Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Deer in the headlights
Old 02-15-2006, 10:53 AM   #1
Dryer sheet wannabe
 
Join Date: Jul 2004
Posts: 10
Deer in the headlights

As a new poster I know this group can give me some honest opinions. Our ages 59 & 57, I have to drag myself to work, my husband just got a menial job now after 2 years of applying, and we may have just sold our house in Houston.

We had planned on going back to Rving after this house sold. At least for a couple of years because we wanted to travel while we still can. I would put our yearly expense at about 26K with a lifestyle that we enjoy.

We own a patio home in a 55+ Fla Community which is rented and hopefully will stay that way. We have about 700k in other assets which are about 60% stocks.

Now that we may be able to follow this path... I feel a little scared..quitting jobs, running into the sunset etc Help please
__________________

__________________
sewinglady26 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Deer in the headlights
Old 02-15-2006, 11:05 AM   #2
Recycles dryer sheets
 
Join Date: Dec 2005
Posts: 105
Re: Deer in the headlights

Come on in, the water's fine!

These days, there's a lot more security in relying on your own asset base than the whims of a corrupt management team or wall street bloodsuckers for your livelihood.

I'd rather worry about a swr of 3.75% as opposed to 3.85% than the machinations of some hot shot M&A outfit.

If your needs are well within what you already have, you're already better off than 95% of this debt plagued, wage slave population.
__________________

__________________
alphabet soup is offline   Reply With Quote
Re: Deer in the headlights
Old 02-15-2006, 11:10 AM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
 
Join Date: Mar 2003
Posts: 16,391
Re: Deer in the headlights

Hmmm, you have liquid assets sufficient to cover your living expenses (health insurance sorted out yet?), a lifestyle that you enjoy (RVing), are selling a house (some extra cash to play with?), have a home base to come back to if you need it (Fla place), and you are less than 10 years away from Medicare and SS. Where, exactly is the problem?

The fear and uncertainty are natural. Give yourself a little time to get over it. But if I were you I would probably go RVing and not worry too much about the future. Things look good and once you get on the road and start enjoying yourself you won't be spending so much time worrying.
__________________
"There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest have to pee on the electric fence for themselves."



- Will Rogers
brewer12345 is offline   Reply With Quote
Re: Deer in the headlights
Old 02-15-2006, 11:25 AM   #4
Thinks s/he gets paid by the post
Spanky's Avatar
 
Join Date: Dec 2004
Location: Minneapolis
Posts: 4,046
Re: Deer in the headlights

Quote:
Now that we may be able to follow this path... I feel a little scared..quitting jobs, running into the sunset etc Help please
The finance part is fine - nothing to fear. Just make sure that you have adequate medical coverage.
__________________
May we live in peace and harmony and be free from all human sufferings.
Spanky is offline   Reply With Quote
Re: Deer in the headlights
Old 02-15-2006, 11:44 AM   #5
Dryer sheet wannabe
 
Join Date: Jul 2004
Posts: 10
Re: Deer in the headlights

Thanks so much for the thoughtful replies, the unease on health insurance is a factor. We will COBRA on mine for 18 mos. I will try all of the normal avenues at that time.

The thought of staying on my job to hold onto the insurance makes my skin crawl. I am just one "toxic boss moment" away from my car keys.

I have worked on the financial side of medicine for many years and have a pessimistic view of the health insurance industry as a whole.

No major health problems now, but private health insurance will always add more reasons for denial in the future. State guarantees will probably be a victim on rising tide of uninsured. Here in Houston we have always had horrendous problems. The line item on our tax bill goes up especially after Katrina.

Not talking about the moral implications here but are there any protections in this litigious life to protect assets from a large medical judgement? Can a couple go bare and survive?
__________________
sewinglady26 is offline   Reply With Quote
Re: Deer in the headlights
Old 02-15-2006, 11:49 AM   #6
Recycles dryer sheets
 
Join Date: Dec 2005
Posts: 105
Re: Deer in the headlights

Quote:
Originally Posted by sewinglady26
Can a couple go bare and survive?
Not as a couple for very long...
__________________
alphabet soup is offline   Reply With Quote
Re: Deer in the headlights
Old 02-15-2006, 11:55 AM   #7
Dryer sheet wannabe
 
Join Date: Jul 2004
Posts: 10
Re: Deer in the headlights

Let me see if I can rephrase this properly. In the event that a couple can't get insurance, are there any legal options (trusts, offshore etc. ) to protect their assets from a judgement?
__________________
sewinglady26 is offline   Reply With Quote
Re: Deer in the headlights
Old 02-15-2006, 11:56 AM   #8
 
Posts: n/a
Re: Deer in the headlights

Why are Americans not demanding that they be provided with Health Care along the lines of every other civilized nation in the world??

