DFD

max225 wrote: ↑Fri Jan 17, 2020 12:54 pm So since life is great and all my dad got laid off on the anniversary of my mom's death earlier this month. Given his age he will likely not be able to find another job in his field period.

I have been trying to help him navigate through this life change and I was by a lot of the issues encountered.

First and foremost it seems that if you have NOTHING you're ok. And if you have a A LOT of money (1M+) you're ok. My dad is somewhere low end when it comes to that... and it presents a HUGE fking issue. Being in the middle is terrible for retirement from what I can tell.

He is 62 years old so social security is a bit early, he will rely on his severance for part of this year and then draw a bit from the 401k. But that completely fucks him...

If you have an "income" above 50k his health insurance costs 1k a month... that's how much he reasonably needs to be ok... around 4-5k a month pre tax... If his income is under 40k his health insurance is $100 a month... so the health insurance basically confines him to below poverty level here... he is completely disincentived to draw from the 401k or face epic taxes + health insurance essentially cutting his 401k value in half.

Obviously more drastic measures are going to be taken within the year, he will likely have to move to another state with a better Tax structure. Do y'all have any recommendations on decent places to retire (Major airports are a must in the vicinity)? And perhaps some tips I can pass along?

Desertbreh wrote: ↑Fri Jan 17, 2020 1:01 pm Have you heard about our Lord and Savior Tennessee? In all seriousness, what kind of weather can this brother deal with? Heat ok or nah?

D Griff wrote: ↑Fri Jan 17, 2020 1:03 pm

max225 wrote: ↑Fri Jan 17, 2020 12:54 pm So since life is great and all my dad got laid off on the anniversary of my mom's death earlier this month. Given his age he will likely not be able to find another job in his field period.

I have been trying to help him navigate through this life change and I was by a lot of the issues encountered.

First and foremost it seems that if you have NOTHING you're ok. And if you have a A LOT of money (1M+) you're ok. My dad is somewhere low end when it comes to that... and it presents a HUGE fking issue. Being in the middle is terrible for retirement from what I can tell.

He is 62 years old so social security is a bit early, he will rely on his severance for part of this year and then draw a bit from the 401k. But that completely fucks him...

If you have an "income" above 50k his health insurance costs 1k a month... that's how much he reasonably needs to be ok... around 4-5k a month pre tax... If his income is under 40k his health insurance is $100 a month... so the health insurance basically confines him to below poverty level here... he is completely disincentived to draw from the 401k or face epic taxes + health insurance essentially cutting his 401k value in half.

Obviously more drastic measures are going to be taken within the year, he will likely have to move to another state with a better Tax structure. Do y'all have any recommendations on decent places to retire (Major airports are a must in the vicinity)? And perhaps some tips I can pass along?

Damn man,

Sorry to hear it. My dad just retired and I'm a bit concerned for my parents on many levels, but that's another issue entirely.

I don't know much about the financials other than the fact that deferring SS and 401K would likely be best. If I was dropped in that position, I'd probably try to hop into a chill job for a few years, like teaching. Say he goes and teaches middle school math, what's the minimum time he'd have to work to be vested in state pension? I'd find a state that was five years, move there, make five more years income and then add another few hunnit a month + possible insurance bennies to the pot once he calls it quits on the working thing.

The moving in retirement question... seems like there are tons of places that would be pretty cool/cheap to live if commuting wasn't an issue. The Southeast is very cheap outside of urban areas, you could buy a nice house for $200K in the Carolinas an hour outside of Charlotte, Charleston, Greenville or RDU and still be an easy drive to the airport. Texas, Arizona, Nevada... I'd look into nice/warm places, may as well think about what he likes and move somewhere that he'd be happy. Northern California (like Redding, Chico, etc) are pretty nice and housing is a lot less than Bay Area obviously.

Desertbreh wrote: ↑Fri Jan 17, 2020 1:05 pm Also, how much cash does he convert his Pay Area abode into?

troyguitar wrote: ↑Fri Jan 17, 2020 1:07 pm South Carolina is cheap and you can still be near the Charlotte airport which is huge. There should be ways to shelter 401k distributions but I'm nowhere near that stage to know anything about it.

D Griff wrote: ↑Fri Jan 17, 2020 1:03 pm

max225 wrote: ↑Fri Jan 17, 2020 12:54 pm So since life is great and all my dad got laid off on the anniversary of my mom's death earlier this month. Given his age he will likely not be able to find another job in his field period.

I have been trying to help him navigate through this life change and I was by a lot of the issues encountered.

First and foremost it seems that if you have NOTHING you're ok. And if you have a A LOT of money (1M+) you're ok. My dad is somewhere low end when it comes to that... and it presents a HUGE fking issue. Being in the middle is terrible for retirement from what I can tell.

He is 62 years old so social security is a bit early, he will rely on his severance for part of this year and then draw a bit from the 401k. But that completely fucks him...

If you have an "income" above 50k his health insurance costs 1k a month... that's how much he reasonably needs to be ok... around 4-5k a month pre tax... If his income is under 40k his health insurance is $100 a month... so the health insurance basically confines him to below poverty level here... he is completely disincentived to draw from the 401k or face epic taxes + health insurance essentially cutting his 401k value in half.

Obviously more drastic measures are going to be taken within the year, he will likely have to move to another state with a better Tax structure. Do y'all have any recommendations on decent places to retire (Major airports are a must in the vicinity)? And perhaps some tips I can pass along?

