Question For Financial Advisors

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Failing health tends to hit without warning. Men being at more risk than women. I'd suggest that you take social security at the earliest possible opportunity. You may be planning on living a long time, but the actuarial tables don't look good for men our age.

While not statistical in nature, I've had health issues from age 33. Autoimmune disease leading to other very serious problems. Yet, I am still here. 6 of my friends have left me in the last 2 years, 5 in the last 3 months. My oldest and closest friend just had a massive hemmoragic stroke. He walked nextdoor to see a neighbor, and collapsed on the floor. Bottom line, I have 1 good friend left and 2 "iffy" ones. Out of our group, the sick guy (me) is still alive.

At your age, it's nearly a statistical certainty that there are things going on inside your body that you are unaware of. Despite how good you feel and despite what your doctor says.

The bottom line is that you don't have to spend the money if you take it early. But if you wait and health declines, you've limited your options.

Originally Posted by AZjeff
One interesting idea was to retire at earliest date and put SSI money into investments, assuming you don't need that money to live on.


And that speaks to my point above. Doing so gives you options you would not otherwise have.
 
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Some good advice here. I have been working since I was 16 and it was going to be a struggle to make it to 66. Too much stress, I was working longer and harder than I ever had in my life. No way am I going to work again, I want to enjoy life now. AZJeff is right about age discrimination. I was laid off after 12 years on the job because the company wanted to replace me with someone half my age and salary. I think they actually did me a favor by forcing my retirement.

I am divorced so no concerns about any survivor benefits. No heirs either, I plan on spending every dime I have accumulated and may even take a reverse mortgage out on my home at some point. The bank can have it after I croak.

Longevity runs in my family, I am in good health and a non smoker. Odds are in my favor that I have another 20-25 years of life expectancy. I can hunker down and live on a couple thousand a month until I reach full retirement age. If I need a few thousand dollars for taxes or unexpected expenses I can easily liquidate some collectibles for quick, no tax cash.
 
Only other advice I'd kinda offer is to consider selling the house and move to another part of the country where rent is cheaper or find a cheap place in the suburbs to rent. If the house is worth enough, you'd probably make more money in the stock market where the S&P 500 has averaged 11% over the last 5 years and over 13% over the last 10 years. Real estate tends to just keep pace with inflation. And you're more likely to be able to spend every penny if you have the cash in a fund.
 
If your open to moving, i'd second the selling house and moving back to the united states. Eventually California real estate will crash very hard from where it is now. Plenty of nice places that are much more friendly tax wise that also have cheap housing. Your house is likely worth a multiple of what it can be replaced for elsewhere.
 
If you wanna stay in sunny CA, like I do, I suggest looking into CA Municipal Bond Funds to shield against income taxes.
They are Federal and CA (10%) income tax free.
You can set it up so you get a monthly check with no tax burden.
Of course, this depends on your overall financial status (including tax bracket).

Housing prices are so high in much of our state, even if it drops in half you still have a ton of equity.
If you are dependent on your home equity, and cannot afford to have it drop too much, then perhaps pulling up stakes makes sense.

Good luck.
 
I recently sold my 40 year old, 1100 square ft. with 1 car garage condo in one of the largest cities cities in the nation with one of the highest costs of living and paid cash for a 1 year old, 1400 square ft. house with a 700 sq. ft fully finished garage on a big lot on a quiet, dead end street in a small mountain community.

I had considered moving to AZ but I have friends and family here so my decision was to move to a more affordable city where I could at least afford a house rather than a condo being packed in like a sardine and having to pay $400-$500 a month in HOA fees.

I will consider shifting one of my IRA's over to CA Municipal Bonds. Tapping the equity in my home would be a last resort and if I do it may be just do do something like buy a '63 split window Corvette while I am still young enough to enjoy it.
 
For men in the USA, the male average age of natural death is 76.4 years and is currently in a slight decline. When we view statistics, don't forget that there are all sorts of variables. For example, for a male born in 2020, the predicted lifespan is 82. That oft (mis) quoted figure does not apply to those alive right now, and is not what we, as mature men, should expect.

There is a funny meme that quite simply states that at age 55, the check engine light comes on.

Here is a great interactive lifespan webpage:

https://www.worldlifeexpectancy.com/usa-cause-of-death-by-age-and-gender

https://flowingdata.com/2015/09/23/years-you-have-left-to-live-probably/

Coronary heart disease (CVD) is by far, the number 1 killer, and for many it has no symptoms.


Spend some time and play with this one for some eye opening differences between men and women. Note: women are genetically superior, with two X Chromosomes (backup data, if you will)

https://www.worldlifeexpectancy.com/usa/life-expectancy-by-county
 
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