U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
 
Old 05-12-2009, 01:42 PM
 
5,090 posts, read 13,546,321 times
Reputation: 6928

Advertisements

Quote:
Originally Posted by loveautumn View Post
The key here is that the home is paid for. Which is not and will not be tge case for many of us facing retirement in the next decade. If you don't have to pay for housing, then it's alot easier.
Yes and No. House costs can be more every month, than if one minimal funds, and be qualified for HUD assisted living, which would be 30% of monthly income. Also, I would not have to worry about maintenance and I could move without thinking of selling.

Owning a home is not always the best choose, especially in times of home depreciation. Keep in mind that the home locks your assets. However, it could be an advantage because to qualify for many social programs, a home is exempt from the asset caps.

Still, the answer is to live simply, even when you buy a home. A small simple home is all that you need, as a retired senior--less utilities, less maintenance and avoid any property that has excessive association fees, better no fees.

Yes, you would say that I will not live in a poorer neighborhood or a small home. I will not live in Section 8 housing. Again, it is the problem of wanting and expecting more.

All your pluses and and minuses of your character come together and are concentrated in your latter years. If you are thrifty, then you will be thrifty. If you like luxurys, then you cannot do without. If you were grouchy young man, then you will be a grouchy old man. If you are a person who can face difficulties, when you are young with some strength, then you will it will show when you are aged.

Youth is training for being Old; if you learn wisely, in your old age, you can feel young and
livecontent
Quick reply to this message

 
Old 05-12-2009, 02:45 PM
 
Location: DC Area, for now
3,517 posts, read 12,050,963 times
Reputation: 2141
Quote:
Originally Posted by marmac View Post
I do not mean to sound critical, but I blame the people who kept advising people to " cash out the equity" in the house ( aka refinancing"

"Financial geniuses" can tell you over and over how paying off a home mortgage is not a good idea, but they are not the ones who will be making the mortgage payments on a retirement income.
I noticed that. Glad I didn't listen to them and did the math myself.

My mother has lived on little more than SS for a few decades now but she does have subsidized housing from my brothers who bought her house to rent to her so she could have cheap rent for the rest of her life. It has worked out well. She is healthy and is quite content.
Quick reply to this message
 
Old 05-12-2009, 02:49 PM
 
13,319 posts, read 25,558,234 times
Reputation: 20505
I always keep in mind a mobile home 55+ park. There's one in my town in eastern Mass. that is quite pleasant. The Council on Aging has a shuttle van for a very few destinations (supermarket, hospital ten miles away). There are no renters allowed, and the grounds look kept. I see people walking (small) dogs around there. Only walkable places are the convenience store and a sports bar/restaurant.
I wouldn't consider this a problem, "coming down" in the world. In fact, I could move there now and own for cash. The thing is, I couldn't have my rescue dogs or my dream house, but I keep it as a mental backup plan. Unlike many people, I don't want to move somewhere warmer (hate humid summers) so won't consider a warmer, cheaper area.
Most mobile parks, at least around New England, are car-dependent. It's a problem for aging or sight/driving problems.
Do I think too much about all this at age 56? I work with a lot of older people, and some very compromised old people as patients. I watch my co-workers who retire (or retire and pick up some shifts) and try to see how they arrange things. No one is "golf coursing," for sure. But a quiet life, walking to the library, walking to the lake, having access to medical care, a dog... Maybe it helps that I did everything I thought I wanted to do before now, unlike people who spent their time raising families or having careers and such.
Quick reply to this message
 
Old 05-12-2009, 10:09 PM
 
5,090 posts, read 13,546,321 times
Reputation: 6928
Quote:
Originally Posted by brightdoglover View Post
I always keep in mind a mobile home 55+ park. There's one in my town in eastern Mass. that is quite pleasant. The Council on Aging has a shuttle van for a very few destinations (supermarket, hospital ten miles away). There are no renters allowed, and the grounds look kept. I see people walking (small) dogs around there. Only walkable places are the convenience store and a sports bar/restaurant.
I wouldn't consider this a problem, "coming down" in the world. In fact, I could move there now and own for cash. The thing is, I couldn't have my rescue dogs or my dream house, but I keep it as a mental backup plan. Unlike many people, I don't want to move somewhere warmer (hate humid summers) so won't consider a warmer, cheaper area.
Most mobile parks, at least around New England, are car-dependent. It's a problem for aging or sight/driving problems.
Do I think too much about all this at age 56? I work with a lot of older people, and some very compromised old people as patients. I watch my co-workers who retire (or retire and pick up some shifts) and try to see how they arrange things. No one is "golf coursing," for sure. But a quiet life, walking to the library, walking to the lake, having access to medical care, a dog... Maybe it helps that I did everything I thought I wanted to do before now, unlike people who spent their time raising families or having careers and such.
I think it is very important for the elderly to be living in a place that is close enough so they can walk to a grocery store, a park, and a small business area. It is very helpful to have good public transit with a stop that is very close. Of course, it depends if the elderly are ambulatory.

