<p>@cbreeze, okay, you drew me in with what sounded simplistic on your part (“without the need of withdrawing any principal in my lifetime”); I assumed that you were like the vast majority of people who say such things and have some idea that as long as you never draw down the principal you will be fine; I shot off a simplistic response based on my mistaken assumption; and you called me on it. Wheee; ain’t the Internet fun </p>
<p>Anyway, I’m happy to hear that you have a more sound basis for generating and living off income. I will work on making more charitable assumptions about what a forum member means, although that will be playing against the odds, which I am reluctant to do. I think that 99% of the people who made the statement you made mean something entirely different. I apologize for not recognizing that you were in the other 1% before you called me on it.</p>
<p>Maybe it is because of the life I lead but somehow I think I need a lot more. I returned home last night to see the right side of my wife’s Acura MDX largely crumpled. Apparently a deer hit her from the side when she was driving on a country road (and you can see where the horn impaled the front bumper as it wraps around to the side of the car. I’m going to guess it will be $10K repair given how many parts of the car were damaged. Hopefully it will be covered by insurance, but not all things are. I’d like my income/savings to be sufficient that I don’t have to worry about it financially. </p>
<p>Shawbridge, do you really have to worry about the $10,000 or do you to choose to worry about it? </p>
<p>Sometimes we worry about things and we really don’t have to worry.</p>
<p>My wife hit a deer or the deer hit us. We were covered by insurance. </p>
<p>Sorry about that accident. It is a bummer. </p>
<p>I do understand the feeling or thinking of needing a lot more. </p>
<p>I will never forget my grandmother telling me she feared she was going to run out of money. She bought an annuity when she was 90. I don’t recommend this. </p>
<p>I had to laugh about the annuity at age 90, but that was not actually funny. Boy, grandma was an optimist or she had a very strong salesperson who glowed about the benefits…</p>
<p>If I go back to work (and it looks like interest is there for me, may get an interview soon based on an email I received Tuesday) - having a job is a lot better than stage IV cancer. Going back to work makes the decision to keep our home after retirement easier - even though $$ tied up in real estate, we enjoy our home until we decide to live somewhere else. My income can help build up our emergency fund and do some fix up things here so that when we decide to sell it is not as big an effort. Having a scan on National Cancer Prayer Day is definitely a good sign.</p>
<p>We have gotten ‘thriftier’ with autos with good results. Had good experience with a Toyota so bought a second used (same model, same year). I drive the four door sedan (continue until the wheels ‘fall off’ - it is near luxury vehicle so it drives nice) that has dings and takes them pretty well (on college campus, a parent backed into my parked car last month and it was not upsetting - on one of our newer vehicles would have been repaired).</p>
<p>Health insurance, LTC, taxes. If those areas are ‘covered’, should be able to plan and budget retirement - I agree about making sure you work long enough but also enjoy some good experiences in retirement before the body gives out.</p>
<p>I’ve been reading this thread from the beginning, gleaning whatever relevant info I can, but so much of this thread and the experiences of those posting are about couples and retirement. I’ve been divorced and a single parent for 18 years, and while I’m not opposed to re-marrying, I don’t see it happening any time soon. So I’d be curious to hear about strategies for the single retiree, without spousal benefits, continued health coverage, pensions, etc. I’m having a hard time estimating expenses, as well. Most living expenses (housing, utilities, taxes) are not much different for one than they are for two.</p>
<p>As a single parent for so many years, I’m way behind in terms of savings. I have a 401k and made what I believe was a good investment in a condo on a short sale three years ago and should have good equity when I am ready to retire. I plan to sell the condo and relocate to a coastal community, either build or renovate a small house with an inlaw type apartment to rent out for income and later, if I need assistance, for a caregiver’s residence. I would probably like to work part-time in retirement and have also considered starting a small business that would not likely be terribly lucrative but would generate a small amount of income. I’m trying to catch up on savings and will be able to do more as soon as I pay five more tuition payments, but I just don’t have enough years left to get anywhere near the levels folks here are talking about for couples. And as mentioned above, you can’t just divide by two to get the ranges for a single person.</p>
<p>I don’t know how realistic some of my assumptions are. Having a small (at home) business in retirement? Being a landlord in retirement? Are these just plain bad ideas? Should I build or buy a smaller house and forget about an attached apartment? I’m curious to hear what others would do differently if they were single.</p>
