If she goes to nursing home it will all be gone soon. $60,000 plus per year just to stay plus Medicare and Medicare Supplement. My in-laws spent 8 and 9 years respectively in the nursing home. Took their rental properties, home, motor home, boat, vehicles, and lots of cash when all was said and done. And they saved and saved their whole lives. Get both in a nursing home and it eats up a lot of cash. Doesn’t take too many years and the nursing home has it all.
Median boomer retirement account $144,000
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If she goes to nursing home it will all be gone soon. $60,000 plus per year just to stay plus Medicare and Medicare Supplement. My in-laws spent 8 and 9 years respectively in the nursing home. Took their rental properties, home, motor home, boat, vehicles, and lots of cash when all was said and done. And they saved and saved their whole lives. Get both in a nursing home and it eats up a lot of cash. Doesn’t take too many years and the nursing home has it all.
I got really lucky on the timing. I bought in 2011 at the bottom of the Florida real estate market. In a high-rise, not a huge place but yes, right on the water.
This ties back into the business ideas thread from last month but I have a rough plan for adult self-help and self-improvement classes. Financial classes, how to find a job you actually can enjoy instead of hate, basic budgeting, how to save for an emergency fund, etc. etc. and after some very soft and preliminary testing, no one really wants to pay for those things. And if they do, getting them to spend the time to learn is the next challenge. To me, its something that is needed though.
Both my parents (both between 58-62) are currently on IPERS, have a paid for house have over $75K in liquid assets at all times plus an unknown stock war chest my dad is shy to talk about... I think it's pretty strong though ($500K-$1M) is my guess). They are rock solid for life, barring massive health set backs and my dad still lives on a shoe string budget. Mrs and I want that life so we already are way ahead of our age peers on saving.
On the other hand.. my in-laws have trouble paying for surprise $600 auto repair bills. Thank god my wife is a saver and doesn't act like her parents. Unfortunately, we will most likely have to support them later on with probably no help from the siblings who want to save the world and not make any money...
On the other hand.. my in-laws have trouble paying for surprise $600 auto repair bills. Thank god my wife is a saver and doesn't act like her parents. Unfortunately, we will most likely have to support them later on with probably no help from the siblings who want to save the world and not make any money...
Multiple pensions. My cousin has one with military, another with a company, and is on double disability. He's such a great guy so I'm glad he gets to have freedom from money.
Yeh, let's send all these frail old farts out to a tent city in Nevada, while we provide welfare for all the real losers who have never contributed a nickel for themselves. Great Plan!!
Reading stuff like this makes me feel pretty good about my situation. Currently putting over 25% of my income into my 401k; wife will get a pension too. Does help we don't have kids; would not be able to put as much in my 401k if that were the case.
Quarterly. Due again Jul 1. Yes, they go up every year. $1,500/quarter.
That sea air is KILLER on everything metal within a few miles of the coast. And our building is 40 years old so lots of stuff needing attention that didn't need much before. Exterior concrete for one.
This year it's all new elevators and controls. The company that made the original elevator equipment is long gone, so every time something breaks its 30-90 days for a custom made part. This update will hopefully make those issues go away.
And we share amenities with a twin building next door so it gets spread over 252 units instead of just the 126 in ours. We have 2 pools, a hot tub, clubhouse with billiards, ping pong and a 1/2 assed workout room. Also Boche ball and two tennis courts. And the access to the beach. We also have a nearly full time property manager and 1-2 part time maintenance people. Also garbage, recycle, water and basic cable are included in our dues. And the property is gated so there's the maintenance of that to pay for too.
Dues seem high and that is a lot of money but they're much higher further south in Miami and Ft. Lauderdale. And even the local senior mobile home parks are paying $500+ per month lot rent.
Not necessarily in a retirement way, but it's interesting how you can do little things to save a bit to kick into the savings that can add up.
I used to drink 5 hour energies often and realized A) It can be unhealthy, and actually pointless if you've already had coffee, and B) it was costing $1000-2000 (!!?) a year after you figure 1 or 2 a day. Just crazy.
Also going out less etc. can help too.
And repeating but precovid I was paying cash and limiting it to X amount/week and that helped a lot. Trains yourself to pay attention to needs and limit excess.
Do you have to pay property taxes and insurance on top of that? And agree that the amenities and upkeep of common areas are not cheap. Pools require a lot of maintenance and cleaning.
What’s it looking like next 5 years down there? I’ve got the cash I’m just waiting for little collapse. Looking for the exact same thing. Complex with a pool walkable to the beach. 1 bedroom okay, two bedroom optimal.
At my age it would kill me!
On second thought, gonna die from Covid-19 anyway since I'm so old so maybe the hooker route makes sense.
At my age it would kill me!
On second thought, gonna die from Covid-19 anyway since I'm so old so maybe the hooker route makes sense.
Go out with a “bang”!
This is a sports board focusing on Iowa State. Let me wing a guess at its socioeconomics and demographics and then line them up with your observations.
-- mostly men
-- mostly White
-- mostly married (or in serious long-term relationships)
-- not very likely to be single parents
-- mostly late Millennial and Gen-X types (any younger and they are on Twitter or apps, any older and they are watching TV or on Facebook)
-- mostly college-educated, or will be college-educated, and probably came from families where that is mostly the expectation/not exceptional
-- went to a university dominated by its engineering, science, and agricultural colleges, all of which are known to be relatively lucrative majors
-- spouse is probably the same
What do you know... a bunch of middle aged to not-quite-middle aged White men with good educations in in-demand, steady fields, with stable family situations generally in two-income households, and in a low cost-of-living metro area (e.g., Des Moines and Ames) tend to have very solid personnel financial situations compared to the median.
The above circumstances are exceptionally positive. They are not the rule generally.
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Save money early, max your 401K and let your buddies own the fancy bass boats and swimming pools. No shame in living below your friends even though your kicking their ass. Point being, you're not entitled, safe your ******* money. Paying off my student loans in 10 years was like paying for a deadhorse, but we did it. I'll never forget the last payment. Life is long, sacrifice along the way will pay dividends.
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