Retirement planning

[SandburRanch]

I hope that you haven't given up hope in getting this matter cleared up to your satisfaction. If you haven't done so already, I would contact the office of the Insurance Commissioner in your state: National Association of Insurance Commissioners (NAIC) State Web Map.

Steve

That's my next step. I don't have much hope but it has to be done to satisfy myself so I can say I went down fighting. My attorney struck out. An old insurance agent that's been in the business for 60 years struck out as well as my financial adviser that has contacts in the insurance arena.

The Ins. Commissioner will be contacted and provided with a copy of the policy.

Thanks for the National link. I have the state but not national.

 

[MossRoad]

You guys are killing me...

December 31 2003 I bought my current 1956-57 1725 square foot home for 598K and had to fight with the assessor for the next year because he said my purchase price was below market for East Oakland California... mind you the bathrooms are untouched 1957 as is the kitchen except the linoleum was changed to green sometime around 1980???

I did buy it because it was built and owned by a car guy and it has a separate 22 x 30 shop which is most unusual here...

Here is a link to a home that just went on sale in the area... I know the owner who at age 101 decided she no longer wanted to live by herself...

50 LEAMONT CT, OAKLAND, CA 94605 (MLS # 40683286) - Sharp Realty

I'm old enough to remember when these homes were selling for 30k back in the 1970's... and Oakland is reported to have the one one of the highest incidents of crime in the country...

My wife has relatives that moved to Santa Rosa back in the 50's. They bought a few acres, a house, and a mother-in-law house out back. Kids took over when the mom and dad retired. They all sat on it until the kids retired. They sold it, built a new house in Idaho and will never want for money ever again, nor will their kids or grand kids. :confused2:

 

[ultrarunner]

It's currently 5F, windchill of -13, going below 0 tonight. Last year my back yard still had patches of ice on April 20. We also had a period of -15F weather, that broke some pipes in my rental. The insurance paid out about $10K in damages. Jobs in this area pay lower than national averages. Basically, it sucks. There are reasons why folks want to live in California.

It was 70 yesterday with blue sky and calm...

 

[ultrarunner]

My wife has relatives that moved to Santa Rosa back in the 50's. They bought a few acres, a house, and a mother-in-law house out back. Kids took over when the mom and dad retired. They all sat on it until the kids retired. They sold it, built a new house in Idaho and will never want for money ever again, nor will their kids or grand kids. :confused2:

This is what makes retirement planning somewhat dependent on location...

One very good thing for California Homeowners is property tax is somewhat predictable... in general, increases are limited to 2% annually and over decades some pay very little compared to the new kid on the block... my sellers were paying $1200 and I went to $9,000

I guess worse case I could do like so many friends... liquidate and take the proceeds to a lower cost of living location.

One of my best friends growing up was an older couple... they were both from Indiana and made their way to California via WWII and work in the shipyards... they often thought about going back home and in the end decided not too because most of what they remembered and friends no longer existed after 50 years here.

 

[Steppenwolfe]

Call me a pessimist, BUT, given today's questionable economic politics; ie, underfunded pensions by corporations, SS inequities, and city bankruptcies, I would not be counting on my pension or IRA to last forever. These are far from certainties.

 

[Steppenwolfe]

Interesting stories on house / property values. Our situation is quite different in we bought a small mansion {7,500 sq ft} on 80 acres, 40 x 40 shop, and small guest house for 1/2 of what it took to build 15 years ago. Rural location where house was for sale for over 5 years, and we were the second couple to even show any interest. I'm fortunate in I'm self employed and work nationwide, so I'm not relying on the "local" economy. My wife and I often wonder what our property will be worth in 20 to 30 years, given the rural location, but who knows. I plan on staying till the end... Just for comparison, if you are wondering, our taxes are 3 grand a year.

 

[ultrarunner]

Sounds like a wonderful spot with all the amenities and privacy....

The 1922 3-bedroom 1100 square foot home on a 40 x 100 city lot has taxes of 3k... bought in in 1998 and all we hear is California is a low property tax state and we should be paying more...

It there any income that can be derived from the property to offset or help with taxes?

 

[JDGREEN4ME]

It may be true that 55 is too early but if I save enough why stay at work when I can be home and still be young enough to work on the projects I don't have time for now, spend time with my kids/grandkids. I may be very wrong but I don't want to have to be at work a day longer than necessary.

There is no right or wrong. If you can afford to retire at 55 and have other plans and goals go for it! I retired at 58 and have never been happier, for me there was more to life than making more money.

 

[riptides]

Curiosity here,

How are you really retired people of early age bridging your medical insurance gaps?
Especially iinterested if you still have "family" plans.

 

[smstonypoint]

Curiosity here,

How are you really retired people of early age bridging your medical insurance gaps?
Especially iinterested if you still have "family" plans.

I suspect that my experience is atypical. I retired from teaching at a state university in SC at age 60. As a SC state retiree, I was able to continue medical insurance for my wife and myself at the same premium rate I was paying before retirement. Now that we are over 65 and covered by Medicare, my retiree insurance has become our supplemental insurance.

Steve