Real estate upgrade?

[gauss]

Maybe consider an ACA policy in lieu of COBRA? Especially so if you can keep taxable income below 400% of FPL. Below 250% would be even better.

gauss

 

[summerblues]

Maybe consider an ACA policy in lieu of COBRA? Especially so if you can keep taxable income below 400% of FPL. Below 250% would be even better.

gauss

Good point. Starting to feel a little overwhelmed with decisions. My COBRA payments won't be too high but it really is another thing to consider. Thank you.

 

[Dtail]

Good point. Starting to feel a little overwhelmed with decisions. My COBRA payments won't be too high but it really is another thing to consider. Thank you.

This forum will help get you there. Just keep asking any questions that come to mind.

 

[summerblues]

This forum will help get you there. Just keep asking any questions that come to mind.

Thank you --I will. I've already gotten good guidance here. It's been very helpful. Many financial things to think about. If I'm not going to buy a more expensive home I need to get moving and invest more of my taxable non-IRA assets. I probably have too much in cash. But first, the home/location decision...

 

[HI Bill]

Maybe consider an ACA policy in lieu of COBRA? Especially so if you can keep taxable income below 400% of FPL. Below 250% would be even better.

gauss

I was planning to do this, until I saw the deductibles with the ACA plans. About $10K for most. I have treatments that would cost me $3,300 every two months...so I'd blow through the deductible in the first six months of the year. In the end, it may be cheaper, if the OP has any pre-existing conditions, to choose COBRA. If they're healthy, then ACA and managing income is the way to go.

 

[AJ520]

Can you buy a home without HOA? I hate HOA’s in general because I don’t feel like they offer much

 

[Bamaman]

I recognize that there's a need for condos. But there are just so many stories about bad condo boards, assessments and insolvency in condo developments. Going to a new condo might open up new can of worms--unknowns. It's one thing to buy a condo on the low end of normal, but sinking $650K or more into one is just too much.

Our lives in retirement are led in a conservative, stable manner. We're in the process of moving 65 miles away, and the new house we bought (for cash) is about the same amount we anticipate selling our old house for. We are actually gaining a little in cash flow not having to pay for a private school and utility bills and upkeep on the newer home is less.

And since we're so conservative, if we were living in a HCOL area we would be looking to move to a LCOL area rather than to an ultra HCOL area all the way across the country.

And keep your housing expenses in the same range of cost as in the past.

 

[summerblues]

Can you buy a home without HOA? I hate HOA’s in general because I don’t feel like they offer much

I've thought about that. Just looking to off load as much home maintenance as possible because I'm single and may be in my next home into old age. I currently live in a densely populated urban area where condo/coop living with HOA fees are the only homeownership option. So I'm paying HOA fees now. But I am hesitant about buying a condo again, especially due to the loss of control involved in it -- condo board, potential lack of upkeep etc. It's been drummed into me that owning is better than renting but maybe renting my next place is the better option.

 

[OldShooter]

One of the things I do in my Adult-Ed investment class is to include "pop quiz" slides every once in a while just to keep the students involved. Here is one of them:

You’re 75 years old, healthy, and reviewing your financial situation. Which would you prefer?

A. You find that you’re running out of money.

B. You find that you’ve saved more money than you really need.​

 

[summerblues]

I recognize that there's a need for condos. But there are just so many stories about bad condo boards, assessments and insolvency in condo developments. Going to a new condo might open up new can of worms--unknowns. It's one thing to buy a condo on the low end of normal, but sinking $650K or more into one is just too much.

Our lives in retirement are led in a conservative, stable manner. We're in the process of moving 65 miles away, and the new house we bought (for cash) is about the same amount we anticipate selling our old house for. We are actually gaining a little in cash flow not having to pay for a private school and utility bills and upkeep on the newer home is less.

And since we're so conservative, if we were living in a HCOL area we would be looking to move to a LCOL area rather than to an ultra HCOL area all the way across the country.

And keep your housing expenses in the same range of cost as in the past.

