Update on retirement at age 56 and now at age 78

by mildred
(Tenn usa)

I was able to cash in 2 life insurances because all my kids are financially secure and doubled my money. I bought 4 homes at a modest price, increased the sale prices by $10,000.00 each, resold as land contracts at 7% interest to be collected over 15 to 20 years. This works for me.

It gives me an income each month that I can live comfortably on for the rest of my life and hopefully my mentally handicapped adopted son so that he can be independent.

I look at keeping up w/ the cost of living as a job to manage. Each Jan. I reevaluate my finances and try to pick the best way to deal w/ it.

I retired at age 56 and have managed so far to keep a float..thanks

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retirement on line
by: mildred/tn

My problem is my adopted son, age 22, schizophrinic, I am leaving him w/my home, car, the land contracts etc BUT will he be able to take care of this or will he lose it all and be homeless??

I have a will but no one to help him, I worry about this constantly, I am now 81 and 7 months.

update-now 81
by: mildred/tn

Update on land contracts- I have 5 and it give me and my son an income w/ my social security, I am also able to save some money for my emergency fund, thanks for listening.

thank u
by: mildred/tn

Thank u, Goldie...It works for me.


You are a smart lady indeed!

thanks to Wendy
by: mildred/tn

Thank u Windy for the encouragement. it is hard to plan for retirement because the rules of the government keep changing.

Thanks Mildred!
by: Wendy, www.retirement-online.com

I like to read this... to see how someone made it through the retirement years, financially.

Before I retired, I asked my folks... how much did you have in savings when you retired? (and a lot more...)

Yes, I ask lots of questions and Yes, I think too much! GRIN! That's me.

I wanted to see, what a real retiree needed to make it to age 80 (and they are now 90!) and still financially ok. They even lost their employer-paid health care through General Motors years ago.. and pay their own, and are STILL ok.

The media makes you think you need a million dollars to retire, and although that does increase the possibilities in life, it's not what most retirees save over a lifetime and simply not really necessary.

Land Contracts... interesting way to find yourself an ongoing income! Thanks!

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