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Posted on 01/23/2012 11:37:41 AM PST by Nachum
A third of Florida's nearly 3 million retirees, 65 and older, now rely entirely on Social Security, according to an analysis by AARP. "Folks have spent down their assets," said Jeff Johnson, AARP interim director in Florida. More Floridians are likely to end up only on Social Security than retirees in the rest of the country: A quarter of U.S. retirees, 65 and older, have only their monthly checks as income, Johnson said. Many of the most strapped are Florida's oldest, he added. Florida seniors, 80 and older, are about three times as likely to depend
(Excerpt) Read more at sun-sentinel.com ...
That’s why we’re buying rental houses now, not that we’re looking to make a killing at it, but we figure if we start accumulating properties now, while were still relatively young, by the time we retire, we’ll have a nice little income stream to live on. Yes, there certainly are risks, that’s why you have to research carefully the properties, and think long-term.
That's me, but I'm not complaining. I knew what I was getting into when we had our 3rd child and I was 48. He'll be 10 next month. If he graduates from college at 22, I'll be 70.
If I'm healthy enough, I prefer to work.
Health is always a part of the equation, also when you reach 70 are you in an occupation where you can still be allowed to work at 70.
Police and Firefighters are a bit long in the tooth and a truck drivers time is limited, and at 70, for many people Alzheimers is slipping in along with Arthur Rightis, High Blood Pressure ,Glaucoma,and general weakness. At 69 I am in good shape, but I know I cannot do what I used to do.
I wish you luck though.
That seems to be a pretty good way to set yourself up, I know a few people that do it.
Hope you get good renters.
That's the key! And my advice, is to not do it yourself, have a real estate agent to filter out the potential renters, it's worth every penny you pay them.
So your glass if 2/3 full as opposed to 1/3 empty?
ditto - though not the 3rd kid part :)
I’m of the opinion that we need to bump the age by 1 year every other year to the average mortality 75-85ish - which is pretty much what it was when originally instituted.
In addition, start phasing off anyone under 50. I’m 44 but I don’t expect (nor have I for 10 years now) to get a dime of SS when I finally retired (that is if my wife ever allows it :)
Their car may be in good condition but it is older, paid for, they don't commute so their driving is minimal and they don't need "good" work clothes.
When you eliminate the three major expenses, house, car and gas it is surprising how little you need to live on.
When you eliminate the three major expenses, house, car and gas it is surprising how little you need to live on.”
Now if we could only do something about property taxes, school taxes and mandatory insurance on the residence all of which keep increasing every year, we would be fine. My taxes and insurance cost way more than my house payment ever did.
Don’t forget utilities..water, gas, electricity, telephone, internet, plus groceries,as well as medical, dental and long term care insurance !
Also consider home maintainance...it’s no small item replacing furnaces, central air, roof, etc !
“BS. I’m a baby boomer and I can remember since high school being told & taught that SS was just one part of a “three legged stool.”
That some don’t get the message - or choose to ignore it - is their fault not the system’s fault. “
You may have been taught it, but many were not, and many who were so told were also told other things.
The fact is that obviously half of America is relying on ss for their retirement, whether they were “told” not to or not.
The gov’t needs to get OUT of the retirement funding business and let people handle their own money like grown-ups.
If I had my own retirement money that my employer and I were forced to send to Washington for my retirement, I would be better off in my old age. Although I have managed to save some for my retirement, I would be much better off having the government return the retirement money they took from me so it would be “safe” for my retirement.
If they want to return that money with interest, that would be fine with me. I don’t expect to just give it to them so they can spend it on more sexual molesting TSA agents, socialist technocrats, corporate welfare receipients, IRS agents, EPA Nazis, domestic spies, and death panels. They will not cut spending and if they do, it will only last until they figure out how to plow the Social security money into the pockets of their “smart” pals.
Don’t forget utilities..water, gas, electricity, telephone, internet, plus groceries,as well as medical, dental and long term care insurance !
Also consider home maintainance...it’s no small item replacing furnaces, central air, roof, etc !”
This list could go on forever. One of the things I find really distressing is that it often seems impossible to make even the minor repairs in a house oneself any more, some due to decreased ability, the other because some things can’t be repaired any more, but must be replaced with something that requires special tools. One of the reasons I keep my current vehicle is because I can still replace the oil. Found out I can’t replace the battery any more though without taking off one of the tires. Simply ridiculous.
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