Can incoming seniors afford retirment in The Villages?

[graciegirl]

The new reality of old age in America (http://www.msn.com/en-us/money/retirement/the-new-reality-of-old-age-in-america/ar-AAsBlPT?ocid=spartandhp)

[manaboutown]

Although times have changed many of those now approaching as well as in their seniors years lived for the moment, like the grasshopper and not the ant. They are now paying the price. Of course misfortune such as serious health issues play a part for some.

[Fredman]

The baby boomers worry about today and hope mom and dad will leave them enough money for tomorrow

[Schaumburger]

I read the article . . . not good news. 18.6% of those over 65 still work. And the median value of retirement accounts for those between the ages of 55 and 64 is just over $120,000, according to the Federal Reserve. This is the prime age group that would be considering moving to The Villages in the next 10 years.

Fortunately I was in my former employer's 401(k) plan for 26 of the 27 years I worked for the company. The company I started working for last year automatically enrolls all new employees in the 401(k) plan at 6% of their salary on their first day of employment. If the employee doesn't want to participate in the 401(k) or wants to contribute something other than 6%, the employee has to go to payroll and indicate their wishes. And every January 1, my employer increases all employees' 401(k) contributions by 1% unless the employee goes to payroll to stop this increase. Paternalistic? Maybe, but the earlier a person starts saving for retirement, the better off one will be. But I'm sure I'm preaching to the choir on this one.

[JoMar]

I suspect there will be a sufficient supply of seniors that will be in a position to move here.

[rubicon]

The saddest event for many was the move corporations made to eliminate defined benefit plans and replace them with defined contribution. secondly many corporations abandoned retiree medical benefits. add to that the number of corporations that cut their workforce during the 1990's and you have a recipe for retiree disasters.

Of course like our congressional representatives upper corporate management ensured their retirements were well funded and well secured.

The price range in TV is very wide from about $100,000.00 to $2,000,000.00 This will enable many to buy here

[fred53]

The baby boomers worry about today and hope mom and dad will leave them enough money for tomorrow

as a baby boomer(born from the late 40's to the mid 60's)we were taught to get a job, work hard, be on time, give it your best and save money for the future. There were still plenty of jobs to be had were you had money taken out by the company for that retirement(above and beyond SS).

I brought my x-generation and millennial kids up the same way...although there are plenty enough from every generation to go around.

[Lottoguy]

Your former employer did it the right way. Years from now those people will realize how lucky they were.

[Lottoguy]

The biggest hurdle to early retirement is the health coverage. I was able to retire before 65 because I qualified as a Veteran. It's a shame that some of these big corporations do not have a plan to people for their long time employees. The older you get the slower you get. What they always end up doing is they think of ways to get rid of these people once their north of 60.

[dewilson58]

The biggest hurdle to early retirement is the health coverage. I was able to retire before 65 because I qualified as a Veteran. It's a shame that some of these big corporations do not have a plan to people for their long time employees. The older you get the slower you get. What they always end up doing is they think of ways to get rid of these people once their north of 60.

Couple thoughts............most people don't work for large corporations. Also, it's kind of a net-zero game......additional benefits means less pay. Otherwise, profits are down or prices go up. Pensions are pretty much gone because it's almost impossible to promise to pay in the future.

I don't think it's a big corporation problem.

IMO

[dewilson58]

The baby boomers worry about today and hope mom and dad will leave them enough money for tomorrow

A statement without fact.

(hopefully this won't get deleted)

[spring_chicken]

as a baby boomer(born from the late 40's to the mid 60's)we were taught to get a job, work hard, be on time, give it your best and save money for the future. There were still plenty of jobs to be had were you had money taken out by the company for that retirement(above and beyond SS).

I brought my x-generation and millennial kids up the same way...although there are plenty enough from every generation to go around.

Yeah, love the generalizations from the entitled generation around here. My kids show more respect for others than the boomers around here.

[Schaumburger]

The biggest hurdle to early retirement is the health coverage. I was able to retire before 65 because I qualified as a Veteran. It's a shame that some of these big corporations do not have a plan to people for their long time employees. The older you get the slower you get. What they always end up doing is they think of ways to get rid of these people once their north of 60.

Great . . . that gives me 3 years until my head is on the corporate chopping block again. :22yikes:

[manaboutown]

The baby boomers worry about today and hope mom and dad will leave them enough money for tomorrow

I know just the type you mean. I am acquainted with a few blown out old hippies myself.

A woman I know in her late eighties still supports her two born bright but wasted loser sons who are in their 60's. An 86 year old neighbor pays the mortgages on both of his sons' houses. One son is 65 years old and has a masters degree from Stanford!

