"Retired" nurse struggling to stay retired.

[CK2015]

Chips.....and old blocks. Trees.....and falling apples.

Apparently it's genetic.

Yup


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[CK2015]

I am sympathetic. You have had a big income shift and health issues to deal with. But we see evidence that you can write, have a nursing background and I think earlier you mentioned being a forum moderator. Those are all skill sets that could lead to work at home or paid online jobs, or at least contract work. $15k - $30K jobs are easier to find than $100K jobs, so with some online / telecommute work and cutting expenses you could be financially worry free in a relatively short period of time.

I agree.
Thanks for the suggestions.


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[CK2015]

Here is an out of the box solution for you.

Move your mother into a Park Model home in one of the 55+ communities, it will cost literally 15K =>45K depending upon the community. They are anchored for hurricanes so don't use that as an excuse.

The benefits are: a community of peers for her with built in activity centers, pools, and planned outings.

I know as I looked at a couple this year.

Then you can sell the house and pay off your bills, and live happily ever after

Maybe where you live but not here in Miami but thanks for the suggestion.


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[daylatedollarshort]

Maybe where you live but not here in Miami but thanks for the suggestion.

There are some nice retirement villages with condos, golf courses, swimming pools. stables, bowling alleys and many activities and centers here in California. The last one we looked was like resort living, and even here in NorCal they were relatively inexpensive compared to a single family home. Who knows you mom might be happier in one than where she is now. I would think in Florida you could spend a lot less than $375K on a retirement condo which would leave you money left over to pay off the credit cards and invest the rest to help cover your living expenses. It seems like right now being house poor is more of an issue than your total net worth.

 

[imoldernu]

No solutions, and no advice on specifics, but a bit of philosophy...

Simplify the problems and the numbers... On spread sheets or a blackboard, separate the problems... for each one, the alternatives, from "impossible to absolutely".

Pull the dollars into a recognizable format. My own plan is simple, based on age, but the real objective is to put the numbers into a format that makes decision easier, instead of playing "Whack-a-mole".

It's time to get serious about an action plan.

Elderlaw attorneys can be expensive, but there are many elderlaw websites that are excellent, and good steering mechanisms for attacking specific problems that get convoluted with inexpert guidance.

First step in any action plan has to be establishing the limits... budgets for time and effort. Instead of putting forward individual expenses and assets, a single 'real' number... Income $50K, outgo 70K... Easier to set these numbers with three plans... Optimum, Nominal and Austerity... On the asset side... Recurring, Liquid and Illiquid. Putting numbers down, right or wrong is the first step to reality. If's and But's not allowed.

Philosophy from a geezer who made it through without having millions. Some details here:
http://www.early-retirement.org/forums/f27/sharing-23-years-of-frugal-retirement-62251.html

No, it won't apply to your specific situation, but includes some discoveries along the way.

Good luck..

 

[CK2015]

I have to agree with hnzw_rui.... Your best approach is to tackle the budget/spending side of things. Even it it's not 100% of the solution - it's a big start towards the solution.

I understand you like your loft style downtown apartment... but if you are really honest with yourself - can you afford it? If you don't want to sell, can you rent it to cover the ownership costs and then move in with your mom to the house you paid for. It may not be the ideal situation - but it is a big budget saver.

The rent is around $1900-$2000.
My expenses are $2350 for PITI & condo fees.
So I would be subsidizing the rent of another and lose my homestead so my taxes would increase.

Other things to look at:
- do you have a landline? If so, consider dropping it or switching to Ooma or MagicJack for much lower prices.

No, no landline. Just a cell phone and a Magic jack app.

- Cell phone - if you're on a big carrier (Verizon, ATT, etc) consider switching to one of the low cost providers. I save our family over $100/month by using Ting. There are lots of low cost cell providers - especially if you bring your old phone. Since you're an ebayer- you know that good phones can be had, used, from e-bay for FAR cheaper than the price you pay through the cell phone operator.

