7 Costs to Eliminate Before You Retire

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Get rid of the friends who said they'd help you with this and that and never show. I've lost several thousand dollars because of these "friends" promising to buy items and then "forgetting" about it. I have 'divorced' myself of these people and am moving out of the country.

Singha Jerry of FL 9:17PM November 28, 2010

Best investment ever!

Chelsea's GrandPappy of AR 8:04PM November 22, 2010

As a kidney transplantee in 2000, I would look into Medicare Disability for your husband and get a lawyer to help you with the mountain of paper work that is required. It is well worth the trouble for the income that you all would receive.
May God Bless you both in your time of need.
My Best Wishes and a very Happy-Thanksgiving.

Don Rose of MO 2:32PM November 17, 2010

Sorry to hear about your situation. You have two options for you condo, (a) walk away from it so that you don't have to pay the mortgage any more and (b) rent it out. Renting it out is a better option as it won't hurt your credit and you should be able to cover your monthly costs. There are property management companies that will handle everything for you for a 7-10% cut of the rent. The real estate market is not going to recover anytime soon, so don't count on the value of the condo appreciating to the point that you will make a profit on it.
If you have any money at all left over every month, put it in a 401(k) to save on taxes.
And do make an attempt to learn the business by working with your husband with the business any which way you can. You are only 58, so it's a good way to stay focused and get some confidence.
Good luck for the future.

RM of CA 12:49PM November 17, 2010

What do you think of starting your social security while still employed? We have been hearing talk about the retirement age policy may be changed and increased. Our thought was start the benefit but keep working maxing out the 401K and use the extra to fix up house before leaving work.

Shirley Vicchitto of CT 4:04AM November 16, 2010

Sorry to hear about your situation. Cut your losses. In your current situation you must make a choice between Fla and Tx. The sooner the better.

CHAZ of OR 6:13PM November 15, 2010

I’m sorry to hear about your husband’s health and other issues. It sounds like you need to consult a financial professional. There is actually an industry that has developed around the topic of “business succession planning.” At 58, no matter owner health, it’s time to start planning for the best way to retire from your business, which might include selling it and accepting a note to generate regular payments for the business.
You didn’t say WHY you own a condo in Gainesville, FL. Would renting it to college students be a viable option? Property management firms handle renting, collections, etc. in exchange for a percent of the rental revenue. Ask yourself if the net cash flow from the rental exceed your out of pocket costs of mortgage and association fees.
All the best.

Karen of FL 3:25PM October 28, 2010

@Jan - there are a lot of questions that need to be answered. Did you use previous retirement money to start this business? You obviously had enough money at one time to buy a condo. Didn't you think to put money away for retirement or did you think there'd be plenty of time for that later and that vacations were more important? Why aren't you learning your husband's business so you can take it over?

Jimmy of NY 9:43AM October 28, 2010

My husband and I are 58 years old. We have not one penny saved for retirement. We own a business that is providing us paychecks, but no disbursements at the moment. Busniess is picking up, but it is slow. My husband is on the kidney transplant list and his health is very poor. I don't know how to run the business if something happens to him. We live in Tx where our business is and have a condo in Gainesville Florida that is we still owe $130,000 on. We paid $160 for it and it is now worth, in today's economy, around $110. We keep a small one bedroom in Tx to live here to run our business. It is a struggle to pay the Florida mortgage each month along with the condo dues that run about $230 monthly. We feel like we are in real trouble. Our only hope is that we can build this tX business back up to pay off the Fl mortgage and then re-access our situation. Any advice from anyone would be greatly appreciated. thank you

jan 5:55AM October 28, 2010