<p>Good news - doc’s office called; I have inflammation at base of my spine (thus the pain) and no cancer. So I will resume swimming, and when back to normal, walking/jogging.</p>
<p>College4K - I would think carefully about becoming a landlord in retirement. There are a lot of laws and rules that can vary quite a bit based on your location, it will complicate your taxes quite a bit, and you have to deal with tenants. Are you going to want to deal with evicting a tenant when you are 75? It can be a lot of stress.</p>
<p>Nothing wrong with having a small business though, if you have the energy.</p>
<p>"I don’t know how realistic some of my assumptions are. Having a small (at home) business in retirement? Being a landlord in retirement? Are these just plain bad ideas? Should I build or buy a smaller house and forget about an attached apartment? I’m curious to hear what others would do differently if they were single. ".</p>
<p>These ideas are fine whether you are single or not.</p>
<p>Look at the numbers and if they make sense and these choices give you the lifestyle you want. …great.</p>
<p>I’ll ask my question another way - if you were single, how would your retirement strategy be different? Many on this thread have talked about spousal SS benefits and spousal pension benefits, life and health insurance benefits…if you had none of the spousal benefits and it didn’t matter who dies first or second, how would you plan for just yourself?</p>
<p>I guess that is part of the reason I have considered an in-law apartment; cutting caregiver costs by providing a paid for place for a caregiver to reside, should I need assistance.</p>
<p>My daughter is disabled and some day we may do something similar… Not nevessarily the same .My daughter can live with a teacher or a social worker or artist or whatever and for a little caretaking they would get a reduced rate of rent. </p>
<p>I’ve been single for years. I bought LTC insurance, my burial place and coffin, and updated my Will and Trust. I would never consider a roommate who is also my caretaker. I’ve heard way too many bad stories. If I am of sound mind, and can handle my fiances and delegate, it would be nice to have someone come to my home. When I am dependent on caretaker, I would prefer an ALF. As I do some of this work professionally, I have lots to say, but do not wish to derail this thread.</p>
<p>I think the difference in being single is that I could downsize, but I’m not ready for a condo. Anything near my area of east FL would cost over $700,000 for 2 bedroom condo, and HOAs are steep. Medicare will save me lots of money and I will get more care. I plan to work as long as possible, perhaps shifting to 3 days when 68. It is so hard to know when one really has “enough”. The biggest drawback is not having a travel partner. I would love to take 1 sightseeing vacation a year, with a group like rick Stevens, but my closest g/fs prefer Crystal cruises or the like. </p>
<p>SOSconcern, BIG congrats! A return of CA is also one of my fears. We just never know when we or our loved ones will be struck with a major medical problem.</p>
Sure, anyone can be a landlord. I’m just saying that if you’ve never been a landlord before, becoming one for the first time at retirement age may be a lot to take on. Not everyone has the aptitude for it. And it can complicate your life financially, especially if you only have one unit.</p>
<p>For example, it can take months and cost thousands to evict someone. A tenant can do thousands in damages and your unit can be un-rentable while being fixed. You have to be able to deal with issues like this, and have the financial strength to weather it. You have to deal with the tax issues or hire someone to do it for you.</p>
<p>Sure, if you find the perfect tenant all you do is cash the checks. There aren’t too many of those unfortunately.</p>
<p>I don’t think there is much difference in strategy depending on whether you are married or single. Your assets and income will drive when you can retire and what your budget is, and you have to live within that.</p>
<p>I think for most people the SS decision comes down to “do I need the money now”, whether you are married or not. If you do, you start when you are 62. If not, you wait. If you have the means then you can play games with maximizing strategies.</p>
<p>If College4K was married for at least ten years then they are eligible for spousal benefits, if it would be higher than their own.</p>
<p>What’s the property insurance situation on the Florida coast these days? My MIL sold her home in Boca a few years ago and a big part of it was the crazy insurance premiums.</p>
<p>Per Wiki: Austin, Texas: The median income for a household in the city was $42,689, and the median income for a family was $54,091. Males had a median income of $35,545 vs. $30,046 for females. The per capita income for the city was $24,163. About 9.1% of families and 14.4% of the population were below the poverty line, including 16.5% of those under age 18 and 8.7% of those age 65 or over. The median house price was $185,906 in 2009, and it has increased every year since 2004.</p>
<p>It’s bad and only getting worse. We pay a total of $8300 a year for homeowners, windstorm and flood insurance. The windstorm premium alone is about 50% of that amount, with a deductible of over $27,000. We plan to sell and move away from here within the next year to north Florida, where hurricanes are less of an issue and insurance is much cheaper.</p>
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