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)
Reply Start New Thread
 
Old 01-03-2016, 07:00 AM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,942,381 times
Reputation: 6716

Advertisements

Quote:
Originally Posted by johngolf View Post
Many of the discussions about financial planning, retirement, etc. always have a "fudge factor" like I have a spouse to protect or I have kids/grandkids. etc. to protect. It is always "somebody" to protect.

Let us start a chat about financial planning/preparation, etc. when only having to take care of/protect yourself with little to no concern about anyone else.

First subjects, playing of other chat subjects:

1. Reverse Mortgages.

2. Nursing Home Care Financing ala Medicaid kicking in.

3. Annuities.

Anything else?
It's almost impossible to give any but the most general advice about these areas or others without knowing something about the person who's asking the questions. A lot depends on individual factors - like age - financial resources (everything from savings to pensions to social security to home equity) - one's ability to handle those financial resources - one's general state of health now and projected state of health a little down the road - etc. What might make sense for a healthy 65 year old man with a fair amount of financial resources and financial acumen might make no sense for an 80 year old man with limited resources - no financial acumen - and a touch of early dementia.

So can you can tell us a little about yourself? And your current circumstances. I assume from your message that you're alone but don't really know if you recently lost a spouse or have been divorced for 20 years. If you have discussed this elsewhere - I missed it/don't remember the details.

In terms of a reverse mortgage - I assume you plan on staying in your current house. But for how long? Any possibility you will want to move in the near future?

When it comes to nursing home financing - do you see a need for that in the next few years - or are we talking about a possibility 20 years down the road?

And annuities come in so many different flavors that I wouldn't even know where to start without knowing anything about you.

I think the more information you share - the more likely you are to get "on point" advice. So - if you have the time and are so inclined - tell us a little about yourself. Robyn
Reply With Quote Quick reply to this message

 
Old 01-03-2016, 07:20 AM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,942,381 times
Reputation: 6716
Quote:
Originally Posted by johngolf View Post
I do not want this chat to lose focus. I am not asking for help. I pretty well have it figured out for me personally though there are always things to be learned. I am saying let us educate each other about things. Just saying no to something is of little help to anyone. Explain your beliefs as some have.

Things can vary widely especially when one has a spouse and/or heirs to consider so clarify that even though this chat was started primarily saying no spouse or heirs to consider. This does not mean you must have no spouse or heirs if you have information to add but also they are not the main concern of this chat. Things can also be age dependent so add that in to aid in clarification.

One person mentioned death with dignity. I am of that school but hopefully it is pretty far away......I hope....LOL
Chat in general is pretty meaningless unless it has a factual context.

Note that I am always amused when I hear young people saying that they would rather die than X/Y/Z. The will to live can be pretty compelling even when it comes to people who are very old and have various degrees of incapacity. Life is short - and we will all be dead for a long time. I honestly don't have a clue how I'll feel when I know I'm much closer to death than I am today. Robyn
Reply With Quote Quick reply to this message
 
Old 01-03-2016, 08:23 AM
 
1,227 posts, read 1,261,539 times
Reputation: 4310
Quote:
Originally Posted by Robyn55 View Post

How much older? I think some CCRCs can be appropriate for people 65-70+. After all - the concept is "continuing care retirement community". Most CCRCs want/require new residents to move in when they only require "senior independent living" - as opposed to ALF or SNF care. FWIW - we have what I understand is a pretty good one in our area. Vicar's Landing (it has a waiting list). We are also close to lots of good golf . Might be worth a "look see".
Hi Robyn,

It is going to be a long time before I turn 65, so for me the wait makes a lot of sense.
Reply With Quote Quick reply to this message
 
Old 01-03-2016, 04:23 PM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,942,381 times
Reputation: 6716
Quote:
Originally Posted by LookingatFL View Post
Hi Robyn,

It is going to be a long time before I turn 65, so for me the wait makes a lot of sense.
That's honestly what I don't get about a thread like this. Trying to talk about:

1. Reverse Mortgages.

2. Nursing Home Care Financing ala Medicaid kicking in.

3. Annuities.


Without knowing anything about who we're talking about - whether a real or imaginary person.

I'm 68 and my husband is 70. We are not interested in any of these options. First - because we don't need the money/cash flow. Second - because I have zero desire to do anything to conserve assets so either or the both of us can wind up in a lousy Medicaid nursing home (yuck - double yuck). And because the only reasonably good/decent annuity options IMO - the single premium immediate or deferred annuities - make the most sense for people who are about 80 - or thinking of starting to collect at about 80 (the latter is the so-called "longevity insurance").

Seems to me that a lot of people who are 65 (or even younger) are spending too much time here speculating/jacking off about where they might be when they're 80. Perhaps it's cold up north and people don't have anything better to do this time of year .