I pay $30 a month to be on my brothers family plan with T-Mobile that includes unlimited talk, text, tethering and unlimited data. I cannot do better than that even with the low cost carriers in my city. I shopped this last year.

- Cable or satellite. Do you really need it. Can you reduce your package. I threatened to cut my video cable and they made me aware of a much cheaper option (that didn't show on their website and was never mentioned by the CSRs). That cut my cable/internet bill by $60/month for very little loss of service (I get shows in standard def vs high def - big whoop... for $60/month I can live with the lower resolution.)

No cable just high speed Internet because I need it for my business and I do have Amazon Prime for $100 a year which includes some movies and TV shows. I have digital TV with a Roku player and watch the basic Netflix app.


These are just some of the areas. I personally targeted the monthly recurring charges as my first place to tackle... These $10-$20 month savings add up on an annual basis.

You've got the low hanging-big impact budget savings of your housing - but you can also nibble along the edges to improve things.

Also - as you find these savings - take that money and apply it to the highest interest credit card. When that's paid off - apply the extra to the next highest interest rate card... I paid off over $20k in credit debt using this snowball method. It is really nice to pay my credit card in full each month.

i bet it is. Something I haven't been able to do for 3 years now.

And with every purchase - ask yourself "Do I really need this? Is this worth risking my home or facing Bankruptcy?"

You've gotten great advice. You have a variety of reasons why you won't take the advice. There's no magic - and 'out of the box' thinking only goes so far when you spend more than your income.... Rather than looking at ways to tap into your retirement income early (and paying tax penalties you can avoid) you should be looking at the non-magic spend vs income.

Thanks for the ideas.

 

[CK2015]

There are some nice retirement villages with condos, golf courses, swimming pools. stables, bowling alleys and many activities and centers here in California. The last one we looked was like resort living, and even here in NorCal they were relatively inexpensive compared to a single family home. Who knows you mom might be happier in one than where she is now. I would think in Florida you could spend a lot less than $375K on a retirement condo which would leave you money left over to pay off the credit cards and invest the rest to help cover your living expenses. It seems like right now being house poor is more of an issue than your total net worth.

I agree and this would definitely solve my problem but Mom won't budge right now so honestly as logical as this solution is it's a mute point without going to war with Mom, something I am not willing to do.
But yeah I could get her a condo in a senior community for $200K or a little less with MF's around $500 a month. They are pretty nice and something that i would consider for myself if I was 55. Mom won't move to the county where these senior communities are located because at her age she doesn't want to change health plans. Right now that's pretty much her life and entertainment. She likes the attention.

 

[CK2015]

No solutions, and no advice on specifics, but a bit of philosophy...

Simplify the problems and the numbers... On spread sheets or a blackboard, separate the problems... for each one, the alternatives, from "impossible to absolutely".

Pull the dollars into a recognizable format. My own plan is simple, based on age, but the real objective is to put the numbers into a format that makes decision easier, instead of playing "Whack-a-mole".

It's time to get serious about an action plan.

Elderlaw attorneys can be expensive, but there are many elderlaw websites that are excellent, and good steering mechanisms for attacking specific problems that get convoluted with inexpert guidance.

First step in any action plan has to be establishing the limits... budgets for time and effort. Instead of putting forward individual expenses and assets, a single 'real' number... Income $50K, outgo 70K... Easier to set these numbers with three plans... Optimum, Nominal and Austerity... On the asset side... Recurring, Liquid and Illiquid. Putting numbers down, right or wrong is the first step to reality. If's and But's not allowed.

Philosophy from a geezer who made it through without having millions. Some details here:
http://www.early-retirement.org/forums/f27/sharing-23-years-of-frugal-retirement-62251.html

No, it won't apply to your specific situation, but includes some discoveries along the way.

Good luck..

Thanks for sharing the very interesting read.

And I know this isn't going to win me brownie points here, but I happen to own in a campground too in Wisconsin. It's a place where I could park an RV for 6 months of the year with the same set up that you have but paying even less MF's with full hook up.

I don't use it personally but a friend rents it out for me and we split the profits. I own part of a cottage there. It's a non-traditional timeshare more like a fractional ownership but I paid nothing for it.

