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View Poll Results: Are You Better Off Than You Were Four Years Ago?
YES 50 52.08%
NO 46 47.92%
Voters: 96. You may not vote on this poll

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Old 09-05-2012, 07:49 AM
 
1,176 posts, read 1,715,096 times
Reputation: 259

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Quote:
Originally Posted by Finn_Jarber View Post
Most people who have paid off their mortgage, bought their houses a long time ago, for a lot less than what they are worth now, so there is no "loss".
If this is a major portion of your retirement portfolio it is still a major hit and no one can deny it. I actually took money out of savings to pay off my mortgage after only 7 years when I retired so I would be debt free and would be able to live on retirement income. Good thing in a way since in the present economy I have zero chance of getting another good paying job. There is also a lot of talk locally that we should brace for another major hit to real estate if sequestration comes to pass. Major new layoffs and big drops in re value locally.
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Old 09-05-2012, 08:35 AM
 
Location: Florida
73,521 posts, read 40,761,457 times
Reputation: 13599
Quote:
Originally Posted by VMH2507 View Post
If this is a major portion of your retirement portfolio it is still a major hit and no one can deny it. I actually took money out of savings to pay off my mortgage after only 7 years when I retired so I would be debt free and would be able to live on retirement income. Good thing in a way since in the present economy I have zero chance of getting another good paying job. There is also a lot of talk locally that we should brace for another major hit to real estate if sequestration comes to pass. Major new layoffs and big drops in re value locally.
It is a "major hit" if you compare today's value to the bubble peak value, but why would you do that?

Besides, you are correct: people pay off their mortgage, so they'd have a place to live and don't have to pay mortgage. Most retirees don't use their house as ATMs, because they know that they'll actually have to pay back the equity they pull out.

If you believe your local area is headed for a dive, then the smart thing would be to move out. Or you can stay, take the hit, and then try to blame it on politicians, but I think you'd be better off not taking the hit. Blaming politicians never solved any of my problems. Only I can solve my problems.
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Old 09-05-2012, 08:40 AM
 
Location: Lower east side of Toronto
10,568 posts, read 11,805,134 times
Reputation: 9369
Every President will do the bidding of big corporations who are no longer loyal to America...THAT is the problem..America is just being used and it's bones are being picked over...No matter what - economics domestically will not improve- the powers that be are simply not interested in America.
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Old 09-05-2012, 08:59 AM
 
Location: Lower east side of Toronto
10,568 posts, read 11,805,134 times
Reputation: 9369
Look at the wives of the candidates----10 thousand dollars worth of exceptional dental work...Jackets worth a thousand buck...Hair that looks as if it was cut and designed in the finest salons at 500 bucks a shot---They wear shoes that most would have to work 2 weeks to save enough to buy......These people are RICH - very rich and they appeal to the voter to support their life styles.. We would all look like a million bucks if we had a million buck...but we don't - They do...and as I said...They do not even understand what struggling in the material world is about.


These people who want to maintain their positions will tickle your ears with what every you want to hear...and once elected or re-elected THEY REALLY DON'T GIVE A DAMN....They are not capable of thinking like us- blind privilege...and blind entitlement is what it is all about.


Being a liar is normal- and when the public believes their lies...they actually believe that - being deceptive is intelligent..


The one dis-service that stands out as far as bringing more contempt and loathing and harm to the American international reputation ...was very clear....Obama stated with his own mouth that he would close down the illegal and abusive prison camp in Cuba....and attempt to restore AMERICAN honor...He did not...He lied...He is no better than Dick Cheney..


This reminds of a group of good people (American citizenry)- who elect a leader who soils their good reputation- Making life more difficult through this systemic slander and defamation.
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Old 09-05-2012, 08:59 AM
 
1,176 posts, read 1,715,096 times
Reputation: 259
Quote:
Originally Posted by Finn_Jarber View Post
It is a "major hit" if you compare today's value to the bubble peak value, but why would you do that?

Besides, you are correct: people pay off their mortgage, so they'd have a place to live and don't have to pay mortgage. Most retirees don't use their house as ATMs, because they know that they'll actually have to pay back the equity they pull out.

If you believe your local area is headed for a dive, then the smart thing would be to move out. Or you can stay, take the hit, and then try to blame it on politicians, but I think you'd be better off not taking the hit. Blaming politicians never solved any of my problems. Only I can solve my problems.
I see you live in Florida. How well does deciding to sell today and closing the deal tomorrow work there? Did you also cash out your 401k when the market hit bottom? If so, how did that work for you? The damage has already been done and the only choice is to wait it out and hope for a turnaround in the economy which the current administration has been a total failure at. I agree with you on a couple of points though - mature people have never used their homes as ATMs, thats what people do who haven't lived long enough to realize the consequences and think it's just free money. I don't blame politicians but I do expect results. If the present team isn't working, "you gotta let um go"!
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Old 09-05-2012, 09:39 AM
 
Location: Florida
73,521 posts, read 40,761,457 times
Reputation: 13599
Quote:
Originally Posted by VMH2507 View Post
I see you live in Florida. How well does deciding to sell today and closing the deal tomorrow work there?
I need a place to stay, so why would I sell now? On the contrary, now is the time to pick up some good invesment properties.

In the other hand, if I was to sell, and buy another one, the new one would be just as cheap as my current one, so what's the diff?

Quote:
Did you also cash out your 401k when the market hit bottom? If so, how did that work for you?
My 401K has doubled in the past four year, so I have more than recovered whatever I lost in 2007-2008. I think that is the case with most 401K investors. It looked pretty bad for a while in 2008.
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Old 09-05-2012, 10:05 AM
 
1,176 posts, read 1,715,096 times
Reputation: 259
Quote:
Originally Posted by Finn_Jarber View Post
I need a place to stay, so why would I sell now? On the contrary, now is the time to pick up some good invesment properties.

In the other hand, if I was to sell, and buy another one, the new one would be just as cheap as my current one, so what's the diff?


Unfortunately, if I were to sell and rebuy, the new location would be in Texas where the hit was not nearly as bad as here
My 401K has doubled in the past four year, so I have more than recovered whatever I lost in 2007-2008. I think that is the case with most 401K investors. It looked pretty bad for a while in 2008.
So you are agreeing with me that selling when the market is down is not a good idea. Those who tout the doubling of the 401k, ignore the 50% drop which means you are even, not ahead, and really not if you are one of the stupid ones who panicked and sold!
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Old 09-07-2012, 10:33 AM
 
1,072 posts, read 1,795,519 times
Reputation: 1981
I am absolutely better off. The market has doubled since Obama took office.

As a 58 y/o retiree, it has been a huge improvement.

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Old 09-07-2012, 10:38 AM
 
Location: Florida
73,521 posts, read 40,761,457 times
Reputation: 13599
Quote:
Originally Posted by VMH2507 View Post
So you are agreeing with me that selling when the market is down is not a good idea. Those who tout the doubling of the 401k, ignore the 50% drop which means you are even, not ahead, and really not if you are one of the stupid ones who panicked and sold!
No, I said if you sell low, and buy another one low, it does not matter.

Doubling any investment, let alone a big one like 401K, is a big deal not matter how people spin it.
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