Can you do this on $1,000/mo.?

[SheketEchad]

My fixed expenses (once I've shed my debt) should fall well under 1K. And that is with my apparently high falutin' data plan which is needed for work and also includes life insurance to pass on a bit to my daughters and grandchildren should I meet an untimely demise.


Life Insurance: 100
Auto & RV insurance:160 (full coverage on a 10+ yr old vehicle and full-timers insurance)
High falutin' phone + hottspot 118 unlimited: 118.00 ( work pays 85.00 a month of this so really 33.00 a month)
Subscriptions (music, NYT, YMCA nationwide) 76.00
Dog care: 32.00 (Food and annualized vet visits)
This totals 486.00 a month (or 401.00 if you credit my work contribution to cell)

Food is probably going to be my biggest on road expense or fuel (depending on how much I move) I eat very well; (low carb and organic when I can find it)
Currently my health insurance is through my work. If I were laid off, I'd leave my HSA $$ in a bank account for health expense usage.

So yes, I think 1K is more than doable as it leaves 599.00 as discretionary were I on the road today, while working.

Without my job, I'd have to add the full monty for the cellular, and have to put away something for cash towards health emergencies to append my HSA dollars.

So 486 a month, plus food and fuel (lets take a full 230 a month for that =716)
That leaves me a savings bank of 284 a month for savings/health
Do you start with a savings bank for vehicle repair/maintenance expenses? This will make a big difference if the answer is "no".

Will it allow for 'extras' like paid showers, laundromat usage, time to time paid a campsite for the amenities? Maybe, maybe not, depending on your health.

It is all different for each of us. I'm counting on a solar rig and very little paid camp site expenses, plus hand laundry/air dry. I'm in very good health, today. As we all know, that could change overnight.

Good exercise though, for me. Hopefully for you as well

 

[Larry-new]

Take SS as soon as you can...yes, it's lower, but you will get more money upfront. If you wait, it will take you a decade or so to just break even.

You may wany to consider an app like Acorns, which rounds up purchases and invests them for you. I did it for a year and a half
and just withdrew $1500 for my travel fund. My acorns account, brought to zero, already has $199 in it!

I pay zero $/ mo for a medicare supplement, without prescription coverage that's worked just fine....my scrips are cheap.

Yes, that emergency fund is absolutely necessary...go watch Bob's videos.....all of them. A free education.

P.S....Don't wait too long...at my age of 72, people all around me are dropping off the wagon.

Larry

 

[Fivealive]

At 1000/month I would think it would be easier to not have to put any of that towards rent.

 

[SLB_SA]

Take SS as soon as you can...yes, it's lower, but you will get more money upfront. If you wait, it will take you a decade or so to just break even.

This advice is good for some people but bad for most people.  Here is a link.  For people who are boondocking, taking SS early might (or might not) be a good decision. My concern is that it is easy to throw out advice to take SS early without taking any responsibility for offering advice that is bad for most people.  When, in their late 70s or 80s, people realize that taking SS early was a bad decision, it is too late to recover.  Each person should conduct a careful investigation and make the best decision based on their individual circumstances.

 

[B and C]

I waited and glad I did. I worked past my full retirement age and the increase in benefits paid is substantial.

Everyone needs to figure out what best fits their circumstances. One size does not fit all.

 

[MG1912]

I do not know yet, but I am very curious to see what my expenses actually are when I get on the road next month. I guess I should track this every month for planning purposes and then do a review six months or a year or so from now in order to have some useful data and perspectives on monthly spending.

 

[SLB_SA]

I waited and glad I did.  I worked past my full retirement age and the increase in benefits paid is substantial. 

Everyone needs to figure out what best fits their circumstances.  One size does not fit all.

This video is worth watching.  At the 8:36 (time) mark, the speaker ("Benefits Guru Mary Beth Franklin") says "The SSA did an .. audit about two years ago that found that a very small random sample of people who were entitled to both retirement benefits and survivor benefits, that the social security rep gave the wrong or less than optimum advice in 82% of the cases." She also addresses the question of when to claim social security benefits (and the answer depends on your health, your current need, etc).

 

[squire]

I think any income you have will go further in this life style. $1000 in todays dollars is doable if you need it to be. Many have much less and make it work. Your $1000 todays income (projected for a decade later) will have to be considerably more in a decade to have the same buying power due to inflation.