[Nucky]

Wake up each day and do your best son. Be kind and give your boss a good day's work for the wages he pays you. Words from my parents. Unforeseen things happen in people's lives that bring financial ruins to the best lifelong plans. I played by the rules, did all the correct things with the dough and my Mother and Mother In Law were never factored into the math of our retirement plan. What are you gonna do, stress about it so you drop dead, not us. Acceptance and adaptation are the keys to proceeding comfortably when the plan changes. Having no regrets is important also. We have been out looking at houses since the Irma Hurricane and have seen so many beautiful homes from the top Of The Villages all the way to Fenney. The jury is still out. I just love it where we are. Time will tell the story.

Our actual reality has nothing to do with the way the plan was set. It is still fine. It was supposed to be way better. We don't have one bit of complaint in our heart or minds. What we have is faith. We'll do just fine.

[Ingenuity]

why older people are working. Some have been forced out of the workplace. I am 59 and still working. I love what I do and will continue to work for hopefully years. I am also getting my Masters and will continue to be relevant in the workplace. My fiance is retired and is glad he is not working. We are moving to Fenny (I know there is a prison and no GC access right now).
My fiance was a millionaire and then 2008 happened. His neighbor across the street lost 20 million dollars and not more than a week before the crash his Bentley was delivered. They sold it, bought an RV and never looked back. I lost a lot as well. We will never be that status again, but still have investments and savings. By the way, I shop Goodwill and so does he. Nothing wrong with that and I have some beautiful things. We are frugal, but still like to cruise. There isn't a flat anymore in London, or trips to France. That is ok, I did not love him for the money when I met him.
During that time in history, I was talking to numerous people that were getting "the boot" at their companies. The story was the same, they worked there for years and the fired at 64 which meant their retirement did not go with them-they trusted the company to take care of them and did not diversify their money.
My fiance has beginning dementia and I am a nurse that specializes in that. I hope to keep him out of a nursing home for a long time. There is a nest egg, but I know it will go to healthcare eventually. We are not wealthy by any means and I would put us in the modest category. But I have seen what unforseen health issue will do to a bank account with some of my former patients. Beautiful homes to as close to homeless as you can get.
But back to the initial question, we are moving to TV before we are priced out. I feel we can have a support system and being from Texas(Houston) everything is closer to us at TV. It also gives Charles a chance to exercise, and get out of the house. I cannot wait to get there.

[Nucky]

why older people are working. Some have been forced out of the workplace. I am 59 and still working. I love what I do and will continue to work for hopefully years. I am also getting my Masters and will continue to be relevant in the workplace. My fiance is retired and is glad he is not working. We are moving to Fenny (I know there is a prison and no GC access right now).
My fiance was a millionaire and then 2008 happened. His neighbor across the street lost 20 million dollars and not more than a week before the crash his Bentley was delivered. They sold it, bought an RV and never looked back. I lost a lot as well. We will never be that status again, but still have investments and savings. By the way, I shop Goodwill and so does he. Nothing wrong with that and I have some beautiful things. We are frugal, but still like to cruise. There isn't a flat anymore in London, or trips to France. That is ok, I did not love him for the money when I met him.
During that time in history, I was talking to numerous people that were getting "the boot" at their companies. The story was the same, they worked there for years and the fired at 64 which meant their retirement did not go with them-they trusted the company to take care of them and did not diversify their money.
My fiance has beginning dementia and I am a nurse that specializes in that. I hope to keep him out of a nursing home for a long time. There is a nest egg, but I know it will go to healthcare eventually. We are not wealthy by any means and I would put us in the modest category. But I have seen what unforseen health issue will do to a bank account with some of my former patients. Beautiful homes to as close to homeless as you can get.
But back to the initial question, we are moving to TV before we are priced out. I feel we can have a support system and being from Texas(Houston) everything is closer to us at TV. It also gives Charles a chance to exercise, and get out of the house. I cannot wait to get there.

Welcome to you both. Things are probably going to work out. What was was and what is, is. You are into reality I hope you find it as great here as we did. Modest is perfect. I'm grateful for Modest.

[Wiotte]

I not a rich man nor did I have a highly
paid job. Lost my multinational defined benefit job 24 years ago and never looked back. Worked my way back up and squirreled away every acorn I could. Dumped the high maintenance wife, kicked the kids out after they finished college and I was able to retire at 62. Not bad for a working class guy. My kids are all successful and appreciate me for kicking their a$&es.
Re-married, made good real estate choices and have settled into TV quite nicely. Regardless what life tosses at you, make a plan for success and stick to it.


