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ishmael
06-25-2007, 09:59 AM
Been chatting with my friend, N.(she doesn't want even her first name on the web). She's got a small pension, a little social security income, owns her own home on her half acre of heaven, etc. 76, and still pretty spry. She's been lightening her load, selling stuff, giving stuff away, in anticipation of moving to someplace more manageable.

She's scared. Widowed, fairly much alone, with kids who seem okay, but they are off doing their thing.

I'm at the tail end of the baby boom bulge. I've written off SS as pretty much impossible. What are the people without independent means(damn near all of us) going to do when the bill comes due?

Figment
06-25-2007, 10:21 AM
You're going to vote for change that passes the bill onto the next generation, of course.

Kaa
06-25-2007, 10:21 AM
I'm at the tail end of the baby boom bulge. I've written off SS as pretty much impossible. What are the people without independent means(damn near all of us) going to do when the bill comes due?

The same thing they always did. The best defense against old-age poverty is a few well-brought-up kids :-)

But it's not like the coming of old age is news. Where are your savings?

Kaa

geeman
06-25-2007, 10:51 AM
My dad worked hard all his life, now 76 in poor health and is trying to manage on SS alone.Thats all he has.
We visited him last week and I checked his finances and signed papers at the bank putting me on his checking account.
HE has most of his final expenses paid for except a few small items.But he doesnt know what to do about his little house and his car after he's gone.When I ask about his will he said that he had talked to a couple of lawyers to write his will but they wanted around $125 to $200 to write it for him.My dad has a 3rd grade education so its hard for him to do these things on his own.He also said he didnt have the money left over each month to pay for this type of thing.I told him to get a lawyer and get his will done.To put anybody he wants in it that it didnt matter , but to get it done.He has no plan on whats to be done with his car and house.
My dad is the type that wont allow people to help him. But this time my wife and I could see no other way but to help him anyway.
On the way out of town Thurs We stopped at his bank and put a few hundred dollars in his account.When he finds out we did this he's going to hit the ceiling.But we'll be 266 miles away so theres not much he can do.
My wife also found out that he only has basic cable and cant watch his much loved old western movies on tv.So when we got back home we went to Walmart and bought him a DVD player and 30 or so old movies ( John Wayne,his favorite, and other old western stars).We will ship these things to him this wed.on our day off.
He also wanted the newest CD I had recorded ( I had thought I had sent it to him but he says he didnt get it).We 're waiting for his phone call when he finds out he has more money then he thought he did.
Dad is old, and scared,very tired ,and frustrated now that he cant get out and do the things he enjoys doing, like work on his tractors etc.

LeeG
06-25-2007, 10:59 AM
What are the people without independent means(damn near all of us) going to do when the bill comes due?

depends, I'd suggest a well connected social web for starters or else you can do what many have done is isolate and drink.

That's what many of my forebears did. If it's done right you're gone before 60.

geeman
06-25-2007, 11:02 AM
I have heard many older people ,when asked why they continued to drink and smoke, ask in reply "why not?, I cant afford to get older anyway,I may as well enjoy what little I can before I go"
I wonder how many people feel this way?

Andrew Craig-Bennett
06-25-2007, 11:05 AM
The prospect is very scary.

geeman
06-25-2007, 11:13 AM
My dad has never been a drinker, that may explain why I never developed a taste for booze,any sort, even beer never appealed to me.Add to that the fact that from the age of 13 on I spent a lot of time playing in bars in bands and watching people do stupid things because of drink that it re enforced my dislike for drink.
Dad smokes like a chimney but his recent serious heart problems now have him saying he's going to stop smoking.
Dad is a simple man, a very good man, well liked by all he meets but does not like help.He just an old guy with a quick silly grin that women have found adoring as far back as I can remember.He can STILL charm the ladies.I should be as well liked as my dad.

George Roberts
06-25-2007, 05:03 PM
"What are the people without independent means(damn near all of us) going to do when the bill comes due?"

I agree with others: kids. Geeman and others seem to be good kids.

---

On the other hand. I can live off my social security.

JBreeze
06-25-2007, 05:19 PM
One way to take care of daily living expenses might be to consider a reverse mortgage.

But I would be very careful about selecting a reputable institution that offers this product.

PeterSibley
06-25-2007, 05:41 PM
Been chatting with my friend, N.(she doesn't want even her first name on the web). She's got a small pension, a little social security income, owns her own home on her half acre of heaven, etc. 76, and still pretty spry. She's been lightening her load, selling stuff, giving stuff away, in anticipation of moving to someplace more manageable.

She's scared. Widowed, fairly much alone, with kids who seem okay, but they are off doing their thing.

I'm at the tail end of the baby boom bulge. I've written off SS as pretty much impossible. What are the people without independent means(damn near all of us) going to do when the bill comes due?

Your friend seems to be in a fairly reasonable situation Ish ..she's healthy and there is no substitute for that , she owns here own place , so no rent and has 1/2 an acre to grow food .

