Author Topic: Need advice. I am 68 and have $100,000 in savings.  (Read 1959 times)

tomash

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Need advice. I am 68 and have $100,000 in savings.
« on: December 02, 2019, 02:26:31 PM »
Hello,  I am 68 and single.  I receive $400 social security with $140 going to Medicare, leaving $260 net to me.
I have $100,000 in savings.  I am able to work part-time buying and selling antiques online. I have a lot of knowledge and experience in real estate. I would appreciate any advice or ideas on how to invest, survive and prosper.  Thank you very much.

MoneyQuirk

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Re: Need advice. I am 68 and have $100,000 in savings.
« Reply #1 on: December 02, 2019, 02:50:51 PM »
Hello, sir!

Probably the biggest question would be the rest of your financials.

Average expenditures per month?

I'd roughly guess that with a part time job and the ability to pull ~4k from your 100k saved per year, that if you own your residence (or can live rent-free) you're probably ok.

tomash

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Re: Need advice. I am 68 and have $100,000 in savings.
« Reply #2 on: December 02, 2019, 03:50:14 PM »
Thank you very much for your reply. 
I do not own my own residence.
I spend about $150 on food each month.
I spend about $60 on meds each month.
I could buy a townhouse for about $50,000.

 

iris lily

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Re: Need advice. I am 68 and have $100,000 in savings.
« Reply #3 on: December 02, 2019, 03:58:43 PM »
You need to investigate subsidized senior housing..With an income of only $400 you would definitely qualify on income, and I doubt that your nest egg is enough to disqualify you.

Where are you living now? I mean, how much does that cost?

mozar

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Re: Need advice. I am 68 and have $100,000 in savings.
« Reply #4 on: December 02, 2019, 04:39:03 PM »
I'm also curious as to where you live. Have you considered becoming a real estate agent? Sky is the limit on income. If you buy a 3 bed townhouse you could rent out the other rooms. A book I am reading now is the millionaire real estate agent. Can you do basic math? Lots of jobs for construction estimates where I live.

Villanelle

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Re: Need advice. I am 68 and have $100,000 in savings.
« Reply #5 on: December 02, 2019, 04:50:30 PM »
Are you physically and mentally able to get a job?

In your shoes, I would apply ASAP for subsidized senior housing as waits can be many, many months.  Then, I would get whatever job I could.

Also, are those truly your only expenses?  Do you have a car?  Internet?  A phone (cell or traditional)?  Literally anything else besides meds, rent, and food that you spend your money on?

tomash

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Re: Need advice. I am 68 and have $100,000 in savings.
« Reply #6 on: December 02, 2019, 05:35:09 PM »
You need to investigate subsidized senior housing..With an income of only $400 you would definitely qualify on income, and I doubt that your nest egg is enough to disqualify you.

Where are you living now? I mean, how much does that cost?

Thank you for your idea about subsidized senior housing.  I will investigate that.
I am living in my little (400 sq. ft.) antique shop now.  I pay $300 rent plus $70 electric.  However,$300 is about half of the market value and it will not be available at all within a year. 


tomash

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Re: Need advice. I am 68 and have $100,000 in savings.
« Reply #7 on: December 02, 2019, 05:56:42 PM »
Are you physically and mentally able to get a job?

In your shoes, I would apply ASAP for subsidized senior housing as waits can be many, many months.  Then, I would get whatever job I could.

Also, are those truly your only expenses?  Do you have a car?  Internet?  A phone (cell or traditional)?  Literally anything else besides meds, rent, and food that you spend your money on?


I am able to work some.  I have always been self-employed as I have had recurrent major depression since I was 21.
I do not have a car,  my cell phone is $30/month. I use my landlord's internet.  Lately, I have not been able to work much.
Also, business is very slow.  I  am barely paying minimum expenses now.

tomash

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Re: Need advice. I am 68 and have $100,000 in savings.
« Reply #8 on: December 02, 2019, 06:06:54 PM »
I'm also curious as to where you live. Have you considered becoming a real estate agent? Sky is the limit on income. If you buy a 3 bed townhouse you could rent out the other rooms. A book I am reading now is the millionaire real estate agent. Can you do basic math? Lots of jobs for construction estimates where I live.

Thank you very much for your ideas.
  I live in my antique shop for now.  See a previous post. I could try being a real estate agent.  I have a real estate brokers license which I could re-activate. I like the idea of buying a residence and renting rooms.   I am good at math.  Where do you live?  I am in Myrtle Beach, SC .  I  will check out a job for construction estimates.  I never thought of that.

frugal_c

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Re: Need advice. I am 68 and have $100,000 in savings.
« Reply #9 on: December 02, 2019, 06:29:38 PM »
I don't have any brilliant advice but your situation is such that if at all possible you should find as much employment as you can handle and try to bank as much as you can while your age still permits. Try to keep your savings for when you really need it.

SunnyDays

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Re: Need advice. I am 68 and have $100,000 in savings.
« Reply #10 on: December 02, 2019, 08:46:43 PM »
Have you done all you can to address your depression?  I understand that you've had it most of your life, but treatments change over time, and it might be worth a re-evaluation if you haven't had one in a long time.  It sounds like this is the stumbling block to obtaining/keeping more lucrative employment.  If you can't afford a doctor, you can always contact mental health associations for support and information, if you haven't already.