Fully understand what you're saying about the risks of condo ownership. I currently live in an urban HCOL area -- want to move to Calif for the better weather, more casual life style, and easier access to nature. But I also want to be near good medical facilities. Those wants lead me to...moving from an East coast HCOL area to West Coast HCOL area. I'm conservative with my money, but am really wanting to improve my housing situation somewhat when I move as my current urban condo/co-op is really not up to par...Anyway, something has to give. I know I can't get all of my "wants". As I just mentioned in my above post, maybe renting initially is the smart thing to do. For now, I'm staying put in my not very nice urban East Coast place and thinking things through.
I need to think about getting some of my cash into a bond fund or etf that generates regular income. If anyone has suggestions about low risk bond funds, would very much appreciate it.

 

[summerblues]

One of the things I do in my Adult-Ed investment class is to include "pop quiz" slides every once in a while just to keep the students involved. Here is one of them:

You’re 75 years old, healthy, and reviewing your financial situation. Which would you prefer?

A. You find that you’re running out of money.

B. You find that you’ve saved more money than you really need.​

Yes, that crystallizes it. I've always been conservative with my money but there's always the feeling of maybe I'm too conservative and should let myself enjoy what I worked for. It's hard to know what's right with so many uncertainties. I know that's what everyone faces -- it's just a bit more acute when your financial situation is good/ok, but not excellent.

 

[OldShooter]

... want to move to Calif for the better weather, more casual life style, and easier access to nature. ...

IMO, moving to CA is like moving to Chicago or to IL except the weather is better. Big problems foretell big taxes on residents: https://www.forbes.com/sites/thomas...ons-california-is-unsustainable/#1d850e1a3a23 I think the consensus is that both Chicago and the state of Illinois will go bankrupt and that California is on the edge. There are already city bankruptcies in Cali.

 

[W2R]

I've thought about that. Just looking to off load as much home maintenance as possible because I'm single and may be in my next home into old age. I currently live in a densely populated urban area where condo/coop living with HOA fees are the only homeownership option. So I'm paying HOA fees now. But I am hesitant about buying a condo again, especially due to the loss of control involved in it -- condo board, potential lack of upkeep etc. It's been drummed into me that owning is better than renting but maybe renting my next place is the better option.

You don't have to have an HOA to offload as much home maintenance as possible. There are several ways to do that. I don't have an HOA, and have not spent even one minute doing home maintenance since I moved in four years ago. I am single too, 71 years old, and plan to age in place in this house if possible. I pay someone to mow my lawn, and I have a handyman if I need anything else done (which rarely is the case). If anything is beyond his ability he knows who to bring in to help him with the job; for example when my sink got stopped up beyond what normal efforts could fix, he brought in the best plumber around and made sure the cost for that was reasonable.

Both my lawn guy and handyman are deserving, honest, reliable men who do excellent work, and the cost to me has been probably just a small fraction of what an HOA would charge. Last year, for example, $108/month. Also it is so nice to not have to deal with a condo board or less than stellar work being done. I chose a good neighborhood so my neighbors homes and lots are neat and well kept up.

Granted, it might take you a few months or even a year after moving to a new state, to locate the right handyman or yard man.

 

[OldShooter]

... It's hard to know what's right with so many uncertainties. ...

Yes. That's exactly where I go with the students following the pop quiz. There are so many uncertainties that it is crazy to make a retirement plan that is on the edge, or worse -- relies on best case numbers. You have to shoot for oversaving and then, if things do pan out after retirement, you can slowly and carefully enjoy any extra money that may be there.

 

[summerblues]

You don't have to have an HOA to offload as much home maintenance as possible. There are several ways to do that. I don't have an HOA, and have not spent even one minute doing home maintenance since I moved in four years ago. I am single too, 71 years old, and plan to age in place in this house if possible. I pay someone to mow my lawn, and I have a handyman if I need anything else done (which rarely is the case). If anything is beyond his ability he knows who to bring in to help him with the job; for example when my sink got stopped up beyond what normal efforts could fix, he brought in the best plumber around and made sure the cost for that was reasonable.

Both my lawn guy and handyman are deserving, honest, reliable men who do excellent work, and the cost to me has been just a small fraction of what an HOA would charge. Also it is so nice to not have to deal with a condo board or less than stellar work being done. I chose a good neighborhood so my neighbors homes and lots are neat and well kept up.

Granted, it might take you a few months or even a year after moving to a new state, to locate the right handyman or yard man.

Thank you. Excellent points. I will really think about this.