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[Hancle704]

See if your plans provide for a spouse who needs to be in a assisted living memory care facility. Then consider our representatives who are hard at work on tax reform and want to do away with entitlements like the ability to claim part of the cost as a medical deduction. Talk to folks who are dealing with 24/7 care for someone with advanced stage Alzheimer's/dementia/Parkinson's Disease. Think how long your retirement nest egg will last if it affects you or a spouse.

[Schaumburger]

why older people are working. Some have been forced out of the workplace. I am 59 and still working. I love what I do and will continue to work for hopefully years. I am also getting my Masters and will continue to be relevant in the workplace. My fiance is retired and is glad he is not working. We are moving to Fenny (I know there is a prison and no GC access right now).
My fiance was a millionaire and then 2008 happened. His neighbor across the street lost 20 million dollars and not more than a week before the crash his Bentley was delivered. They sold it, bought an RV and never looked back. I lost a lot as well. We will never be that status again, but still have investments and savings. By the way, I shop Goodwill and so does he. Nothing wrong with that and I have some beautiful things. We are frugal, but still like to cruise. There isn't a flat anymore in London, or trips to France. That is ok, I did not love him for the money when I met him.
During that time in history, I was talking to numerous people that were getting "the boot" at their companies. The story was the same, they worked there for years and the fired at 64 which meant their retirement did not go with them-they trusted the company to take care of them and did not diversify their money.
My fiance has beginning dementia and I am a nurse that specializes in that. I hope to keep him out of a nursing home for a long time. There is a nest egg, but I know it will go to healthcare eventually. We are not wealthy by any means and I would put us in the modest category. But I have seen what unforseen health issue will do to a bank account with some of my former patients. Beautiful homes to as close to homeless as you can get.
But back to the initial question, we are moving to TV before we are priced out. I feel we can have a support system and being from Texas(Houston) everything is closer to us at TV. It also gives Charles a chance to exercise, and get out of the house. I cannot wait to get there.

Ingenuity, best of luck to you and your fiance in your upcoming move to Fenney. I was able to stop and see Fenney when I visited The Villages in early September --- very nice!

[CowBubba]

We have found Florida the least expensive place to live in retirement. The Villages is higher than other locations in Florida, but still cheaper than any place we have lived throughout our life.

[l2ridehd]

Everything is relative. I lived in Northern Virginia for the 23 years before the Villages. Housing, golf, happy hour drinks and property taxes are cheaper here, but everything else is the same or more expensive. The biggest increase here is groceries. Significantly more expensive here. Even stuff grown here. The weekly grocery bill is at a minimum 25% higher here. And the quality and product availability is not as good. Cost to register a car plus insurance is much higher. Cost to buy most everyday living consumables is higher here. Even the discount places like Sam's and Costco prices are higher here. Sale items are the same, but everything else is higher here. The only reasons I can think why this is, is competition or transportation. Utilities, gas, electric and water are much higher here. Doctors and dentists are cheaper here but the quality of care is not as good. Overall it's pretty much a wash and Northern Virginia is considered a high cost of living area.

[slipcovers]

As the saying goes "Two can live as cheap as one" If one looses as spouse, income could change substantially.

A single pays the same amenity fee as a couple, don't know if that is fair.

[buzzy]

As the saying goes "Two can live as cheap as one" If one looses as spouse, income could change substantially.

A single pays the same amenity fee as a couple, don't know if that is fair.

Absolutely. I have to draw significantly more from my IRA to make up for loss of my wife's income. I have only found a few ways to shave costs for being alone.

[JWSHORES]

For the past 30 years we put 10-15% of our pay checks in 401K and 403B plans. We also taught our daughter to do the same thing. The other lesson we taught our Daughter was to only use your charge card to purchase what you can pay for in full at the end of the month. If all of us and our children follow these simple rules your lives will be much less stressful. You may not always have everything you want as fast as you want it but in the long run you will be much better off. As we downsize our current household items to get ready for our move to TV, we also have realized just how many things we could have really done without (;-). However these items make our garage sales very interesting and fun.

[JWSHORES]

Coming from Long Island Except for the Water Bill expenses are a lot less here. We do agree on the Groceries though. AS far as Sam's and COSTCO prices their prices are the same at every location nationwide. Even when we went to COSTCO in Mexico and Hawaii. According to Costco it is too difficult and expensive to change pricing per geographic areas. I would like to see more grocery stores like Kroger's etc. in the area we just basically have Winn Dixie and Publix so there is not enough competition to challenge their pricing structures.

