Impact of economy: Delayed retirement? Return to work?

[NJblue]

There is a spot on the news about the economy (Wall Street downturn) hitting retirees fairly hard causing them to return to work either full or part-time. How has this impacted Villagers or prospective Villagers?

[poromo]

I've delayed my move to TV indefinitely and will continue working in NYC as long as this economic downturn continues. Based on what I'm seeing we need another 1-2 years to bottom and another 2-3 years to begin recovering. Five years from now, I'll take a lifestyle preview if it is still being offerred.

[ejp52]

I'm retired due to disability,and my wife works as an RN so we have health care insurance.

[chuckinca]

Planned to hang it up at the end of this year at age 65.

House value and 401k are both down about 30%

Will now work in Calif for the next two years 9 months each year - will spend Jan thru Mar in TV and work via the computer and cell phone.

[ConeyIsBabe]

I retired ten years ago at age 60 and have no problem living within my means.

However, I purchased my Oregon home 3 years ago at the height of the r/e market and now....... I stubbornly refuse to lose a penny of my investment so ....... TV will be my fantasy and TOTV will be my hangout until the time is right :shrug:

[MMC24]

Both my wife and I are retired and we plan to stay retired and enjoy all that TV has to offer. We do not anticipate much change to our lifestyle due to the current downturn of the economy. Of course if the recession turns into a depression, than we will have to re-evaluate our position should that happen.

[rshoffer]

Certainly if one is already retired, the downturn of the economy hits those living on their 401K more than those on a fixed and guaranteed pension. Those anticipating retirement who were depending on their 401K wil not likely be Villagers any time soon

[ouma1938]

My husband is retired I still work as a realtor but want to retire and start life in TV. We had planned on this happening this year but the downturn in the economy and real estate market has delayed that plan. However we now are facing a smaller return on our house, (when and if we can ever sell it) so will probably have to have a small mortgage in TV. Aside from that our 401K took a serious hit but between Social Security and Military retirement we should be okay unless inflation continues to rise and the market continues to plummet. But...most important thing is sell our house and get down to TV. Can't wait to meet everyone at Crispers!

[Hawkwind]

My retirement plans are not so much as to when I want to retire but when the company that I work for will retire me. You see the economy and some poor management decisions have put the company on hard times and the short term outlook does not look good. Lay offs are happening a lot and some day my number will be up. I am very surprised that I have not been let go already.

I have my late mothers home that I have been trying to sell for two years and have had no luck. This is a great starter home for a young couple or single person to buy and start building equity but no one can get a bank loan unless they have a big down payment and excellent credit rating. The price has been reduced 20K and still nothing.

People that can afford to buy in my area are very demanding. My next door neighbor is 85 and wants to sell his 3BR / 2 1/2 B all brick ranch that is perfect in every detail and is located on a private lake for $179K and has had some lookers but no offers. The house is worth every penny of that. He has replaces all the kitchen appliances with new and still nothing. One couple liked the place but wanted everything else replaced in the kitchen and all the baths completely redone. They said do that and we may offer you $130K. Dream on.

Jobs in this part of the country are very hard to come by. A recent job fair for JM Smucker drew over 2000 people. Good luck finding anything if you are in your 50's or 60's and looking for a job.

The economy says it all.

[collie1228]

In mid-Summer we had our Lifestyle Preview and had decided that TV was great, and that with good planning over the next three-four-years, we could afford to live well in TV. Since then, the 401(K) and IRA have taken a hit in the neighborhood of 30-35%, and all plans are on hold. Unless there is a miraculous recovery over the next 36 months (yeah, right), our retirement plans are now postponed for at least two years; maybe longer. You just can't quickly recover from a loss of 1/3 of your retirement savings.

[Best Mom]

Blessed to have two guaranteed pensions plus we have always lived well below our means. We have saved like crazy. Top that off...our stocks have actually gained a little. Husband has handed in his retirement for the end of this 2009. They are begging him to stay but no way as he loves the Villages. Our first home and his job is where it is very cold and snowy.
We both have enough degrees that we can pick up spending change when we need too. Schools beg me to teach down here as I have a masters plus 60 hours with a straight 4.00 in grad work from NY (just from hard work). I have done a few jobs for the charter school in the Villages. I am very blessed.
You never really know about the future...

[Boomer]

How have we, as retirees, been affected by the mess with the economy?

Both retired in our fifties. Mr. Boomer first. Before I retired, we decided to downsize from a too big house on acreage because we were tired of all the work and also tired of that long driveway, with the hill, in the snow. And the capital gains tax advantage was nice. That was at the top of the market.

Now we are in our "geezer" ranch-style house which we plan to keep. We have looked at buying a second home in TV, but I do not want to turn it into a rental. When we make decisions, we always do "The Ben Franklin" where we weigh the pros and cons. We are returning to rent in TV at some point and we will see where that takes us. I know it's fun there, and oh so sunny. We will be sitting tight for awhile on buying. Buying a second home is a much bigger decision than buying a primary residence -- at least for us it is. And we are not planning to go back to work.

Sometimes, though, I wonder where the pension fund is invested.

And I see the cost of our health care going up, up, up, even though we each have it through our former employers. Our former employers contribute to the cost, but we pay more out of our own pockets each year. And we have a few years to go until Medicare. I had projected numbers for that before we retired, but it is a concern.

So how is the downturn affecting these Boomers. We are being careful and sitting tight. Watching and waiting. I do not think there has ever been anything like this one. And I also believe that to truly be doing well, those around us need to be also. And that is not a political statement in any way, shape, or form. That is simply a practical statement. I have great concern that we may see rampant unemployment. And, gee whiz, I sure wonder where taxes are headed.

So our plan is to sit tight in the "Florida" room in Ohio, looking out at the snow, and planning to rent in TV sometime soon to see what happens next, what happens next with this horrible mess that affects all of us, no matter how well we planned. Very few are isolated from this. No matter how good your plan, things have changed, on some level. It comes at all of us from one direction or another. Maybe in little ways. Maybe in big ways. I wish I knew for how long.

Boomer