Damn man,

Sorry to hear it. My dad just retired and I'm a bit concerned for my parents on many levels, but that's another issue entirely.

I don't know much about the financials other than the fact that deferring SS and 401K would likely be best. If I was dropped in that position, I'd probably try to hop into a chill job for a few years, like teaching. Say he goes and teaches middle school math, what's the minimum time he'd have to work to be vested in state pension? I'd find a state that was five years, move there, make five more years income and then add another few hunnit a month + possible insurance bennies to the pot once he calls it quits on the working thing.

The moving in retirement question... seems like there are tons of places that would be pretty cool/cheap to live if commuting wasn't an issue. The Southeast is very cheap outside of urban areas, you could buy a nice house for $200K in the Carolinas an hour outside of Charlotte, Charleston, Greenville or RDU and still be an easy drive to the airport. Texas, Arizona, Nevada... I'd look into nice/warm places, may as well think about what he likes and move somewhere that he'd be happy. Northern California (like Redding, Chico, etc) are pretty nice and housing is a lot less than Bay Area obviously.

max225 wrote: ↑Fri Jan 17, 2020 1:05 pm

Desertbreh wrote: ↑Fri Jan 17, 2020 1:01 pm Have you heard about our Lord and Savior Tennessee? In all seriousness, what kind of weather can this brother deal with? Heat ok or nah?

I mean I am not 100% sure to be honest. Heat should be ok... I am looking for options. He knows he will likely have to move with my step"mom" at some point this year since they are tied up. So they were thinking NC/SC maybe... Oregon/washington seem like they may have the same issues as cali in terms of real estate prices etc.

troyguitar wrote: ↑Fri Jan 17, 2020 1:07 pm South Carolina is cheap and you can still be near the Charlotte airport which is huge. There should be ways to shelter 401k distributions but I'm nowhere near that stage to know anything about it.

max225 wrote:

troyguitar wrote: ↑Fri Jan 17, 2020 1:07 pm South Carolina is cheap and you can still be near the Charlotte airport which is huge. There should be ways to shelter 401k distributions but I'm nowhere near that stage to know anything about it.

Interesting, yea his good friend of many years, basically did the ole fk this shit I am out. Sold their house here and is living s chill life close to Charlotte... He has it high on his list.... I'll pass it along.

max225 wrote: ↑Fri Jan 17, 2020 1:06 pm

Desertbreh wrote: ↑Fri Jan 17, 2020 1:05 pm Also, how much cash does he convert his Pay Area abode into?

TBD... quite a bit, but its complicated. Because of cap gains all kind of other shit. I'd rather keep that one separate for now.
I was trying to see how he can get health insurance that isn't an absolute rape, and a better tax structure.[/size]

Desertbreh wrote: ↑Fri Jan 17, 2020 1:16 pm

max225 wrote: ↑Fri Jan 17, 2020 1:06 pm

TBD... quite a bit, but its complicated. Because of cap gains all kind of other shit. I'd rather keep that one separate for now.
I was trying to see how he can get health insurance that isn't an absolute rape, and a better tax structure.[/size]

The answer to the last question is leaving CA and not moving to New York. The first one is HARD!!!!!!!!!!!!!!!!!!!!!!!! It's an issue I face as well, being self-employed and paying for health insurance between the age of 50-and Medicare eligibility. Over 60 the shit is expensive AF

SAWCE wrote: ↑Fri Jan 17, 2020 1:20 pm Forget our Lord and Savior TN, have you heard of our Lord and Savior Taco Bell offering store managers $100k a year. Have him get in on that.

Or shit, doesn’t starbuxxx offer even their part time employees full benefits? Work just enough there to stay on payroll and milk their health insurance.

max225 wrote: ↑Fri Jan 17, 2020 1:22 pm

SAWCE wrote: ↑Fri Jan 17, 2020 1:20 pm Forget our Lord and Savior TN, have you heard of our Lord and Savior Taco Bell offering store managers $100k a year. Have him get in on that.

Or shit, doesn’t starbuxxx offer even their part time employees full benefits? Work just enough there to stay on payroll and milk their health insurance.

Have you ever seen a 62 y/o russian jew working at starbucks ?

Desertbreh wrote: ↑Fri Jan 17, 2020 1:23 pm

max225 wrote: ↑Fri Jan 17, 2020 1:22 pm

Have you ever seen a 62 y/o russian jew working at starbucks ?

I've seen everybody working at Starbucks brah.

max225 wrote: ↑Fri Jan 17, 2020 1:19 pm https://www.zillow.com/homedetails/575- ... 4370_zpid/

Oh really

max225 wrote:https://www.zillow.com/homedetails/575- ... 4370_zpid/

Oh really

SAWCE wrote: ↑Fri Jan 17, 2020 1:24 pm

Desertbreh wrote: ↑Fri Jan 17, 2020 1:23 pm

I've seen everybody working at Starbucks brah.

If they don’t hire him, boom, age discrimination lawsuit handled by Dirk Divebomber Attorney at Law

troyguitar wrote: ↑Fri Jan 17, 2020 1:27 pm

max225 wrote:https://www.zillow.com/homedetails/575- ... 4370_zpid/

Oh really

I was thinking a townhouse half the size for half the price but yeah. This is a single man, right?