Growing food is not just about food ,it's about exercise and interest .Its about the best thing an older person can do .

The fear is deadly ! It leads to depression and retreat from life .

On a personal note my Mum went to India by herself on a 3 month solo tour of the Southern area when she was 75.Sh'e 90 now and still living at home and alone .She loves the alone part ,she has complete control of her affairs ....no man to seek approval from ! :D

We all get old ,no way out of it ....it's absolutely essential to aspire to good health and fearlessness .The alternatives are not good .

ishmael
06-25-2007, 06:27 PM
I watched an hour show on our public TV station the other night. Something like "American Craftsmen." One of the people featured was Sam Maloof, a woodworker. I'm not terribly fond of his work, mostly chairs and benches with a lot of laminating, but they're not bad.

He's in his late eighties or early nineties and he's still at it! That's an ideal for me: something you love to do until you keel over, and lord let me keel over quickly. The most frightening prospect for me is having to have someone wipe my ass and feed me.

A seemingly very humble man, Maloof. He said, "I'm a craftsman, not an artist and have been lucky over the years that people like what I make." He's got a couple guys about my age who've been with him for years doing most of the heavy lifting, but he's still out there in the shop everyday, designing, thinking, guiding.

skuthorp
06-25-2007, 09:23 PM
Anne and I have discussed this too, we are reasonably placed, her better than me. As long as we have good health there is unlikely to be a problem but we have no children and 2 distant nephews. At the messy end of life, given we still have control of our lives, we have given consideration to keeping that control at the end. Not formally you understand, no 'pacts' but it seems a much better option to the alternatives. I suppose the greatest fear is an incapacitating event that removes your choice. Alzheimers is another fear but at least there you have time to tidy up first.

elf
06-25-2007, 09:47 PM
Alzheimers is another fear but at least there you have time to tidy up first.
Only if you're willing to admit that it's happening. My mother just faded away and the things her body was put through for 8 years after that were unspeakably insulting.

If you really don't want to be put through that, a pact is a better idea in my opinion.

PeterSibley
06-25-2007, 11:01 PM
Anne and I have discussed this too, we are reasonably placed, her better than me. As long as we have good health there is unlikely to be a problem but we have no children and 2 distant nephews. At the messy end of life, given we still have control of our lives, we have given consideration to keeping that control at the end. Not formally you understand, no 'pacts' but it seems a much better option to the alternatives. I suppose the greatest fear is an incapacitating event that removes your choice. Alzheimers is another fear but at least there you have time to tidy up first.

An interest in very fast motorcycles might be an option ,deep sea voyaging ? a touch of Ulysses?

skuthorp
06-25-2007, 11:11 PM
Depends Peter, sailing over the horizon might seem like an option for me but Anne would just get seasick!

PeterSibley
06-25-2007, 11:16 PM
Drug ! Drugs !

geeman
06-26-2007, 12:05 AM
I hadnt thought of him changing the deed to read in his name and mine,could do his car that way too.Other then that he has about sold a lot of his furniture, he just has the basics that he needs.I wasnt aware that he was selling his things until we got down there, he hadnt mentioned a word about it.
That and his 2 lawn tractors he tinkers with is about all he has left.

Domesticated_Mr. Know It All
06-26-2007, 12:56 AM
I'm gonna die young and not worry about it.

Rum_Pirate
06-26-2007, 01:25 AM
Sell the boat now.

It is just a drain on your resourses.

Invest the money . . successfully.


You will not necessarly live longer or better . . . it will just seem like it.

The Bigfella
06-26-2007, 05:38 AM
Hmmm - if I'd put the money that I put into the boat into a certain gold stock that I bought some of about three years ago, it'd be about $1.5mil now . arrrghhhhh!

Don Olney
06-26-2007, 01:01 PM
Geeman,

From what you describe, it sounds like your father does not need a lawyer to prepare a simple will. For a small estate with no complicated legal issues, you could obtain a standard form for him for less than $40 or so from here:

http://www.uslegalforms.com/wills/tennessee-will-forms.htm

You could print out a copy to use as a draft, go over it with your father, then make a final version for signature/witness and notarization.

For health issues, you can also obtain Living Will and Durable Power of Attorney forms to be used in Tennessee.

I have used these forms for a terminally ill elderly relative in NY State whose estate was settled without any problem.

-Don

Popeye
06-26-2007, 01:10 PM
alzheimers is not so bad

you get to hide your own easter eggs

Popeye
06-26-2007, 01:23 PM
now onto the question at hand .. what to do ..

it is a universal precept in these parts to live most modestly yet in great comfort, on the old family homestead

the trick is to have few expenses and with some relatively minor adjustments in lifestyle, one does extremely well by a small income in a tax free zone without town services but with generous family friends and neighbours all around

the land is bountiful and the sea will provide , if anyone wants to sell off the family farm , they are idiots