Retirement thoughts Past Present Future

[ultrarunner]

It seems I am always the kid most places I go.

Of my 6 closest neighbors 4 were active at age 100.

By active I mean things like driving, golfing, traveling alone to her Condo in Hawaii… etc.

Three of the four are female…

Three of the four born and raised on farms.

None were on the Internet but they all read the newspaper and enjoyed sports or Jeapardy and Wheel of Fortune knowing most or many of the answers.

The man built a very successful AG produce distribution business in several states…

The women worked as teacher or clerical/accounting.

The rest of my neighbors in their late 80’s to early 90’s.

When people ask if I’m afraid living in East Oakland I point to the longevity of my neighbors living in homes they built 60 years prior.

All good at money management but at 104 one had no choice if she wanted to remain in her beloved home except to get an expensive reverse mortgage… having outlived her son, granddaughter and grandchild I supported her plan…

An expensive reverse mortgage can have its place in retirement…

 

[California]

... An expensive reverse mortgage can have its place in retirement…

I spent a year researching alternatives when it was obvious that Mom at 95 would eventually need an expensive, quality live-in caregiver, at a monthly cost exceeding her income.

At the time, just before the 2008 financial collapse, banks were pushing hard for their customers to take out real estate loans. We discovered a HELOC, Home Equity Line of Credit, was the least expensive way to convert her home equity into income for living expenses. 7% variable interest rate that eventually declined to 3%. With loan terms that limited the maximum we could eventually draw to 40% loan-to-value ratio. It had minimal set-up costs in contrast to a Reverse Mortgage that has initial costs like sale of the home.

We made the low monthly payments out of the monthly draw. And we were surprised that the bank didn't want us to sell and close the loan after Mom had passed. From their perspective so long as we kept up the payments (and about 25% L to V ratio by that time) they had made a good investment. We used HELOC funds for minor remodel, to get the best price when we sold.

Recommended.

 

[Torvy]

Today is my first official day of retirement. Students graduated last night. It probably won't really sink in until August when classes resume and I'm driving my tractor on my land instead of a car in traffic. Now I just need someone to buy the house in the city. Wife will keep on in unretirement until we are clear of it or January, whichever comes first. It would be easier if people in DC has some remote understanding of fiscal responsibility.

 

[buckeyefarmer]

Today is my first official day of retirement. Students graduated last night. It probably won't really sink in until August when classes resume and I'm driving my tractor on my land instead of a car in traffic. Now I just need someone to buy the house in the city. Wife will keep on in unretirement until we are clear of it or January, whichever comes first. It would be easier if people in DC has some remote understanding of fiscal responsibility.

Congratulations.

 

[ultrarunner]

I spent a year researching alternatives when it was obvious that Mom at 95 would eventually need an expensive, quality live-in caregiver, at a monthly cost exceeding her income.

At the time, just before the 2008 financial collapse, banks were pushing hard for their customers to take out real estate loans. We discovered a HELOC, Home Equity Line of Credit, was the least expensive way to convert her home equity into income for living expenses. 7% variable interest rate that eventually declined to 3%. With loan terms that limited the maximum we could eventually draw to 40% loan-to-value ratio. It had minimal set-up costs in contrast to a Reverse Mortgage that has initial costs like sale of the home.

We made the low monthly payments out of the monthly draw. And we were surprised that the bank didn't want us to sell and close the loan after Mom had passed. From their perspective so long as we kept up the payments (and about 25% L to V ratio by that time) they had made a good investment. We used HELOC funds for minor remodel, to get the best price when we sold.

Recommended.

I’m not sure why not viable for her… she received a monthly deposit into her checking account and utilities set up with auto pay… having outlived all your descendants by several generations didn’t keep her down but then born and raised in the middle of Nevada in a dirt/sod home with a trip to the nearest town of Elko an overnight trip… she experienced both pandemics… never got Covid…

The other was the only teacher in a one room school house in Genoa Nevada at age 17…

The retirement issue was both outlived their husbands by nearly 50 years and each had only one child…

That said something about pioneer stock… Ben there done that… tough times don’t last but tough people do!

 

[MossRoad]

Not sure 100 would be a a desirable age. I am an ER nurse and see the many things that take a person down. Men generally have prostate issues. You either cannot pee or have prostate / bladder problems. The women often have severe osteoporosis, spontaneous fractures and length rehab with surgeries. Living a long life that has independent living is the goal. Dr. Peter Atia offers a podcast called Drive that adds to one’s understanding. Personally I expect some drunk or impaired to kill me while I am cycling. I have seen the pressure sores and lost cognitive conditions. Old is not so desired.

While I've known many people that have had poor health in their last couple years, and passed as you describe, I've also know many that lived long, happy, healthy, independent lives well into their 90s, and a couple to 100+. So that's what I'm gonna strive for.

 

[MossRoad]

Wow Moss, you were quite the troublemaker ! Ha ha

Well, trouble for the boss when he tried to stick it to me for a stupid reason.... you're not the 'type' to be salaried. I'm not sure what he was thinking. Before he inherited me, I was in the production departments, installing machinery, and in a management program where I learned all aspects of newspaper production. They'd stick me in a department where I'd learn everyone's job, perform their jobs, learn how to operate, maintain and repair all of the equipment in that department, learn the manager's job, then run the department for a month. Then they'd move me to the next department. I went through about 5 departments in about 3 years. I'd fill in for the managers when they'd go on vacation, fill in during busy times if they were short production workers, repair and troubleshoot every piece of machinery in a newspaper production facility, remove old equipment, install new equipment, get sent to schools on east and west coast for training. Got a good grasp of the software in all of that stuff, and they added IT to my job description.

Then that boss inherited me into the data processing department that turned into the IT department. I knew more about everything in the operation than he did. Add to the fact that upper management made him agree to share me with all of the other production departments because of my knowledge, and he felt threatened. He had a history of chasing smart people out of the company before me. I'm not the type to be chased, but it was pretty hard to stay.

I got some psychological counseling to deal with it. They gave me a book titled

How To Live With a "Neurotic" at Home and at Work​

and that helped a lot! It gave me the tools to deal with the guy. He got tired of trying to fix me, realized I had the company's best interest at heart, and wasn't going to budge or be pushed around unfairly.

Many years later, at a retiree's party, he apologized for how he treated me. We now get along well outside of work.

 

[Larry Caldwell]

Many are, they all have “papers” but false paperwork is easy. Many of my friends are farmers so I know first hand.

The next generation of farmers will be Hispanic. Anglos won't do the work, and don't develop the skills.

 

[Larry Caldwell]

Not sure 100 would be a a desirable age. I am an ER nurse and see the many things that take a person down. Men generally have prostate issues. You either cannot pee or have prostate / bladder problems. The women often have severe osteoporosis, spontaneous fractures and length rehab with surgeries. Living a long life that has independent living is the goal. Dr. Peter Atia offers a podcast called Drive that adds to one’s understanding. Personally I expect some drunk or impaired to kill me while I am cycling. I have seen the pressure sores and lost cognitive conditions. Old is not so desired.

Getting older is always voluntary.

 

[CloverKnollFarms]

We have been exploring the idea of me early retiring. We actually came to the conclusion that I could do so at 50, if the wife maintains a job for insurance. We will have enough saved outside retirement for 10-15 years, and our retirement savings are already in place. It helps we have have all things paid off for the past 10 years.

I’m not sure I’ll say goodbye to the daily grind in 5 years, but I’ll have that as a solid option. I just need a plan for the remaining 35 years or so.