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Old 10-20-2017, 03:24 PM
 
Location: At the Lake (in Texas)
2,070 posts, read 2,034,332 times
Reputation: 5032

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I live in North Texas, about an hour southeast of Dallas. My job was eliminated last year and so I retired about 10 months prior to my FRA. Fortunately I had already purchased a retirement home at a nearby lake community and it was paid off this past August. My home is a lovely older, large mobile home on a beautifully landscaped 3/4 acre lot, directly across the street from much more expensive homes and the actual lake. My property is paid for and my taxes are incredibly under $200 per year with my over-65 and homeowners exemptions. So...I thought I had executed the beginning of my retirement home and new life.

Now, the reality:
I have developed mobility problems that I am having difficulties reversing;
Maintenance problems are now arising; i.e. water damage eroding some subfloors; other ongoing maintenance issues and tree maintenance (lot is heavily treed, and beautiful but sometimes problematic);
I am more isolated than I thought I would be - there are no meetup groups (I have even tried to start some), no Silver Sneakers groups, no book clubs, etc. Internet and even television reception is iffy. Heavily Republican area and I am basically a very liberal Democrat (I get along well with all types people, just have been having difficulties meeting anyone).

I live basically on about $2,000 per month (baby boomer single parent, didn't save)...that is perfectly okay when nothing is going wrong (I have no debt to speak of), but also no substantial bucks for repairs. My son has been living with me and does absolutely everything for me, but I want him to feel free to move on and continue his own personal life, without worrying about me. If I had been able to work 2 more years as I had planned, I would have stashed away my entire work checks for those two years and these issues would not be so problematic.

Should I sell this property and try to find an over-55 AFFORDABLE little apartment, closer to other people and activities, or should I plan to stay? I am open to looking at other states, but Texas does have a good cost of living and no state income tax. However, it's very unsettling to think about leaving and starting over again, but the reality is that I am getting older every day, I am and probably will continue to be single, and I would not be able to manage my life in this large property (lovely though it is) without my son's multiple contributions. It's also unsettling to think about getting rid of a lot of things and moving ... again.

Your thoughts/observations/suggestions, please? I am so conflicted as to what is the wisest course of action. Thanks so much!
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Old 10-20-2017, 03:36 PM
 
Location: SoCal
6,063 posts, read 9,522,564 times
Reputation: 5789
Quote:
Originally Posted by MagnoliaThunder View Post
I live in North Texas, about an hour southeast of Dallas. My job was eliminated last year and so I retired about 10 months prior to my FRA. Fortunately I had already purchased a retirement home at a nearby lake community and it was paid off this past August. My home is a lovely older, large mobile home on a beautifully landscaped 3/4 acre lot, directly across the street from much more expensive homes and the actual lake. My property is paid for and my taxes are incredibly under $200 per year with my over-65 and homeowners exemptions. So...I thought I had executed the beginning of my retirement home and new life.

Now, the reality:
I have developed mobility problems that I am having difficulties reversing;
Maintenance problems are now arising; i.e. water damage eroding some subfloors; other ongoing maintenance issues and tree maintenance (lot is heavily treed, and beautiful but sometimes problematic);
I am more isolated than I thought I would be - there are no meetup groups (I have even tried to start some), no Silver Sneakers groups, no book clubs, etc. Internet and even television reception is iffy. Heavily Republican area and I am basically a very liberal Democrat (I get along well with all types people, just have been having difficulties meeting anyone).

I live basically on about $2,000 per month (baby boomer single parent, didn't save)...that is perfectly okay when nothing is going wrong (I have no debt to speak of), but also no substantial bucks for repairs. My son has been living with me and does absolutely everything for me, but I want him to feel free to move on and continue his own personal life, without worrying about me. If I had been able to work 2 more years as I had planned, I would have stashed away my entire work checks for those two years and these issues would not be so problematic.

Should I sell this property and try to find an over-55 AFFORDABLE little apartment, closer to other people and activities, or should I plan to stay? I am open to looking at other states, but Texas does have a good cost of living and no state income tax. However, it's very unsettling to think about leaving and starting over again, but the reality is that I am getting older every day, I am and probably will continue to be single, and I would not be able to manage my life in this large property (lovely though it is) without my son's multiple contributions. It's also unsettling to think about getting rid of a lot of things and moving ... again.

Your thoughts/observations/suggestions, please? I am so conflicted as to what is the wisest course of action. Thanks so much!
As you're developing irreversible mobility problems, there will be a point when you will have no choice but to move -- to some sort of assisted living. So even though it's a huge change, why not do it now when you can do it as *you* plan it and not as your mobility problems and some social service well--meaning people plan it.
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Old 10-20-2017, 03:39 PM
 
Location: Central Mexico and Central Florida
7,095 posts, read 3,456,394 times
Reputation: 10153
Based on your income you will have probably not owe any income tax in any state.

Of elderly on limited incomes, the only ones that seem to suffer are those who rent. Those who own outright (no mortgage) do better, or at least all of the ones I have known.