[Villagesgal]

They will still be able to move here but in a patio villa or manufactured home on the ancient side. Those homes are still affordable to most and all who live here share all the facilities so it doesn't really matter what type of home you live in. Downsize will be their watchword.

[OhioBuckeye]

I read the article . . . not good news. 18.6% of those over 65 still work. And the median value of retirement accounts for those between the ages of 55 and 64 is just over $120,000, according to the Federal Reserve. This is the prime age group that would be considering moving to The Villages in the next 10 years.

Fortunately I was in my former employer's 401(k) plan for 26 of the 27 years I worked for the company. The company I started working for last year automatically enrolls all new employees in the 401(k) plan at 6% of their salary on their first day of employment. If the employee doesn't want to participate in the 401(k) or wants to contribute something other than 6%, the employee has to go to payroll and indicate their wishes. And every January 1, my employer increases all employees' 401(k) contributions by 1% unless the employee goes to payroll to stop this increase. Paternalistic? Maybe, but the earlier a person starts saving for retirement, the better off one will be. But I'm sure I'm preaching to the choir on this one.

I agree with everything you're saying but when I moved here 6 yrs. ago I thought just like every other new resident, man is it cheap to live here. After a couple of yrs. you'll see how things will get more expensive & see things outside of TV is less money. Here lately I been hearing more people that's moving out of our villages that they're moving because it's either getting way to big or it's not as cheap as I thought it was to live here. Just like you said, Schaumburgger, I'm sure I'm preaching to the choir on this one too.

[Bogie Shooter]

I agree with everything you're saying but when I moved here 6 yrs. ago I thought just like every other new resident, man is it cheap to live here. After a couple of yrs. you'll see how things will get more expensive & see things outside of TV is less money. Here lately I been hearing more people that's moving out of our villages that they're moving because it's either getting way to big or it's not as cheap as I thought it was to live here. Just like you said, Schaumburgger, I'm sure I'm preaching to the choir on this one too.

What things?
Where are you getting your information of more people moving out of TV? More than what?

[JSR22]

Affordability depends on how much money you saved and where you moved from. We moved from NJ and our property taxes went from $12,000 to $2200. Utilities, car and home
insurance and restaurants are less expensive. I know people who have moved from the Midwest and it was less expensive living there. We are here 5 years and feel TV is a good value. Additionally, the price of golf is much cheaper than belonging to golf clubs up North.

[Schaumburger]

Affordability depends on how much money you saved and where you moved from. We moved from NJ and our property taxes went from $12,000 to $2200. Utilities, car and home
insurance and restaurants are less expensive. I know people who have moved from the Midwest and it was less expensive living there. We are here 5 years and feel TV is a good value. Additionally, the price of golf is much cheaper than belonging to golf clubs up North.

In the Midwest, it depends on where you live. I live in suburban Chicago, a fairly high cost of living area, especially property tax wise. In the northwest suburbs of Cook County, a single family home is minimum $180K (and that would most likely be an older, "fixer upper" home) I believe Illinois property taxes are the 2nd most expensive in the U.S. My dad lives in a smaller city in eastern Iowa. The cost of housing and property taxes are much lower . . . you can still get an older single family home in eastern Iowa for under $130K.

Property taxes are a big concern for me, especially looking down the road 10 years. Illinois property taxes will eventually price the state out of the market for me. Wherever I end up in my golden years, cost of living, property taxes and snow free climate will be key factors.

As far as the size of The Villages, I have lived in the Chicago area for 37 years, so dealing with traffic and crowds is nothing new for me. I can understand though, why some long-time Villagers may be less than happy with the expansion of TV, especially the growth/expansion in the past decade.

[Ingenuity]

Affordability depends on how much money you saved and where you moved from. We moved from NJ and our property taxes went from $12,000 to $2200. Utilities, car and home
insurance and restaurants are less expensive. I know people who have moved from the Midwest and it was less expensive living there. We are here 5 years and feel TV is a good value. Additionally, the price of golf is much cheaper than belonging to golf clubs up North.


Value is the operative word. Is it worth it for some people? When my children were younger I moved into an area in Fairfax County VA that was way over my budget. I could afford the house but that was about it. I moved there because that particular area had an excellent school system. The sacrifices were worth it. Same with TV. There are less expensive places, but I know this is the best place to be. I would rather live in a modest house in TV than a larger one someplace else and I have talked with others who feel the same way. For us, we want to be out of the house and more active. Will this be our last house? I do not know. I do know this move is right at this time in our lives. Thursday cannot come soon enough.