Should this not be a basic right
__________________
  Reply With Quote
Re: Deer in the headlights
Old 02-15-2006, 12:10 PM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
 
Join Date: Mar 2003
Posts: 16,391
Re: Deer in the headlights

Quote:
Originally Posted by sewinglady26
Let me see if I can rephrase this properly.* In the event that a couple can't get insurance, are there any legal options (trusts, offshore etc. ) to protect their assets from a judgement?
Not that I am aware, but a specialized lawyer might be able to provide more insight. Personally, I would probably try to find a cheap castrophe policy with a high deductible to keep from getting blown out by medical bills. HSA policies seem ideal for this.

Just a thought: as an RVer, since you can pretty much pick and choose what state you will have as a "residence", why not pick one that gives you good/guaranteed access to health coverage?
__________________
"There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest have to pee on the electric fence for themselves."



- Will Rogers
brewer12345 is offline   Reply With Quote
Re: Deer in the headlights
Old 02-15-2006, 12:16 PM   #10
Thinks s/he gets paid by the post
Rustic23's Avatar
 
Join Date: Dec 2005
Location: Lake Livingston, Tx
Posts: 3,624
Re: Deer in the headlights

Quote:
Originally Posted by Howard
Should this not be a basic right
Why do people think they have a 'Right' to someone elses money? If the government pays for it, you and I pay for it or some other citizen.
__________________
If it is after 5:00 when I post I reserve the right to disavow anything I posted.
Rustic23 is offline   Reply With Quote
Re: Deer in the headlights
Old 02-15-2006, 12:23 PM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
 
Join Date: Mar 2003
Posts: 16,391
Re: Deer in the headlights

Hey guys, lets keep the politics out of a thread that is looking for practical advice, huh?
__________________
"There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest have to pee on the electric fence for themselves."



- Will Rogers
brewer12345 is offline   Reply With Quote
Re: Deer in the headlights
Old 02-15-2006, 12:40 PM   #12
Dryer sheet wannabe
 
Join Date: Jul 2004
Posts: 10
Re: Deer in the headlights

Hi Brewer,

You are right and there is always discussion on the RV boards on state of residence. We will be shopping for catastrophic coverage. *We have been Texans for several years and will be comparing this state with several others.

I am glad this board provides so many varied viewpoints. *Family and friends are as usual startled by our possible current turn of events. We have RVed in the past and I think people thought it was out of our system. So much for getting our "older, wiser" button.

Even with our black sheep background the actual first step has given us pause. We welcome the comments.

__________________
sewinglady26 is offline   Reply With Quote
Re: Deer in the headlights
Old 02-15-2006, 12:54 PM   #13
Moderator Emeritus
Martha's Avatar
 
Join Date: Feb 2004
Location: minnesota
Posts: 13,212
Re: Deer in the headlights

Sewinglady, well before your COBRA coverage expires I would give careful consideration as to what state you want as your residence. States vary tremendously on cost of individual health insurance. Federal law will give you some rights under HIPAA to move from your group policy to an individual policy. But it does not regulate rates

Is you health good, as in really really good? No drugs necessary. Etc.? If not, you might have trouble finding affordable insurance in a number of states. There are affordable options, but those options may require you to change your state of residence. I suggest using the consumer guides to health insurance found at www.healthinsuranceinfo.net.

With respect to the issue of protecting your assets, this is a very complicated area because it involves a mix of federal and state law. Therefore, it is hard to get any real helpful guidance on a message board. Is the bulk of your assets in a 401k or 403b plan? If so, federal law generally prevents creditors (other than exspouses or the feds) from taking that money. Is it in IRAs? If so, then there is an intermix of federal and state law that effects whether that money will be protected from creditors. Some states provide very broad protections. Others very minimal. Federal bankruptcy law has fairly broad IRA protections, but federal exemption law only applies if your home state's law lets you can claim federal bankruptcy exemptions. Many states require you to take their state exemptions. See how complicated this can get?

