Anonymous
02/14/2023 20:10
Subject: Re:Do you need a permanent place to live in retirement?
A lot of AirBnBs won’t choose you without a perm address to avoid homeless folks.
Anonymous
02/14/2023 19:54
Subject: Do you need a permanent place to live in retirement?
Things to consider--all can be worked out but need to be thought out
* paying taxes
* getting mail
* medical: allowing your providers to see all your medical records, having a doctor to prescribe things (especially important for controlled substances but also to avoid bad interactions--and some expensive drugs are hard to get when you're traveling, like my mom takes a drug that has to be temperature-controlled and only some pharmacies can accommodate it and it is specially shipped to them), if you're doing Medicare Advantage making sure there are enough providers
* what happens in a crisis, like a lengthy hospitalization or developing dementia
* paying taxes
* getting mail
* medical: allowing your providers to see all your medical records, having a doctor to prescribe things (especially important for controlled substances but also to avoid bad interactions--and some expensive drugs are hard to get when you're traveling, like my mom takes a drug that has to be temperature-controlled and only some pharmacies can accommodate it and it is specially shipped to them), if you're doing Medicare Advantage making sure there are enough providers
* what happens in a crisis, like a lengthy hospitalization or developing dementia
Anonymous
02/14/2023 17:49
Subject: Do you need a permanent place to live in retirement?
Anonymous wrote:Anonymous wrote:Do you have a car? If so, where do you plan to register it and keep it.
Health care can indeed be an issue. If you are mid-sixties and Medicare eligible, you'll have to enroll in Medicare now or face penalities that translate into higher costs later. If you choose Medicare Advantage over traditional Medicare, chances are your coverage will have local networks of doctors and hospitals. Under traditional Medicare, you could get seen anywhere in the country, but you'll want to buy supplemental insurance to limit your out of pocket costs.
Neither form of Medicare is going to help you if you are traveling overseas. So you might want to buy short-term health insurance for while you are traveling, or insurance that will pay to get you back to the U.S. if you have a health emergency abroad.
PP, can you say more about this or point me in the right direction? I am in early 60s and starting to think about this, especially as I am a few years older than DH.
TIA!
Sure, check out this discussion of late penalities on Medicare.gov - https://www.medicare.gov/basics/costs/medicare-costs/avoid-penalties
Also, for a narrower discussion, see this FAQ answer from KFF (the Kaiser Family Foundation - a health policy outfit that s not affiliated with Kaiser Permanente): https://www.kff.org/faqs/medicare-open-enrollment-faqs/i-didnt-sign-up-for-part-b-when-i-first-became-eligible-but-want-to-sign-up-now-i-know-there-is-a-penalty-for-late-enrollment-is-there-any-way-to-avoid-the-penalty/
And this explanation from AARP - https://www.aarp.org/health/medicare-qa-tool/how-much-is-the-part-b-late-enrollment-penalty/
Anonymous
02/14/2023 15:03
Subject: Do you need a permanent place to live in retirement?
Anonymous wrote:Do you have a car? If so, where do you plan to register it and keep it.
Health care can indeed be an issue. If you are mid-sixties and Medicare eligible, you'll have to enroll in Medicare now or face penalities that translate into higher costs later. If you choose Medicare Advantage over traditional Medicare, chances are your coverage will have local networks of doctors and hospitals. Under traditional Medicare, you could get seen anywhere in the country, but you'll want to buy supplemental insurance to limit your out of pocket costs.
Neither form of Medicare is going to help you if you are traveling overseas. So you might want to buy short-term health insurance for while you are traveling, or insurance that will pay to get you back to the U.S. if you have a health emergency abroad.
PP, can you say more about this or point me in the right direction? I am in early 60s and starting to think about this, especially as I am a few years older than DH.
TIA!
Anonymous
02/14/2023 13:26
Subject: Do you need a permanent place to live in retirement?
Do you have a car? If so, where do you plan to register it and keep it.
Health care can indeed be an issue. If you are mid-sixties and Medicare eligible, you'll have to enroll in Medicare now or face penalities that translate into higher costs later. If you choose Medicare Advantage over traditional Medicare, chances are your coverage will have local networks of doctors and hospitals. Under traditional Medicare, you could get seen anywhere in the country, but you'll want to buy supplemental insurance to limit your out of pocket costs.
Neither form of Medicare is going to help you if you are traveling overseas. So you might want to buy short-term health insurance for while you are traveling, or insurance that will pay to get you back to the U.S. if you have a health emergency abroad.
Health care can indeed be an issue. If you are mid-sixties and Medicare eligible, you'll have to enroll in Medicare now or face penalities that translate into higher costs later. If you choose Medicare Advantage over traditional Medicare, chances are your coverage will have local networks of doctors and hospitals. Under traditional Medicare, you could get seen anywhere in the country, but you'll want to buy supplemental insurance to limit your out of pocket costs.
Neither form of Medicare is going to help you if you are traveling overseas. So you might want to buy short-term health insurance for while you are traveling, or insurance that will pay to get you back to the U.S. if you have a health emergency abroad.
