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help with end game
Old 07-17-2007, 02:18 PM   #1
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help with end game

I am 45 years old, I have appx 15 thousand over one million in savings I.E. CDs mostly and and 50k in stocks and mut funds.
I bring in 45 thousand a year in interest that I now live on, My work was hard on my body and my knees and back are not able to take the pounding they used to.
My wife was laid off at her job in michigan because of the horrible economy there. But I have sold and moved south near my family. We had planned to move and build on our property in arkansas, we have 6 acres there and love it. but my wife could not find work, and we still are in need of health insurance.
We have a budget of 145k for a home that does not come out of our savings above.
She was offered a job in kansas near family that pays 35k a year and insurance.
My wife wanted to go to arkansas now, but I feel that while she is still at an age and has the experiance that is needed, we should work and live where we can expand our savings even more, at least for a few more years, until we get national health care [I hope]
I have all of our 50k invested in IRAs so I can deduct the 8k a year from taxes.
I am at a point where I do not have a clear picture of what to do to make sure our retirement is secure.
I could live fine on my income now, but if anything happend to our health or if in 20 years inflation took off, It could eat into us enough that we could not take the vacations or do the things we like to do.
We are looking at a nice home in kansas that we could get at a good price.
We would own it out right as I have never had a morg. payment and never will.
My biggest fear is coming out of a market like michigan where I had 80 acres and a 2000 foot cape cod and 30x40 toy barn. and had to break it up so I could pull 200,000 out of it.
I built it myself so I made money but I tell you I had to give it away as michigan is gone down the tubes.
Any way, I would like opinions on how we are doing and what we should do to have a good retirement.
Thanks
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Old 07-17-2007, 02:55 PM   #2
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I am 45 years old, I have appx 15 thousand over one million in savings I.E. CDs mostly and and 50k in stocks and mut funds.
I bring in 45 thousand a year in interest that I now live on, My work was hard on my body and my knees and back are not able to take the pounding they used to.
My wife was laid off at her job in michigan because of the horrible economy there. But I have sold and moved south near my family. We had planned to move and build on our property in arkansas, we have 6 acres there and love it. but my wife could not find work, and we still are in need of health insurance.
We have a budget of 145k for a home that does not come out of our savings above.
She was offered a job in kansas near family that pays 35k a year and insurance.
My wife wanted to go to arkansas now, but I feel that while she is still at an age and has the experiance that is needed, we should work and live where we can expand our savings even more, at least for a few more years, until we get national health care [I hope]
I have all of our 50k invested in IRAs so I can deduct the 8k a year from taxes.
I am at a point where I do not have a clear picture of what to do to make sure our retirement is secure.
I could live fine on my income now, but if anything happend to our health or if in 20 years inflation took off, It could eat into us enough that we could not take the vacations or do the things we like to do.
We are looking at a nice home in kansas that we could get at a good price.
We would own it out right as I have never had a morg. payment and never will.
My biggest fear is coming out of a market like michigan where I had 80 acres and a 2000 foot cape cod and 30x40 toy barn. and had to break it up so I could pull 200,000 out of it.
I built it myself so I made money but I tell you I had to give it away as michigan is gone down the tubes.
Any way, I would like opinions on how we are doing and what we should do to have a good retirement.
Thanks
Hi. Welcome to the board. I like your handle!

My friend Frank and I plan to retire together, in some other state. He recently found out from a soon-to-retire co-worker that his health insurance (continued as a group policy from his work but apparently not subsidized) will cost him around $800/month in Missouri, Tennessee, Louisiana, and some other states, but it will only cost $200/month in Arkansas. Apparently this is due to the effects of tort reform in Arkansas. (?) So, before you make any decisions I would advise looking into the cost of individual health insurance in Arkansas. It will probably still be too much, but you might as well ask.

Cost of living is very low in most parts of Arkansas, so you have that in your favor.

If it was me, I'd find out for sure how much the health insurance would be, then subtract that from $45,000 and see if I could live on that much for a while. If it doesn't work for you, then you would have to go to Kansas. Remember, though, that if you buy a home in Kansas and then want to move to Arkansas later, it may take a while to sell it due to the housing market.

Good luck!
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Old 07-18-2007, 08:47 AM   #3
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Trying to make a hard desision, My wife hates wichita, and so do I. the housing market is not good in the sence that you can not find an acre spot with a home for less then 250k in a good area.
most homes are in cookie cutter subs. I can find a end of road neighborhood and a back yard faced to an old railroad grade that is semi private. In the sence that you can not see severa homes in your back yard.and the price is 139k for the same price I can pick up a home and have it built on my 6 acres in hot springs arkansas. and have a view of the mountains.
The problem is my wife has a lot of exp. in the title industry and applied to every company in hot springs and hs village.
She got one interview and they said that they would keep here res. on file.
The town is much smaller than wichita.
Hot springs is much like where I used to live in north michigan.
I was thinking of just building there and she can find something.
I wish I was not in the condtion I am and had an education, but I made good money for years and saved it..
I know many people would love to have 1 million in the bank and a hundered and forty thousand for a home. but when you do it is still not enought to make you feel secure.
Trying to make my way.
Thanks for the opinions.
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Old 07-18-2007, 09:23 AM   #4
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Ruger, it sounds like you're both really unhappy with your current situation.

