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IMO, annuity would be a bad choice, unless it was just 10 or 20% of your assets. If we get hyperinflation, your wiped out If we get high inflation 5 to 10% your, then your losing big. What happens if the insurance company goes bust, the state will back you, but alot of state now could be in trouble.
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I agree with the numbers for the 1 worker, though I make twice the 30k. In my own budget calculations I have spent approx. 26k while living pretty well, not extravagantly. I drive a 2009 Accord live in a modest 2800 square foot house with pretty much everything I need. Of course this is the midwest, when I was living in NYC, this would not be the same. Though most costs are the same between the NE and Midwest, I would say shelter is what makes costs high in the NE. When I lived in NYC, a one bedroom cost me about 2700 vs 900 for my mortgage payment here, of course in NYC the salaries are much higher to compensate. Groceries in NYC are about 10 to 15% higher but in the suburbs of NYC they are about the same as the midwest. For instance in NJ, to rent a house 1500 square foot house, would prob. cost 1600 vs. in the midwest about 800. Other than that though everything else is about the same.( Utilities, gas prices, cable, etc.) I would assume the south is even cheaper, and the West is prob. about the same or lower than the NE. Living in major cities like NYC, LA, San Fran, and Chicago costs are going to be about 25 to 50% higher, but in the suburbs of those cities, prob. 10 to 20% higher than that 67k figure for a family of four.
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May 14, 2011