The most prestigious law school admissions discussion board in the world.
|
 |
 
|
Parents are 79 and 73, have a $1.4mm nestegg, should they buy an annuity?
Poast new message in this thread
Date: June 27th, 2016 1:23 PM Author: shimmering bipolar affirmative action They are stressed as fuk about the economy.
They have like $1.4mm in retirement funds and a house that they have like $100k of equity in....If they bought an annuity with like $1.3mm of their remaining funds they could get like $7.5k guaranteed per month....seems like a smart idea, right? I don't give a shit about inheriting anything since they likely won't have anything at the end either way...what am I missing. They are always stressed about money, and this is a way for them to chill the fuk out about money. |
 |
Date: June 28th, 2016 8:19 AM Author: Drab Histrionic Corner It doesn't have to be all or nothing. Put half in an annuity and other half in large cap stocks for growth. Annuities generally don't have COLA, so they'll still need equities to keep up w inflation (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30807840) |
Date: June 27th, 2016 1:23 PM Author: lascivious home Stressed about the economy for what? If their house is paid off, $1.4 million will last them until death. (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30801993) |
|
Date: June 27th, 2016 1:25 PM Author: shimmering bipolar affirmative action the house isn't paid off. If they did that they'd have about $950k. (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802002) |
|
Date: June 27th, 2016 1:25 PM Author: lascivious home Why do your parents live in a $600k+ house as retirees with no dependents? (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802006) |
|
Date: June 27th, 2016 1:27 PM Author: shimmering bipolar affirmative action they live in a major metro area because that is where all their friends are (and they'd off selves if they weren't near their friends), so its a 2-bedroom condo...not fancy at all. (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802022) |
|
Date: June 27th, 2016 1:56 PM Author: Lake Out-of-control Indian Lodge Fat Ankles There's the problem. They should move to a lower COL city. (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802231) |
|
Date: June 27th, 2016 1:59 PM Author: lascivious home Agreed. They'd be perfectly fine if they left NYC/LA/SF or wherever they are and moved to Tampa/Orlando/Charlotte/Henderson(Nevada) where they could copp a sweet townhouse for like $200-250k and not worry about anything.
Instead, they're over there worried about maintaining a $700k condo at almost 80 years old. |
|
Date: June 27th, 2016 2:03 PM Author: shimmering bipolar affirmative action and have to start over without the friends they've had for 40 years... (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802270) |
|
Date: June 27th, 2016 2:07 PM Author: lascivious home I don't see what the big deal is. They can always come back and visit. Why is there a need to be around friends every week? (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802291) |
|
Date: June 27th, 2016 2:26 PM Author: shimmering bipolar affirmative action I assume you don't have many friends, or aren't that close to the ones you do have.... (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802424) |
|
Date: June 27th, 2016 2:29 PM Author: lascivious home I don't feel the need to be around the same folks every day. Even my good friends I've known for like 15 years I'm cool with seeing maybe once a month. (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802455) |
|
Date: June 27th, 2016 2:08 PM Author: Lake Out-of-control Indian Lodge Fat Ankles Most of their friends will be dead in 5-8 years.
Are you planning to help take care of them when the funds run out?
Buy a house with an in-law suite. Preferably above the garage. |
|
Date: June 27th, 2016 2:27 PM Author: shimmering bipolar affirmative action I'll likely have to take care of my mom....which I'm ok with...it is the least I can do. (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802431) |
|
Date: June 27th, 2016 2:07 PM Author: Laughsome ultramarine market BEEP BEEP BEEP.
Yeah, just uproot yourself from the city in which you've always lived and move to fucking middle of nowhere HENDERSON NEVADA with no family, friends, or support system.