If you're going to lose your housing in the near future, perhaps there is some situation where you can provide some type of service in exchange for reduced rent.  Handyman, yard care, etc.

Letj

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Re: Need advice. I am 68 and have $100,000 in savings.
« Reply #11 on: December 02, 2019, 09:02:06 PM »
On your income, you should qualify for food stamps and Medicaid. It doesn’t seem like you’ve looked into those.

terran

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Re: Need advice. I am 68 and have $100,000 in savings.
« Reply #12 on: December 02, 2019, 09:11:45 PM »
Supplemental Security Income is almost twice what you receive in social security and you'd also qualify for Medicaid, but there are asset limits (under $2000) and income limits (anything over like $20/month starts reducing benefits). I'm pretty sure a primary residence is excluded from the asset limit, so if you did use that money to buy a house you could potentially reduce housing costs and increase income. Obviously well paying employment would be preferable, but if that doesn't work out it might be something to look into. It might be worth consulting an elder law attorney familiar with SSI and Medicaid.

Manchester

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ctuser1

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Re: Need advice. I am 68 and have $100,000 in savings.
« Reply #14 on: December 03, 2019, 06:56:58 AM »
Hello,  I am 68 and single.  I receive $400 social security with $140 going to Medicare, leaving $260 net to me.
I have $100,000 in savings.  I am able to work part-time buying and selling antiques online. I have a lot of knowledge and experience in real estate. I would appreciate any advice or ideas on how to invest, survive and prosper.  Thank you very much.

Thoughts in no particular order:
1. Please explore all government benefits from the federal (social security etc), state (Medicaid/SNAP etc) and any local/municipality/county resources.
One good place to start is: https://www.usa.gov/benefits

Please check here next: Benefit finder - https://www.benefits.gov/benefit-finder. This seems to work for both federal + local in my state, CT. I have no personal experience, but would guess that you should find some sort of social worker in your state capital for helping navigate state benefits, and some local one for your city/local benefits (e.g. Section 8, as well as senior housing is locally administered where I live).

You already get medicare, so you don't need to worry about Health Insurance. However, you should talk to some sort of specialist to make sure you have the correct type of supplemental or medicare advantage plans appropriate for your income and health situations.

(Reference only) - List of all federal programs: http://federalsafetynet.com/us-welfare-programs.html

2. Please make sure to avoid all financial pitfalls that must have wrecked your finances in the past
This is pure speculation and conjecture.

$100k saved @68Y implies you weren't exactly a good steward of money in the past.

I see you have mentioned RE Broker license and hinted at going back to that. Was it financially rewarding for you? Are you really as good at it as you seem to think? or was it a money sink? If there is any doubt, I don't think you should take risks at this age. You don't want to risk things now since you don't have any more time to build things back up and recover.

Maybe your problem was spending, and not income. In that case, I'd avoid any sort of credit cards and stuff - things that allows you to get into fresh trouble.

You mention being good at math. It is great to be able to be quick with numbers. But do you *really* understand the concept of compounding? I somehow doubt it - as any sort of understanding there would have led to a wealth level at least an order of magnitude above yours at even minimum wage in the US ($100/month saved and invested would lead to > $1MM in <= 40 years). So I would again advise against taking undue risks in any sort of new business ventures based on your confidence in your capabilities.

3. Do you have any sort of support network? Friends? Family?
Perhaps time to try to build a relationship back again if you are estranged. Support networks are invaluable at this age.
In the same vain, moving abroad at this age is a terrible idea, unless of course you are an immigrant yourself and can immediately find a large support network in that place if you moved back again.


dodojojo

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Re: Need advice. I am 68 and have $100,000 in savings.
« Reply #15 on: December 03, 2019, 08:21:52 AM »
My mom receives about 920 in social security and lives in a HCOL state/city.  She qualifies for low income housing and Medicaid. At your low 400 rate, you'd surely qualify for assistance.  The only sticking point being the 100K in savings.  My mom cannot have more than 2K in assets (other than home/car) in order to qualify for Medicaid. 

Is there a senior center you can go and ask for help in researching programs available to you?  You should not be paying for Medicare supplemental care when you have 400 in income.  As I understand it, you are only breaking even from your antique shop?  If your income is preventing from getting assistance, perhaps it's time for you to retire and then you can apply for assistance based solely on SS.

Low income senior housing in my mom's area is furiously competitive.  Nearly every building I called to inquire about their application process told me they had waiting lists years long--like 8 to 9 years. 

teltic

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Re: Need advice. I am 68 and have $100,000 in savings.
« Reply #16 on: December 03, 2019, 10:19:33 AM »
I don't have much to offer; other than I think you should try to work as much as possible while you are still able to.

https://www.doctorofcredit.com/

^^  I would suggest getting into bank churning.  People make ~$1500 annually from this doing a little bit of legwork (Open bank, deposit $15k for 90 days, close... Or open bank, make 10 debit card transactions, collect bonus then close).

