Could You Live On Just $32,000 Per Year?

[AlwaysRt]

9 hours ago, Sander Martin said:

With 32k usd a year I wouldn't retire in Philippines as there are much nicer places in the world where you could live a comfy life with that much money per month.

 

1 hour ago, frosty (chris) said:

and as Sander said and has been said many many times if I had that monthly budget I can think of lots of better places to live than the P.I.

Places like where?

9 hours ago, Dave Hounddriver said:

 I know of at least 1 US expat who is living in an area of the province on US$ 650 a month.  He is fortunate in that he has no house payments to make.

I know one that came in December, went back to sell everything in May and is now back. He has US$750 per month and just a little savings to back it up, since he is back he obviously thinks it is enough. Has to pay rent out of that also, currently renting in Duma City.

[frosty (chris)]

17 minutes ago, AlwaysRt said:

 

Places like where?

 

Australia for one place, US $2666 equals AUS $3500, I know of a few small towns on the coast even if I had to rent I could live very well with my girl for that amount of money and probably get a part time job just to help.

 

[Tukaram (Tim)]

10 hours ago, JJReyes said:

Could you live on just $32,000 per year? Most retirees do
Robert Powell, Special for USA TODAY 8:16 a.m. EDT July 14, 2016

Estimated median annual household income among retirees is $32,000, and more than half of retirees (53%) live on less than $50,000 ...

I would suspect half of working Americans live on less than $50,000.  I never made $50k when I was working. 

Could i retire on $32,000?  I live on a third of that over here.  I could retire in the US on $32K

[Sander Martin]

27 minutes ago, frosty (chris) said:

Australia for one place, US $2666 equals AUS $3500, I know of a few small towns on the coast even if I had to rent I could live very well with my girl for that amount of money and probably get a part time job just to help.

 

Totaly agree. That would come to 875aud a week. I lived in and close to Perth for two years and i could live with 875aud a week in Perth easy. 350aud a week gets you a small 1 or 2 bedroom apartment very close to CBD (downtown). Add another 50 per week for power and internet. Thats 400 a week. 100aud a week for self cooked meals (Food in Australia is cheap if you know where to shop - A Perth chain called Spudshed is awesome). 100aud a week for car expenses - fuel and registration (rego costs an avarage of 150-200 per 3 months on a cheaper car). Plenty of money for fuel and small expenses like oil changes (unless you go cross country driving very often). Leaves you with 275aud a week for fun time and clothing shopping. 

The avarage wage in most European countries is less than 2666usd (2400) a month...

https://www.reinisfischer.com/average-salary-european-union-2014

Edited July 15, 2016 by Sander Martin

[robert k]

I think it wouldn't be that hard living on 32k USD. This is not to say that all you need do is show up with an income of $32k a year because wherever you go there is going to be setup costs, even if you are moving from one side of town to the other in your home country.

[Dave Hounddriver]

14 hours ago, Sander Martin said:

there are much nicer places in the world where you could live a comfy life with that much money per month

There are different places, but nicer is subjective.  Example:  I just chatted with an American friend who left Philippines to go back to the US because his $1,000 a month did not do it for him here.  He has been back in the US living in Texarcana, in a Mobile home that was dirt cheap and is paid for, paying $150 a month for a place to park it.  He explained how its cheaper to live there than in Philippines.

On that same budget of $1,000 a month he can live in that area of US or many places in Philippines.  Ask people which they would prefer and you will get many different opinions, but I like the Philippines

[Jollygoodfellow]

6 hours ago, Sander Martin said:

Totaly agree. That would come to 875aud a week. I lived in and close to Perth for two years and i could live with 875aud a week in Perth easy. 350aud a week gets you a small 1 or 2 bedroom apartment very close to CBD (downtown). Add another 50 per week for power and internet. Thats 400 a week. 100aud a week for self cooked meals (Food in Australia is cheap if you know where to shop - A Perth chain called Spudshed is awesome). 100aud a week for car expenses - fuel and registration (rego costs an avarage of 150-200 per 3 months on a cheaper car). Plenty of money for fuel and small expenses like oil changes (unless you go cross country driving very often). Leaves you with 275aud a week for fun time and clothing shopping. 

Since I live in Australia, born here and still here I find your budget rather extraordinary. I dont even have my own car and struggle, food is not cheap at all and unless you like to eat 2 minute noodles and crap and you will be surprised at the cost of food and other items needed such as toiletries etc these days. Yes you could live on $875 but you can not have a life as well. 

