I’d like to introduce you to a fellow retirement blogger, JP over at The Money Habit. She retired at the age of 28 after working at an investment firm for seven years. She shares tips for getting to your retirement goal at her blog and has contributed this post about how to make it happen even in a high-cost city like New York City (my own favorite city, as most of you know).
One of the biggest conversations in early retirement circles centers around location. Many plan to move to a lower cost of living area when they retire. That’s a fantastic move and it can serve a lot of people well.
But me? I adore big city living.
The food! The people! And best of all, every kind of class, workshop, and hobby group to pursue my interests.
The one downside is the incredible cost.
Fortunately, you can counter this issue with some judicious compromises. I’ve lived and worked in New York City since I graduated college. At 28, I’m retired and still living in the Big Apple.
Here are the strategies I use to keep my costs low.
Housing is the perfect place to start, given that it’s generally the largest expense line in the budget.
The trinity of factors in housing are price, location, and size.
General advice says you can have any two, but you cannot have all three.
My decision to live in New York City was about valuing the amenities. Because of this, location was paramount in my decision. As early retirement has long been a goal of mine, cost was the second most important consideration. That’s how we ended up in our current apartment.
It is a 325 square foot unit. Many people would cringe at the thought of two