^^^Agree but for most that means creating another income stream and for many that is not possible, after all several are coming from a sticks and bricks to a vehicle (RV, van, truck or car) on their way to being homeless on the street. Living simply and seasonal work has worked for me but I’ve been lucky. Investing wisely works for some but requires knowledge and luck. Small communal style RV parks and communities are starting to be developed which show promise, I just wish the government would start to get involved sooner rather than waiting till old people are to a point they have to depend on assistance. Anybody remember government saving bonds? Lol!!!
Federal Benefit Programs
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The salad mix is just a bag of lettuce. I know I buy it to. A head of lettuce now costs around a $1.89. I think everyone is trying to cut down. They have to.
Morgana
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My favorite tomatoes (admittedly, a luxury brand -- with actual taste) just increased in price by 42% overnight. My favorite jam by 44%, also overnight, about a month ago. Part of what scares me is that prices seem to be shooting up, not gradually creeping up.
And yes, we -- at least, those of us with some slack in our budgets -- can cut back.
Personally, I'll cut by what I can most do without rather than by what increased the most. (The jam, sayonara -- it's basically just colored sugar anyway. The tomatoes, I'll look for other places to cut back. at least for now ...)
I think I remember reading (can't provide a source) that one reason for grocery inflation is the staffing shortage. And I guess there's no way to talk about that without getting political.
And yes, we -- at least, those of us with some slack in our budgets -- can cut back.
Personally, I'll cut by what I can most do without rather than by what increased the most. (The jam, sayonara -- it's basically just colored sugar anyway. The tomatoes, I'll look for other places to cut back. at least for now ...)
I think I remember reading (can't provide a source) that one reason for grocery inflation is the staffing shortage. And I guess there's no way to talk about that without getting political.
Another factor is big grocery chains have gotten bigger and so have their profits! Many have areas of the country where there is little or no competition except Walmart! Lol!!! Good thing a failing steel roofing manufacturer named Kroger traded for a failing grocery owned by a man named Verity (Armco/AK steel) and they both got very rich!
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These are good questions and worthy of a reply. Giving personal information is difficult and may yield criticism.
1. No job (that pays money). I applied for some remote jobs, got a few offers and rejected them because of the terms & conditions of the contracts. Visited a corporate HQ in SF for an interview but turned down the remote deal.
2. Already retired and have not needed (unavailable, extra) money. Hate to see my retirement account decline by 60% however.
3. The only thing on my bucket list is converting a box truck, ambulance or bus. Is this expensive?
4. Kids (3) & grandkids (6).
My annual SS benefit (starting at 70) will be very substantial and should cover almost all of my needs (including two mortgages).
If you are worried about the legacy you will leave after your death the real estate (2 mortgages?) should be plenty in most cases depending on what state you are a resident in and how long ago you put them into a trust or simply transferred them to the person you want to get them. A retirement fund is like the perfect race car motor and blows up at the finish line. If you live a long life and no longer are able to physically work doing the simplest of jobs for pay or possibly even care for yourself are you really concerned about how much money is in the bank unless you are trying to get down to the amount to qualify for Medicaid to pay nursing home bills?
The box truck build costs depend on your wants and needs. If you can be happy sleeping in a comfortable dry space, peeing in a bottle and pooping in a bucket, washing with a garden sprayer and enjoying the outdoors around you your biggest expense will be the truck and it’s fuel/up keep and building up a big emergency fund.
The box truck build costs depend on your wants and needs. If you can be happy sleeping in a comfortable dry space, peeing in a bottle and pooping in a bucket, washing with a garden sprayer and enjoying the outdoors around you your biggest expense will be the truck and it’s fuel/up keep and building up a big emergency fund.
"Transfer on death" forms will cover almost everything. Houses, cars, bank accounts, brokerage accounts, etc. No probate, no will, no trust!!
Already bought a house for my older daughter, might buy a fixer-upper house for my son and might give my house to my younger daughter (whose house is now too small with new twins). My son and I might fix up the house the kids grew up in (& owned by my ex) and make that our legal address while I (or my son and I) become nomads. We would chase solar eclipses (partial in 2023 & full in 2024), travel, etc.
More of a concern is your states ability to make you sell the house and exhaust the proceeds before allowing you to receive Medicaid. Kentucky required my family trust in which the deed to the house was transferred to the trust have been in effect for over 5 years in order for the previous owner (my mother) be eligible to receive Medicaid! Fortunately we had enough to cover the nursing home until that time and were able to keep the house. Rules in different states make a big difference, something to consider when choosing a state to be a resident if you own property.
Here is a discussion thread with links to an article called "Why Social Security’s Inflation Protection Is Priceless" that I came across while investigating a unique investment vehicle (QREARX) which gives investors access to a fund that directly owns property (office buildings, malls, etc.) and is valued by some in the bogleheads community. Apparently one can access this (TREA) via an IRA with TIAA?