If they cop an annuity + social security + medicare they'd be fine in perpetuity and could relax. |
|
Date: June 27th, 2016 2:08 PM Author: lascivious home I don't have that kind of mindset...I'm not afraid of change and new experiences. I also realize I can always go back and visit...that's what airplanes and cars are for. No need to be around Bob and Cindy, who you've known since 1976, every other day. (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802301) |
|
Date: June 27th, 2016 2:14 PM Author: Sepia Crackhouse No chance they have a 2BR for 600k in those major cities anyway. (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802344) |
|
Date: June 27th, 2016 2:27 PM Author: shimmering bipolar affirmative action Not in the actual city, a very close suburb. DC area. (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802439) |
|
Date: June 28th, 2016 10:01 AM Author: Lake Out-of-control Indian Lodge Fat Ankles You can still get a 2BR condo in the District in a good neighborhood for less than 600k. (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30808178) |
|
Date: June 27th, 2016 1:24 PM Author: Chartreuse stead Lol at poors (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30801995) |
|
Date: June 27th, 2016 1:24 PM Author: shimmering bipolar affirmative action yup. And were worth $7mm when they retired in 1998. (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30801998) |
|
Date: June 27th, 2016 1:25 PM Author: shaky aromatic background story set Was it all in Pets.com stock? (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802005) |
|
Date: June 27th, 2016 1:26 PM Author: lascivious home How does one go from $7mm to $1.4mm? Do they have a coke habit? (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802017) |
|
Date: June 27th, 2016 1:27 PM Author: costumed house laser beams plus have a $450k mortgage at 79! (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802019) |
|
Date: June 27th, 2016 1:28 PM Author: lascivious home That's baffling. Why even live in such a large house at 70+? Just sell the $600k+ house and move to a 55+ community where a unit/house can be had for like $200-300k. (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802028) |
|
Date: June 27th, 2016 1:29 PM Author: shimmering bipolar affirmative action its a shitty little condo in a major metro area, but it is close to all of their friends, which is very important to them. (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802033) |
|
Date: June 27th, 2016 1:28 PM Author: shimmering bipolar affirmative action like a $450k one (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802029) |
|
Date: June 27th, 2016 1:29 PM Author: costumed house laser beams but why do they have a mortgage at all? (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802036) |
|
Date: June 27th, 2016 1:30 PM Author: lascivious home Just do keep up with the Joneses until retirement, bro. (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802040) |
|
Date: June 27th, 2016 1:32 PM Author: shimmering bipolar affirmative action as opposed to using their $1.4mm to pay that off? I think they thought that they could beat 3.875% in the market when coupled with the tax benefits. (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802054) |
|
Date: June 27th, 2016 1:33 PM Author: costumed house laser beams why didn't they have a fully-paid off place when they retired with their $7m? (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802055) |
|
Date: June 27th, 2016 1:34 PM Author: shimmering bipolar affirmative action they did. they actually had two. But that was almost 20 years ago through two bad recessions and a lot of not living within their means. (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802059) |
|
Date: June 27th, 2016 1:39 PM Author: costumed house laser beams so they liquidated the equity in two fully-paid off homes?
LJL, are your parents former NBA players? |
|
Date: June 27th, 2016 1:43 PM Author: shimmering bipolar affirmative action nope. this shit happened to a lot of retirees who had to go through the recessions in the early 2000's and the great recession with zero income other than retirement accounts. (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802125) |
|
Date: June 27th, 2016 1:34 PM Author: shaky aromatic background story set (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802060) |
|
Date: June 27th, 2016 1:34 PM Author: lascivious home I'd like to know what the hell they were buying to deplete their retirement fund. That $7mm in 1998 should be about $7mm in 2016. (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802062) |
|
Date: June 27th, 2016 1:34 PM Author: shaky aromatic background story set Probably just bad investments, right? Pretty easy to lose all that money in 2001. (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802064) |
|
Date: June 27th, 2016 1:34 PM Author: shimmering bipolar affirmative action bad investments, and just spending more than should have been. (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802065) |
|
Date: June 27th, 2016 1:35 PM Author: lascivious home Why get fancy though? Just put it in bonds or buy real estate and live off rental income. (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802069) |
|
Date: June 27th, 2016 1:36 PM Author: shaky aromatic background story set I agree, but a lot of people got carried away in the first dot com boom. They kept buying Cisco or whatever up until the crash and got fucked. (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802076) |
|
Date: June 27th, 2016 1:39 PM Author: shimmering bipolar affirmative action my parents aren't landlords. Bonds return shit. Their entire plan was based on averaging 6-8% returns with relatively low risk, which is LOL today....a retiree these days is lucky to get 2% with relatively low risk. (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802096) |
|
Date: June 27th, 2016 1:40 PM Author: lascivious home Who needs to be a landlord? Find good investment properties and pay a management company 1 months rent to manage the joint. It's not complicated.
