Retirement thoughts Past Present Future

   / Retirement thoughts Past Present Future #2,881  
Gale Hawkins said:
I hope to stay around to see the early net effect of this wealth transfer.

fortune.com

Boomers' $72 trillion Great Wealth Transfer to millennials may come with strings attached

Millennials just don't know what to do with their slice of the piece.
fortune.com fortune.com
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Can't read it. However, we benefitted a bit from a small inheritance that my dad left to my 4 siblings and me. My mother in-law may leave a small inheritance to her kids. I kinda wish she'd blow it all on fun stuff, but she seems to be enjoying herself, although a tad lonely at times. She's the youngest of a LARGE!!! group of friends (couple hundred people) and they are passing away fairly often now. Maybe 40 left. She still attends monthly gatherings with them.

We hope to leave our kids a bit of an inheritance, but who knows. We could die tomorrow and they'd get a bunch, or we could live to 100 and spend it all. We told them it's our retirement, not their inheritance, and if there's anything left at the end, they should enjoy whatever it is, but don't expect it.
 
   / Retirement thoughts Past Present Future
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#2,882  
   / Retirement thoughts Past Present Future #2,883  
I retired at 54. It was planned for a couple of years before I did. Been retired 10 years now and love it. Don’t know how I had the time to work.
 
   / Retirement thoughts Past Present Future
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   / Retirement thoughts Past Present Future #2,886  
Gale Hawkins said:
Trouble awaits Florida’s housing market as the state just lost another home insurer

Climbing tax and insurance rates can be major retirement speed bumps.
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Yeah, insurance bit me. The major fires in California a couple of years ago caused such insurance losses that some of the majors had to be bailed out by their own re-insurance, refused to renew, and departed the state.

All I can get now on this old, grossly noncompliant farmhouse is a policy specialized for shabby old mobile home parks - because I don't have a perimeter foundation and that policy is all that's comparable. From an out of state company that no one ever heard of. I'm paying 4x what I was before.

The house and orchard are now insured by different companies, each more expensive than what I paid on the overall policy, before.

Separately I carried Workmans Comp at $100/ year for the very few hours I have someone help me in the orchard. That jumped to $1,100 so I dropped it and don't hire labor now. The contractor who sprays, discs, prunes, harvests the apple crop, does most everything and has proper insurance so my backhoeing stumps, maintaining the lane, etc doesn't really need a helper. But I'm getting old and will need to hire these tasks plus gardening, eventually.

Yes, retirement costs are climbing and have affected me.
 
   / Retirement thoughts Past Present Future #2,887  
California said:
Yeah, insurance bit me. The major fires in California a couple of years ago caused such insurance losses that some of the majors had to be bailed out by their own re-insurance, refused to renew, and departed the state.

All I can get now on this old, grossly noncompliant farmhouse is a policy specialized for shabby old mobile home parks - because I don't have a perimeter foundation and that policy is all that's comparable. From an out of state company that no one ever heard of. I'm paying 4x what I was before.

The house and orchard are now insured by different companies, each more expensive than what I paid on the overall policy, before.

Separately I carried Workmans Comp at $100/ year for the very few hours I have someone help me in the orchard. That jumped to $1,100 so I dropped it and don't hire labor now. The contractor who sprays, discs, prunes, harvests the apple crop, does most everything and has proper insurance so my backhoeing stumps, maintaining the lane, etc doesn't really need a helper. But I'm getting old and will need to hire these tasks plus gardening, eventually.

Yes, retirement costs are climbing and have affected me.
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I dramatically increased my deductible to keep the homeowners insurance under control. As far as I'm concerned it's for catastrophic loss, not minor piddly issues. 35+ years and never a single claim.
 
   / Retirement thoughts Past Present Future #2,888  
51 or 56 percent increase in insurance last year. Forgot which.
Property taxes another 12 percent increase.

Unsustainable for me in retirement if and when it comes.
 
   / Retirement thoughts Past Present Future #2,889  
I’m tempted to go with a liability policy and skip fire just like earthquake…

I do know a person that did just that and when the property was being sold the buyer could not get a regular policy because of the gap in coverage… ended up with State minimal Fair Plan…

Also went the high deductible route to 10k but that savings only helped for two years and premium increase caught up.

I also thought a California based company a safe bet but that is no guarantee as they are cancelling based on aerial photos…
 
   / Retirement thoughts Past Present Future
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#2,890  
ultrarunner said:
I’m tempted to go with a liability policy and skip fire just like earthquake…

I do know a person that did just that and when the property was being sold the buyer could not get a regular policy because of the gap in coverage… ended up with State minimal Fair Plan…

Also went the high deductible route to 10k but that savings only helped for two years and premium increase caught up.

I also thought a California based company a safe bet but that is no guarantee as they are cancelling based on aerial photos…
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Homeowners insurance in Colorado skyrockets, Louisville condo owners see sevenfold increase

This is starting to sound like a nation wide concern.
 
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