[Ruger2506]

Along all the lines of this conversation. I’m not hearing anyone talking about putting their family money into a trust. As well as moving funds and assets into children’s names so the family money is protected from nursing homes and what not.

[vintageogauge]

Originally Posted by Ruger2506

Along all the lines of this conversation. I’m not hearing anyone talking about putting their family money into a trust. As well as moving funds and assets into children’s names so the family money is protected from nursing homes and what not.

That's because it has nothing to do with the topic.

[Stu from NYC]

Originally Posted by Ruger2506

Along all the lines of this conversation. I’m not hearing anyone talking about putting their family money into a trust. As well as moving funds and assets into children’s names so the family money is protected from nursing homes and what not.

Start your own thread on this

[Ruger2506]

Originally Posted by vintageogauge

That's because it has nothing to do with the topic.

Someone brought up getting hurt or sick end ending up in a home and losing all the retirement money. So I’d say it’s relevant to the conversation.

[manaboutown]

The "magic number" that most Americans believe they need to retire comfortably has dropped by $200,000, to $1.26 million, since last year, despite ongoing economic volatility and recession concerns.

From: https://www.realtor.com/news/trends/...rialRSSDynamic

[vintageogauge]

Always have cash ready to invest in the event of a recession. Time it right and you'll be happy when it's over.

[Stu from NYC]

Originally Posted by vintageogauge

Always have cash ready to invest in the event of a recession. Time it right and you'll be happy when it's over.

True but timing it right is just about impossible

[RICH1]

Originally Posted by OrangeBlossomBaby

If we had a million in savings, we would have been able to afford a site-built home between Spanish Springs and Sumter Landing, which was our preference. We could've bought the house for under $400k, furnished it, got all new appliances, replaced the roof -

and then use the leftover $600k combined with our social security to not only pay our monthly expenses, but afford a trip every year to some place or another.

We have a MODEST pension, and two modest social security checks between the two of us. We had no savings to speak of because we had to blow through our investments trying to sell our house up north and had very little left. We live in the Historic Section and other than the yearly trips (which I really really miss doing) we do just fine.

You can live in the Historic Section, in an updated good-condition double-wide, for under $60k/year, paying your expected bills and having enough left over for dining out and buying drinks at the square every week.

Just received a letter from a company I had worked for years ago. They had a profit sharing program, which I had evidently accrued a large balance.. My financial adviser contacted me yesterday and said that I can remove my " Trailer Life" sticker off my pickup truck. I be Moving on up.

[Full-timer]

Originally Posted by AMB444

No real estate so need to pay mortgage.

Let's say this person is not yet 65.

If you have to ask, don't retire. Everyone has different circumstances and life styles. Sounds as if "this person" needs to figure things out a bit. Asking this from a bunch of "Joe Smoe's on a social media site is in no way a good idea.

[AMB444]

....

[jimbomaybe]

Originally Posted by AMB444

Exactly. A frightening plan. I've seen this go wrong so many times.

Mama may have , and Daddy may have , but god bless the child who has his own..

[AMB444]

Originally Posted by Full-timer

If you have to ask, don't retire. Everyone has different circumstances and life styles. Sounds as if "this person" needs to figure things out a bit. Asking this from a bunch of "Joe Smoe's on a social media site is in no way a good idea.

Good input. Thanks

[Rainger99]

Originally Posted by Full-timer

Asking this from a bunch of "Joe Smoe's on a social media site is in no way a good idea.

I have found some of the financial advice very helpful. It is useful to hear from other people that have had similar experiences. At least as a starting point for further research.