If you have enough savings to make a move without doing something really rash (like not having health insurance, having a dangerous investment strategy, etc), maybe you should just do it. Perhaps you can rent in Arkansas for a year or two while you settle in and explore the part-time job market.

What do you have to lose?
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As if you didn't know..If the above message contains medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any purpose. Consult your own doctor for all medical advice.
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Old 07-19-2007, 12:59 PM   #5
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My wife and myself are without health car insurance now, she is working and we areliving out of a travel trailer in wichita.
She is going to have coverage by sept.
I have looked at many homes here and although I could live here and do ok, it is not us.
We are the sit on our back porch and look at the trees people.
I owned 80 acres in north michigan and have 6 and a half in arkansas.
The cost of living is much cheaper in arkansas then here.
Every thing fromt the taxes which are triple to arkansas, to gas is higher here.
But the need for my wifes training is much higher.
I have found a nice home in a sub for the 125 range with a nice tree lined back yard.
It is not our mountain top home in arkansas but I could get by, We have been without insurance for several months as we have been looking for a new place.
Michigan has went down a rat hole.
Our porperty would not be a long way from benton or little rock and there would be much more opertunity there.
It would just be much closer to be able to work out of the towns like hotsprings village or hot springs.
I would not plan to live in wichita for many years, and am wondering if I should just make the plunge and go where we want to be for the long term.
I called the agent we purchased the property through and she said that the economy in hot springs is very good.
But that there is not a high rate of turnover in this area so people keep their jobs longer.
My brother has two little girls I like being around in wichita and I thought we could spend a lot of time with them, but things are not as I had built them up in my mind.[are the ever?]
My brother is cumpulsive video game addict, and all he can talk about is this game and that system, My video game days are long gone.
And his wife is almost a shut in and does not live outside the home much less the little town just east of wichita, We have to visit them and it is difficult.
I used to be a person who made a "custer desision" and that was that, as I age, I tend to try to calculate things to death, and it is driving my wife nuts and me also.
I would make a desision and would push to make it work like a bull in a china shop and did not care what got broke getting things to work.
Now I second guess every thing I do. see the pros and cons in everything,
I may need profesional help.lol
I would feel more at home in arkansas on the property we bought than anyother place we found, it is only a 7 hour drive from my brothers and familys.
Since I would only be here for the job my wife has [and health insurance] I am thinking of going where my gut tells me to.
the week end is coming up and I have to make a choice.
Can not keep on treading water and am sick of my things in storage and living in a Travel trailor.
My big problem is I have always been a bird in the hand person, not a big risk taker.
All my investments have been very conservitive.
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Old 07-19-2007, 02:14 PM   #6
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Ruger
sounds to me like your were in the building trades. if that's so, how about a postion where you don't have to lift/carry but still are in a related field. Something like the sales/counter person in tile installation at home depot. Know those people have building trade experience, and the job does have medical coverage.
Another thought is to get some type of degree or certificate that would allow you the less physical work.
If you can't stand one place, then its not the place for you. Life is just too short.
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Old 07-19-2007, 08:54 PM   #7
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Ruger,

