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👴👵 What Are YOUR RETIREMENT CONCERNS today?

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***READ comments and/or ADD a comment***

(1) Still WORKING - what are YOUR concerns while planning? 🤔

(2) RETIRED - YOUR concerns? 🤔

Thanks, Nicole 👴👵 (Retirement Forum)

SummerOnTheWay1

[Saturday 10/24/26 10:19am ET]

The PRICE of "healthy" food has me VERY CONCERNED. Lol, "junk" is cheaper. 😂

At age 68, GRATEFUL to still be driving & living alone here in Virginia. I know at some point I will NEED to move back to Florida where my "only" child lives. Dragging my feet as I SO LUV my 4 seasons & my hill. Nothing like gazing out at the mountains from my window.

Take care,

Nicole 👴👵 (Retirement Forum)

👣 Remember to take 1 step at a time!!!

S

SusanMercer10

Contributor ⭐

My husband and I have found ourselves just a few years from retirement and realizing our adult children are not yet financially independent and struggling in today's economy. Can any of you relate to this? The hardest part is having the conversations related to finances and the potential impact these could have on our relationships. We know we have to take responsibility for our own retirement future, but want to be able to support them in achieving their own financial success and happiness. Really want to connect with people who are sharing a similar life experience and navigating this challenging circumstance.

SummerOnTheWay1

[Saturday 10/24/26 10:14am ET]

Hi Susan @SusanMercer10 , I DIDNOT "respond" to your post when you created it 3 months ago. Was hoping someone would.

Fortunately for me I brought up my "only" child to prepare for her future in case I was NOT around. Education at a young age played a BIG part. Told her I expected her to "graduate" from High School. At age 18, I gave her two "choices" = go away to college/university or get a job and her own place. Thankfully she CHOOSE to pursue her Masters. She is in her 30's & an engineer in Florida. NOT once since turning 18 has she ASKED me for money. Lol, she is the one wanting to give it to me. The ONLY "help" I will ACCEPT, is being on her phone plan. I pay ZERO & that helps with living on ONLY my Retirement Social Security & living far away from her (Virginia). At age 68, I still drive & live alone except for a cat. She wants to make sure I ENJOY what years I have left. Took care of her for 18 years. She was wanted & planned and for those 18 years everything was about her.

Take care,

Nicole 👴👵 (Retirement Forum)

👣 Remember to take 1 step at a time!!!

SummerOnTheWay1

📎@k40013h , I agree with you!!! Is there a LOA [local office of aging] near you? Maybe they may have some "resources" for you.

Take care,

Nicole 👴👵 (Retirement Forum)

➡️[*** @k40013h wrote:
I don't understand why elderly people who have to transition from house to smaller place or assistant living. We should be able to not have to pay taxes on gain on the house. This mess with medicare and makes tax night mare for older people and often keeps moving to a place that might be more beneficial to them. I know will be my circumstance. I don't know who talk to about this. ***]

👣 Remember to take 1 step at a time!!!

K

k40013h

Contributor ⭐⭐

I don't understand why elderly people who have to transition from house to smaller place or assistant living. We should be able to not have to pay taxes on gain on the house. This mess with medicare and makes tax night mare for older people and often keeps moving to a place that might be more beneficial to them. I know will be my circumstance. I don't know who talk to about this.

G

GailL1

@k40013h

If Eligible, you do get a $ 250,000 or $ 500,000 if married, tax sale exclusion on the sale of your personal residence.

IRS.gov - Topic no. 701, Sale of your home

Of course, you use the modified basis in the house as your starting point in determining your gain.

Yes, gains reported on your tax return are counted as income for IRMAA (Medicare taxes) computation because any capital gains you make over this exclusionary amount is income that you can use in retirement, just like any other income you get after retirement from wherever. When you add all these income sources together and they go over whatever the higher earner income limit for whatever year, you pay these IRMAA Part B added premiums because you are classified as a higher income earner receiving the Medicare benefit.

I pay IRMAA Part B added premiums and if I ever sell my home I will also be in this same situation since the amount that I am paying will go up. I am also a [long term] widow so I only get the $ 250,000 exclusion even though my husband and I shared this house together before his death many years ago.

