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Yeah I'm just one of millions of Ontarians in the same boat lol [emoji1787]Quote:
Originally Posted by MikePal
I understand I'm not insulated by [emoji226] lol I live in the life that's the same as millions of others and see the struggle everyday that others have.
Ps
The first place my wife's grandmother was at was 10 thousand a month yikes . Talk about robbery [emoji1787]
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I have two friends and my own mother that are now in retirement homes living off their Investments (equity from selling their homes.) They are all in pretty good health considering so they may be there for years.Quote:
Originally Posted by fishfood
and it's not that they were 'stuffed' there..it was their choice...who wants to live under foot at your kids house.
I guess Gilly will move into the basement and his kid will move upstairs Haha..
Just catching up on this thread.Quote:
Originally Posted by fishfood
Why would you say that Gord? Are you a trained retirement planner?
Most trained and certified financial advisors advise their clients not to count on it. At all, not remotely. People (parents) are going to need whatever they have. Honestly no offense, but the number of people our age with indexed to inflation pensions are few and far between.
Reverse mortgages first started showing up in Europe around the turn of the century. They work a little differently across the pond but are largely similar in function. As expected they are gaining popularity here, rapidly. Mike, largely nailed it.
Anyone notice, the two people who seem to think inheritances are a given are the two who cant relate to reality?
:)
Both my parents were dead before my kids came along.
Inheritance? What the heck is that? :)
What you need to know about reverse mortgages – MoneySense
Maybe because it is the same two guys who say, work hard, save your money, don't need all the 'extras', live frugally. Maybe we leaned that from our parents, hence.......
And continually live in denial. Despite things like more and more needing LTCs. Wynne wanting ORPP, all politicians paying lip service to CPP, concerns about the middle class?
Want another statistical fact?
Divorce:
If I can give you a little friendly advice from a FA.
When your nest eggs go to your children. Tell them point blank under no circumstances are they to do “the smart” thing and buy a house, pay down their Mtg. But you didn’t spend thousands, or years acquiring certain skills. You just relied on people like us...
There’s a 7 in 10 chance these days your kids will lose it. And if you can think that far, 60% to 70% of Boomers have already gone through one divorce. Erego, not much of a nest to pass on.
My kids are doing well for themselves thanks. Lucky? Yes. They are not 'counting' on anything from us , because they don't need to. In fact they encourage us to spend more, live it up. Get a new car, get a new phone. Can't, it was not the way the wife and I were brought up. And neither were my kids. They want us to spend 'our', money, not 'theirs'.
As they should.
But the original comments speak volumes.
As do comments in other threads. You just don't know what the real world is like. Almost as if, you've grown up and lived in some kind of bubble.........
The divorce rate these days is just a hair over 50%. That does not include common law break up which are subject much of the same, nor does that rate include people that separated within the last year, or 10 years ago, but never filed for divorce. So in actuality the number of adults young and old taking huge, huge hits to their financial well being are likely closer to 65%-70%. Inheritances aside from the reasons Mike listed........
Didn't think of that, did you?
Funny thing G. Around the time you joined the workforce and were given a DBP just for showing up every day, the life expectancy of people post retirement was somewhere around 12 years. Today, its 22 years for men, 25 for women.
How long do you think a couple hundred grand will last? And for many people boatloads of them, that's a boat load, a lifetime and they are not close to that.
I did know that ,and it would have fallen under ‘ for various reasons’ as I stated as to why some would have no inheritance. That’s why I said that you should know yourself, in your own family .... Lots of reasons...Divorce? Not everyone gets poorer because of it. My sister was divorced twice and got richer each time. Divorce? If you have kids are they still not both of yours? I know of people that got richer because they now had 4 parents.
Sometimes you just say the garsh darn it stupidest things. Again, no appreciation for the real world. If even half the people who go through it, found themselves better off............................................Don 't let logic and stats get in the way of your ignorance. I don't mean that badly, I just don't have the words. Perhaps I'll call it LoRWE ( Lack of real world experience and living in a bubble).
Ever looked at child support tables?
Ever looked at many other things?
Like what happens to assets?
Heres another clue for you.
Mixed families. I can cherry pick as well G.
T and C divorced back in the 70s, with 2 children
T married another C and had 1 more
C1 married M and had 1 more.
T and C1 now both have 3 each respectively. That's 6 birthdays to spend on, 6 Christmas to spend on blah blah blah.......
C1 who married M, did quite well for herself. Maybe like your sister and was a gold digger :) ( joke that). M was wealthy. Today he's just under 80 and not expected to live long. ( major illness). They are relying on a reverse mortgage because they 6k/month they'd need for a home that tends to his needs is too much. C1 should be fine, but she's also planning on needing a source of income for another 10-15 years.
Lets use 2020.
Couple Y have just decided to separate. Maybe after months of being locked in the same place has exposed weaknesses in their relationship.
The markets tanked........Lawyers decided Aug 1st was going to be the date of separation of valuation of assets...for sheeps and giggles half and what they were worth in Aug 2019.
From 80,000 saved to 40,000....
That gets split
20,000 each.
Bankers and lawyers take a big chunk of that each.
10,000 each to start rebuilding.
Man you just have no idea.
The other aspect is that for a great many people, your parents are still alive when you retire. It's not like in the movies with having young kids at home and sharing the house with your elder Mom or Dad. People live into their 80's now and that generation married when they were a lot younger,..so they had kids when they were 20....they are in their 60's now. ( My died past this summer at 88 I'm 64 )
So the option of having an elder adult that needs to have their Depends changes 3-4 times a day living with you is not going to happen, not my idea of the Golden years of retirement. It's hard enough that you can barley get out of bed and are pretty close to wearing Depends yourself.
So Shady Acres it is...paid for with your inheritance and worth every penny. HaHa..