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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
- Anonymous2 years agoFavorite 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.
- Carolynn MLv 62 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 62 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.
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- Dr. DLv 72 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.
- Anonymous2 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
- 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.)