Why work so long?

[Brownslave688]

I think he says EVERYTHING is going to be free. P.S. For those who are interested "FREE" means anyone who is motivated enough to actually work for a living will be paying for it in tax increases.

Which is the totally wrong direction. Take away federally backed loans and watch tuition crash.

 

[clean hairy]

Another consideration is healthcare.
If I remember correctly, once retired we only get tpo keep our healthcare until age 62 or when eligible for Medicare.
But as Employees we get to keep our healthcare after age 62.
This is with Teamcare in the Southern.
I could be wrong, but this is what I understand.

 

[brownmonster]

They don't but I have yet to meet a parent of college aged kids who doesn't want to do whatever they can to help them out.

I have two kids. When they were ready for college my ex and I agreed to split their first year 50/50 and subsequent years 1/3 each. My daughter followed the plan and graduated with about $23K in student loan debt. My son didn't, paid for the rest on his own and graduated with his MBA and about $73K in student loan debt. He landed a good job with a solid company and should have the loans paid off in less than 10 years.

I would be hard pressed to choose to work a few more years just so that my kids graduated from college debt free.

I probably gave my kids to much compared to other people but I never took out a loan for them or sacrificed my future savings. Between their loans, scholarships, their jobs and my contribution we covered it without breaking any of us. Our proudest moment (to date) will be having 3 kids with college degrees. My wife and I don't and for her it's been limiting.

 

[brownmonster]

Another consideration is healthcare.
If I remember correctly, once retired we only get tpo keep our healthcare until age 62 or when eligible for Medicare.
But as Employees we get to keep our healthcare after age 62.
This is with Teamcare in the Southern.
I could be wrong, but this is what I understand.

Isn't medicare 65?

 

[Mugarolla]

Another consideration is healthcare.
If I remember correctly, once retired we only get tpo keep our healthcare until age 62 or when eligible for Medicare.
But as Employees we get to keep our healthcare after age 62.
This is with Teamcare in the Southern.
I could be wrong, but this is what I understand.

65. Then go on medicare.

 

[Foamer Pyle]

35k is not even close to poverty.

Maybe you can live off that in your state, but here you wouldn't have any money left over after you paid the rent and a few utility bills. You would be looking for government assistance.

 

[oldngray]

Maybe you can live off that in your state, but here you wouldn't have any money left over after you paid the rent and a few utility bills. You would be looking for government assistance.

Rent? You should have your house paid for before you retire.

 

[Brownslave688]

Maybe you can live off that in your state, but here you wouldn't have any money left over after you paid the rent and a few utility bills. You would be looking for government assistance.

I'd probably move since I was retired.

 

[UpstateNYUPSer(Ret)]

I'd probably move since I was retired.

My condo will be paid off one month before I retire. I am moving and still have not decided if I am going to sell or rent the condo. I may very well decide to stay as my living expenses would be minimal.

 

[scooby0048]

My condo will be paid off one month before I retire. I am moving and still have not decided if I am going to sell or rent the condo. I may very well decide to stay as my living expenses would be minimal.

Being retired, would you really want the headache of being a landlord if you decided to rent it out. I tried that once when I left Arizona but before the house sold. It was a real PITA.

 

[brownmonster]

My condo will be paid off one month before I retire. I am moving and still have not decided if I am going to sell or rent the condo. I may very well decide to stay as my living expenses would be minimal.

Your pension as of now is roughly equivalent of what you state as your current yearly income. Not much to think about.

 

[UpstateNYUPSer(Ret)]

Being retired, would you really want the headache of being a landlord if you decided to rent it out. I tried that once when I left Arizona but before the house sold. It was a real PITA.

Your pension as of now is roughly equivalent of what you state as your current yearly income. Not much to think about.

The HOA has allowed the complex to fall in to a bit of disrepair while assessing the highest HOA fees in our area; in short, we are not getting nearly what we are paying for.

I am thinking of gifting the condo to my son so that he can sell it and pay off his student loans.

 

[oldngray]

Most HOA's are pretty bad.

 

[nayrsiem]

I don't get it why folks put off retirement because they have kids to put through college.
I know times have changed, but I took Student Loans, got a small grant, and did the college work/ study to pay for college, and paid 10 yrs to bring the Student Loan balance to zero.
My Parents did not just say "here you go" and pay for it all.
My Daughter went to Community College to get her 2yr, and took 3 years to do it, she could not afford to do it in 2yrs while working and taking classes.
Sure, my Parents helped with $ to get home for the Holidays, and a few $ here and there.
We helped our Daughter if she was short and had to buy one book she could not afford, and with a bit of $ at times, but I and she both have a great appreciation because it was our $$ that paid for our college.
So, why do Parents owe their Children a College Education?
Please help me understand.

Couldn't agree more! It's even worse if you are a divorced parent and the court tells you that you owe them a college education.

 

[scooby0048]

I am thinking of gifting the condo to my son so that he can sell it and pay off his student loans.

That would be a pretty awesome gift.

 

[Brownslave688]

Being retired, would you really want the headache of being a landlord if you decided to rent it out. I tried that once when I left Arizona but before the house sold. It was a real PITA.

I plan on landlord being my retirement job hopefully. It's better than a pension even.

 

[scooby0048]

I plan on landlord being my retirement job hopefully. It's better than a pension even.

Get the right property and right tenants and life can be good. My buddy owns a property and because housing is short where he's at, his 4-plex is bringing in $5600 a month. His mortgage on the prop is right around $1100. Not too much breaks down (so far) so he has been doing pretty good so far.

 

[Brownslave688]

Get the right property and right tenants and life can be good. My buddy owns a property and because housing is short where he's at, his 4-plex is bringing in $5600 a month. His mortgage on the prop is right around $1100. Not too much breaks down (so far) so he has been doing pretty good so far.

May go in with my cousin who has built 4 houses so far and I'll be the money him the brawn. Build 4-5 duplexes and call it good.

 

[smapple]

The HOA has allowed the complex to fall in to a bit of disrepair while assessing the highest HOA fees in our area; in short, we are not getting nearly what we are paying for.

I am thinking of gifting the condo to my son so that he can sell it and pay off his student loans.

Make sure your son calculates the after exclusion gift tax for your state if you do. I think federal exclusion is still $14,000.

 

[UpstateNYUPSer(Ret)]

Make sure your son calculates the after exclusion gift tax for your state if you do. I think federal exclusion is still $14,000.

I need to sit down with my financial adviser to see if this is even an option.