Hey old farts..how many over 50 yrs?

tyler.durden said:

Where do they live? Are they moving into a smaller home that they'll own outright, or renting something? Hard to believe that rent could be lower than the expenses of a paid off house...

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They split their time between northern Colorado where I grew up and interior British Columbia. Property taxes aren't too high but maintenance on the house plus allergy issues. I dunno. I think it's a dumb ass move.

They will keep a condo in town and live there.

They are pissing away money left and right though. It makes no sense to me.

tyler.durden said:

Rent is insane in large metro areas. I just moved from Chicago to just over the boarder to Indiana and bought a home for cash. The rent in my tiny one bedroom in Chicago was going up about $30 per year for about 15 years. Then it went nuts - first a $200 per month raise, then the next year another $160, with no end in sight. Buying cash used up a lot of my nest egg, but it costs me less than $700 per month now, including all expenses including electricity for my grow. I'm close to Chicago to work, but the cost of living is crazy low. I fill up for gas for about $3.25 per gallon, and as soon as I get to Chicago it is over $5! The apartment I was living in just last summer went from $1300 I was paying to over $1600 now, that's without utilities. Crazy shit...

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Exactly what my folks did. I didn't understand what changed but they're determined to sell. They won't even wait for prices to rise as interest rates fall in a few months.

All fees and tax increases are most always passed through to the renter, and most always with a mark-up to maintain profit profile and percentages on the property.

Don't miss your deadlines

"Fiduciary" is an important legal construct especially as it relates to anyone who advises you in investments. They are legally bound to always to act in the client's (your) best interests. Not the case in someone who is not a fiduciary.

Interesting series of Social Security claiming strategies. Newsletters worthwhile to subscribe to.

Please do not miss any Medicare signing deadlines.

Although Medicare Advantage may look like it offers "advantages" and sometimes a hard to believe low monthly premium, make sure you thoroughly understand the pros and cons. Trying to change to traditional Medicare and a Supplemental policy later may prove to be problematic and expensive.

BarnBuster said:

one in five of people who have not retired have no savings at all, Venkat said."

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I'm one of those and actually doing better than when I was working. Sure I wish I'd stuck at steady employment and saved but I get enough now to pay all the bills and have money to blow on hobbies. As a low income senior, almost 70, I also get a provincial top-up that includes Blue Cross medical on top of free basic medical. Even pays a decent amount for transportation to medical appointments but not for eye or dental as I found out recently after submitting slips from appts for those.

Things would be different if I didn't own my own place and had to pay the outrageous rents or high mortgage payments so many are faced with but thanks to an early inheritance gift from dear old mom paid cash for my place and only have to pay $125/mth for a loan I took against the place almost 20 years ago. About a year left on that so paying twice as much to finish it off quicker.

Life could be worse.