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Old 04-26-2009, 02:32 PM
 
Location: Cleveland Heights OH
13,198 posts, read 9,244,592 times
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Quote:
Originally Posted by LauraC View Post
If she's only in her mid 50s, so she isn't techically a senior, why isn't she asking the questions and doing the research? If she doesn't have a computer in her home, she can use the ones in the library for free. If she doesn't know how, why isn't she making phone calls or writing letters to get information while she's still working and years from collecting social security? Is there something wrong with this woman physically or mentally that makes her unable to do this for herself?
LauraC I agree she should at least try if she hasn't already but it's a heartbreaking task to call agency after agency only to find there is nothing for women or for men for that matter in this lady's situation. I have been there and I also know of others who have had the same experience.

There are programs aplenty for drug addicts, single mothers, children and sometimes for the very ill. But I doubt this lady will find something to help her should she be in need. Someday, hopefully, there will be.

Anyone seeking help may find it through various private agencies like those set up by religious groups but don't expect help from the government any time soon.
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Old 04-26-2009, 03:07 PM
 
23,062 posts, read 18,016,876 times
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This thread highlights one of the points so often missing from discussions about whether to rent or buy when it comes to a home. Renting assures a monthly cost into old age. Buying if done smart and planned appropriately enables you to retire without monthly housing costs. There is nothing better for retirement planning than owning your home outright.
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Old 04-26-2009, 04:01 PM
 
27,309 posts, read 22,750,602 times
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unless renting somewhere different every year is part of your plane...thats our intention for the winter months....

spring thru fall we have a home in the poconos of pa.... perhaps eventually we will buy another home but we will rent for the first few years until we decide to settle down, if ever
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Old 04-26-2009, 04:35 PM
 
5,265 posts, read 11,145,252 times
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"I am one of those who will have to work until I die. " Yes I think there are many of those due to our culture of the mass layoffs - but the thing I am questioning - is that will I be able to work til I die? Most people will not be hired because they are deemed too old (70+) or they will be unable to work because of age related disabilities.

Very sad.
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Old 04-26-2009, 08:00 PM
 
23,062 posts, read 18,016,876 times
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Quote:
Originally Posted by ConceivedinKY51 View Post
Some of us never had the blessing of being married (well, I'd consider it a blessing if a loving gentleman entered by life) so I don't think that it's a fair assumption to assume that the problem is primarily about "divorce."
Woman who were never married should have had the opportunity to earn full social security and plan for their retirement independent of being financially dependent of someone else. Yes opportunities for woman who are boomers were perhaps not what they are today.
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Old 04-26-2009, 08:01 PM
 
23,062 posts, read 18,016,876 times
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Quote:
Originally Posted by mathjak107 View Post
unless renting somewhere different every year is part of your plane...thats our intention for the winter months....

spring thru fall we have a home in the poconos of pa.... perhaps eventually we will buy another home but we will rent for the first few years until we decide to settle down, if ever
We know from another thread that you are well planned and can afford to exercise that option. You have a base to live on that enables you to have options.
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Old 04-26-2009, 09:42 PM
 
4,749 posts, read 8,054,402 times
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Quote:
Originally Posted by TuborgP View Post
This thread highlights one of the points so often missing from discussions about whether to rent or buy when it comes to a home. Renting assures a monthly cost into old age. Buying if done smart and planned appropriately enables you to retire without monthly housing costs. There is nothing better for retirement planning than owning your home outright.
Yes, in many cases it is helpful to own a home when you are retired, If it is not too big can be reasonably maintained and it is not too expensive, so that the taxes are reasonable.

Housing needs to be close to public transit or senior transit services and reasonably near health care because these will become a big issue, as you age. It amazes me that people, when they retire, think about moving into remote areas and never think about these needs.

Of course, if you have a paid home, you can sell it and take the equity and find a better location or you can downsize. Perhaps, if you can sell the property, especially in today's market.

There is also another issue that many counties give significant tax breaks to seniors over 65. As in my county in Colorado, "...50 percent of the first $200,000 of actual value of the property is exempted..." in addition you "...must have been the owner of record for at least ten consecutive years..." So, if you want to take full advantage, you would need to have settled on a home by 55.

I can also in my county, have the option of postponing the tax until the property is sold. Essentially a county lien is placed, with interest on the property. That would give me some extra funds every month.

In addition, you can finance a reverse mortgage and have funds per month out of the equity. FHA has a program that regulates these types of loans.

There are other advantages to home ownership for the elderly. Many social benefit programs are contingent on assets caps, but your home is exempt. If you had the money in liquid funds, it would be counted and you would be disqualified.

Those are some of the advantages but there are some good points to be made for renting in retirement. You can find small apartments, less than 600 square feet, in senior housing where rent is extremely reasonable. This type of living may be simple but it may be all you need. In addition, if you are alone, it may be better to live in a close community of similar seniors instead of sitting by yourself in a home you own. Also, renting gives you the option to move quickly and often, as you needs and wants change. When the time comes to move to assisted housing or a nursing home, it is much easier to move from a rental vs. trying to sell your house. And if you need the equity in your house to afford long term care--it can be a problem.

I think about these issues often because I am living it. I became suddenly disabled in my mid 40s. Because I always lived below my means, I was able to live on much less income. I paid off the mortgage and became completely debt free. Now, I am near 60 and still have no debts, but the house is become a big chore because of my deteriorating health.

