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Old 12-02-2016, 12:50 PM
 
Location: Born in L.A. - NYC is Second Home - Rustbelt is Home Base
1,608 posts, read 740,865 times
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They work at MaC'D or the grocery store as baggers. If they can't keep up they are put into low rent housing for the homeless, the Salvation Army or die a slow death on the street. In the old days they had cold water flats that were a few bucks a month. Nowadays the cheapest 1 room studio here (WV) is $500 a month.
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Old 12-02-2016, 04:41 PM
 
Location: Los Angeles area
14,018 posts, read 17,729,443 times
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I worked for 34 years as a high school teacher in California, which means I had a state teachers' pension when I retired eleven years ago. I would have been O.K. with zero savings and zero assets although such a situation would not have been within my own personal comfort zone. Therefore I had other savings when I retired and also a paid-off townhouse.
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Old 12-02-2016, 09:19 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,546 posts, read 39,924,861 times
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Quote:
Originally Posted by Leo58 View Post
My mortgage won't be paid off until I am 73. I could pay it off now, but since the interest rate is only 3.3%, versus 5-7% I can make on investments, it is logical for me to keep the mortgage.


Sounds like you own multiple homes, which is probably as good an investment as any.
My mom was happy she got a 30 yr loan at age 80. It was on a 'second home' that she fixed up and after a few stays... she later rented it out. The bank will ALWAYS get their due... but for her, it was an extra $650 / month net. + equity gain.
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Old 12-03-2016, 04:23 AM
 
71,511 posts, read 71,674,131 times
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it is either the rent or the gain . one will have to be given up to see the other .
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Old 12-03-2016, 11:00 AM
 
29,774 posts, read 34,856,103 times
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Quote:
Originally Posted by slackercruster View Post
They work at MaC'D or the grocery store as baggers. If they can't keep up they are put into low rent housing for the homeless, the Salvation Army or die a slow death on the street. In the old days they had cold water flats that were a few bucks a month. Nowadays the cheapest 1 room studio here (WV) is $500 a month.
Yeah the future picture might not be as pretty for some they they currently aren't thinking about
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Old 12-04-2016, 03:14 AM
 
13,317 posts, read 25,550,246 times
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My mental back-up plan should I become unable to live in my new retirement house/town for whatever reason is a mobile home in the "big town" (Montrose, CO, 25 miles from my retirement house). I have always seen mobile homes as affordable housing- the size of a decent apartment with no neighbors sharing walls and ceilings.

(My new retirement town no longer allows mobile homes in the whole county and will grandfather in new ones to replace existing old ones, but they are really expensive). In the big town, there are year 'round winterized places and a lot of retirees, plus some services as any town of 20,000 will offer.

I could do it on Soc. Security but will have a pension, too. No expensive tastes except local food and adopting dogs/charity. Of course I worry about the next administration (and those after) and the unknown, but certainly know very few people who have a million bucks to work with (or to be concerned with leaving to heirs. I think everyone should live as well as they can and want to, don't owe nuthin to nobody).
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Old 12-04-2016, 08:07 AM
 
6,239 posts, read 4,721,373 times
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Originally Posted by brightdoglover View Post
My mental back-up plan should I become unable to live in my new retirement house/town for whatever reason is a mobile home in the "big town" (Montrose, CO, 25 miles from my retirement house).......).
Wow. I envy your determination to live your retirement dream. I am sure you are retiring into one of the most beautiful areas of the country.


No way would I feel comfortable living in the middle of nowhere without major healthcare readily available.


I briefly considered Grand Junction for retirement living. At least the level of healthcare would have been marginally acceptable. Unfortunately my wife and I decided living in a great scenic area would not make up for the lack of arts, music, culture and sophistication that we have come to expect.
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Old 12-04-2016, 08:14 AM
 
71,511 posts, read 71,674,131 times
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same feeling here .
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Old 12-04-2016, 08:57 AM
 
13,317 posts, read 25,550,246 times
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Montrose has a good community hospital and a new cancer center.
Frankly I feel finished with the arts amenities and all of the big city. Would just as soon rent movies and watch PBS.
I have thought of the medical mecca that the Boston area is but want too much to live in sight of the San Juans in my remaining years. I am at high risk for cancer of some sort (father, his eight siblings, his mother and my sister all had it) but don't worry about it enough to plan the rest of my life around it.

I wouldn't find GJ remotely as scenic as the San Juans but that's me. I can't seem to let go Ridgway.
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Old 12-04-2016, 09:23 AM
 
6,239 posts, read 4,721,373 times
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Quote:
Originally Posted by brightdoglover View Post
Montrose has a good community hospital and a new cancer center.
Frankly I feel finished with the arts amenities and all of the big city. Would just as soon rent movies and watch PBS.
I have thought of the medical mecca that the Boston area is but want too much to live in sight of the San Juans in my remaining years. I am at high risk for cancer of some sort (father, his eight siblings, his mother and my sister all had it) but don't worry about it enough to plan the rest of my life around it.

I wouldn't find GJ remotely as scenic as the San Juans but that's me. I can't seem to let go Ridgway.
As I said, congratulations on taking the steps to live your dream. No way would I feel comfortable with a 75 bed hospital for my local healthcare. I am relatively healthy but over the past few years I have needed eye surgery and have had visits to top rheumatologists, sleep and pulmonary specialists. My wife was hospitalized with diverticulitis and visited several specialists. It looks like she will avoid surgery which would involve major care and prolonged follow up. When I was 60 and 65, I was taking on the world's adventures. Now that I am moving into my 70s, I hope to remain healthy but know that more health issues lie ahead.
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