[Sander Martin]

1 hour ago, Jollygoodfellow said:

Since I live in Australia, born here and still here I find your budget rather extraordinary. I dont even have my own car and struggle, food is not cheap at all and unless you like to eat 2 minute noodles and crap and you will be surprised at the cost of food and other items needed such as toiletries etc these days. Yes you could live on $875 but you can not have a life as well. 

JGF depends on where you live and HOW.

The 350aud for rent budget+50 for power and internet near Perth CBD came from my friends. Two of them had a small 2 bedroom apartment units for 350aud a week (one of them was at the end of Newcastle st between Northbridge and Leederville and had a view of the Perth CBD skyscrapers - maybe 2km from The center of Perths CBD). Both of them shared the apartment with their girlfriend and said they avaraged 60aud a week for power, gas and internet. So 50aud for 1 person is very realistic. 400aud a week for a 2 bedroom unit is very duable in Perth downtown area (specially now that mining has slowed down).

100aud a week for food. I did that and no i didnt eat noodles. Had vegetables and meat everyday and three good meals a day. You have to find a good place to shop and you have to cook your own meals. Perth Spudshed shops are 2-3times cheaper than woolworths and Coles for vegetables and fruits. Did my homework and found out where to shop. Eating outside in Australia is really ?????? expensive. For my work lunches, i didnt go for the 5aud pies etc shit. Once a week on saturday/sunday i cooked a proper meals and froze my weeks lunches. We had a "pie warmer" in my work place. Inserted my frozen lunch in to the pie warmer at my first smoko (Australian for break) and by lunch time it was steaming hot.

Fuel in Australia is cheap compared to Europe, so 100aud a week is enough. I drove to work 30km (20miles) return every day 4-5days a week+weekend trips and 50aud was enough at avarage. Rego for cheap car is 150-200aud per 3 months, so at 100aud per week budget and 50audper week for fuel and 15aud per week per rego, that leaves you 35aud a week for small maintenance fund.

Ok i forgot the maybe 10-30aud a week for cleaning supplys, shampoo and toilet paper...

Had plenty of Aussi mates who complained alot, but here i was a freaking FOREIGNER and for me english was my 3rd language and i did freaking awesome. I avaraged over 1000aud (700,1000 or 1200 a week take home depending if i worked 3, 4 or 5 days) a week take home (worked 3-5 days a week on 12h shifts in Perth driving a forklift - easiest freaking job i have ever had). Never ever did i work for anything less than minimum wage during my 2year stay in Australia and my 1year stay in New Zealand. Most of the time i was earing more than the Aussis doing the same job. Had 4 bosses during my two years in Australia and three of them said that they will never ever again employ a Aussie..... 2 out of those 3 were born and raised Aussies older than 60 years. I guess i was doing a good job being paid so well and that the employers were sad to see me go. Working holiday visa only allowed me to work for 6 months out of 12 months for the same employer. On my second year back i was invited back to my job for another 6 months and given a raise (farmhand on 26aud an hour+free house and meals). Could have stayed there on a Sponsor visa, but decided to come spend time with Anne and our son and move back home.

[Sander Martin]

5 hours ago, Dave Hounddriver said:

There are different places, but nicer is subjective.  Example:  I just chatted with an American friend who left Philippines to go back to the US because his $1,000 a month did not do it for him here.  He has been back in the US living in Texarcana, in a Mobile home that was dirt cheap and is paid for, paying $150 a month for a place to park it.  He explained how its cheaper to live there than in Philippines.

On that same budget of $1,000 a month he can live in that area of US or many places in Philippines.  Ask people which they would prefer and you will get many different opinions, but I like the Philippines

I agree Dave. You should go and live where your hearth and wallet feels right. For me it wouldn't be the Philippines with that budget.

You found what you were looking for with your budget and i am happy that you did!!

Edited July 15, 2016 by Sander Martin

[scott h]

19 hours ago, JJReyes said:

Estimated median annual household income among retirees is $32,000, and more than half of retirees (53%) live on less than $50,000,

 

This is kind of a silly survey for those who live or plan to live in the Philippines. Half are ABOVE 32k and half Below, 47% are above 50K. A 2013 survey shows that the Median income in the States is 52K, so approximately 47% of retirees live better than half the country. Plus as has been pointed out in the chain, a retiree can live on way under 32K a year.

As has been mentioned, it all depends on what you expect from your retirement years.

4 hours ago, Dave Hounddriver said:

.  He has been back in the US living in Texarcana

There are reasons a guy can live in Texarcana (or Shelby Mississippi, or Gettysburg South Dakota or any number of other whistle stop towns across the nation,)

So for me this topic really doesn't apply me (but that sure wont stop my from sticking my oar in ) or to guys on this board, apples and oranges really.