I live near a good location for public transit and that is important because I need to use the disability transit. I live very close-in to Denver and medical care is near. But, I live alone and I am becoming more isolated. So, I am thinking, very strongly, about moving to a senior rental complex in the City of Denver. Since, my needs and wants are simple--a small place in a senior high rise, near public transit may be ideal.

Would it cost me. Perhaps. I now do not qualify for many benefit programs because of my limited assets (in reality, you have to have next to nothing, to qualify), so taking the equity out of the house would make no difference. I do live in a small house but it may even be cheaper to live in a very small apartment, even though I would have rent which, of course, will rise over time. These are some of my thoughts.

It is good that I was frugal to give me these choices. However, if I was not frugal and had fewer assets, my expenses would be less and I would qualify for many more benefits.
So that is the way it is.

Livecontent

Last edited by livecontent; 04-26-2009 at 09:58 PM..
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Old 04-26-2009, 10:24 PM
 
26 posts, read 42,602 times
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Quote:
Originally Posted by LauraC View Post
If she's only in her mid 50s, so she isn't techically a senior, why isn't she asking the questions and doing the research? If she doesn't have a computer in her home, she can use the ones in the library for free. If she doesn't know how, why isn't she making phone calls or writing letters to get information while she's still working and years from collecting social security? Is there something wrong with this woman physically or mentally that makes her unable to do this for herself?
Try language barrier. Her english is poor. Btw, I don't remember saying anything about her not wanting to work or anything like that. I just wanted to help her out knowing her situation. If there's program out there that can help people like her, why not take advantage of it was my attitude.

Last edited by RedViolin; 04-26-2009 at 11:20 PM..
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Old 04-26-2009, 10:37 PM
 
Location: Sherwood
4,995 posts, read 6,698,188 times
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In my old neighbrohood there were a couple of nice senior living highrises and a senior center. The buildings are nice and I think they're income-based so there's probably a waiting-list to get in. I saw old people walking to the grocery store and movies and a few other places, but it seems like they stayed in the building a lot of the time. I did notice the more active ones pretty regularly walking around the area. I think lower income older people don't have a lot of money, so they probably spent a lot of their time in the senior center doing free stuff.

I had an older friend who lived in a nicer non-senior place, he couldn't spend as much as he wanted on food etc but he spent a lot of his time talking and reading books. Seemed like a pretty okay life, to me. I think he was too "cool" to hang out with the other old people

I'm not sure what poor old "sick" people, do, though. All of the ones I saw were fairly active, but I didn't see a lot of families around, you know. Just older people by themselves, not with grandkids or adult children visiting them. Maybe they didn't have any children. Or their kids didn't like them.
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Old 04-26-2009, 11:08 PM
 
4,749 posts, read 8,054,402 times
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Quote:
Originally Posted by kinkytoes View Post
In my old neighbrohood there were a couple of nice senior living highrises and a senior center. The buildings are nice and I think they're income-based so there's probably a waiting-list to get in. I saw old people walking to the grocery store and movies and a few other places, but it seems like they stayed in the building a lot of the time. I did notice the more active ones pretty regularly walking around the area. I think lower income older people don't have a lot of money, so they probably spent a lot of their time in the senior center doing free stuff.

I had an older friend who lived in a nicer non-senior place, he couldn't spend as much as he wanted on food etc but he spent a lot of his time talking and reading books. Seemed like a pretty okay life, to me. I think he was too "cool" to hang out with the other old people

I'm not sure what poor old "sick" people, do, though. All of the ones I saw were fairly active, but I didn't see a lot of families around, you know. Just older people by themselves, not with grandkids or adult children visiting them. Maybe they didn't have any children. Or their kids didn't like them.
Very Interesting Comments. Yes, these issues have concerned me--would I fit in; would I be bored; would living around other seniors drive me to the "nut house". Would I annoy other people with my odd behavior. I sometimes meet seniors who are economically poor and many times are poorly educated. I just have nothing in common with these people; I cannot converse with them at any reasonable intelligent level. After we talk about our maladies, our doctors--there is just nothing left. I really do not know the answers.

I am a Army Veteran and do qualify for many of the State and Federal VA Nursing Homes and "Domiciliaries". Years ago I was an inpatient at VA hospital that was built during the Civil War. It also had a domiciliary attached. It was isolated in the woods of New York--very strange place indeed.
I remember sitting in my wheelchair next to very old Veterans of the Indian Wars, Spanish American War, Philippine Insurrection, WWI, WWII, Korean Conflict etc. That is all they could talk about--Army stories. So, to be in a Senior Center, with story telling old seniors, especially veterans--I could not stand the environment.

I go to the VA hospital and there is also some guy walking around with all the patches, the hat, the vest---looking to talk about military service. These guys do not have appointments, they just go to the hospital to recite their same old, everyday. That is the way of old people---stories, stories, memories, stories, brags, bravado etc. Yes, I may be turning into that which I detest. Perhaps it is inevitable.

So, maybe living in a Senior Center is not such a great idea. Getting sick young, and having not the time to earn my potential, has left me poor and too educated for many living environments among my "peers".

Livecontent

Last edited by livecontent; 04-26-2009 at 11:21 PM..
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