How and to live in old age with very little retirement savings (long-term, inheritance)
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The gap between the "haves" and the "have nots" has been growing during my entire life. Of course the best solution on an individual basis is to land in the former group.
With respect to the "have nots", the ones that can afford to own an RV and keep it running are actually the upper crust of this segment. For a similar cost they could likely find permanent housing somewhere in the U.S., but they'd rather have the freedom to live elsewhere in their RV. Many of the remainder are living with generous friends/family, or living in whatever vehicle they own or could afford.
I'm not optimistic about the future for working class Americans, but as Mark Twain once quipped...
Quote:
Prediction is difficult- particularly when it involves the future.
"If I am healthy then no I wouldn't because I think the bank would evict me when the money loan runs out. they want that money and if the owner lives to long, they won't get their profit soon enough." Originally posted by staystill
My father, a blue-collar worker, owned his own home but due to the expenses of raising a family, did not have much saved when he retired. He had a pension and Social Security and a paid-off mortgage, so he and my mom would always have the "basics," but they did not have extra income needed to travel or do some other things they'd like to do. When he was 73, he decided to take out a reverse mortgage and while he did pay higher interest rates and more fees than if he had taken a loan against his home, he knew that as long as he paid his taxes, the bank which issued the reverse mortgage could not evict him. He ended up dying at 91 and the reverse mortgage allowed him and my mom to do many of the things they had dreamed of. So while these mortgages may not be for everyone, it certainly made my mom and dad's lives better.
The gap between the "haves" and the "have nots" has been growing during my entire life. Of course the best solution on an individual basis is to land in the former group.
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Our standard of living is now higher ,back then those who cant afford a black and white TV,listened to the radio,eating out means Sunday dinner at the Church gathering,chicken is a delicacy,and seldom do you see steak !
You brew your own coffee,there is no fast food restaurant,most clothes do not need to be drycleaned,there is no designer this and designer that,and vacation in the exotic places.
We also drive less,10,000 miles a year,not 10,000 miles in 3 months.
Look at your closet,how many pairs of shoes do you have?
There are charge cards,not credit cards and you pay in full at the end of the month.How many credit cards do you have in your wallet and in your desk drawer?
Our standard of living is now higher ,back then those who cant afford a black and white TV,listened to the radio,eating out means Sunday dinner at the Church gathering,chicken is a delicacy,and seldom do you see steak !
You brew your own coffee,there is no fast food restaurant,most clothes do not need to be drycleaned,there is no designer this and designer that,and vacation in the exotic places.
We also drive less,10,000 miles a year,not 10,000 miles in 3 months.
Look at your closet,how many pairs of shoes do you have?
There are charge cards,not credit cards and you pay in full at the end of the month.How many credit cards do you have in your wallet and in your desk drawer?
I'm glad your standard of living is higher. So is mine, compared to when I was growing up or when I first graduated from university. The same is not true for the ordinary worker. The cost of housing and education, just to name a couple of the basics, have grown much faster than wages for labor.
I'm not offering any solution, as honestly there may not be any good ones.
There's plenty of places in this nation you can move where even social security will get you far. Sorry its going to be a small town of 1,500 in Nebraska or West Virginia and not Southern California. You are not entitled to retire where you've lived your whole life.
There's plenty of places in this nation you can move where even social security will get you far. Sorry its going to be a small town of 1,500 in Nebraska or West Virginia and not Southern California. You are not entitled to retire where you've lived your whole life.
Exactly! I retired and moved to a state where my property taxes for the entire year are the same as what I paid every month through mortgage escrow. After 25 years in the same crappy, but adequate, little house I had enough equity to buy my new place for cash. I worked hard in my career for 40 years for a company that underpaid but offered a pension. We didn't fall into the trap of keeping up with the Jones', most of whom are still working. It's all about the choices you make along the way.
There's plenty of places in this nation you can move where even social security will get you far. Sorry its going to be a small town of 1,500 in Nebraska or West Virginia and not Southern California. You are not entitled to retire where you've lived your whole life.
The problem with that is healthcare. Find me a small town with inexpensive home prices and good healthcare in town, a place where an elderly person can live without worrying about crime.
And...go.
If we had universal healthcare, so many of the elderly would be able to quit their jobs, giving them to the younger crowd. Instead, we have a huge population of elderly who are working jobs their bodies and/or minds can no longer do without difficulty, all because they can't retire due to the high cost of healthcare.
The problem with that is healthcare. Find me a small town with inexpensive home prices and good healthcare in town, a place where an elderly person can live without worrying about crime.
And...go.
If we had universal healthcare, so many of the elderly would be able to quit their jobs, giving them to the younger crowd. Instead, we have a huge population of elderly who are working jobs their bodies and/or minds can no longer do without difficulty, all because they can't retire due to the high cost of healthcare.
I live in a place like that. A top 100 hospital is a mile away and several others from 10 to 15 minutes away. All kinds of healthcare available. Low home prices and very low taxes since we don't have schools.
The problem with that is healthcare. Find me a small town with inexpensive home prices and good healthcare in town, a place where an elderly person can live without worrying about crime.
And...go.
Rochester, MN, or any of the little towns not far away.
Now please don’t say you also need to be walking distance to the beach
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Re: Reverse mortgage
