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09-10-2017 03:15 PM
Thanks everyone for your replies. I really appreciate them! We live on Dh's monthly pension and SS and we deposit mine. We're not old enough yet to get MRD's.(he' 65 and I'm 63) I don't want to get a loan right now because we still have three years left to pay off our two sons' student loans(and that's with increased payments). We don't have a mortgage or car payments and I'd rather pay cash. So it looks like our remodel will have to wait at least another three to five years. Thanks for all your input. It helps to have the perspective of others especially if they have been through it!
You are on the right track!
09-10-2017 04:31 PM
That insurance is very costly and oftern doesn't pay for what you need. My aunt paid into a policy for years and when she needed it there were so many loopholes it was worthless.
09-10-2017 04:39 PM
My house is paid for. I am retired, 62 yo and my income is not very much. I have been financially unable to do any major home improvements to my house because of the cost. I live alone and have no immediate family, a sole survivor. I am seriously considering taking out a reverse mortgage so that I will have money to do the needed home improvements around here. I want to enjoy my life in my house while I am still able and willing.
09-10-2017 05:19 PM
When owning a house - there's always something that had to be done. It was never ending. Then there were the unexpected expenses! And ... all the yard work, etc. It was never ending!
When we sold our house in CA and moved back to NY in 1989, we decided to rent.
I worked until I was 68+ to increase my pension and social security payments, and increase my 401(k). I rolled my 401(k) into a lifetime annuty which pays me a generous amount every month in addition to SS and retirement (which includes supplemental medical and life insurance policy). Those extra couple of years made quite a differense.
The last 10 or so years before retirement, I saved a much as I could so I'd be in good shape financially when I did retire. It worked.
09-10-2017 05:42 PM
Dh and I are both retired. Him 3 years and for me 2 years now. We want to have our kitchen remodeled and our roof repaired which does not leak but needs cosmetic repairs. Each cost a substantial amount. We were lucky in that we have pensions and health care. We have a moderate savings account along with our monthly allotments and we also have some investments. Here's my dilemma. Dh feels we should put something down and finance the rest. This would mean making payments and taking money away from our monthly living expense or using money from our savings. I thought when we retired we'd take the money from our investments,TAKE THE HIT ON TAXES and pay cash, which he does not want to do. I don't know what to do. I didn't mind having monthly payments when we were working but I really don't want them now. On the other hand, I know we may need the investment money down the road. I know there are retirees who remodel their homes. Which is the best way to do it?
I'd not finance it. I hate loans. If you have the money, just take it out. That's my humble opinion and probably Dave Ramseys.
09-10-2017 05:44 PM
It amazes me how some people put blind faith in a financial advisor. As if s/he will recommend you sell off investments if it means their piece of the pie will shrink. Please think about that.
I have always been most comfortable paying cash for home improvements, automobiles and aggressively paying off a mortgage. I choose to live debt-free for piece of mind. Others choose to live off of borrowed money. What makes you most comfortable?
Amen Magic. I posted even before I saw your comment!!
09-10-2017 05:52 PM
@momtodogs: Yes, the long term care insurance is expensive (but pales in comparison to the cost of a convalescent home). It is like any other insurance, check around, see what your options, coverage etc are...
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