Posted on 03/17/2018 6:41:01 AM PDT by SeekAndFind
thanx for the link
I’ve been retired over 25 years and my net worth has increased. So there!
One thing is for certain: DO NOT MOVE TO CALIFORNIA OR ILLINOIS!
You don’t own your house. The government lets you use it while it confiscates 3% each year in what is called the “property tax.” After 33 years it has taken the full value of your house. You get to pay insurance and upkeep.
The amount is disguised in what they call the “mill rate.” Most of the public never converts the “mill rate” to percent.
No need to move out of country,lots of affordable living if you know where to look.
Curious are you just investing or do you run a hobby business to help with deductions or something?
RE: Leave the country, move south to Belize where it’s beautiful all the time.
How’s peace and order there? How’s medical care?
Not every state county/city assesses a 3% property tax.
Do you rent? You pay property tax.
Personally my property tax rate is about 1/2 of 1% — if I lived down the road in the city rather than the county it would be 1%.
We could always sell out and go live on the streets of San Francisco. Buy a good pup tent, a few MRE’s and live for free.
First rule of retirement: Don’t retire with debt and above all, don’t go into debt in retirement.
And that’s the shameful truth.
This speaks of investing. Invest what? Most folks I know have nothing left to invest when they are working for a living. Certainly can’t invest anything out of S.S. So where does that leave one? It leaves one with a lot less than $750K to supplement your income.
You don’t own your house. The government lets you use it while it confiscates 3% each year in what is called the “property tax.” After 33 years it has taken the full value of your house. You get to pay insurance and upkeep.
Property tax is a fact of life. You are paying property tax even if you are renting. The owner simply passes it on to you the renter, along with maintenance, and insurance.
Owning my home has always been part of my retirement plan.
I paid off a 30 year mortgage in 20 years. I then put the mortgage payment in my IRA and savings.
Prop 13 in California limits my property tax. I pay roughly $100 a month for property tax. I could not rent an apartment for that. If I sold my home today it would go for roughly three times what I paid for it.
One of the major expense for anyone today is housing. Owning a home without a mortgage puts you well ahead of the game.
I have been retired for ten years and only now that I am 70 will I have to begin drawing on my 401K. Owning my home allowed me to live on SS and my savings.
Very very wise advice.
We’re planning a drastic downsizing and will be moving to a lower-tax county.
That in itself will save us a bundle as far as upkeep, property tax, and utilities.
RE: It leaves one with a lot less than $750K to supplement your income.
Don’t you have an IRA or a 401K to supplement your SS?
Best course of action - go to work for the FBI for a few years and get a pension worth $1.8 million at age 50. http://www.freerepublic.com/focus/f-news/3640356/posts
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