Category: Active adult communities
Note: We are once again grateful to Joe West of the Community Associations Network, LLC, for helping us research this topic.
July 10, 2021 -- The collapse of Champlain Towers South near Miami, built in 1981, has made owners and buyers nervous. The dream of living near the ocean has been interrupted by the fear that some buildings might not be safe, and that owners' investments could be in danger. It also highlights the problems that condo, community, and home owners associations (HOAs) face all around the country. Some 70% of homes and condos in Miami were built prior to 1970 - more than 50 years ago. Since then they have been exposed to all kinds of problems like those at Surfside - salt air and salt water incursions, rising water tables, aging concrete, and older building codes. The problems are worse along the coasts, but, like us baby boomers, even buildings far inland are not exempt from the vicissitudes of age. And who are the people who are going to have to deal with these expensive, highly technical problems - you and your condo board!
The causes of the Surfside collapse and the actions of its condo board members have been a staple of discussion in the news. The problems with the building were well known for a long time. After great struggles and almost a complete turnover of its board members, a $15 million plan was approved to correct water incursion and corrosion issues in the 167 unit building, although work had not started on it. Board members and residents fought over the expensive plan, which was going to represent a hardship for many owners. Some experts believe even those repairs might have too late, and still not have prevented the building's collapse.
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Published on July 9, 2021
Comments 5
Category: Health and Wellness Issues
July 7, 2021 -- Not so long ago the two most common types of supplemental medical insurance for retirees were employer sponsored plans and Medigap insurance. Medical insurance for retirees is increasingly rare, with very large corporations and governments about the only employers providing it. Medigap plans, which cover additional expenses over and above their Part B (doctors and other medical) coverage insurance, are being eclipsed by the increasing popularity of Medicare Advantage plans (Part C). Run by insurance companies and funded by subsidies from the government, Medicare Advantage has doubled its enrollments in the past decade.
The main reasons for Medicare Advantage's increased popularity are their low cost and extra coverages. According to kff.org, about 60% of Medicare Advantage enrollees pay no premiums, and another 34% pay less than $100/month. Advantage plans also usually offer a wide number of other coverages not available under Medigap policies. For example, about 3/4 of Advantage plans include vision, dental, fitness, over the counter drugs, and hearing benefits. Nearly all (90%) Advantage plans include prescription drug coverage.
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Published on July 6, 2021
Comments 29
Category: Retirement Real Estate
July 3, 2021 -- Existing home prices hit a record high in May at a median of $350,000, according to the National Association of Realtors (NAR). A shortage of inventory and building materials, low interest rates, flush and frustrated buyers, and pent-up demand are some of the reasons why. Everyone seems to have a tale to tell in this crazy, red hot market: houses that sell the same day they are listed, multiple competing bids, offers of $100,000 or $200,000 more than the asking price, even huge cash payments to walk away to allow the next buyer in line to get the property. The Case-Shiller Home Price Index for April confirmed the rising market, finding that prices rose at their fastest pace ever, an amazing 14.6% year over year.
So what's next for sellers?
Baby boomers and retirees are more likely to benefit from this hot market than younger people, who are often first time buyers. That is because we usually have something to sell, and our homes are suddenly worth a lot more than they were 18 months ago. So if you are retired or about to retire, this might be the ideal time to step away from your existing home and move to one that is more conducive to your desired retirement lifestyle. You will most likely get top dollar when you sell - but what will your next move be? We were very interested in a new survey by Coldwell Banker conducted among all homeowners (not just retirees). It seemed to indicate that people are using the hot real estate market to dramatically change their living situation. Their survey found that about 20% of homeowners hope to sell their current home in the next year. Of those, about six out of ten plan on relocating to a different city or state. Does that describe you?
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Published on July 2, 2021
Comments 9
Category: Financial and taxes in retirement
June 29, 2021 -- We baby boomers are constantly being warned that scammers are ready to take our last nickel, if we let down our guard for just one careless moment. An interesting pair of articles in the New York Times showed how that can happen to seniors, and surprisingly, that people in their 20s are twice as likely to lose big bucks to the internet's artful dodgers than older people. Online Trickery Traps Seniors reported on how the elderly (and that increasingly means us) fell prey to unethical political fundraising ploys from both parties in the recent elections. The second article, The Young Fall for Scams More Than Seniors, found that scams involving job offers, paper checks, and student loan forgiveness snagged a surprising percentage of people aged 20-29.
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Published on June 29, 2021
Comments 1
Category: Best Retirement Towns and States
June 26, 2021 -- Getting around on a bicycle is becoming more and more popular. People use their bikes to get to work, for exercise, or just for fun. Biking is inexpensive transportation, gets you outside, parking is a cinch, and it's a healthy activity. The growing popularity of electric bikes, with the extra help they provide on long rides and hills, has helped to get even more people into cycling. So, just as they do for every popular activity, publications are coming out with lists of the cities and towns that are "best for biking". We will highlight some of their choices here.