You may very well have trouble protecting the rental home in Florida, as it likely is not your homestead. Maybe your motorhome is your homestead? If you lived in Wisconsin, it could be. I could go on and on with these sorts of issues.

Establishing a trust to protect your assets from creditors is a strategy that can be helpful, but also involves a lot of risk and actually could be counter productive. Too many issues to address in this one post. However, over the past couple of years this board has had several discussions on these issues. You might want to do some poking around using the search function.

__________________
.


No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Re: Deer in the headlights
Old 02-15-2006, 01:33 PM   #14
Dryer sheet wannabe
 
Join Date: Jul 2004
Posts: 10
Re: Deer in the headlights

Martha,

Your reply pointed out the many issues that we will have to wrestle with. Our assets are divided 50/50 between 401ks etc and investments.

The replies on this board will really keep us focused on where we want to be in the future. We know that RVing can be very complicated and hopefully we can avoid the mine fields.

Since my books on ESP haven't gotten here yet we will just try to enjoy new things and stay flexible. Just writing on the board has relieved some of the stress I was feeling at work so that is all good.

__________________
sewinglady26 is offline   Reply With Quote
Re: Deer in the headlights
Old 02-15-2006, 01:49 PM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,386
Re: Deer in the headlights

Quote:
Originally Posted by brewer12345
Just a thought: as an RVer, since you can pretty much pick and choose what state you will have as a "residence", why not pick one that gives you good/guaranteed access to health coverage?
Washington works well for this, if you are coming off Cobra.

Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
haha is offline   Reply With Quote
Re: Deer in the headlights
Old 02-15-2006, 01:58 PM   #16
Moderator Emeritus
Martha's Avatar
 
Join Date: Feb 2004
Location: minnesota
Posts: 13,212
Re: Deer in the headlights

Good point Ha. If you are coming off of COBRA, Washington state currently allows no underwriting for health conditions. Based on figures Ha has mentioned in the past, insurance seems very affordable in Washington.

I have read a fair amount about picking a state for a home base for full time rving. Most of what I have read just deals with state tax burdens of a particular state. That information is easy to find. It is much, much harder to compare states with respect to health insurance availablity and cost.

__________________
.


No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Re: Deer in the headlights
Old 02-16-2006, 12:08 PM   #17
Moderator Emeritus
Martha's Avatar
 
Join Date: Feb 2004
Location: minnesota
Posts: 13,212
Re: Deer in the headlights

Our off topic posts on the state of US medical care have been moved here: http://early-retirement.org/forums/i...p?topic=6037.0
__________________
.


No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Re: Deer in the headlights
Old 02-16-2006, 12:33 PM   #18
Thinks s/he gets paid by the post
SteveR's Avatar
 
Join Date: Jul 2005
Posts: 2,803
Re: Deer in the headlights

Quote:
Originally Posted by (Cute Fuzzy Bunny)

... and learned to let our loved ones go when its their time...health care costs would more than halve, if not drop 75%.
CFB,

Thanks for the notes for the other aspects of your post but how about the statement above? That seems to be the one that has the least hard data associated with it.
__________________
Work? I don't have time to work....I'm retired.
SteveR is offline   Reply With Quote
Re: Deer in the headlights
Old 02-16-2006, 12:37 PM   #19
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Re: Deer in the headlights

See the new thread. There is plenty of hard data. It wont make a difference.
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Re: Deer in the headlights
Old 02-16-2006, 05:33 PM   #20
Recycles dryer sheets
 
Join Date: Feb 2005
Posts: 166
Re: Deer in the headlights

Where can you fine the information on health insurance in Washington? It sounds like a solution for me.
__________________

__________________
treypar is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
The good old USA and medical costs getoutearly FIRE and Money 83 02-20-2006 10:42 AM
Mechanics question: cruise controls stops when headlights on? soupcxan Other topics 4 01-02-2006 08:31 AM

 

 
All times are GMT -6. The time now is 08:03 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.