In my city, there is a senior community on a big park and right behind a Safeway grocery. I see many older people taking a little stroll and stopping at the store to get two bananas, half a dozen of eggs, a few apples.

It is good because they get a chance to get out and meet other people. I often meet seniors there, and I allow them to teach me about what to buy and how to cook it; I take the time and listen. It is important to them and satisfying to me.

It is also on a good bus route and many other walkable stores nearby. It is close to churches and I think that religious congregations are good for seniors to stay involved.

I see many senior community not near any place to walk and and that is not ideal. All they have is the recreation within the complex and an occasional bus trip to the stores.

I have been trying to look at many senior communities to have some idea for my aging parents and soon perhaps for myself.

Livecontent
Quick reply to this message
 
Old 05-12-2009, 10:31 PM
GLS
 
1,985 posts, read 4,846,869 times
Reputation: 2408
Quote:
Originally Posted by brightdoglover View Post
I always keep in mind a mobile home 55+ park. There's one in my town in eastern Mass. that is quite pleasant. The Council on Aging has a shuttle van for a very few destinations (supermarket, hospital ten miles away). There are no renters allowed, and the grounds look kept. I see people walking (small) dogs around there. Only walkable places are the convenience store and a sports bar/restaurant.
I wouldn't consider this a problem, "coming down" in the world. In fact, I could move there now and own for cash. The thing is, I couldn't have my rescue dogs or my dream house, but I keep it as a mental backup plan. Unlike many people, I don't want to move somewhere warmer (hate humid summers) so won't consider a warmer, cheaper area.
Most mobile parks, at least around New England, are car-dependent. It's a problem for aging or sight/driving problems.
Do I think too much about all this at age 56? I work with a lot of older people, and some very compromised old people as patients. I watch my co-workers who retire (or retire and pick up some shifts) and try to see how they arrange things. No one is "golf coursing," for sure. But a quiet life, walking to the library, walking to the lake, having access to medical care, a dog... Maybe it helps that I did everything I thought I wanted to do before now, unlike people who spent their time raising families or having careers and such.
Anybody who has rescue dogs deserves a "dream" house. I hope it comes true for you.
Quick reply to this message
 
Old 05-13-2009, 04:23 PM
 
Location: Lakewood OH
21,699 posts, read 23,661,739 times
Reputation: 35449
I wonder if the deal breaker of whether or not one can live on SS alone is housing costs. I will always be paying rent and I imagine that will eat up most of my SS. I can see doing it if rent weren't an issue.

And there is the issue of health. That's a complete deal-breaker. Medicare leaves a lot left over to pay at times. Medical bills can eat up anyone's savings. Also many single women and SAHM's did not earn enough or anything at all to be able to collect a livable wage. I think it's great that some people can live only on SS but there are so many who through no fault of their own cannot.
Quick reply to this message
 
Old 05-13-2009, 04:29 PM
 
Location: the sticks
810 posts, read 1,301,390 times
Reputation: 572
Quote:
Originally Posted by Minervah View Post
I wonder if the deal breaker of whether or not one can live on SS alone is housing costs. I will always be paying rent and I imagine that will eat up most of my SS. I can see doing it if rent weren't an issue.

