Hey old farts..how many over 50 yrs?

ttystikk

Well-Known Member
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...
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.
 

ttystikk

Well-Known Member
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...
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.
 

BarnBuster

Virtually Unknown Member
"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.
 

BarnBuster

Virtually Unknown Member
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

Virtually Unknown Member
"One of the survey’s biggest findings is that 61% of those 50 and up are worried they won’t have enough money for retirement, Indira Venkat, senior vice president of research at AARP, told USA TODAY on Wednesday. And if you break those numbers down even more, one in five of people who have not retired have no savings at all, Venkat said."
 

OldMedUser

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

:peace:
 

laddyd

Well-Known Member
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.

:peace:
We just had our 50th high school reunion.
Most of us are doing ok. One of my friends is a multi-millionaire another couldn't afford the 125 a couple to attend.
We spent the last 5 years before retirement paying off all our debt. We don't have a lot of money but we don't have a lot of expenses either.
Wish we could have put more away but we raised 3 children and that's where most of our money went. It's hard to save raising children on a workingman's salary.
 

OldMedUser

Well-Known Member
We just had our 50th high school reunion.
Most of us are doing ok. One of my friends is a multi-millionaire another couldn't afford the 125 a couple to attend.
We spent the last 5 years before retirement paying off all our debt. We don't have a lot of money but we don't have a lot of expenses either.
Wish we could have put more away but we raised 3 children and that's where most of our money went. It's hard to save raising children on a workingman's salary.
Short of winning the lotto or my almost 97yo mom kicking the bucket I'll be broke until I pay off the new debt I foolishly put on myself the last year. I never did graduate high school but went back to school in my 30s to get a diploma in environmental chemistry that was 2 years credit for uni if I had of wanted to go further but life got in the way. A year after I graduated my 2 boy's mother took off so I became a single dad in '92.

One of my closest friends became a multi millionaire as well. We used to tease him for going to night school for business classes but now we take turns kicking each other in the ass. lol

Life could be a hell of a lot worse and now I can enjoy the hobbies and pursuits I always loved before life got in the way so . . .

Here's to you
And here's to me
Forever friends we'll always be.
And if we ever disagree
To hell with you and here's to me!

pass.gif
 

GreatwhiteNorth

Global Moderator
Staff member
"Is your 401(k) balance keeping up with the Joneses? Be honest. You can admit it. You — like most U.S. workers with a 401(k) — are curious about how your personal nest egg stacks up against the average 401(k) balance by age."

This info actually makes me feel pretty good about my financial decisions.
Thanks BB.
 

Er3

Well-Known Member
I wad born the day we launched Apollo 11, the doc asked mom how they were doing she answered "mu umbilical cord doesn't reach that far " lol..also the day in 45 we tested the atomic bomb
 
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