I agree that that it doesn't take a lot to live comfortably in a low cost area once your housing and health insurance is taken care of. I retired a few years ago in a medium to low cost of living area with a paid off house and my core living expenses are pretty moderate.Slacker wrote: ↑Sat Oct 28, 2017 11:34 amOP is in a low cost of living area, single, with a paid off house and you guys think $30,000/yr in expenses is living like a pauper and people only live on that because they are forced to? Maybe if healthcare is very expensive...Watty wrote: ↑Sat Oct 28, 2017 10:09 amEven with a paid off house you would have to live very frugally to make your money last.
...Living on $30,000 - before taxes - would be a pretty basic life style after paying for health insurance and property taxes. People do live on that much but usually not by choice.
My wife and I are living on $31,000 / yr combined expenses after taking out Housing costs (also supporting several pets). Our annual savings is almost double our expenses (including housing costs) so we could easily spend more, but we see no reason for that. We also live in a LCOL area.
The OP's situation is probably a lot different than yours though. Just guessing at the numbers but the OP has a house that is worth $400K so might be paying 1%, $4,000 a year in property taxes and another $1,000 in home insurance. Budgeting 1% of a homes value for normal house maintenance is often mentioned but if even if you cut that in half that is another $2,000.
Healthcare, with dental costs, is a wild card but even $250 a month which is wildly optimistic which would be $3000 a year.
Combined that is $10,000 which brings the number down about $20,000.
It would be hard to even guess at some other costs like;
Since the OP is he single will likely still have to pay some income taxes on his income.
A $400K house in a low cost of living area is likely pretty large and would also have higher utility bills.
Living on the remainder is still doable but it would be a frugal lifestyle and leave little for things like travel, classes, or hobbies.