Comments on: Reader Case Study: At Age 57, It’s Not Over Yet! http://www.frugalwoods.com/2018/01/12/reader-case-study-at-age-57-its-not-over-yet/ Financial independence and simple living Sat, 17 Feb 2018 16:46:21 +0000 hourly 1 https://wordpress.org/?v=4.8.5 By: Deva http://www.frugalwoods.com/2018/01/12/reader-case-study-at-age-57-its-not-over-yet/#comment-91504 Thu, 15 Feb 2018 22:06:21 +0000 http://www.frugalwoods.com/?p=16229#comment-91504 You’ve done well Lucy. It’s wonderful you have a great relationship with your kids and that you have a house you love, but a few things about your life would make the decision for certain changes pretty easy for me (especially since you’re single and have no one else to take into consideration).
A house is not a home and although moving/downsizing is not an easy thing to do a home is wherever you make it so you can take your love, cherished things and memories with you and leave the “brick and mortar” behind. With that much money/equity invested in the house and the horrendous commute (we recently moved our office to within one mile of our house to get rid of the 7 miles commute that only took 20-ish minutes !) it would be a relatively easy decision, for me, to sell it, invest the proceeds for maximum dividends/interest and then rent an apartment near your work (if you decided to continue working) until you no longer want/need to work. Overnight you’d be a free woman (even though selling, finding an apartment and moving will be overwhelming in the short term).
Once free of the burden of (expensive) home ownership and living close to work you could then decide what else is important to keep or discard or you might even decide to move closer to family (which would be fine, but if you feel you’d like to work I would definitely secure a job there before doing so. At our ages it’s not easy to find employment!).
Good luck on your future. You seem to be a lovely, caring person and I hope everything works out for you whatever you decide to do!

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By: Samantha http://www.frugalwoods.com/2018/01/12/reader-case-study-at-age-57-its-not-over-yet/#comment-90375 Sun, 11 Feb 2018 23:37:50 +0000 http://www.frugalwoods.com/?p=16229#comment-90375 Great job! I understand a house is just a building, but moving can change your whole life…for good or bad. We used to live in a suburb in Massachusetts. We loved everything about wher we lived. We’ve since moved to California and it changed everything about our lives. If you love where you live, think very strongly on whether or not you want to move. It might make better sense financially, but moving somewhere that no longer fits, can break your heart.

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By: Robin Rodgers http://www.frugalwoods.com/2018/01/12/reader-case-study-at-age-57-its-not-over-yet/#comment-89261 Tue, 06 Feb 2018 02:01:41 +0000 http://www.frugalwoods.com/?p=16229#comment-89261 I have my investments with Ellevest. It’s highlight is that it’s a company run by women for women. We greatly downsized and what a relief to have less space to take care of and less ‘stuff’! Once downsizing begins one realizes how much can go and not be missed. If you don’t really love it and it brings joy…let it go.

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By: Gillian http://www.frugalwoods.com/2018/01/12/reader-case-study-at-age-57-its-not-over-yet/#comment-89235 Mon, 05 Feb 2018 16:34:18 +0000 http://www.frugalwoods.com/?p=16229#comment-89235 Hi there Lucy! I am 55, single and have been at a vaguely similar crossroads. I worked long hours in HR, constantly tired and lonely living on my own with little time/ energy for much else. I loved my job but the choice was made for me to giveit up to care for elderly parent. Somehow though I have managed to survive over last 3 years: could not get my old job back so on a part-time salary (£23k, which is approx 40% of what I was earning) but I pay as much as poss into mortgage to pay off early – it is my source of security, physically & financially. I have adaptedcompletely to the ‘frugal-living’ – spending as little as poss, got rid of my beloved car in favour of walking, use charity shops, home haircut, got a 3foot(!) veg patch,my only ‘luxury’ are my cats. It’s really hardgoing sometimes but I am truly amazed at how little I can get by on. My debts are approx £46k, which I hope to have paid off in 5years. I can honestly say that I appreciate what I have much more than I did, I love my ‘leisure-time’, and am glad that i got to spend so much time with my dad before he died. Of course I have periods of panic about the future, quite a few of them, but i think that’s more common when you’re single. Financially I know that I have my house-equity to fall back on if desperate (house-prices in my area are increasing a tiny amount). Sorry that I can’t be of more practical help as I’m in Bonnie Scotland, but I wish you all the courage for making the right life-choices for you & your family.