When our 4 parents were 65 - I could not have predicted in a million years how things would play out when they were 80. At our ages now - my crystal ball is equally cloudy. Robyn
Reply With Quote Quick reply to this message
 
Old 01-03-2016, 06:07 PM
 
Location: Massachusetts
207 posts, read 132,087 times
Reputation: 533
Quote:
Originally Posted by Robyn55 View Post
That's honestly what I don't get about a thread like this. Trying to talk about:

1. Reverse Mortgages.

2. Nursing Home Care Financing ala Medicaid kicking in.

3. Annuities.


Without knowing anything about who we're talking about - whether a real or imaginary person.
Perhaps any thread related to annuities, long term care insurance, and reverse mortgages should be automatically moved the the religion forum. The discussions herein all seem to have more to do with belief than anything else.
Reply With Quote Quick reply to this message
 
Old 01-03-2016, 06:50 PM
 
Location: Central Massachusetts
4,800 posts, read 4,852,811 times
Reputation: 6379
Quote:
Originally Posted by HopHillers View Post
Perhaps any thread related to annuities, long term care insurance, and reverse mortgages should be automatically moved the the religion forum. The discussions herein all seem to have more to do with belief than anything else.
You don't think that is a bit sharp? Maybe you don't need to discuss the need for any of those but that does not precluded the need that anyone else might. You probably should reconsider your reason to even respond to any more posts here.
Reply With Quote Quick reply to this message
 
Old 01-03-2016, 06:54 PM
 
Location: Massachusetts
207 posts, read 132,087 times
Reputation: 533
Quote:
Originally Posted by golfingduo View Post
You don't think that is a bit sharp? Maybe you don't need to discuss the need for any of those but that does not precluded the need that anyone else might. You probably should reconsider your reason to even respond to any more posts here.
Thanks for proving my point.
Reply With Quote Quick reply to this message
 
Old 01-04-2016, 12:27 AM
 
Location: Central Massachusetts
4,800 posts, read 4,852,811 times
Reputation: 6379
Quote:
Originally Posted by HopHillers View Post
Thanks for proving my point.
Proving the point that your views are contrarian and counter productive?
Reply With Quote Quick reply to this message
 
Old 01-04-2016, 03:37 AM
 
71,705 posts, read 71,829,507 times
Reputation: 49273
Quote:
Originally Posted by golfingduo View Post
You don't think that is a bit sharp? Maybe you don't need to discuss the need for any of those but that does not precluded the need that anyone else might. You probably should reconsider your reason to even respond to any more posts here.
or anywhere else for that matter from the attacks he makes on posters .

he is ignorant in a lot of subject matter discussed in many threads so he just interjects personal attacks instead with most ridiculous things he tries to attack .

he says he put me on ignore , but he still seems to like reading my posts and spewing nonsense about the fact in nyc most of our multi-family complexes are rent stabilized and we live in a stabilized development .

he thinks that is the same as "rent controlled apartments " which they are not even close to being so for some reason in every thread he likes to say i don't know what i am talking about because i live in a rent controlled apartment , which i clearly do not ..

he does not understand a rent stabilized apartment is not a rent controlled apartment . rent stabilized has nothing to do with net worth or income , it is only a building's choice of structuring for tax abatement's and preferred financing in exchange for a committee voting the increases in rent which can be very real world . 1/2 the entire city's housing stock is stabilized and that includes the boroughs too . out of ignorance he thinks rent stabilized is for poor people who are poverty stricken .

that is why in our development we have a pool and tennis courts , ha ha ha ha ...

that gives you an insight in to the logic he uses here ,.

perhaps we are the ones that should be using ignore .

Last edited by mathjak107; 01-04-2016 at 04:33 AM..
Reply With Quote Quick reply to this message
 
Old 01-04-2016, 04:43 AM
 
Location: Massachusetts
207 posts, read 132,087 times
Reputation: 533
Quote:
Originally Posted by golfingduo View Post
Proving the point that your views are contrarian and counter productive?
Youíre a good guy so I donít take offense by your remark. As a matter of fact, I rather like the contrarian part of it.

Let me tell you what my real beef is. I am offended by financial institutions and advisors that take advantage of people by selling expensive, crappy products. There should be a place reserved in the inner circles of hell for them, particularly insurance companies.

I have an undergraduate degree in accounting, an MBA in Finance, a CPA, and Iíve been a chief financial officer for over 20 years. Does that make me an expert? Absolutely not, but it does qualify me to offer an occasional financial observation that may be relevant to some people.

The chief problem is that many people donít understand probabilities. Thatís why casinos and lotteries exist. Insurance companies are akin to casinos and lotteries. They have armies of actuaries that are very good at math and price their products accordingly. Whenever you are on the other side of a transaction with them, you are at a severe disadvantage. In the aggregate they are going to win, and win big.

I invite you to go to the SECís Edgar data base and look at Form 10-Qs and 10-Ks for insurance companies and other companies that sell financial products and services. You will see hugely profitable companies. Where do you think their revenue and profits come from?

I offer my observations in this forum for people who want to hear a different perspective from the other voices that appear here. I realize that may be offensive to some people, but you canít please everyone.
Reply With Quote 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.


Reply
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