How the hell are we supposed to retire?

THATmanMANNY said:
Cape May Borough
Again, you could die tomorrow. Just sayin.
If fortunate, Owning vacation property to enjoy is mentally valuable and healthy living.
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North Cape May as well. This just sold for $420k in '21. New owners already tore it down. My brother/SIL/parents have a house nearby. He gets cold calls from NY realtors asking if he's interested in selling.
www.realtor.com

1207 Franklin Ave, North Cape May, NJ 08204 | realtor.com®

View detailed information about property 1207 Franklin Ave, North Cape May, NJ 08204 including listing details, property photos, school and neighborhood data, and much more.
www.realtor.com www.realtor.com
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cassinonorth said:
It's pretty crazy how these modest (and I think great) sized homes are being leveled to build mcmansions. I drive through this neighborhood daily to get to work and every month a new one has been leveled. Normal, 4BR split levels? Nope! Needs to be double the size.

Meanwhile birthrates are falling. We have 1200 sq ft and we have nothing to really do with 2 of our bedrooms.
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Agree. It's short-sighted and wasteful.
 
JDurk said:
He gets cold calls from NY realtors asking if he's interested in selling.
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It's interesting you mentioned this because just the other day I got a similar cold call. Some lady (realtor?) called and said that homes in my area have increased in value drastically and I can get a lot more for my house than I expect and wanted to know if I'm interested in selling. My response to her was if I sell my house for a higher price than expected then wouldn't I then have to buy a new house for a higher price than expected so I'll have a place to live? Why would I want to go through the trouble of selling then buying for zero sum gain? She was a bit stunned by my response and said ok, well if you change your mind please give us a call at xxx-xxx-xxxx.
 
It works if you're moving out of the area. Riding buddy sold (cashed in) his place in Rumson and moved out to PA. Maybe prices went up 50% there too but they started a lot lower to begin with.
 
@tonyride she was like damn, they are catching on. Sometimes realtors are equally as scummy as investment bankers. Some reputable realtors try to tell you it's a good idea to purchase a home with minimal down because it will be worth X more in Y years. sheesh

Rumson is absolute bonkers.
 
THATmanMANNY said:
@tonyride she was like damn, they are catching on. Sometimes realtors are equally as scummy as investment bankers. Some reputable realtors try to tell you it's a good idea to purchase a home with minimal down because it will be worth X more in Y years. sheesh
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this only works bc too many people dont understand how interest works
 
rick81721 said:
Yes balance is important. I saw far too many people at my place of work who waited until 65 or even 70+ to retire. Then keeled over within a few years. So sad
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that was my uncle, he worked till about 70 for Rahway State Prison, collected his pension then died 2 months later. Never got the beach house he wanted so he could go out fishing on his own boat. 🙁 @rick81721 how much did medical go into your decision to retire early? Still have two in college but once they are done, all bets are off.
 
ebarker9 said:
😂

Retiring as the president of a hospital with a lump sum payout large enough to owe $400k in taxes somehow doesn't quite seem like my definition of a horror story.
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Just had this conversation last w/e. Friend was telling us his friend paid $450MM in taxes after he sold his company. Investment banker friend was a little aggravated at that news. "You know, there are all kinds of structures you can set up to lessen the taxation". Me: "Dude, at that point does an extra 100MM or whatever really matter? What the hell are you going to do with it? 'Should I buy another Citation X this year? The new cupholders are pretty sweet'"

I just don't have the oligarch gene, I guess.
 
shrpshtr325 said:
this only works bc too many people dont understand how interest works
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Didn't we just make the case that you could have flipped a leveraged home for 50% gain over the last two years?
then you make the 50% on the leveraged part. and leave the money in the bank to make it's own babies.

cassinonorth said:
Or the realtor fees that strip 6% off the top of your amazing profit.
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Negotiable now.


speaking of realtors, anyone see the virtual staging?
They digitally place furniture in the pictures, just have your place empty.

THATmanMANNY said:
yea, F that. I vow to ever only SELL BY OWNER.
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wait, you just made so much $$ on the increase in value that you are worried about a few $$
 
qclabrat said:
that was my uncle, he worked till about 70 for Rahway State Prison, collected his pension then died 2 months later. Never got the beach house he wanted so he could go out fishing on his own boat. 🙁 @rick81721 how much did medical go into your decision to retire early? Still have two in college but once they are done, all bets are off.
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Medical wasn't an issue - we were able to keep same BCBS gold plan coverage for the family at a reasonable price. And when we both turn 65 over the next 1.5 years, it transitions to a very good medigap plan which is even cheaper.
 
rick81721 said:
Medical wasn't an issue - we were able to keep same BCBS gold plan coverage for the family at a reasonable price. And when we both turn 65 over the next 1.5 years, it transitions to a very good medigap plan which is even cheaper.
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That's a big deal. A friend of mine suggested the first step in deciding how much you need to retire is to look at your monthly burn rate and work from there. The problem is that the full cost of my family's health insurance is $3k/mo(!).
 
mfennell said:
That's a big deal. A friend of mine suggested the first step in deciding how much you need to retire is to look at your monthly burn rate and work from there. The problem is that the full cost of my family's health insurance is $3k/mo(!).
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Medical is a big issue for me. All this pension/benefit talk is nice but doesn’t exist for my age group.

I definitely have to think about health care before I throw in the towel and start living.
 
mfennell said:
That's a big deal. A friend of mine suggested the first step in deciding how much you need to retire is to look at your monthly burn rate and work from there. The problem is that the full cost of my family's health insurance is $3k/mo(!).
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I have blue cross, 2 teenage kids, and we pay about $2700. And that's absurd, but it seems to be the going rate.
 
Anyone following the bill to prohibit stock trades by elected government officials?

this is an interesting one - I might argue to go the other way.
They need to make all of their trades and positions public.

www.cnn.com

Ossoff, Hawley introduce bills that would ban lawmakers from trading stocks | CNN Politics

Two senators from different sides of the aisle have both introduced similar bills that would ban lawmakers and their families from buying and selling stocks while in office.
www.cnn.com www.cnn.com
 
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