It is what it is - being old does not exempt us from many tax requirements. However, sometimes at the state level you can get a break with an additional property tax exemption for being old(er) or a state may be very generous in any retirement income exclusion.

The income exclusion amount does not cover all of mine in my state but it does cover a fair portion of it.

I am grateful for at least some offset - we still participate in life in this country so we still have a financial stake in it too.

Have you ever thought about the fact that when people sell their home and receive thousands of dollars in equity from escalated market values, that it is adding to the affordability of home which so many are having to face nowadays. I hope that there is never a limit of capital games put on such a sale but that would be an option to create a more affordable home marketplace for the many.

Just something to think about -

Kerfey

Contributor ⭐⭐

I’m afraid of the upcoming election. The Republican party seems determined to destroy Social Security and Medicare. I have other sources of income, but without Social Security and health care, life would be bleak and probably short.

SummerOnTheWay1

📎@Kerfey , they said Social Security will NOT be around and ALOT of Medical People are REFUSING to deal with Medicare.

Nicole 👵

[*** @Kerfey wrote:
I’m afraid of the upcoming election. The Republican party seems determined to destroy Social Security and Medicare. I have other sources of income, but without Social Security and health care, life would be bleak and probably short. ***

👣 Remember to take 1 step at a time!!!

Kerfey

Contributor ⭐⭐

Exactly, that’s why I’m afraid. It’s just crazy that Congress did nothing all those decades, when they knew this day would come.

SummerOnTheWay1

📎 So GRATEFUL to my NEW Allstate Agent who EDITED my policy so I got a DISCOUNT.

My PREVIOUS agent from 2018 did a runner/lol 🤣😂

I RETIRED 2020 and should have gotten this DISCOUNT.

Glad I decided to stop by their office.

The premium keeps going UP. Use to go DOWN as my car aged. A 2006 Hyundai Elantra. 😥

Nicole 👵

👣 Remember to take 1 step at a time!!!

nctarheel

Community Champion ⭐

@SummerOnTheWay1 wrote:

(8/10/23) Stop by to read our comments when you can.

And leave a comment..... 😏

Anyone age 50+ welcome!

Nicole 🙃

Hey Nicole,

Good to hear from you again.

Having been retired for over a decade, I have no pressing concerns.

I planned for retirement from early in life.

I didn't foolishly spend my retirement funds on other things.

The earlier one plans for retirement, the more comfortable their retired life will be.

Comfortable doesn't mean rich; it just means less worrisome.

There is enough to worry about as one ages.

SummerOnTheWay1

📎 I HOPE our Retirement Social Security will INCREASE for 2024. 🙏

I guess we fill find out THIS October 2023! 🙄

Nicole 🙃

👣 Remember to take 1 step at a time!!!

G

GailL1

Two more months of financial data before we know what the COLA will be for 2024 - currently it looks like we will get one but for around 3% or so.

The other shoe on the table is how much Medicare Part B premiums for 2024 will slurp this increase up.

KFF.org 07/06/2023 - New Alzheimer’s Drugs Spark Hope for Patients and Cost Concerns for Medicare

Want cures and treatments - somebody has to pay and many pay nothing.

Kerfey

Contributor ⭐⭐

Part B went up a little but all other insurances skyrocketed!

C

ChaviB814890restAuthor

Community Manager

***READ comments and/or ADD a comment***

(1) Still WORKING - what are YOUR concerns while planning? 🤔

(2) RETIRED - YOUR concerns? 🤔

Thanks, Nicole 👴👵 (Retirement Forum)

P

PhyllisD295263

Contributor ⭐

I was forced to retire concerned about income. How can i earn from baking homemade desserts?

C

ChaviB814890restAuthor

Community Manager

(Tuesday 6/13/23)

Signed up for MEDICARE this morning!

Now to FIND new primary doctor and dentist as my OLD ones do not "accept" Medicare. 😭😭

Nicole 🙃

C

ChaviB814890restAuthor

Community Manager

(Sunday 6/11/23)

The price of food, housing and medical care!

Nicole 🙃

C

ChaviB814890restAuthor

Community Manager

(Wednesday 5/31/23)

As I AGE, I am "concerned" about dementia.

Nicole 🙃

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