I am arranging my assets so I need never pay (federal, state or local) income tax once I begin taking social security. In addition to its inflation adjustments, social security benefits receive extremely favorable tax treatment!! This is a reason to wait until 70 to take social security. By reducing my retirement account, I reduce future taxable RMDs and help avoid paying income tax.
I am arranging my assets so I need never pay (federal, state or local) income tax once I begin taking social security. In addition to its inflation adjustments, social security benefits receive extremely favorable tax treatment!! This is a reason to wait until 70 to take social security. By reducing my retirement account, I reduce future taxable RMDs and help avoid paying income tax.
scaredycat72
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My ex-husband had a bunch from his grandparents and cashed them out to be part of the down payment on our house. We didn't need a down payment because we're both veterans but we wanted a lower mortgage. I'm definitely Team Savings Bonds.
scaredycat72
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To supplement my income, I'm learning how to paint and make crafts to sell. I also save as much as I can (I know everyone can't save but that's how I'm preparing).
There are some people who can't do anything but most people can do something to bring in additional money - sell on ebay, teach English online, write and edit books, sell arts and crafts, etc.
There are some people who can't do anything but most people can do something to bring in additional money - sell on ebay, teach English online, write and edit books, sell arts and crafts, etc.
At 71 years old I am finally physically getting to the point I may have problems getting easy jobs I enjoy doing. Shuttle driving sometimes requires a Department of Transportation physical and my blood pressure is right on the limit of what is allowed as well as some movement issues are getting more painful. Still there are several other paying jobs out there just not as nice as driving around in an air conditioned van and finally there are volunteer positions that provide a full hookup site with a small possible stipend. Over the years I have had friends some much older than me well into their mid 80’s with fairly severe disabilities continue to work and travel and enjoy life right up till the day they died. Most had developed the skills and savings to be able to pick jobs they enjoyed doing and should the job situation become unenjoyable go get one they did. Most ended up in a travel trailer or RV with a savings for an emergency fund but not all. Federal programs “help” make this way of living possible but only if you get the knowledge and skills to supplement your income until you perfect your lifestyle to live simply within your budget and develop a good emergency fund in my opinion.
DLTooley
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Assets can be placed in trusts, which requires a lawyer and a third party to initiate. I believe there is an exception for something called a pooled asset trust which can be set up by an individual.
Does anyone have any experience with those?
I suspect that, in general, it is at least extremely difficult to hide your assets from your State so that you/your prospective heirs don’t have to spend your own money before your State picks up the costs of nursing home care.
In my state, you have to exhaust your own assets including selling your home before Medicaid will pick up the costs of nursing home care, and I have had recent family and also a neighbor dealing with this.
I think they call it “spending down”.
The good news is that there is growing industry providing in-home care which is much less expensive and theoretically can delay for many needing the 24 hour care of a nursing home.
My goal every day is not to fall, as a broken hip is an almost certain ticket in.
Some buy long term care insurance, but many of us can’t afford that, the saying being that if you can afford it you don’t need it.
I had someone trying to sell long term care insurance to me a few years back say “don’t you want to be able to leave what money you have to your children?”
No, I said.
In my state, you have to exhaust your own assets including selling your home before Medicaid will pick up the costs of nursing home care, and I have had recent family and also a neighbor dealing with this.
I think they call it “spending down”.
The good news is that there is growing industry providing in-home care which is much less expensive and theoretically can delay for many needing the 24 hour care of a nursing home.
My goal every day is not to fall, as a broken hip is an almost certain ticket in.
Some buy long term care insurance, but many of us can’t afford that, the saying being that if you can afford it you don’t need it.
I had someone trying to sell long term care insurance to me a few years back say “don’t you want to be able to leave what money you have to your children?”
No, I said.
Unfortunately what is happening with selling arts and crafts is that the sales slow down to a trickle when things such as high gas prices and grocery prices and general inflation cost including rents and interest rates increase. They are even further down with the current world situation which is effecting pretty much everything including peoples’ buying for the holidays moods.
Crafts are a non essential budget item. Non essential items are the first to get cut out of personal budgets. You will still sell some but not nearly as many in the current economic situation. It is something you need to be aware of if you are just starting a craft business. I am not saying do not do begin. What I am is saying do not let the current economic market discourage your dreams if sales are not as plentiful as you hope for.
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I believe it will vary by state how trusts are formed. There are several decisions to be made. A lawyer can administer them in some states.
Money is just a shared illusion in which we all agree to believe and you can't take it with you. If you have a 401k, 403b, IRA, etc., you might consider giving it directly to HOWA and get the tax advantage of not counting the RMD as part of your income. I had to pay Income Related Monthly Adjustment Amounts (IRMAA) for medicare in 2019 and 2020 and that was expensive; never again!! Some people here don't have tax concerns and some do. If you do, you might consider giving to charity in a tax advantaged manner.
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