Part 4: Where Will I Live When I Retire?

That is a good question! This should be your first priority since where you live in retirement affects not only your income but also our emotional, social, and physical well-being. Your retirement home is the most important part of your overall retirement strategy.   Yes, the cost of housing has not gone up like it has from 1950 to 2008. Healthcare is going up faster than housing.  But housing is still high in most places outside the ghetto. Heating and cooling cost go up and down depending on the weather and the supply of natural resources such as gas, electric, and oil.  Don’t forget retirement homes come with maintenance, condo fees, real estate taxes, and insurance that is affected by inflation.

If you decide to look into Independent living facilities, design for reasonably healthy older people, you will find that it is not cheap. These homes often require a hefty down payment of $200,000 and a monthly fee of $2,000.  Getting an apartment can be a less expensive deal but you still have a monthly fee of $1,000 or more to pay besides rent.

I had a friend that was up in age. They put her in the hospital but she did not want them to keep her alive. She died. I could not understand why she felt that way until I started resourcing the cost of it all. In 2006, the average nursing home care per day in a private room was $206. Do you know that 40% of today’s age 65 Americans will spend some time in the future in a nursing home? This is why healthcare can consume most if not all your retirement money. Insurance companies have insurance policies that can protect you against such health care risk.  However, a typical annual premium for a 60 year old can be as high as $2,500 per year. The younger you are when taking out the policy, the less the cost per year.

Some preretirees are starting special health care savings funds at work, separate from their retirement savings.  A Health Savings Account (HSA) can help you save for future qualified medical and retiree health expenses on a tax-free basis. Individuals that do not belong to a workplace health plan can sign up for HSAs with some banks, insurance companies, and other approved organizations.  These accounts can receive contributions from you, your employer, or members of your family. You can use the funds from an HSA to help offset future medical costs, and the money in your account can be carried over from year to year.  This account stays with you as you move from one employer to another.  Here are two website that may help you with future health care;

www.medicare.gov

www.socialsecurity.gov/prescriptionhelp/

The “Centers for Medicare and Medicaid Services" site is your first and most reliable resource for information on Medicare. It includes information on billing, appeals, long-term care, and links to information on the prescription drug program.          

A Special Note for all my reader’s around the world!  

Hi my loyal readers around the world. I just finished making my final plans of my life. I will be retiring in a few short years and moving into my luxury retirement home. I will spend most of my time getting my seven year old grandson ready for the 2028 Olympics. I have no idea what my younger grandson is going to do. As of now, I would say it has something to do with electrical engineering because at 1 years old, he knew how to operate an IPad. But whatever it is, I will be around to lend assistance to his education.


My plans also involves my readers. I am starting an online stock club design to give my loyal readers as much as one million dollars, maybe more depending on when you start my plans. That money will be to remember me by.


Please read the blog below and follow my instructions if you want a chance to get one million dollars.

http://bondinvestments.blogspot.com/2012/06/how-would-you-like-to-have-over-one.html

The younger you are; 35 and below, the greater the chance of getting over one million dollars. If you are starting at 60 years old, chances are you will only make it to $100,000.



I started out at age 23 and spent a lot of time laid off and giving money away to my children for cars. I bought 3 homes. One home was paid off in full. The other I bought in a partnership paid in cash. All my cars since 1971 were the current year and I have not had a car note since 1983. I even gave two girlfriends a car each. That is why I don’t have a million dollars today. But if you become one of my “Greedy Friends” I am sure with my instructions, you can get that million.