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I'll start off by saying I haven't made the wisest life choices - failed businesses, unrealistic expectations, etc, etc. Regrets and second guessing are pretty pointless. But, as I'm coming up on 65 I'm trying to think of a way to ride out these final years.
I have just 45,000 in savings, but no debt at all. My income is S.S. and I work 3 days a week. I live very frugally, but I rent a house at probably more than I should afford, but it's not that much more than what apartments are going for now in my area, and I can have my old dog here, so I stay. This is about to change as the landlord is making moves to sell the house.
I tend to be an isolated loner and that is my nature so I'm not at all crazy about living in an apartment block. Actually, I'd love to find a small place in a remote area.
As I get too old to work, one thing I was thinking about was seeing if I could qualify for a Section 8 housing voucher that I could supplement so I could rent a small place somewhere. I'm not averse to moving elsewhere in the country. New Mexico appeals to me and rustic living doesn't scare me at all. I used to think moving to Mexico or Panama would be a solution, but that doesn't appeal to me much anymore.
So, does anyone know whether having some savings, small though they might be, would disqualify me from housing assistance? Is it moveable, so if I got a voucher in my high rent state, could I use it in another state? Honestly I hate the thought of getting any assistance, but I need to face the reality of the situation I'm in. I won't be able to continue to work forever and my energy level is dropping quickly.
I'd love to hear from other people who found themselves in a similar situation and how they handled it.
I'll start off by saying I haven't made the wisest life choices - failed businesses, unrealistic expectations, etc, etc. Regrets and second guessing are pretty pointless. But, as I'm coming up on 65 I'm trying to think of a way to ride out these final years.
I have just 45,000 in savings, but no debt at all. My income is S.S. and I work 3 days a week. I live very frugally, but I rent a house at probably more than I should afford, but it's not that much more than what apartments are going for now in my area, and I can have my old dog here, so I stay. This is about to change as the landlord is making moves to sell the house.
I tend to be an isolated loner and that is my nature so I'm not at all crazy about living in an apartment block. Actually, I'd love to find a small place in a remote area.
As I get too old to work, one thing I was thinking about was seeing if I could qualify for a Section 8 housing voucher that I could supplement so I could rent a small place somewhere. I'm not averse to moving elsewhere in the country. New Mexico appeals to me and rustic living doesn't scare me at all. I used to think moving to Mexico or Panama would be a solution, but that doesn't appeal to me much anymore.
So, does anyone know whether having some savings, small though they might be, would disqualify me from housing assistance? Is it moveable, so if I got a voucher in my high rent state, could I use it in another state? Honestly I hate the thought of getting any assistance, but I need to face the reality of the situation I'm in. I won't be able to continue to work forever and my energy level is dropping quickly.
I'd love to hear from other people who found themselves in a similar situation and how they handled it.
They consider all income sources ….assets that you own that spin off no income have what hud calls a passbook rate applied ,currently .84% which they use to imply an income ….it is the whole total that is looked at..
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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For section 8 that amount of savings will affect your contribution, and if close could prevent you from qualifying. Not the savings itself but the interest income derived from it, or a percentage of it can be considered income. Some programs, such as Medicaid for assisted living would require all of it to be spent prior to qualifying.
But, as I'm coming up on 65 I'm trying to think of a way to ride out these final years.
Sharing a home with someone else - romantic or pragmatic -- but share expenses.
Nearly everyone who posts about "how to afford" issues needs to do the same thing.
If you didn't take the risks that you took, and you ended up working some droll corporate job for 30-35 years, you'd be regretting the risks you didn't take as you 'ride out your final years'.
Capiche?
I guess it all depends on what your SS amount is.
But the answer is yes. Once you are unable to work, you will be able to get assistance.
Government provides healthcare, and Section 8 vouchers, etc. It's going to depend on a number of factors, but that's what my GF does for a living.
You may want to schedule an appointment with a social worker who specializes in getting aid for seniors. Every adult day care center has one, though I'm unsure how they would help you if you weren't a member.
If you didn't take the risks that you took, and you ended up working some droll corporate job for 30-35 years, you'd be regretting the risks you didn't take as you 'ride out your final years'.
Capiche?
Very true. I can honestly say I've done everything I wanted in life. I've stayed at the Ritz Carlton and lived in a horse stall. I've been a circus trapeze artist and a dock worker. Had a cushy job, working for a billionaire with all the perks that came with that and counseled the homeless mentally ill. From bartender in a decadent gay disco in the 80s to being a street vendor. No regrets at all, other than I wish I had bought a cabin in the woods when I had the means to do so. If I had, I'd be the crazy hermit guy in the woods right now.
It's a trade-off, I guess. But thanks for the suggestion of the senior counseling.
Well, as long as you're in good health, BUY A VAN. Deck it out, bed, a/c, sink, 12V fridge and freezer (Yes, they make them) that 45K can see you out for a long while.
Now, if you're not into traveling, forget my suggestion.
If you didn't take the risks that you took, and you ended up working some droll corporate job for 30-35 years, you'd be regretting the risks you didn't take as you 'ride out your final years'.
Capiche?
I guess it all depends on what your SS amount is.
But the answer is yes. Once you are unable to work, you will be able to get assistance.
Government provides healthcare, and Section 8 vouchers, etc. It's going to depend on a number of factors, but that's what my GF does for a living.
You may want to schedule an appointment with a social worker who specializes in getting aid for seniors. Every adult day care center has one, though I'm unsure how they would help you if you weren't a member.
Is your point that corporate types are unhappy en mass or the OP would have been had he stayed in the corporate world?
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