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By: Jean http://www.frugalwoods.com/2018/01/12/reader-case-study-at-age-57-its-not-over-yet/#comment-88604 Tue, 30 Jan 2018 13:04:04 +0000 http://www.frugalwoods.com/?p=16229#comment-88604 I am also an Rn. I am in my 42nd year. I worked in the hospitals until 3 years ago when I realized they were pushing for me to go to 12 hrs instead of the 8 hrs which I had been doing for 35 years. I did my share of 12’s before that. I left and became a supervisor at a skilled unit in a nursing home. Still a busy pace but totally unlike the hospital. I turned 66 last summer and reduced my hours to 2 8 hr shifts a week. I receive spousal social security while my own will sit and grow until I am 70. We sold out in 1999 and left Ohio and came to fla, selling our home and all of our furniture and buying a 2 bedroom 2 bath home on a canal with boat and lift right in the backyard. It had been our dream for years. Husband retired from auto plant with pension. We absolutely made the right move for us. Our daughter was already married with family before we left Ohio. We go back for visits and they love to come here for visits but we would never return permanently. We love the warm weather in south fla and not having to walk on ice or drive in the snow. We are financially independent but I still love going in twice a week to keep my mind and body more active. You have wonderful investments and shedding yourself of the house would add even more. I encourage you to visit places that you might want to live. Florida is beautiful but so are other southern states. Your money would go far in purchasing a new home with no maintenance issues, a smaller lot but still enough space for a small garden or herbs. You will find that in your late 60’s you will not be so fond of gardening, trust me on that! Getting into our own pool is a wonderful substitute for gardening. You may want to locate in an area with things to do. Ft Myers has beautiful beaches and nightlife areas. Your children would likely welcome the opportunity to visit mom in Florida on the cheap, staying with mom which is the biggest cost on vacations for anyone. You have financial resources to travel to see them also. The hardest part is just making up your mind and doing it on your own. I had my husband with me, helping to make decisions. I do not regret leaving Ohio at all, the move gave us the chance to enjoy life out of the miserable cold weather. I can see how difficult it would be to make that decision alone. I would encourage you to talk with your children. You have to remember that kids often end up in other states and cities far away from your present home. Make the best decision for you. You are physically active and can do that year around in southern states. You will only have a decade in your 60’s, then you are in your 70’s when moving will be much more difficult. By your 80’s, nearly impossible. You are a nurse, you can go anywhere you want!!! Take care and good luck to you.

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By: DK Australia http://www.frugalwoods.com/2018/01/12/reader-case-study-at-age-57-its-not-over-yet/#comment-88521 Mon, 29 Jan 2018 19:01:01 +0000 http://www.frugalwoods.com/?p=16229#comment-88521 Hi Lucy
Just thought I’d share my experience with you.
I’m also a 57 yr old nurse with a similar mortgage.I divided off part of my house into a studio/ apartment a couple of years ago, and rent several bedrooms out to working tenants.My house payment and utilities are thus entirely paid by them!
Just as well, as I tore a meniscus in my knee a few years ago..so common in 55-60 year age group said my financial advisor! Some research states that a third of us dont make it to 65 to claim our pension, so live it up now.My nursing job exhausted me for everything else in my life..I’m glad I’m not there now.I have however led teams of volunteers ( drs nurses and general volunteers) to work in refugee camps five times over the last few years.I adore using my knowledge and experience where its desperately needed.( Doctors without Borders has an age limit).
Fortunately, my renters take care of my house and costs while Im gone, but all that I love, including my garden, 7 children and 12 grandchildren are here when I return.
I think it was learning that a country house and acreage garden can be had in Eastern Europe for $15, 000 that made me rethink all my Western ideas about long hours of work, insurances, mortgages, family, health, happiness and the like.Good luck in all you do!