No, actually, the dealbreaker is the day you cannot take care of yourself. Once you move into assisted facilities or hire a nurse, your SS will never balance the sheets.
Quick reply to this message
 
Old 05-13-2009, 05:53 PM
 
29,775 posts, read 34,863,854 times
Reputation: 11705
Quote:
Originally Posted by marmac View Post
I do not mean to sound critical, but I blame the people who kept advising people to " cash out the equity" in the house ( aka refinancing"

"Financial geniuses" can tell you over and over how paying off a home mortgage is not a good idea, but they are not the ones who will be making the mortgage payments on a retirement income.
Not sure that's what they mean by cashing out the equity in your home. It usually means to sell your home in a more expensive area of the country and pay cash for a new one in a less expensive area and having the extra as investment money to work for you.
Quick reply to this message
 
Old 05-13-2009, 05:59 PM
 
29,775 posts, read 34,863,854 times
Reputation: 11705
Quote:
Originally Posted by texdav View Post
I couldn't live on SS. That would be existing even if you owned evrything else you need otherwise.
Social Security at the top of the scale with a couple each being there is not all that bad if you have relocated. The trick is to work in a high cost/pay state and to retire in a low cost/pay state.
Answer
The maximum benefit depends on the age at which a worker chooses to retire. The amount for 2009 for a person retiring at full retirement age (66) is $2,323. This is based on earnings at the maximum taxable amount for every year after age 21. You can see the maximum amount of taxable earnings for each year at Contribution and Benefit Base.
Very few will be making the maximum at age 21 but it doesn't go down much if you max out in your middle years.
If a husband and wife retire, each receives his or her own benefit amount. Social Security imposes no "marriage penalty" when two members of a couple are each entitled on their own earnings record. Y
The above is from the link

Thats over 55K at normal retirement age and if you have no mortgage it is livable. However if you maxed out you probably have other investments etc.

If a husband and wife retire, each receives his or her own benefit amount. Social Security imposes no "marriage penalty" when two members of a couple are each entitled on their own earnings record. Y
Quick reply to this message
 
Old 05-14-2009, 12:27 AM
 
13,319 posts, read 25,558,234 times
Reputation: 20505
Thanks to the poster who thanked me regarding rescue dogs and wished me well for my dream house.
I have been fortunate enough (and worked enough overtime) to have my dream house built in 2001. I had bought a crumbling 3-room cottage on a beautiful lot in 1992. I figured I'd fix the cottage up over time, for cash, and be out of the rat race. Now, any fool could have looked at this cottage and seen that it was beyond hope- needing everything, and nothing worth saving.
Over eight years, I kept it patched together. The only outgoing water in the winter was in the tub, so I washed dishes and vegetables there. The bathroom was pulling off the main room (leaking, too) and my foot went through the roof when I went up to check. Etc.
The state had changed septic laws, so I had to spend 1 1/2 years fighting with the town to get a permit for a new system. The only reason I ever got the permit was I finally took a lawyer into the hearings.
The town had severely limited what I could built on the same footprint. I had an artist design a 1250sq.ft. house (big loft upstairs, everything else on the first floor) before I realized there were house plans on the internet (didn't have enough memory to view them). An architect drew up plans from the artist.
My then-two dogs and I moved in with some crazy woman I knew. I worked extra shifts in two hospitals while the builder puzzled over the weird plans. It took eight months, and I got screwed every time I turned around with the construction loan. The builder was an angel to work with.
So, after a lot of trouble, I've had my dream house since fall of 2001. I have a quarter-acre fenced yard for dogs, and a quarter-acre of woods between me and the back road. A lovely little lake is a ten-minute walk away. Thirty-five minute drive to work, against traffic. Lots of nice public land (the town does some things right).
I am still amazed, after all these years, that I have managed to get a real home. I was so tired of fighting the Boston real estate wars, in every way. Now, my monthly payments are no bargain, but to have everything I could want and then some... I thought MAYBE I'd have a dream cabin when retired and living elsewhere. Never thought I could have it near Boston while working (Boston is 30 miles away).
I do think of selling it to move to an Erickson community when older. I'd have to get
$200000K for the entry fee and then the monthly payments for an Erickson apartment (and amenities) is quite managable.
So I have my dream house and currently six dogs- one I got as a puppy, the other five are late-in-life adoptions. I favor seniors because they should be calmer and need less, so I can have more dogs, and they aren't as likely to be adopted. (Recently adopted a shepherd/husky who is supposed to be 13 years old. My biggest problem is that she literally climbs the fence to run away and rampage through the neighborhood. Nothing keeps her in. She looks like Spiderman. I've never seen anything like it.
Full-time night shift is really hammering me. I am debating trying to go down to 32 hours- my job is interested in not having full-time people any more, so I might be able to. I wonder if it's imprudent, at the peak of earning power, to cut down by 20%, while I'm still paying down stuff, but I am so blasted tired, I feel like I'm falling apart. Still grateful to have a job with benefits, though.
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:
Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top