Anonymous
02/13/2023 21:12
Subject: Do you need a permanent place to live in retirement?
Anonymous wrote:Consider buying a small condo in a building with an elevator, near facilities (shopping, bus routes, etc.) in a state which does not tax retirement or income.
Use this as your main legal residence, then rent other places as you choose. If you find a place you like and can work out a deal with the landlord, you can probably go back year after year. Key is to be a good tenant - clean, pay rent on time, don't complain about little things.
I currently have seasonal tenants in my condo who are paying less than $50 a day for a waterfront, updated condo with a garage. But they are now getting complacent after so many years and are starting to take advantage and whine about little stuff (like a lizard getting into screen room) despite the fact their rent is far below market value.
I'm thinking it's time for new tenants and will have MANY retirees who will be happy to take their place at a higher rent.
Anonymous
02/13/2023 20:06
Subject: Do you need a permanent place to live in retirement?
I think you should have a permanent address for tax purposes, you can open ups mailbox and they will give you street address that you can use.
Anonymous
02/13/2023 19:28
Subject: Do you need a permanent place to live in retirement?
Consider buying a small condo in a building with an elevator, near facilities (shopping, bus routes, etc.) in a state which does not tax retirement or income.
Use this as your main legal residence, then rent other places as you choose. If you find a place you like and can work out a deal with the landlord, you can probably go back year after year. Key is to be a good tenant - clean, pay rent on time, don't complain about little things.
I currently have seasonal tenants in my condo who are paying less than $50 a day for a waterfront, updated condo with a garage. But they are now getting complacent after so many years and are starting to take advantage and whine about little stuff (like a lizard getting into screen room) despite the fact their rent is far below market value.
I'm thinking it's time for new tenants and will have MANY retirees who will be happy to take their place at a higher rent.
Use this as your main legal residence, then rent other places as you choose. If you find a place you like and can work out a deal with the landlord, you can probably go back year after year. Key is to be a good tenant - clean, pay rent on time, don't complain about little things.
I currently have seasonal tenants in my condo who are paying less than $50 a day for a waterfront, updated condo with a garage. But they are now getting complacent after so many years and are starting to take advantage and whine about little stuff (like a lizard getting into screen room) despite the fact their rent is far below market value.
I'm thinking it's time for new tenants and will have MANY retirees who will be happy to take their place at a higher rent.
Anonymous
02/13/2023 15:59
Subject: Re:Do you need a permanent place to live in retirement?
Look up what RVers do. They generally have a “address” in Florida, Texas or North Dakota where they can get mail and have it sent to them. Plus, they get cars/RVs registered with that address as well as drivers licenses.
Anonymous
02/13/2023 15:08
Subject: Re:Do you need a permanent place to live in retirement?
Anonymous wrote:OP, I would buy a small home with very low maintenance needs in a low cost of living area. For cash, if you can, so you just have to worry about maintenance and taxes. Somewhere you would be okay living. There are lots of options in different climates and in rural, small town, and even small city environments (larger cities will be more expensive and often have more upkeep concerns). Then I'd treat this as home base, but as your finances allow, go travel to the places you talk about for extended periods.
This is what we are planning to do. We'll have about 800k in proceeds from the sale of our home, so our plan is to by a small two-bedroom somewhere pretty low cost (we want a second bedroom so our DC can visit us comfortably) but hopefully keep the cost to 400k or less so we can bank the rest. We will have a pension and two healthy 401ks, so decent retirement income. If we own our home outright, our housing costs should be pretty static and low, and that will offer us a lot of freedom to do things like spend a month in Spain or go spend the winter in South Florida if we can find a good rental. We hope to spend most of our 60s doing lost of that kind of travel, plus into our 70s with less frequency.
But having a home base in the US with fixed costs that we can always return to is really valuable. If we have health issues, or if our DC starts a family and we want to be closer and more stable for a while to support them, we have somewhere to live.
Who knows, we might even get lucky with the housing market and wind up selling that home for profit again and be able to move somewhere else, maybe closer to our DC or just to try a new place. But the housing market could also tank and we'd be fine because no mortgage -- we just need a place to live.
I would try to plan for your retirement thinking about the range of things you want to do over that 20-30 year period. Being 66 and retired is very different than being 83 and retired. Don't screw over your older self because you were shortsighted.
OP, the last three sentences here are key. My ILs are facing the prospect of running out of money. They've lived an UMC lifestyle for the last 60 years. They "downsized" by square footage but basically traded residences as the buy/sell prices were nearly the same. They spent 10-15 years on pricey winter rentals in Florida (after having already spent ten preceding years in more reasonable ones) as well as expensive vacations ($10-30,000) during that time. They are now in the early to mid 80s and may need more assets than what they have available if they end up not being able to live together in a CCRC. Even if they are able to do so, it's not clear they will be able to cover it. My MiL likes to brag that she is going to take her money with her. Now seems like she will also be taking some of ours.
OP, GL and enjoy!
Anonymous
02/13/2023 11:18
Subject: Re:Do you need a permanent place to live in retirement?