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By: Lindsay http://www.frugalwoods.com/2018/01/12/reader-case-study-at-age-57-its-not-over-yet/#comment-87908 Tue, 23 Jan 2018 03:24:54 +0000 http://www.frugalwoods.com/?p=16229#comment-87908 Lucy, I genuinely want to be your friend haha. Unfortunately I don’t live in the northeast. But I’m a social worker, hoping to be a hospice social worker one day. I adore Atul Gawande’s books. You should also read Being Mortal and Tuesdays with Morrie. I have a blog about dying and grief. I also run and just recently picked up yoga. Seriously if you want a virtual pal to talk about books/hospice with, let me know! Too few people are interested in this subject. Best of luck to you in your financial endeavors by the way! 🙂

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By: Michele cadogan http://www.frugalwoods.com/2018/01/12/reader-case-study-at-age-57-its-not-over-yet/#comment-87872 Tue, 23 Jan 2018 00:42:51 +0000 http://www.frugalwoods.com/?p=16229#comment-87872 I’m with you on encouraging Lucy to reduce her misc expenses which would result in her saving over 7k per year that could be used towards her mortgage debt reduction.

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By: Christine B http://www.frugalwoods.com/2018/01/12/reader-case-study-at-age-57-its-not-over-yet/#comment-87150 Sun, 21 Jan 2018 16:19:52 +0000 http://www.frugalwoods.com/?p=16229#comment-87150 Congratulations to Lucy – she is a millionaire!! Way to go!
Agree with Erin above…and a few thoughts to add for Lucy – who really is a SUPERSTAR –
1. Lucy’s story reminds me of my own Mom. She lived in a suburb of Washington, D.C. Great area, *everything* is more expensive. She sold out at retirement and moved to Tennessee (no state income tax she said, and she liked the mountains 🙂 Much higher standard of living for the $, and so much more time to do what she wants to do – think: traffic! Lucy sounds like a person who is just delightful and will make friends and fill her life with activities. My vote is to start simplifying now and really consider selling the house. For my Mom, this broke the “logjam” and has changed her life – she is happy and has loads of friends; her old friends come visit; she’s and RN, too.

2. Lucy is in such great shape now, I’m not sure I agree with cutting out the little niceties (newspaper, etc – it’s a drop in the bucket – she has plenty of $, beyond simplifying to save time…just stay on track and enjoy yourself! It’s like me buying a lunch out once in a while. I am 41 and not quite a millionaire, no debt – no mortgage – no HELOC for sure :), and I feel a little odd writing advice to someone who’s done so well. Lucy, you could try ChrisHogan360.com – it’s a retirement calculator. Again, do NOT get any more debt – you won’t owe anyone anything and be free. You have all kinds of options… just a feeling – I bet you sell the house later; houses are everywhere, and you and your family will make a great home out of it no matter what. (also, TIME with elderly parents is precious – cannot get that back, and my Dad passed at age 70… )
Best of luck to you!

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By: Erin http://www.frugalwoods.com/2018/01/12/reader-case-study-at-age-57-its-not-over-yet/#comment-86831 Fri, 19 Jan 2018 14:59:51 +0000 http://www.frugalwoods.com/?p=16229#comment-86831 I understand loving your home, but if you don’t have family or a career tying you to that location, then it’s so not worth the cost! You could buy a similar home in the burbs of New England for $350,000 and if you were willing to move out of NE, say midwest or down south, you could get that house plus a few acres for $200,000!! I live in NH (and do love the area) but I am tied here with family. It kills me how much everything costs, and how expensive a little house with a little land is here. A dollar goes much longerrrrrrr in other parts of the country and these places are just as beautiful as NE!

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