I have a friend who summers in the same campground and winters in the SW Florida area. She's very frugal like you and has been retired for a while now. Obviously if you cut your housing expense to the bare bone you can retire and manage. If it was just me then I'd be just fine but my family isn't as understanding as yours is. I've tried the, let's stop giving stupid birthday and Christmas present talk many times but they don't want to stop the tradition. But I agree with you it's a waste of resources and you end up with crap you end up regifting or in my case selling on ebay

And cancer is totally a wake up call. When you find yourself facing death you just see things differently. I too plan to spend down my retirement funds. I'll chip away at it every year until it's gone. I may just start a little earlier than most. I look at it this way. If I take some of my cash now from my retirement savings, I can always replace them when my business is in a better position to give me profits. I've run a few of those retirement calculators and I never seem to have enough money just like you. I wonder who writes these programs anyway.

I doubt I will make it to 85 with all my medical issues. I'd be happy to make it to 75.

 

[Moemg]

Not sure why you think my eBay business is off. I open and close my store all the time. It's called vacation mode. And just so you know when you reopen you reindex your listings in Cassini and your store gets a boost in search. Try it. Running a sale also does the same thing.

Considering that my ebay business has always turned a profit I think I will stick with my methods .

 

[REWahoo]

"Retired" nurse struggling to stay retired

This thread has done an excellent job of explaining why.

 

[CK2015]

QUOTE=CK2015;1632259]

Considering that my ebay business has always turned a profit I think I will stick with my methods .

Glad your business has always turned a profit.
You're one smart lady I am sure, me not so much.

 

[CK2015]

This thread has done an excellent job of explaining why.

Had to get everyone's attention somehow.

 

[Texas Proud]

Yes it sure does give her all legal rights.
Her name is on the title because I felt like it was the right thing to do at the time since you just never know when you are going to die and didn't want her to have to deal with inheriting my assets.

I do not have any children and my heirs are just a niece and nephew.
I didn't want my brother to take control of everything and leave Mom with no way to take care of herself.

Never thought that plan would backfire but sad to say that a selfish elderly parent situation has done exactly that. When my Dad died, me being the oldest sort of assumed his position financially. She was more than happy to allow that to happen and she stopped working early on. I am a bit of a sucker with her and it's definitely been to my detriment.

Honestly it would have never been an issue if I was still working on that 30 year hospital pension plan and gotten my properties paid off by my true retirement age. Before all this happened I had no credit card debt at all. I always paid in full every month. Obviously I cannot do that anymore.

Just got into this thread and am many pages behind.... but, sounds like a complete disaster....

Looking at your RE issue, good intentions going bad... never should have put her name on it....

We just bought my MIL a new place... we had to get it in her name to begin with, but DW went to her this summer and had the property transferred to her name... we own it 100%.... yes, we can kick out mom at any time..... do not plan on doing it, but if my financial situation was as bad as yours I would.... but I would pay her back the % of funds she put into it.... it was not all our funds....

 

[Texas Proud]

The game is called "Yeah, butt". Are we having fun?

Getting tired of reading the thread and reading the 'yeah, butt'.....


To the OP... get a grip... you seem to say you have thought of all the good advice giving here but have decided not to do it.... so be it... it IS your life... but we all know the outcome that will happen eventually.... it is plain as day....

If it were me, I would sell anything that I could and move it with mom and become 'queen bee' as you say... I would NOT let mom run the show if she is not putting up any money... what can she do, kick you out? NOT.... sure, life might suck for awhile, but at least you would not go broke (at least not as fast).... and it might force mom to want to move and sell the place... but you seem to want to take the abuse and do nothing...

I hope things change for you, but without you doing something it will not...

 

[haha]

This may not be trolling, but to stick with the fishing motif, it is chumming. Yikes!

Ha

 

[daylatedollarshort]

Here is a creative idea you asked for - Can you put a guest cottage or at least a modular office unit on the property mom lives in and move into that or at least spend your days in it to not be with your mom 24 X 7? Look at Google images for modular backyard office. There are some quite attractive options. Or maybe live in a tiny house in the backyard?