I'd also look into the credit card churning game... How much do you spend on this antique buying and flipping game?  If you think you can spend ~$3k in 3 month periods, you can get ~60k points from chase/amex/etc, which usually have options to redeem at $0.01 per point (meaning $600 per $3k spent)... You could potentially get $1800 by being organized and churning cards.

Going a step further into credit cards; you can sell tradelines.  I've only made ~$500 in 2019 doing this, but it was only a couple hours worth of work... Mostly because I'm new at it. 

Yardsales.  While it's winter so maybe not best time to start... But Gary Vee has some cool videos of how you can make $1k a week doing so.

https://www.youtube.com/watch?v=VVFb4pVy_4s

The video series is at least entertaining... I assume there's a learning curve; but it could be a lot of fun going garage sale hunting and finding cheap goods to flip on craigslist.

Good luck!

Cassie

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Re: Need advice. I am 68 and have $100,000 in savings.
« Reply #17 on: December 03, 2019, 10:28:58 AM »
I think it’s difficult to be a realtor without a car. Have you thought about driving a school bus?  Maybe you can rent a room in someone’s house.

debbie does duncan

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Re: Need advice. I am 68 and have $100,000 in savings.
« Reply #18 on: December 03, 2019, 11:21:08 AM »
How able bodied are you? Enough to buy that 3 bdroom and rent the bedrooms out to snowbirds in winter?

mozar

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Re: Need advice. I am 68 and have $100,000 in savings.
« Reply #19 on: December 03, 2019, 11:42:48 AM »
Check out the entrepreneurial section of this forum. There's something called drop shipping which may be interesting to you.
Google construction estimator jobs within Myrtle Beach. If this is a direction you want to go in there might be a training program in your area. This is also possible to do as an independent consultant but you'll have to learn marketing to get leads.

Being a real estate agent takes a lot of hustle and might be too much if you suffer from depression. It sounds like getting help is new to you. And I want you to know something important. The more help you ask for the more successful you will be.

As a fellow depression sufferer owning real estate really helped me to stabilize. I rent two of my bedrooms. You could rent out your whole house and live in a bus (called a skoolie) or a van. In my area (DC) you get more money if you rent each bedroom separately than renting the whole house to a family. You could also save a room, or rent the whole house for airbnb which takes more work but is more lucrative.

LifeHappens

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Re: Need advice. I am 68 and have $100,000 in savings.
« Reply #20 on: December 03, 2019, 11:51:07 AM »
Welcome to the forum, tomash. You've gotten some good advice, but I want to strongly urge you to consult your local Area Agency on Aging. Every county has one and they are the go-to place for resources for seniors. In your area I believe you would need to talk with someone at the Horry County Council on Aging.

I'm a bit troubled by your situation because your income is so low and you will be homeless in the near future. There are many, many resources for low income seniors but they vary a lot by location. Calling and speaking with a local expert is the quickest way to figure things out as the systems can be very confusing.

Alternatively, your doctor may be able to refer you to a caseworker who can help with similar services.

Best of luck to you.

frugaldrummer

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Re: Need advice. I am 68 and have $100,000 in savings.
« Reply #21 on: December 03, 2019, 01:39:20 PM »
Let me ask you a few questions about strengths and weaknesses:

1)Would your depression or other health conditions prevent you from working a simple part-time retail job?  A 20 hour a week minimum wage job would double your income.

2) Housing - I'm assuming there's no family or friends who would take you in?  Is there anybody with property that would let you live rent free or very low rent on their land if you bought a trailer home and moved it onto the property?  What would it cost in your area to buy and maintain a 2-3 bedroom property? Can you live with roommates?  What is rent like in your area? Do you want to stay in your area?

3) Are you physically and emotionally able to live as a live in helper for an elderly person?

4) What kind of support network do you have? Children, friends, siblings?

5) What's your life expectancy like? (I mean, none of us know, but if your have several chronic diseases and everyone in your family is dead by 75, that's a different picture than good physical health and a family history of longevity).  Are you able-bodied?

6) Working for someone else in a regular wage job would have two advantages - a paycheck, and it would actually bump up your social security benefit a little bit in the future as you would still be paying into it.  (I suspect since you were always self-employed that you did like many people and didn't report all your income, shooting yourself in the foot by not paying enough SS taxes. It's a common error).

7) If your mental or physical health is too unstable to hold a steady job, could you turn your knowledge of antiques into buying and selling small items (that you could store in an apartment) and selling online? Could you spread out into memorabilia or some such? (Antique market has had the bottom drop out I understand).

8) Are you doing everything possible to help maintain your mental health? Support groups, medication, eating well, exercise, sleep?

9) Are you the kind of person who COULD be happy living in a foreign country?  (I wouldn't dismiss it out of hand, although it might be difficult with your mental health issues.)

I'm sorry you are in this position - mental health problems are the source of a lot of homelessness and suffering.


frugaldrummer

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Re: Need advice. I am 68 and have $100,000 in savings.
« Reply #22 on: December 03, 2019, 01:41:19 PM »
Also, were you ever married for more than ten years? If so, would you receive a higher social security check by claiming spousal benefits?