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AMSGPSL - 7 - Live Smart

AMSGPSL - 7 - Live Smart

Owned by jimm1
Last updated: Apr 24, 2025

Key Points

Have you built your life plan?

Does your life plan need to be updated?

Have you built your financial health plan?

Does your financial health plan need to be updated?

Are you managing your financial health smart?

Given your financial plan, are you living your best life?



References

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Key Concepts


Have you built your life plan?


Does your life plan need to be updated?



Have you built your financial health plan?



Does your financial health plan need to be updated?



Are you managing your financial health smart?



Given your financial plan, are you living your best life?


What are your goals for living ?



What is not working now?



What does work now?



What do you need to change in your life to be happier?



What do you want to change in your life to be happier?



Potential Value Opportunities


Best Affordable Retirement Communities - 2024

Best Affordable Retirement Communities - 2024.pdf  link

Best Affordable Retirement Communities - 2024.pdf. file

  • Middle-class Americans will have the most success retiring in Arizona, Ohio and Florida.
  • Sun City West Arizona, has the highest percentage of residents age 65 and older, at 86.5%.
  • Greenville, Ohio, has the lowest overall annual cost of living of all the cities on this list, at $30,173.

1. The Villages, Florida

2. Green Valley City, Arizona

  • Household median income: $57,785
  • Single family home average value: $321,915
  • Annual cost of living: $41,989
  • Average Social Security Benefits: $27,102

3. Sun City West, Arizona

  • Household median income: $61,941
  • Single family home average value: $398,930
  • Annual cost of living: $48,781
  • Average Social Security Benefits: $28,190

4. Hot Springs Village, Arkansas

  • Household median income: $68,580
  • Single family home average value: $305,455
  • Annual cost of living: $41,487
  • Average Social Security Benefits: $28,754

5. Venice, Florida

  • Household median income: $68,843
  • Single family home average value: $466,895
  • Annual cost of living: $53,436
  • Average Social Security Benefits: $27,226

6. Sun City, Arizona

  • Household median income: $51,263
  • Single family home average value: $329,036
  • Annual cost of living: $44,204
  • Average Social Security Benefits: $25,346

7. Sun City Center, Florida

  • Household median income: $64,661
  • Single family home average value: $341,594
  • Annual cost of living: $45,845
  • Average Social Security Benefits: $26,759

8. Punta Gorda, Florida

  • Household median income: $75,898
  • Single family home average value: $419,564
  • Annual cost of living: $49,123
  • Average Social Security Benefits: $28,854

9. Mesquite, Nevada

  • Household median income: $69,146
  • Single family home average value: $406,306
  • Annual cost of living: $48,562
  • Average Social Security Benefits: $26,855

10. Englewood, Florida

  • Household median income: $61,734
  • Single family home average value: $382,567
  • Annual cost of living: $47,686
  • Average Social Security Benefits: $25,610

11. Murrells Inlet, South Carolina

  • Household median income: $71,019
  • Single family home average value: $438,475
  • Annual cost of living: $49,996
  • Average Social Security Benefits: $26,060

12. Pinehurst, North Carolina

  • Household median income: $102,917
  • Single family home average value: $542,557
  • Annual cost of living: $57,335
  • Average Social Security Benefits: $28,853

13. Oro Valley, Arizona

  • Household median income: $101,394
  • Single family home average value: $525,380
  • Annual cost of living: $56,423
  • Average Social Security Benefits: $29,587

14. Wildwood, Florida

  • Household median income: $68,121
  • Single family home average value: $319,201
  • Annual cost of living: $42,621
  • Average Social Security Benefits: $28,259

15. Sebastian, Florida

  • Household median income: $65,650
  • Single family home average value: $362,710
  • Annual cost of living: $46,421
  • Average Social Security Benefits:  $23,019

16. Naples, Florida

  • Household median income: $135,657
  • Single family home average value: $713,541
  • Annual cost of living: $69,932
  • Average Social Security Benefits:  $30,538


Wealth Needed for a Comfortable Retirement - 2025 = $1.5 M - can you do it for less?

https://www.yahoo.com/finance/news/1-5m-retirement-magic-number-090347261.html

Conventiornal financial planners say you need $1.5 M in wealth to retire comfortablly in 2025.

The conventional thinking today looks at these assumptions for your retirement cash flow

  • The assumption is your wealth will generate a 5% return to make it sustainable IF keep your expenses low
  • for $1.5 M that would be an annual income stream of $75,000 before tax
  • if you assume a HIGHER rate of return than 5%, that will come with higher risks that may jeopardize your return and or your principal investment

Example looking at a lower investment amount of $600,000 - it's all about the investment rate of return & risk level

  • 5% annual return generates $30,000 annual income before tax ( $2,500 per month )
  • 9% annual return generates $54,000 annual income before tax ( $4,500 per month )

What are your income sources for retirement?

  • your social security income ( somewhere between $1900 and $4800 per month now )
  • your working income now - full-time?  part-time? retired?  ( what is that monthly amount )
  • your investment income now - what is the sustainable monthly cash flow from your investments?  
  • other income from a business, lottery winnings or ?
  • do you have assets to sell that have value to generate cash?
  • do you have a hobby that can generate cash?

How can you minimize expenses for retirement?

  • find concepts to minimize healthcare costs - medicare plans, healthy lifestyle, other?
  • do.you live in a low cost or high cost state or city?
  • does your state tax retiree incomes?  social security income? 
  • do you have a low cost rent?  do you have a roommate?
  • do you own a low cost home?  do you have a roommate?
  • what are free or low-cost resources to enjoy retirement?
  • how do you keep transportation costs low?


Planning for Single Retiree Challenges

Single retirees face new challenges Here are ways to cope-fidelity.com.pdf. GD

Single retirees face new challenges Here are ways to cope-fidelity.com.pdf.  FILE


Potential Challenges


US Social Security System Needs to support retirees and young people on a sustainable basis


The US government has clearly failed to set Social Security to support retirees and young people on a sustainble basis.

Yes the shifting age of the country's population and other demographics economically challenge Social Security funding for retirees and young people.

What are the key principles to agree on for Social Security?

  1. We can't increase the Social Security tax rates on the young people in the working or middle class ( current rates below )
  2. We can't cut retirement benefits for retirees
  3. We must make Social Security economically sustainable for the long-term
  4. We must eliminate fraud, waste and abuse in the system wherever possible
  5. Anything else is open to change

FICA rates for W2 employees ( 1099 workers pay the full 15.3% )

Yes. FICA combines Social Security and Medicare taxes for a total of 15.3%, but the cost is split between the employer and employee. 6.2% of an employee’s FICA taxable wages go to Social Security tax and 1.45% of their FICA taxable wages go to Medicare tax. The employer must match these percentages for a grand total of 15.3%.


Housing Affordability by US State - 2025


Interesting article but it only hits state averages not variations in the state ( eg Portland Me is much higher priced than Miachias Me etc )

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