I am a little reluctant to post on this thread, as it's old, but in a way, it's a record for my kids to understand my retirement, and for jeanie, who doesn't always know what I'm thinking.
ANYWAY...
a few more passing thoughts on things that have or will,... affect our retirement.
.........................................................................................................
Long term care insurance.
Not always well understood and seemingly, for most, not as important as life insurance or just building assets.
Even though our policy is not large, it does cover $100/day for long term care. For most, LTC means a long term care facility... and at $100/day only puts a dent into a $70,000/yr. nursing home cost. ($36,000). What it may, (depending on the policy) cover, is care in the home, at the same rate. In our case, hopefully, we won't necessarily end up in a nursing home bed, but may be able to carry on the life we love, in our home. Just some food for thought.
....................................................................................
Another subject... already covered in another thread: Over 55 retirement communities in parks with manufactured homes. We did snowbirding from 1990 to 2012 in our Florida Lake Griffin Harbor park. Manufactured homes... then... like what you think of as long trailers. (Ours was 14' X 67' with an add on sunroom... or a total of 1200 sf.)
Here's what has happened... and a warning to those who might be considering this type of low cost living.
In most cases, the "Retirement Park" owns the land , and you rent the land from the owners. In the early days, our rental costs were less than $200/mo.
Here's what has happened... follow this, if you are considering a rental land manufactured home.
1. The rate have gone up... rapidly. To as much as $700/mo., or even more.
2. The contract for living in a mfg. home park, usually requires a level of upkeep, or... an age requirement for the building, after which the owner is required to remove or replace the building.
3. corporations have been buying up older mfg home parks, and either increasing the rent, or requiring removal... (a very expensive proposition).
Seniors who bought in older parks in the last 10 years or so, are facing difficult decisions at a time when older residents don't need this kind of worry. This problem is often exacerbated because of rental contracts.
Caveat Emptor.
................................................................................................
Lastly... something that many here need not consider, because of sufficient funds, and a likely inheritance for their children... but for any considerations for a longer retirement, a suggestion:
Instead of picking a spending number based on today's lifestyle, a more in depth spreadsheet type of budget... realistic for the later years. So... not a question or problem for many, but for those who hope to retire early, a realistic somewhat austere budget that doesn't include that $30K for travel, or a new car every 5 years. Doing this with a hands on approach, may well allow an earlier retirement than planned. It's what I've called Phase II of retirement. A lower real cost... with an actual, real plan that is in line with your own spending, as opposed from a number posited by Suze O.
Cost of living, in our experience has gone down substantially since age 75.
So... a few random thoughts from an Ancient Mariner.
