Question What to do at our age after BK?

[bebpmp]

I am sure our circumstances are not unusual, particularly in this economy. However, having a few suggestions from some other going through similar circumstances is helpful.

We are in our early 60s, have lived a pretty darned good life (on credit for 40 years). The economic downturn, however, has done us in financially. Retirement worth little, investment properties devalued and equity gone. I have a disability income for the next four years, then it's gone, and only SS at $2000 a month from then on. Scary. I cannot return to my profession due to disability (arthritis).

My curiosity is what suggestions to recover in four year after BK so we can have a decent income in our advancing years? Neither my wife nor I care for Alpo.

[JRScott]

This is problem something facing all the baby boomers.

The answer is not so easy really. In the coming decades I believe we are going to see a shift more towards what America was like a century or more ago. Parents will have to live with their children and their may be grandparents there as well.

This all really depends on what Congress and the President do to fix Social Security and Medicare/Medicaid in the next year or two. They've spend decades robbing the fund and there simply isn't enough money to keep these things going at current levels for the past about the next decade.

I'm kinda in the same boat, little younger than you but I don't have an ACL in my left knee and I have a messed up back so jobs requiring standing or even moderate physical activity are very hard. Due to bankruptcy I have no real savings (i have a small emergency fund) and have no retirement.

I'm hoping to start school back this fall and see if I can't get some sort of degree, but I"ll be 20 years older than any of them and it'll be harder to get a job once I graduate which will probably take me longer.

Myself I don't have TV at home. I also make other cuts.

[frogger]

The answer is not so easy really. In the coming decades I believe we are going to see a shift more towards what America was like a century or more ago. Parents will have to live with their children and their may be grandparents there as well.

We've got two of our children living with us, and one of our grandchildren. We're stacked in like firewood, but it's saving all of us together over $1000 per month.

And, if you are waiting on our government to fix anything, you can just quit waiting. It's not going to happen.

[bebpmp]

Thanks for the reply...I am afraid you are correct. Not the direction we baby-boomers had planned to take, certainly! But I know of a number of families now seriously considering the possibility of living in family "compounds" with two or three generations together...as you say, like a century ago. Maybe not a bad thing, given the favorable influence grandparents can have on kids. Maybe it's God's plan to return us to a simpler, more family-guided lifestyle. I know that a social security check could be stretched quite a ways in such a situation.

I am a licensed physician, and might, after disability runs out, have to return to some level of practice, despite the arthritis. But, who knows how long I can work after the age of 70! It will be an interesting future, that is for certain.

[bebpmp]

Fogger, you are pretty much "right on," I fear. It takes a great deal of tolerance for that many people to exist together! However, at our ages now, we need far less than we thought we needed twenty years ago. This has been an epiphany for us in that regard...a good thing out of this...the knowledge we actually find a simpler, less material life relaxing and less pressured. I am not beneath any sort of work, and can always find something to supplement the SS income. The kids, however, will get nothing (but that was my plan anyway!). :-)

The best advice I can offer anyone going through this stress is keep a sense of humor, try not to develop bitterness, and just let the parts of the process you cannot control roll off. Believe me, there are more people out there who understand and want to help, than are against you. A good attitude and a good attorney can get anyone through.

[DeadManCrawling]

I am also aware of several groups of acquaintances who are already living or preparing to live in a compound situation. Some are making plans to do so at locations in the country where they can do communal living and farming, whilst a few members have typical employment and provide the cash needed for things that cannot be grown or produced at home.

I doubt I could handle this sort of thing, even with people I cared greatly for. I have always been a very private person and a bit withdrawn.

What we are doing, and we are a bit younger, but I see no reason why this couldn't work for just about anyone:

In almost every area, except a few metros that were so gloriously overpriced to begin with, there is SOME availability of lower priced homes, in neighborhoods that are tolerable.

And you can always move to a much smaller community if you are serious about easing your burden.

Save save save money and buy a house outright, no mortgage. It IS possible for cheaper than most would believe possible.

I looked at the MLS yesterday for our area (wife is a Realtor) and found an astonishing 600 single family homes in a 10 minute drive from here priced BELOW $40k. These are houses, not condos or trailers. That is important, living in hurricane areas.

Some were as cheap as $20k. Those needed substantial work.

But many of the homes in the 40k range were perfectly liveable, even (dare I say?) nice.

I'm talking up to 1500 sq ft in some cases.

With the 8k downpayment assistance, the real price is 32k and that is before any negotiations with the seller. I used to buy cars annually for more than this. It seems like a no-brainer to shed the mortgage payment treadmill for outright ownership.

I know that we are all here for one level of financial problem or another, so this may not be immediately feasible, but it sure is something to keep in mind down the road.

Best luck in all you are up against!

[LuciluS]

The best advice I can offer anyone going through this stress is keep a sense of humor, try not to develop bitterness, and just let the parts of the process you cannot control roll off. Believe me, there are more people out there who understand and want to help, than are against you. A good attitude and a good attorney can get anyone through.

[COLOR="Blue"]I like your statement above. I'm 55 yrs. old...100% disabled & receive less than $1,500 a mth for SSD. My AARP magazine stated year 2010 will be the first time in 35 years, SS recipients will not receive a 'Cost of Living Increase' despite Inflation. However, Medicare will not increase.

My Dh is, also, a walking medical patient. I give thanks every morning and evening he is able to continue working when not ill. Our 2003 - 2008 tax returns indicate out of pocket medical expenses ranging from $12,000 - $15,000. Major reason for filing bankruptcy in 9/09 as our monthly RX bill is $500 a mth & we will surpass the above expenses this year.

I've been told I'm such a 'Bubbly Person'. Wonder why? LOL! Thanks for your words of wisdom!

Luci

[bebpmp]

Dear Luci and DeadCrawlingMan!

Bet those two handles have never been used before in the same sentence!

Thanks, Luci. You are the sort of person I refer to...despite what life has thrown at you, you seem to accept and struggle through with your sanity and humor intact. It is the only way to survive. Your medical situation sounds unbearably burdensome, and I feel for you. Can't imagine what you must be taking that costs $500 per month, but certainly there are sources of assistance for meds...the pharmaceutical companies have free meds for those in need, and you certainly meet the criteria. Try this website:

http://www.scbn.org/?gclid=CIHaypGql5sCFR0SagodQiOtpg

Great suggestions, DCM! A smaller town is my cup of tea, and here in Colorado, there are some great places tucked away in the mountains.

[Flamingo]

The recent economic conditions have changed many lives and we will not in our lifetimes see credit as we have in the past recent decades. Plus people have learned a lot from this - it was really a big wake up call for many people. What you will see now instead of McMansions and designer homes is multigeneral housing, shopping complexes and many more of the big box stores putting the moms and pops all gradually out of business. Specialitiy stores that carry special items not found in the big box stores (i.e., hand made items, etc.) will thrive as will convenience stores for the aging population. You will also see a boom in delivery businesses bringing items to the aging population. That has been starting recently in the past several years anyway. Parents, children and grandparents will all livein the same house to save on costs, gas, heating, food and share in the expense of raising children and household work. Not too many will be able to afford to keep McMansions unless there is other help to live in the house and afford to keep it and pay the expenses. The boomer generation will be the start of this although it gradually has been taking place with the high costs of medical for the aging population; more parents are moving in with their older children and vice versa as medical events occur or jobs are lost. This will be a movement over the next 30 years and will change the face of housing and shopping as we now know it.