Also, even at $2 million @ 3% return on tax-free municipal bonds is $60k tax free. Then add in social security and thats like $100k tax free in retirement. Sounds like your folks are just bad with money and spend too much. What the hell are they buying...bottles at the club 4 nights a week?? wtf |
|
Date: June 27th, 2016 1:41 PM Author: costumed house laser beams NNN lease (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802110) |
|
Date: June 27th, 2016 1:44 PM Author: shimmering bipolar affirmative action I'm a real estate attorney who has a lot of real estate investments... as you know, it isn't anywhere near that simple for someone with no real estate background. (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802138) |
|
Date: June 27th, 2016 1:45 PM Author: lascivious home (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802144) |
|
Date: June 27th, 2016 1:47 PM Author: shimmering bipolar affirmative action just buy commercial buildings and do triple net leases to credit tenants....its as easy as it sounds.... (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802155) |
|
Date: June 27th, 2016 1:48 PM Author: lascivious home (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802168) |
|
Date: June 27th, 2016 1:54 PM Author: shimmering bipolar affirmative action It isn't complicated, but as someone who owns about 60 units, I know it certainly requires a lot of oversight...and in shit residential markets, you might have a lot of empty apartments. You have to really know what you are doing.
How old are you? How many units do you have?
|
|
Date: June 27th, 2016 1:55 PM Author: lascivious home
|
|
Date: June 27th, 2016 2:03 PM Author: shimmering bipolar affirmative action my family with 20 years of experience in real estate says its easy, so it must be easy. (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802266) |
|
Date: June 27th, 2016 2:06 PM Author: lascivious home (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802285) |
|
Date: June 27th, 2016 1:27 PM Author: Learning disabled sooty digit ratio piazza what? (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802023) |
|
Date: June 27th, 2016 1:38 PM Author: Fragrant honey-headed gay wizard property they'll get a reverse mortgage and keep on booming (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802091) |
|
Date: June 27th, 2016 1:39 PM Author: Hairraiser fluffy legend skinny woman They have very little home equity. (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802095) |
|
Date: June 27th, 2016 1:42 PM Author: razzle giraffe turdskin Tell them to do a coding bootcamp (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802116) |
|
Date: June 27th, 2016 10:27 PM Author: maroon metal foreskin trump supporter (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30805850) |
|
Date: June 28th, 2016 1:42 AM Author: cowardly boyish field (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30807147) |
|
Date: June 27th, 2016 2:08 PM Author: naked demanding yarmulke "Annuity? Just go back to work for a few years. 80 is the new 60!" -GC (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802302) |
|
Date: June 27th, 2016 2:33 PM Author: Zombie-like Indigo Weed Whacker Multi-billionaire Normally I'd say no, but given their history of poor investments and spending habits, it's not a bad idea. It'll at least protect them from themselves. (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30802489) |
|
Date: June 27th, 2016 10:29 PM Author: lascivious home I think his folks low-key hit the club and copp dat bottle service like 5 nights a week. That's why they got that short paper... (http://www.autoadmit.com/thread.php?thread_id=3268288&forum_id=2#30805858) |
|
Date: June 28th, 2016 8:34 AM Author: marvelous mediation business firm 1) build time machine
2) buy annuity in 1998
OR
1) convince your dad to eat bacon for every meal
2)??? |