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This is my current fear...how to continue on without losing everything before my husband and my retirement.
for-the-unemployed-over-50-fears-of-never-working-again: Personal Finance News from Yahoo! Finance (http://finance.yahoo.com/focus-retirement/article/110742/for-the-unemployed-over-50-fears-of-never-working-again?mod=fidelity-changingjobs&cat=fidelity_2010_changing_jobs - broken link)
We are only 52 and 53 respectively and he has effectively seasonal trade work and I am working entry-level healthcare, which means I work hard for little wages and, as a newbie, I am afforded little flexibility for time off. We had hoped we could refinance with the low rates and acquire a mortgage free second property as our back-up plan for retirement. At least we have a property with a decent equity to work with, but selling all now means that would take a huge hit with this soft market.
Now the obligations of re-settleing an aging relative look to sap our more immediate assets. These are truly bleak times.
If you have equity in your property, you might want to consider taking it. If you think the market is "soft" right now, it's going to get worse in the future. The equity you have in this property represents, from what you have stated here, the bulk of the wealth that you have. You need to take stock of what you have available for sure, and what may end of being wishful thinking!
The best way for anyone to have future security is to own outright their home property. As you have expressed an interest in refinancing, I gather that you do not fully own this current property where you are living. You may wish to consider renting temporarily while you use the proceeds of the sale of your current home to purchase land that you can afford to buy for cash, then move some sort of mobile home onto it (purchased for cash), then proceed to building something yourselves that you will not need to finance.
This is not what you expected to hear, and likely not something you would want to do, but if your future looks uncertain, having a roof over your head that you own free and clear is the best security that I know. All this borrowing and debt stuff will never give you security. Buying land and building, small to start, is the way we intend to get established in Maine. I, for one, will have no regrets.
Nor'Eastah is right, a tax bill once a year is cheaper than a mortgage. I plan on owning outright when I move. I won't be in a castle, but it will be mine. If you can do this your life will improve. In addition, let's not overlook the fact you have family. That is the greatest wealth one can have!
That is one of the alternatives we are considering. We have enough equity to sell (hopefully) and own a home outright, but that means a major move in order to get the most bang for our buck. Currently we need to stay where we are , at least for a little while, until my mother's situation is resolved or , at least, stabilized.
Ok this story is about a irresponsible person. She was let go from a 80 grand a year job. She has taken several vacations overseas AFTER she was let go and the home they live in is worth far more then there income. So what is the real problem here. Well to start with they are spending more money then they make. The should sell the house ( 7 grand a year in taxes!!! ) . She says she is selling some jewelry she is not helping the problem if they have cc debt they are not paying. Then there is the stupidity of this "And she admits some regrets: she had a $180,000 balance in her 401(k) account, and paid $80,000 in penalties and taxes when she cashed it out early. She did not rein in her expenses right away. And now, her $500-a-week unemployment benefits have been exhausted." . I would alos be willing to bet cash money she has not even applied for a job paying less then 30 grand a year.
In short tcrackly unless you are irresponsible and completely stupid you do not have anything to worry about. I don’t think most people who loose there jobs spend money like it is going out of style. Most people don’t drive up CC bills buying things they do not need or going on vacations to other countries while unemployed without even a job prospect in the future.
I am far from irresponsible and hopefully not stupid...in essence I keep trucking and hope for the best...hopefully these old bones will hold up through my future working years.
Hey, folks, let's try and keep the topics to items with a Maine focus.
I know pressing national issues dominate our daily lives, but the forum owners prefer that local and national forum topics remain separate.
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