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Old 05-06-2015, 07:11 AM
 
Location: SW MO
23,605 posts, read 31,467,321 times
Reputation: 29071

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Quote:
Originally Posted by freemkt View Post
As much as I oppose in principle single people (or empty nester couples) living in houses built for more occupants (on the ground it is an inefficient use of housing resources when many others are renting single rooms or are overcrowded), I think that staying in their larger home is usually the best and a necessary strategy for those with both limited resources (e.g. SS only) and a mortgage.

Assuming they acquired the mortgage before the bubble, they're not going to find rent today cheaper than their mortgage payment. As long as they are making their mortgage payments, they are increasingly paying down the principal, plus enjoying appreciation in almost all markets today.
Now that's an interesting perspective. I suppose that under that philosophy, my wife and I are "wasting" a housing resource as it's just the two of us and we own a three bedroom house with two bathrooms and an all-weather sunroom. Should we sell the house and move into a one bedroom apartment so a bunch of people could move in? Why, with bunk beds at least 12 could take up residence. How selfish of us to stay where we are.

On the flip-side of the coin, we worked long and hard to afford and buy a nice retirement home in an area in which we wanted to live and on the shore of a very large (720 mile shoreline) albeit manmade lake. As I had lost everything I owned half of my retirement funds and all other resources in divorce and my current wife had raised her two daughters for 17 years with no support from their father and was also broke, we were renters until we both retired. I had always been determined, health until death permitting, to live out my life and eventually reach the end of my shelf life on my own property, not someone else's. So far, so good.

Sorry but I guess that you and the other 11 would be residents are just going to have to wait awhile to fill all the empty and wasted space here. I'm sure our neighbors like our plan better.
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Old 05-06-2015, 07:52 AM
 
130 posts, read 101,231 times
Reputation: 539
I just found this thread this morning. It's funny because yesterday morning I met with my broker to discuss taking an income from a variable annuity I purchased a year ago. The annuity was guaranteed to increased in value 6% each year for the first 12 years (basically doubling its value). However, because I had purchased an income rider on the policy, I had the option to take payments now and still let the value increase some. In my case I took 5% and the annuity will increase 1% each year for the next 11 years. Do I need the money? No. But because of my fear that I could end up like so many stories here on the thread, I chickened out and decided to take some of the value now, just in case....

My brother died when he was 78. Ok, he never took care of himself like he should have, but 78 is still young (I'll be 66 next month). My sister is now 78, and she is in good health. I think the death of a neighbor a few weeks ago hit me harder than my brother's death because my neighbor was very active up until the end. He died of liver cancer at 86 years old. I'll be 86 in only 20 years! And, let's face it, 20 years is not all that long.

As another poster put it, "retirement is a crap shoot." That pretty much sums it up.

Oh, FWIW, I still have an IRA, which I will not touch.
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Old 05-06-2015, 08:01 AM
 
Location: Scott County, Tennessee/by way of Detroit
3,330 posts, read 2,122,972 times
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Quote:
Originally Posted by theatergypsy View Post
For the people who died within a short time after retiring, do we blame it on the retirement? Some people are going to die regardless of their age or employment status. Many people who have reached the age of retirement are already at an age where systems break down and illness strikes.

I worked for a good company at a responsible job and I liked my work. I was 63 when the company was sold and two years later, the new bunch filed Chapter 11 and closed our facility. Couldn't find work because I was "over-qualified", which we all know translates to "too old".

That was 14 1/2 years ago. My income is from SS and a modest IRA. I have had two major surgeries for two major illnesses. I still live in my home and I paid off the mortgage with a bit of my IRA.

Is it a good idea to plan for retirement? Sure, as long as you understand that by the time you reach retirement age (if you do), for most people it won't be the same as it was when you were young and vibrant. Expect that you may have financial limitations. Expect that you may have physical limitations. If you get hit with a disastrous illness, it isn't because you retired; rather because you have reached the stage in life where some of the most serious ailments kick in.

I'm not going hungry and can (so far) afford to keep my heat at 72 in the winter. I wish I didn't have to pay property taxes and insurances, I could be saving up a nice little inheritance for my kids. If wishes were horses...

But no, no horror stories here. Maybe it's because I scaled back my expectations. And I have some good doctors.
I'm not blaming my mom's sudden death on retirement...I just feel bad that she worked and worked and was forced to retire from a downsizing law office at 65 .....and she never got to enjoy anything..a month at most.....and she wasn't ill either...
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Old 05-06-2015, 08:19 AM
 
15,733 posts, read 9,244,311 times
Reputation: 14212
Quote:
Originally Posted by freemkt View Post
As much as I oppose in principle single people (or empty nester couples) living in houses built for more occupants (on the ground it is an inefficient use of housing resources when many others are renting single rooms or are overcrowded), I think that staying in their larger home is usually the best and a necessary strategy for those with both limited resources (e.g. SS only) and a mortgage.

Assuming they acquired the mortgage before the bubble, they're not going to find rent today cheaper than their mortgage payment. As long as they are making their mortgage payments, they are increasingly paying down the principal, plus enjoying appreciation in almost all markets today.
Alrighty then. So I, as a childless woman, have no right to live in a home that has less than, what, 1 bedroom? Because I'm "wasting" precious resources? Let's be clear - my home is built for a single family. Whether that family is 2 people or 10 people, that's really my choice. Why? Because it's what I chose to buy, with my money.