If you are unhappy, NOW is the time to act.

Make up a list of your WANTS and NEEDS...see what's available for you.

Most real estate is doing well now, mostly sellers' markets...if that's the case with you, maybe you want to take advantage of it.
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Old 10-20-2017, 03:40 PM
 
Location: At the Lake (in Texas)
2,070 posts, read 2,034,332 times
Reputation: 5032
Quote:
Originally Posted by oddstray View Post
As you're developing irreversible mobility problems, there will be a point when you will have no choice but to move -- to some sort of assisted living. So even though it's a huge change, why not do it now when you can do it as *you* plan it and not as your mobility problems and some social service well--meaning people plan it.
Thanks. Yes, it's very difficult to try to look forward to a "different" me...I have always felt strong and able, and have been in a bit of denial about my future physical condition. Not being a downer, just trying to be realistic. Thanks for your insight.
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Old 10-20-2017, 03:42 PM
 
Location: At the Lake (in Texas)
2,070 posts, read 2,034,332 times
Reputation: 5032
Quote:
Originally Posted by dothetwist View Post
Based on your income you will have probably not owe any income tax in any state.

Of elderly on limited incomes, the only ones that seem to suffer are those who rent. Those who own outright (no mortgage) do better, or at least all of the ones I have known.

If you are unhappy, NOW is the time to act.

Make up a list of your WANTS and NEEDS...see what's available for you.

Most real estate is doing well now, mostly sellers' markets...if that's the case with you, maybe you want to take advantage of it.
Thank you so much for your insight, and also the comment about the rent issue. That is why I pushed to get my home financed for only 5 years so that I could get it paid for...had I kept my other home in Dallas I would have been paying on it until I was about 80! Your advice is very good...
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Old 10-20-2017, 03:52 PM
 
Location: Wisconsin
21,534 posts, read 43,972,276 times
Reputation: 15135
Sounds like you need cash flow - not real estate which requires maintenance.

There is low-income subsidized housing for seniors everywhere - nice apartments in nice developments in nice locations - at least around here there is.

Paying rent shouldn't be an issue as rent is limited to about 1/3 of your income. In some states assets are not considered at all - only income. Most of these units include some utilities, I believe. Start looking into these in your area.

The time to move is now while you can, imo. I, personally, would not tie up capital in real estate - especially since it appears you don't have much in the way of savings to fall back on. Better to take about 50-75% of what capital you have after your property is sold and look into appropriate moderately conservative investments to help supplement your income and keep pace with inflation. One such suggestion VWINX. Of course, keep at least 25% in cash. Fwiw, my IRA (more aggressively invested, although 20% is in VWINX) has supplied withdrawals - several years in excess of the RMD - for the past six years - and is still worth more today than when I began withdrawals. This year, so far, it has gained the equivalent of four years' withdrawals.

Last edited by Ariadne22; 10-20-2017 at 04:25 PM..
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Old 10-20-2017, 04:12 PM
 
5,424 posts, read 3,442,945 times
Reputation: 13693
Quote:
Originally Posted by MagnoliaThunder View Post

Should I sell this property and try to find an over-55 AFFORDABLE little apartment, closer to other people and activities, or should I plan to stay? I am open to looking at other states, but Texas does have a good cost of living and no state income tax. 's multiple contributions. It's also unsettling to think about getting rid of a lot of things and moving ... again.

Your thoughts/observations/suggestions, please? I am so conflicted as to what is the wisest course of action. Thanks so much!
I would say, yes, move to a different dwelling.

If necessary, hire movers who also do the packing for you. (money, I know)

Your current set-up does not sound too good. Particularly the fragility of the dwelling itself (i.e. water damage, etc) needing repairs now and in future.
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Old 10-20-2017, 05:09 PM
 
5,424 posts, read 3,442,945 times
Reputation: 13693
I don't see mobility problems as definitely equaling ALF (assisted living facility) in the future.

It depends on what type of mobility problem, and the severity.

Many people live in regular apartments while having some mobility problems.
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Old 10-20-2017, 05:20 PM
 
Location: Southern California
23,651 posts, read 8,227,438 times
Reputation: 15437
I was married once a million yrs ago it seems, it's almost like I was never married, but was. Didn't save a lot and I'm 79. For me, and I've owned a condo for 5 yrs and sold it...don't want to own anything as it begins to own you. And it's true, everything we own becomes a money pit.

I love being able to call the landlord or mgmt co to fix this or that when something breaks.

My daughter has her own life and issues and challenges so she helps somewhat but I don't count on her, my friends around apt bldg help me.

I just sold my auto as I don't want to drive anymore....and living with a knee issue since late last year...don't know where that's all going to go.

As I see it, the more we own the more we're owned. Good luck with your decision.
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Old 10-20-2017, 06:42 PM
 
6,306 posts, read 5,046,206 times
Reputation: 12810
I would move. That is my plan. Won't be 60 for another three years, but I can see that I don't want to be tied down to this big house and property.
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