[graciegirl]

Value is the operative word. Is it worth it for some people? When my children were younger I moved into an area in Fairfax County VA that was way over my budget. I could afford the house but that was about it. I moved there because that particular area had an excellent school system. The sacrifices were worth it. Same with TV. There are less expensive places, but I know this is the best place to be. I would rather live in a modest house in TV than a larger one someplace else and I have talked with others who feel the same way. For us, we want to be out of the house and more active. Will this be our last house? I do not know. I do know this move is right at this time in our lives. Thursday cannot come soon enough.

Hurry home. We'll leave the light on for ya.

[Paper1]

The new reality of old age in America (http://www.msn.com/en-us/money/retirement/the-new-reality-of-old-age-in-america/ar-AAsBlPT?ocid=spartandhp)

I believe you are already seeing the percentage of private sector retirees buying into the Villages dropping with public sector and military increasing. Pension plans and medical coverage are the two drivers. Private sector is in big trouble. IMO

[Bogie Shooter]

I believe you are already seeing the percentage of private sector retirees buying into the Villages dropping with public sector and military increasing. Pension plans and medical coverage are the two drivers. Private sector is in big trouble. IMO

Where do I go to see this data?

[autumnspring]

Couple thoughts............most people don't work for large corporations. Also, it's kind of a net-zero game......additional benefits means less pay. Otherwise, profits are down or prices go up. Pensions are pretty much gone because it's almost impossible to promise to pay in the future.

I don't think it's a big corporation problem.

IMO

Even defined benefit pensions. I had a friend who was a bit older than I was at the time I knew him. He was a member of the lithographers union and had devoted most of his working life to the company he worked for. Today, much of what they did is obsolete or done overseas. With less and less work and fewer and fewer members, he received a note that they regret they were cutting his pension by 30%.

What do you need to have? All you need to know is exactly how long you and your wife will live. What your healthcare costs will be, what the rate of inflation will be for the rest of your life, what the return on your investments will be and we can calculate exactly what you must have. Immediate trouble is we do not know any of the needed information. The stock market only goes up-EXCEPT WHEN IT DOESN'T. Our government tells us they want 2% inflation-WHY? The reason is truly simple-so that they can devalue the real value of the TWENTY TRILLION DOLLARS they are overdrawn, First of all IN HISTORY, they have never been able to control inflation that well.

At 2% inflation. long term in about 30 years you will need two dollars to buy what a dollar buys today,

[autumnspring]

For the past 30 years we put 10-15% of our pay checks in 401K and 403B plans. We also taught our daughter to do the same thing. The other lesson we taught our Daughter was to only use your charge card to purchase what you can pay for in full at the end of the month. If all of us and our children follow these simple rules your lives will be much less stressful. You may not always have everything you want as fast as you want it but in the long run you will be much better off. As we downsize our current household items to get ready for our move to TV, we also have realized just how many things we could have really done without (;-). However these items make our garage sales very interesting and fun.

We did the same for 45 years. I lost touch with my friend who always made fun of how hard I worked and how frugal-OK let's be honest CHEAP I was/am. I lost touch with my."friend" because he, on the verge of having his home with several mortgages on it foreclosed on.

My friend-he is now living on welfare, food stamps and medicaid. WE/I ARE STILL PAYING HIS BILLS EVERY APRIL 15TH. Who is smart? I sometimes wonder.

[Chi-Town]

We did the same for 45 years. I lost touch with my friend who always made fun of how hard I worked and how frugal-OK let's be honest CHEAP I was/am. I lost touch with my."friend" because he, on the verge of having his home with several mortgages on it foreclosed on.

My friend-he is now living on welfare, food stamps and medicaid. WE/I ARE STILL PAYING HIS BILLS EVERY APRIL 15TH. Who is smart? I sometimes wonder.
Remember, a friend in need........

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[Paper1]

Where do I go to see this data?

I do not have specific data for The Villages, that is why I said I believe. That said I was part of that private sector who lost medical coverage and a large part of their pension after 34 years with no recourse. So please don’t attempt to educate me on private vs public sector unless of course the private sector is where your 40 plus years of work was spent. If so I’d be glad to swap notes with you. I think you might discover the private sector is in deep s””t if you care to look, no data needed.

[Wiotte]

I do not have specific data for The Villages, that is why I said I believe. That said I was part of that private sector who lost medical coverage and a large part of their pension after 34 years with no recourse. So please don’t attempt to educate me on private vs public sector unless of course the private sector is where your 40 plus years of work was spent. If so I’d be glad to swap notes with you. I think you might discover the private sector is in deep s””t if you care to look, no data needed.



Common knowledge, no need to reference.


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[manaboutown]

The developers continue to purchase more land to build upon. They are smart and successful. I am with them. Come on down!