Your land in Arkansas is not going anywhere. It will still be there in 20 years when you retire and can collect some social security (hopefully)
So, if your wife can't get a good job there now and she can where you are now and get medical, (which is very important), I think you know what the right decision is. It seems to me like Arkansas would be an ideal area to retire to (both you and your wife), but not necessarily to build up your nest egg in. So, if that is the case, then find something there where you are that you can live with and just start planning your retirement home on paper on your six acres when the time is right.
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Old 07-20-2007, 10:40 AM   #8
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l have thought about home depot. Not a bad idea. My wife has some responce from one of the banks she applied at.
If she could get insurance until something better comes along, and I could work on haveing the home built it would work, I like that my family would be near in kansas, but the housing is nothing like I am used to.
I have always lived on places that have been at least a few acres.
I have never lived in an area that was a subdivision of 1000+ homes.
Having people live all around me. I know many people are very used to this, and to be fair the sub we are looking at is a great town and nice sub. quiet and family oriented.
I am just used to that last 20 years living where if I saw you from my porch you were on my land.
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Old 07-22-2007, 08:13 PM   #9
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Ruger I think you can make it on your 20 acres now. Build a reasonably small house not tiny but not huge. Find health insurance even if one of you has to work at Starbucks. Both of you look for whatever you can get to make any money you can make. Say between the two of you doing things like having and in home daycare or boarding other peoples horses you can make 20K per year that is 20K not coming out of your life savings.
Invest your life savings don't park it in a bank and you can make at least 6% over the next few years so your money will grow if you only take out about 2% so when you are old you can give up the jobs.
With 20 acres there are little ways you can profit like growing your own apples and raspberries. If there is hunting you can maybe get a deer to cut food cost. Once you are established with little jobs and cost cutting methods you might find you are doing great and can add a guest house for extra space and some out buildings, garage, barn whatever you want it doesn't have to be all at once. Your body may improve to where you can freelance a little work, hire a boy to help you with the heavy stuff so you mostly use your brain.
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Old 07-22-2007, 11:23 PM   #10
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Thanks for the ideas but not all are for me, we are bringing in 45k a year on the investments and I have enough to build a 1400sf home. My wife is looking at getting a job as an entry level posistion in the financial area related to her formar occupation. she would only make ten an hour but it does have health insurance.
Between that and the money we make on our investments we can make it ok. I am also letting appx five thousand a year roll over.
I grew up with a dad that did a garden every year and canned everything. I used to shoot two or three deer a year.
I am past that now.
It is much cheaper to just buy a can of tomatos for thirty three cents than can them, we used to figure out how much a pound it costs us to grow our own chickens and we lost every time.
You just can never beat mass production.
We tried it in wichita and just could not learn to like it, the housing was all cookie cutter jammed as close to each other as possible, there is a reason that no one in the county retires to kansas.
The crime is bad there also, two cops were shot going to a demostic dispute last week.
I was hoping that I could make a go of it, but wichita does nothing to try to give the people anything to do, there is the old town which is mostly bars. and the religion is so entrenched in people there that they have bible meetings at the local coffee shops. and all they can do is try to vote down the up and comming casino proposal.
They lost the last one for sales of wine and beer on sunday.
I am a bit sensitive about religion, I am an atheist and they get all hot and botherd when you tell them that.
I am a live and let live kind of guy and I dont have why god is only pretend meetings in the local coffee shop, I think they would go nuts if I did.
Any way back in arkansas and will start to build here.
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Old 07-24-2007, 11:51 AM   #11
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Hi Ruger,

Check out 1.home.

It is very secure investments with monthly pay outs.
My wife and I are freeing up funds in order (using the equity in our home and rental prop) to invest.

Give him a call. 866.SIG.8778 You want to talk to Kyle Hoffman, President. Tell him Terry Stanfield recommended you. He is a great guy, short and to the point. No BS. You can email him at khoffman@cfsbd.com .

The issue for me with life insurance as an investment the money is tied up for 10-15 years. I want money I can live on now.

Let me know if this is helpful.
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Old 07-24-2007, 01:27 PM   #12
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What's that smell?
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Old 07-24-2007, 01:44 PM   #13
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Hi 73ss454,

I was just trying to be helpful. I am sorry you think this is a commercial. It is I guess, but Kyle is a friend of mine with a great product. I make no money off of referrals (its illegal). This is just something I found to work for me and my wife. I hope that if you have something that might help me let me kinow.

This is not spam.

"smell ya later" (Fresh Prince of Bellaire}
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Old 07-24-2007, 02:15 PM   #14
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I am sorry you think this is a commercial. It is I guess, but Kyle is a friend of mine with a great product. I make no money off of referrals (its illegal). This is just something I found to work for me and my wife. I hope that if you have something that might help me let me kinow.
Terry,

The members of this board are highly allergic to marketing, sales, & spam.

When a new poster jumps right in without an introductory post, includes links in every one of their post, self-admits to advertising, and runs a website that teaches search-engine optimization, then it's a logical conclusion that spam is on the menu.

You need to back up, turn off the commercials, and try again. Or go somewhere else.

-- Nords
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Old 07-24-2007, 02:30 PM   #15
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Dear Nords,

The "self-admits to advertising" in my post did not mean that I was actively advertising for Kyle. He is not a client just a friend.

But your point is well taken. I apologies if I up set anyone.

[FONT='Calibri','sans-serif']I do not spam nor practice “black hat” seo techniques.[/FONT]
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Old 07-24-2007, 02:44 PM   #16
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Hi ruger,

In terms of health ins (I used to sell the stuff), individual health ins is very expensive with very high deductibles. If you have any health issues the rate can be extremely high. If you are is in good health do a search for "association based health ins." There are some that will allow you to build your own plan. That keeps the premiums low. Also because it is an association based your rates cannot go up if you do get sick. I have some very strong opinions about companies that do not “shield” you from rising premiums.

I am still on COBRA from my old company but my wife and kids are on an “association base” health insurance.

I am a 52 year old, self-employed, married with 3 kids (two in collage), bass player in the church band and have been around the block once or twice.

[FONT='Calibri','sans-serif']I hope this is helpful.[/FONT]
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Old 07-24-2007, 03:15 PM   #17
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PS

Don't hold the "bass player in the church band" against me.
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