpyros85

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Re: Can I retire with family (2 kids) on 2k per month in US?
« Reply #37 on: June 26, 2018, 09:05:04 PM »
If I was in your position, I would find a job that you could work remotely even if it was for 1/4 the pay... Enjoy life, travel! Spend 2 months in a new city.

Also, get more confident in your 260k/year job. Why are you worried if they fire you? Get more confidence, say NO more often, reduce your hours to 40, if they have a problem then oh well...

gpyros85

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Re: Can I retire with family (2 kids) on 2k per month in US?
« Reply #38 on: June 26, 2018, 09:07:02 PM »
It is funny you choose El Paso, Tx. What made you choose this area? This is where I am from and we do have a whole foods, it is on the west side of town though. However, we do have 3 sprouts. East, Central and West.

Someone else mentioned Houston, El Paso is MUCH cheaper cost of living. You can certainly find a nice 2 bedroom for $850/month.

The apartment you selected is on the West Side which does have a whole foods probably 10 minutes away. Good luck!

I was searching for places to live in Texas and found El Paso. I see a few people mentioning this, but having a whole foods nearby isn't a requirement for me. :) I was just quoting it as an example of a place to work for minimum wage.

The best thing about being "retired" is the fact you are not tied to your job and being XX minutes away... This enables you to search for good cost of living areas. If you are not addicted to the beach, El Paso is a beautiful place. (closest beach is Puerto Penasco 8 hours)

 

Wow, a phone plan for fifteen bucks!