And me owning a home with 3 bedrooms doesn't change at all your ability to rent or not rent more than a single room. Remember? We have virtually identical upbringings, education and work histories through our early 20's (except for me not graduating college, and being a woman). So you being able to only live in a single room has absolutely nothing to do with me owning a certain size home, and everything to do with how we lived our lives after our early 20's.
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Old 05-06-2015, 08:20 AM
 
71,463 posts, read 71,652,652 times
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ignore his nonsense. if he spent as much time actually doing something to improve his situation instead of thinking of excuses and complaints he wouldn't be filling every thread with his tales of woe.
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Old 05-06-2015, 08:44 AM
 
Location: Tennessee
23,541 posts, read 17,525,434 times
Reputation: 27576
Quote:
Originally Posted by freemkt View Post
As much as I oppose in principle single people (or empty nester couples) living in houses built for more occupants (on the ground it is an inefficient use of housing resources when many others are renting single rooms or are overcrowded), I think that staying in their larger home is usually the best and a necessary strategy for those with both limited resources (e.g. SS only) and a mortgage.

Assuming they acquired the mortgage before the bubble, they're not going to find rent today cheaper than their mortgage payment. As long as they are making their mortgage payments, they are increasingly paying down the principal, plus enjoying appreciation in almost all markets today.
Why do you oppose this? I live in a 2BR apartment as a single guy because I want the space and can afford it. Where I am in Indiana (and presumably you as well being in Michigan), we are not space limited. If you cannot afford a studio in these places, you need to do better financially, plain and simple. Those who are doing better shouldn't be prohibited from owning the property they can afford, and it wouldn't change your circumstances anyhow.
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Old 05-06-2015, 09:20 AM
 
10,318 posts, read 9,369,968 times
Reputation: 15907
I lived through horror stories before I retired.
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Old 05-06-2015, 09:32 AM
 
Location: Boca Raton, FL
5,164 posts, read 8,687,150 times
Reputation: 6164
Smile I really resent this post

Quote:
Originally Posted by freemkt View Post
As much as I oppose in principle single people (or empty nester couples) living in houses built for more occupants (on the ground it is an inefficient use of housing resources when many others are renting single rooms or are overcrowded), I think that staying in their larger home is usually the best and a necessary strategy for those with both limited resources (e.g. SS only) and a mortgage.

Assuming they acquired the mortgage before the bubble, they're not going to find rent today cheaper than their mortgage payment. As long as they are making their mortgage payments, they are increasingly paying down the principal, plus enjoying appreciation in almost all markets today.
Sometimes, the home people have lived in for years can give them peace and provide security.
They feel comfortable there.

As someone else said, sometimes, the payments you would pay for a smaller place might even be more depending on when it was purchased.

I deal with clients everyday and I hear about people relocating or people moving. Some certainly regret their moves and some regret downsizing.

I live in a 4 bedroom home which our family grew up in. Someday, I'd like to have my children and their children there. Still millenials are marrying later these days, that might take a while.
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Old 05-06-2015, 09:51 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,537 posts, read 39,914,033 times
Reputation: 23634
Quote:
Originally Posted by katie45 View Post
I lived through horror stories before I retired.
yes indeed!

I just HOPE I DON'T conk out at work... thus my 'reverse sabbatical plan'

Work one year and then take 7 years off to 'recover'. (Reduces my odds of dying at work)
Repeat as necessary.

I sometimes need to collect extra income to fix my retirement toys... $8k of bulldozer repair last month, but it will now last another 40+ yrs and bring a good price at my estate auction. I need 80 hours more service from it to 'break-even', got 40 hrs last week, surely 200 more hrs by end of June (3 more 'fixer' properties to complete in my free time).
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Old 05-06-2015, 11:26 AM
 
Location: The Carolinas
2,003 posts, read 2,016,393 times
Reputation: 6083
See I'm in a weird (but good) place. Took an early buyout after working for a company 23 years, but it was slowly circling the drain. So, at 54, I hit the job market after relocating to our probable retirement area. After much trial and aggravation, I managed to land a very good job in my industry--at 54!--paying almost as much as I was being paid when I left the buyout company.

Well, now, we finally sat down, got our business in order (wills, POA, etc.) hired a financial advisor (at half price, due to employee discount) and have found that lo and behold: we have enough money, my wife and I, to cover Everything, with a 78% probability that we'll BOTH have enough money until we're 95--healthcare included.

Now, I don't LOVE my job. Like many, it's a never-ending source of stress and aggravation, yet I keep thinking that since I don't HATE it, I need to keep working to build more cushion. Having landed a very good job at 54, the company that hired me showed very good faith in hiring me at that age, so I even feel as though I have a responsibility to keep working--if not for me, but so as not to leave a bad taste in the company's mouth for hiring older workers!

Reading some of these sad stories of people who passed just before or after retirement, makes me think I should pull the trigger. When I mentioned to my boss that my retirement is within the realm of possibilities, he wondered what caused me to think that. I told him that no one ever spent time in the hospital or death bed wishing they'd spent more time at work.
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