OP, I would buy a small home with very low maintenance needs in a low cost of living area. For cash, if you can, so you just have to worry about maintenance and taxes. Somewhere you would be okay living. There are lots of options in different climates and in rural, small town, and even small city environments (larger cities will be more expensive and often have more upkeep concerns). Then I'd treat this as home base, but as your finances allow, go travel to the places you talk about for extended periods.
This is what we are planning to do. We'll have about 800k in proceeds from the sale of our home, so our plan is to by a small two-bedroom somewhere pretty low cost (we want a second bedroom so our DC can visit us comfortably) but hopefully keep the cost to 400k or less so we can bank the rest. We will have a pension and two healthy 401ks, so decent retirement income. If we own our home outright, our housing costs should be pretty static and low, and that will offer us a lot of freedom to do things like spend a month in Spain or go spend the winter in South Florida if we can find a good rental. We hope to spend most of our 60s doing lost of that kind of travel, plus into our 70s with less frequency.
But having a home base in the US with fixed costs that we can always return to is really valuable. If we have health issues, or if our DC starts a family and we want to be closer and more stable for a while to support them, we have somewhere to live.
Who knows, we might even get lucky with the housing market and wind up selling that home for profit again and be able to move somewhere else, maybe closer to our DC or just to try a new place. But the housing market could also tank and we'd be fine because no mortgage -- we just need a place to live.
I would try to plan for your retirement thinking about the range of things you want to do over that 20-30 year period. Being 66 and retired is very different than being 83 and retired. Don't screw over your older self because you were shortsighted.
This is what we are planning to do. We'll have about 800k in proceeds from the sale of our home, so our plan is to by a small two-bedroom somewhere pretty low cost (we want a second bedroom so our DC can visit us comfortably) but hopefully keep the cost to 400k or less so we can bank the rest. We will have a pension and two healthy 401ks, so decent retirement income. If we own our home outright, our housing costs should be pretty static and low, and that will offer us a lot of freedom to do things like spend a month in Spain or go spend the winter in South Florida if we can find a good rental. We hope to spend most of our 60s doing lost of that kind of travel, plus into our 70s with less frequency.
But having a home base in the US with fixed costs that we can always return to is really valuable. If we have health issues, or if our DC starts a family and we want to be closer and more stable for a while to support them, we have somewhere to live.
Who knows, we might even get lucky with the housing market and wind up selling that home for profit again and be able to move somewhere else, maybe closer to our DC or just to try a new place. But the housing market could also tank and we'd be fine because no mortgage -- we just need a place to live.
I would try to plan for your retirement thinking about the range of things you want to do over that 20-30 year period. Being 66 and retired is very different than being 83 and retired. Don't screw over your older self because you were shortsighted.
Anonymous
02/13/2023 11:09
Subject: Do you need a permanent place to live in retirement?
Short term rentals are $$$$. This is certainly not a way to save money, though it sounds fun.
Anonymous
02/13/2023 11:06
Subject: Do you need a permanent place to live in retirement?
Keep your condo and rent it out. Do you really want to be homeless if something happens?
Anonymous
02/13/2023 10:35
Subject: Do you need a permanent place to live in retirement?
How long would you plan on doing this? I think a main challenge would be not having a mailing address, or a home base, which might not reflect well on financial applications etc (unless you have a family member or friend who is willing to let you use theirs).
I would also think about where you *do* want to land, and what you’re looking for (condo? Retirement community?)
Personally, this sounds very tiring, but you sound adventurous and up for anything, so more power to you!
I would also think about where you *do* want to land, and what you’re looking for (condo? Retirement community?)
Personally, this sounds very tiring, but you sound adventurous and up for anything, so more power to you!
Anonymous
02/13/2023 10:20
Subject: Do you need a permanent place to live in retirement?
I plan to sell my condo (primary residence) when I retire (mid-60's--very soon), because it is on the 4th floor with no elevator.
I was wondering how long I can go without a permanent residence?
Like if I were to rent apartments (or VRBO/AirBNB's) in a nicer climate, but move again when that one gets too hot or cold. Spend a month or two in Europe? A few weeks at a time visiting family (but not staying at their place). I know that gets pricey, but I would be saving money having no primary residence.
I know I would have to store my stuff, but though that I could probably spend quite a while traveling before setting up my new home (who knows where).
What are your thoughts on this? Anything factors I have not considered (I mean it is a very undeveloped plan, so there are many, but I mean like big concerns such as taxes or health care). Thank you.
I was wondering how long I can go without a permanent residence?
Like if I were to rent apartments (or VRBO/AirBNB's) in a nicer climate, but move again when that one gets too hot or cold. Spend a month or two in Europe? A few weeks at a time visiting family (but not staying at their place). I know that gets pricey, but I would be saving money having no primary residence.
I know I would have to store my stuff, but though that I could probably spend quite a while traveling before setting up my new home (who knows where).
What are your thoughts on this? Anything factors I have not considered (I mean it is a very undeveloped plan, so there are many, but I mean like big concerns such as taxes or health care). Thank you.