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Old 09-27-2017, 10:13 PM
 
11,237 posts, read 11,259,675 times
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Quote:
Originally Posted by countrykaren View Post
I'm not sure if I need to vent or looking for info, but I'll take any ideas everyone has.


I retired from my job with New York State around 2005 to open a business, but had to close the business in 2010. At that time my husband had multiple surgeries which required my help, so I did not return to work.


In 2008, (at 55) I took my pension. (all of $540/ m)


A few years after that I became very sick, so even tho my husband was better, I still couldn't work. So in 2014, at age 62, I started collecting SS. ($1200/m)


Thru some good doctors, etc, I'm now doing very well and want to return to work for New York State at age 64. (I'll be 65 in January)


So I called my retirement plan to see what I need to do. I was told that I will need to PAY BACK my pension. That will equal about $50,000. I know that I will need to do the same for SS, which will equal about another $27K.


Let's face it, I'm going back to work because I NEED to, not because I have nothing else to do.


Now if I do go back to where I use to work, I will make about $56K per year. The pension pay back will come out of my pay check. So basically I'll be working the first year for free (altho they won't take the whole amount at once). The second year, I'll be making what I once had, the third and following years, will then be my salary for me.


My skills are specialized and really don't translate to other jobs outside what I use to do.


So, it seems I either slowly sink on a tiny pension and SS, or I work and pay back $77K, out of a $56K salary.


So then I wonder, what happens if I'm laid off, or I get into a car accident (or sick, have an accident, etc) and can't work any more?


I paid into my pension, with the state matching it. I can even see paying back THEIR part, but isn't that MY money?


It just shows that seniors just can't get a break. You can't live on what they pay you, but you can't work either.


Because I took SS at 62, I can only make $14K. That just won't cut it.


Any and all answers are welcome. Thanks.
Here's things from my perspective:

From the moment we're born life is a crapshoot. 90% of us were born into the worst of circumstances in abject poverty and misery (think India, Africa, poorest South Asia, Middle East, etc.). A lucky few were born in America and Europe and given a fighting chance .

We're all one rear-end away from complete paralysis in a bed hooked up to a ventilator.

You've had some bad luck and the odds are at your age it's only going to go downhill from here. You took a chance on a business and lost. I've never been a betting man because even when the odds look 50/50 life has arranged it so they're actually 75/25 against you.

I'd take the $600 pension plus the SS and live a quiet life with what time I had left. As the pension/SS will not be affected by where you live I'd choose a place where COL is cheap and your money stretches and join some clubs and get some friends and enjoy what quality time you have left unfettered by all these headaches.

Last edited by thrillobyte; 09-27-2017 at 10:45 PM..
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Old 09-28-2017, 12:54 AM
 
Location: Wasilla, AK
7,240 posts, read 4,132,331 times
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Quote:
Originally Posted by countrykaren View Post
Oh and BTW- we did have a buyer (the third person who came) for the farm but we turned it down for-again- a variety of reasons. As I said, when you expect more- if you are patient , you will get more. We rent out the hay fields, altho the pay range is $25/ac for that, so you don't make a lot on it.


Most ppl are not looking for a farm- that's a specialty property, so we will wait. Working will help with the money situation. "Regular" houses aren't moving fast either and many have been for sale for a long time. We are priced within range. A farm on our street about 1/2 mile away, with only 1 barn (we have 4) and 60 ac (we have 103) is also for sale at a higher price than us. It's just the market and a waiting game.


So thank you all who really want to help someone and gave answers to my questions. The rest of you might want to look into why you are so hateful, and perhaps jealous.
So you've turned down three buyers so far? Either you want to sell or you don't. Price your property right and it will sell. New York is either losing population or barely gaining, depending on your source. And younger people are are moving to the city. The people most likely to buy your property are part of an ever shrinking population, so your buyer base is declining. It's time to stop looking for that ideal buyer and get more realistic. I'm not even 65 and I can't imagine wanting to deal with 103 acres and a bunch of animals. Do you really want to do it at 75 or later? The two most common scenarios I've seen when it comes to holding out for the ideal offer are you eventually wind up selling for even less than the offers you received when the property first hit the market or you eventually just walk away and take a total loss. Time is not on your side.
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Old 09-28-2017, 07:05 AM
 
Location: Location: Happy Place
3,688 posts, read 1,867,595 times
Reputation: 11301
Stay retired and living within your income.

Simple, really.
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Old 09-28-2017, 09:45 AM
 
844 posts, read 746,323 times
Reputation: 1383
Quote:
Originally Posted by AlaskaErik View Post
So you've turned down three buyers so far? Either you want to sell or you don't. Price your property right and it will sell. New York is either losing population or barely gaining, depending on your source. And younger people are are moving to the city. The people most likely to buy your property are part of an ever shrinking population, so your buyer base is declining. It's time to stop looking for that ideal buyer and get more realistic. I'm not even 65 and I can't imagine wanting to deal with 103 acres and a bunch of animals. Do you really want to do it at 75 or later? The two most common scenarios I've seen when it comes to holding out for the ideal offer are you eventually wind up selling for even less than the offers you received when the property first hit the market or you eventually just walk away and take a total loss. Time is not on your side.
We turned down 1 buyer (they were the 3rd ppl to look) because there was problems with them. We did have others interested but THEY could not get a mortgage. Plus we do not have the animals we use to, so that is why we are selling. We only have 4 pets, and our horse will be going to a friend.
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