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Stan asked in Social ScienceGender Studies · 2 years ago

If you had a guaranteed income of three thousand USD a month, Would you try to retire on it?

Why or why not?

10 Answers

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  • Anonymous
    2 years ago
    Favorite Answer

    3,000/month after tax if I own a home outright would be about the minimum I’d consider retiring on.    

    That’s enough for me to cover my basic needs and still have $1,000/month for fun and unusual expenses.   

  • 2 years ago

    In order to retire we have to pay into Social Security and it always helps to have a retirement plan, too. This month my son made over $7000. Much better income.

  • ?
    Lv 6
    2 years ago

    Yes I would "retire". Even though I don't work because I'm on disability. I get  $1135 plus $530 per month from a part time job. Making  $3000 per month is a fortune where I live. 

  • ?
    Lv 6
    2 years ago

    I retired on less. I lived on less before I retired.

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  • Dr. D
    Lv 7
    2 years ago

    The first thing you need to do is prepare a living budget. This would include the cost of housing, health insurance, food, clothing, transportation/gas, utilities, entertainment, hobbies, emergencies, etc... There are several on the internet that you can use.

    For me, housing costs $1200 monthly, my various insurance costs $500 monthly, my food costs $500 monthly, transportation and gas (includes auto payments and car insurance) $800 monthly. Hey! That's already $3000 and I haven't included stuff like utilities, entertainment, hobbies and saving for emergencies, etc....

    The only way you can live on $3000  a month is to have your home mortgage already paid, no credit card debt, no automobile payments, and good health. Even so you'd have to live in a city with a low cost of living.

  • Anonymous
    2 years ago

    Questions about the answerer are not allowed here, but I'd probably be doing unpaid work, in places I can't afford to travel to now

  • Foofa
    Lv 7
    2 years ago

    Even if my spouse got the same we couldn’t afford to live where we live. So no.

  • Adam D
    Lv 7
    2 years ago

    $3,000 after taxes? Yeah, I could retire on that.

  • 2 years ago

    36K a year isn't THAT much, it would be a nice addition though

  • 2 years ago

    In a manner of speaking. In my case, I'm disabled and that would be a fortune compared to the S.S. I am on now.

    (If I miraculously recovered - probably not. A career would be more rewarding.)

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