55 and has not planned for retirement

[splitwdw]

But then the B&B idea popped up!

My daughter moved into a home and we have all got to know the neighbor. He's a single guy 55 years old and has no retirement plan. I started him thinking about it, but I don't think he will ever take any action.
Just recently he was lamenting his lonely lifestyle, he took care of his dad and another person at different times at the end of their life. Then got the idea of B&Bing his one bedroom. In January he received $1,200 in rent, which basically covered some of the start up items (and a few needed boat parts) The house is on the water. He has bookings of $3,850 for the month of February. And has already had enough problems that he think he knows how to make it work. I hope I can convince him to sock most of that B&B income away for his future. The neighbor is really a fun guy to be with and I think most of his visitors will have a fun experience staying at his place.
Just wanted to post about the shared living B&B idea.





He's self employed and has been much of his life. He freely admits he paid minimal taxes, meaning he will get minimal SS. Next time I see him, I'm going to try to get him to look at MySocialSecurity.gov, just to get an idea where he stands. At 55 he has bad knees and a bad back and when I suggested he will probably need to work until 70 to maximize his SS, he looked at me like, "no way will I be able to work 15 more years." But, he needs to do something, because he may be looking at less then $12k a year in SS. And to make matters worse, he just got a loan for a boat.
He does have the house worth maybe $350k to $400k, he has it for sale at $475k, but just on the off chance someone can't live without it. He doesn't really expect to move. I'm done rambling.

I don't think that some of the posters "get worked up". They are stating their opinion. Look at what I bolded in your first post. You are saying "I started him thinking" and "I hope I can convince him". As brett said it sounds like he will coast through his life. I often wonder why some of the posters are trying to make savers out of these people that do coast through life and are fun guys.

If someone asks me for info or help I'll give it to them but I don't try to convince them or make them into savers. We have a friend that's a roofer and always has a wad of cash in his pocket. While the rest of us were saving and planning, he would flash his roll of cash when we went out to dinner. We are all planning on retiring (our group is in our late 40's early 50's) in the next couple of years and he told my husband he can't retire until his 70's. I can't imagine with a bad back and knees that he will last that long. We have known him for a long time and would never presume to tell him to save for retirement. He's like your dd neighbor, a fun guy that isn't thinking ahead. I feel bad looking at his future but it is his future, not mine.