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Technically, I don't know if I'm in the correct forum but this is where I can get the most opinions from those of retirement age.
Here it is:
I'm 60 and I've always wanted land. For over 30 yrs, I've looked but refrained from buying because I had a family and was concerned about diverting money that we might need.
Well I've raised them and they are grown and on their own and my wife left me several yrs ago and still I want that small wooded piece of paradise.
I still work fulltime, own my home and car and live without other debt.
I love to fish, hunt, camp, kayak, ride my bike and just about anything outdoors (I know what your thinking...he needs a woman in his life)
Well, I'm financially able to buy that land without affecting my retirement. In fact I've found about 40 acres with nice woods, wildlife and a internal road system and small streams that is about half way between where I and my brother live.
So, in your collective wisdom would it be foolish to purchase land at this age?
I don't think so! As long as you are healthy and fit, and it sounds like you are, why not? My husband and I are in our mid 50's, retiring in 2 months, and planning on buying 5-7 acres on the Big Island and putting a kit house or yurt on it.
It's not "too late" until your dead, IMO. You may get too old to personally, physically FARM land, but you didn't say anything about that. It's your money; spend it however you like!
My grandfather bought 250 acres of prime farmland when he retired at 65 and farmed every inch of it. He also kept about 25-30 dairy cows. It was his dream and he loved every minute of it.
If it's not going to affect your retirement, go for it. You can also bequeath it to your children. Enjoy your money, buy it, and make sure you spend some time on the land. You've earned it.
My wife and I bought a small repo farm (house on 20 acres with two barns) when I was 60 and she was 57. We've not regretted it. Beyond my retirement savings, I had the money saved to buy the farm outright. We were very sick of city life having had to live and work in several large angry cities during my career. Then too, I had always wanted a big barn and a lot of SPACE.
No two retirement situations, and no two retirees, are alike but, if land is what you want, I have to say go for it and best of luck. Remember, land is something the government can't print more of. However, our government has vested interests in "printing" many more people who will need that land.
It's not too late for sure, but the more you own, the more it owns you.
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