I sometimes imagine living in a 2 bedroom, 1,000sf house near the beach in retirement, but that’s as small as I’d go. I couldn’t and wouldn’t live on $7k. Besides the inability to drive, protein is expensive, and I would shrivel up and float away without large amounts of it.
Maybe $20k if it was just the wife and I.
I don’t think it’s even necessary to live on $7k, though. A single paid-for income property (in addition to your primary residence) will provide you with two or three times that. If my income is actually limited to $7k in retirement, you all have permission to shoot me.