 

[splitwdw]

I thought there were 2 retired nurses from Miami on this thread but then realized the OP changed their user name.

 

[Gumby]

I thought there were 2 retired nurses from Miami on this thread but then realized the OP changed their user name.

It was changed at the request of the moderators.

 

[irishgal]

This thread has done an excellent job of explaining why.

This!



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[Texas Proud]

I am not buying as much inventory anymore.
My sales are there and by cutting expenses the cash flow will improve.
Right now I am servicing the debt with the business and only taking a small salary.

If my disability claim gets approved then hopefully things will improve for me personally. That is still in the works and I know it's not a guarantee, but I know the insurance company wants their money back, so they have a vested interest in the lawyers they hired for me. And I am not naive enough to think they are doing this for my good, it's purely for their benefit 100%.

When you say you are losing money, are you subtracting the inventory you just bought from your income If so, then you are accounting improperly...

Inventory is an asset, not an expense.... so in your example you say you have 4,000 items... the cost of those items should not be an expense yet... a cost value should be allocated to each based on the materials used (and if you want to give yourself a salary for making it, that should also be added).... so say the value is $10... then you need to sell it for more than $10 to make a profit... if you sell for $20, you now have $20 income with $10 moved from your assets to expenses with a profit of $10...


You also made a comment about getting money out of your retirement plans.... and how a real estate forum was giving you creative ideas on doing that which you seem to be happy with... well, most people here could give you ways to take money out, but probably think it is a bad idea and are not saying anything.... I think it is a bad idea.... you already are in a deep hole and the other forum thinks it is a good idea to keep digging.... if you think that is a great idea, go for it.... it just might work... for me, I would not bet my future on that plan....

 

[Silver]

Had to get everyone's attention somehow.

This, in her own words, is the reason for the thread. It's called trolling.

 

[Another Reader]

Maybe it's the nature of creative real estate but I've gotten some much more creative ways of getting money out of retirement funds tax free than here in the retirement forum world. Maybe you guys just don't do that sort of thing since you are all about wall street. It seems to be a part of the creative real estate world but not something shared with all.

Really? Would you please elaborate?

Frankly, I don't see a lot of success with the rentals you own, based on what you have stated so far. There's a lot of hand waving, but as a long term real estate investor, I look at the numbers. I can't tell what you own, what you own with others, what the income and expenses are, what they are worth vs what you paid, and the leverage. How about some firm numbers? My guess is that one or more of these properties is costing you money every month, i.e. alligators, and not much money is finding its way to your checking account.

 

[mystang52]

Really? Would you please elaborate?

Frankly, I don't see a lot of success with the rentals you own, based on what you have stated so far. There's a lot of hand waving, but as a long term real estate investor, I look at the numbers. I can't tell what you own, what you own with others, what the income and expenses are, what they are worth vs what you paid, and the leverage. How about some firm numbers? My guess is that one or more of these properties is costing you money every month, i.e. alligators, and not much money is finding its way to your checking account.

This thread is a lot of entertainment value, but more likely than not a troll. Ever notice compulsive gamblers love to talk about their latest big win, but neglect to mention their larger losses? OP's description of her real estate ventures fits that mold. If true, I don't think I'd call her a successful real estate investor.

 

[Texas Proud]

This thread is a lot of entertainment value, but more likely than not a troll. Ever notice compulsive gamblers love to talk about their latest big win, but neglect to mention their larger losses? OP's description of her real estate ventures fits that mold. If true, I don't think I'd call her a successful real estate investor.

I would not say a troll... I actually believe what she is saying is true... I think she just has the wrong forum for what she needs... she has even said that at least once...

 

[Silver]

I would not say a troll... I actually believe what she is saying is true... I think she just has the wrong forum for what she needs... she has even said that at least once...

Trolls don't need to lie to be trolls. The just need to be the focus of attention.
Once people stop feeding them, they go away.