But first, what makes for a great biking town? The website Lawnstarter used a long list of considerations to score and rank the largest 200 U.S. cities on biking. Their multiple rating criteria fell into five categories: climate, bike lanes and routes, bike shops and bike share programs, safety, and community support. Safety features like bike lanes separated from car traffic and dedicated crossings were among the most important considerations, since biking isn't fun and can be dangerous if speeding cars get too close. Icy cold winter weather, steamy hot summers, and car traffic were negative factors used in the ratings. PeopleforBikes.com rated even more towns, including smaller ones, to find out which are the best for biking. It used similar criteria to rate the towns it considered, such as the number of bike lanes and trails, ability to use multiple routes to get to the same place, bike parking, number of bike shops, safety, and slow speeds for cars. See video below from PeopleforBikes on what makes a best biking city. When you are checking out places to retire, don't forget to keep your eyes open to what it would be like if you wanted to get around there on two wheels.
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Published on June 25, 2021
Comments 3
Category: Best Retirement Towns and States
June 20, 2021 -- Virginia's recent Comment to our "25 Most Popular Active Communities in the Southeast" article really got things going. Many folks jumped in to help answer her question, which asked what people thought about retiring in Maryland. Since hers generated so many other Comments (and Maryland is not an active community nor is it in the Southeast) we thought we would pull everything together under a new post to keep everything in better focus.
Most of the Comments quickly got into taxes and cost of living, although just about everyone liked other aspects of the Free State. Regarding taxes, an estate lawyer once said something very wise to my mother and I. He said: "Don't let the tax tail wag the dog". In other words, if you want to do something for good reasons (like move to another state), do it. His mantra - enjoy your life; fear of taxes is not the way to live. Just as important as that thought though, you also have to act on the basis of the facts, not on what you think you know or heard from someone else.
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Published on June 19, 2021
Comments 11
Category: Best Retirement Towns and States
June 19, 2021 -- If you are a retiree looking for a place to retire that offers superior outdoor recreational opportunities - you are in luck! There are countless towns in this country where mountains, lakes, rivers, or trails are just outside your door. In addition to traditional activities like tennis, golf, and fishing, these retirement destinations usually provide great hiking, skiing, water sports, etc.. Here are our top 10 picks for great outdoor places to retire.
10 Great Retirement Towns for Outdoor Activities
Bend, Oregon. Located on the Deschutes River on the eastern edge of the Cascades, the area offers great scenic beauty, skiing, mountains, golf, fishing, and more. Word about how nice this city is has gotten out: the population keeps increasing by leaps and bounds.
Burlington, Vermont. On the eastern shore of Lake Champlain you will find this town, home to the vibrant University of Vermont. Burlington is very popular with outdoor loving retirees who also want the youth and enthusiasm provided by a major university. Mountain bikers enjoy many great trails such as "The International", which is about 20 minutes outside of town. Nearby ski resorts including Sugarbush, Mad River Glen, Smugglers Notch, and Stowe, which now offer year round recreation. For the recreational bicyclist/walker/jogger there is the Island Rail2Trail path, which has 8 miles right along Lake Champlain.
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Published on June 18, 2021
Comments 4
Category: International Retirement
June 15, 2021 -- Where do people go when they choose an international retirement? Different sources have different answers for the best places to retire abroad. The 2021 Expat Insider Survey named Taiwan, Mexico, and Costa Rica as the best 3 places for American expatriates of all ages. A study looking at Americans who receive Social Security benefits put Canada, Japan, and Mexico at the top of their list, while Investopedia rated Panama, Costa Rica, and Mexico as the best 3 countries for American expat retirees. Other countries making frequent appearances on this type of lists are Thailand, Portugal, Spain, Vietnam, Ecuador, Canada, Australia, New Zealand, and France. But in truth, people go all over the globe in pursuit of a happy retirement, and for a variety of reasons.
Some of the factors to consider when choosing a country for an expat retirement are:
Political stability
How easy is it to buy or rent property
Healthcare and entertainment
Visa and residency requirements
Cost of living
Will you fit in
Development and infrastructure
Climate
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Published on June 14, 2021
Comments 1
Category: Home and Garden
June 12, 2021 -- Thanks to the 200 people who took our Home Readiness for Retirement Quiz. The Topretirements community appreciates the few minutes you took to assess your home's readiness. We hope that you found the exercise useful. We know we did, our grab bars were installed today! Here are the results of the survey, with several surprises mixed in with findings that were more predictable.
The point of the quiz is to make sure that wherever you decide to live in retirement, your home is a safe place that lets you age gracefully in place. The good news is that most homes can be retrofitted to get there. Those without a first floor bedroom/bath option face a more problematic situation.
Overall Conclusions:
Almost three quarters (77%) of our Members have a bedroom/bath on the first floor, which is great news. They should be able to stay in their homes regardless of their mobility in the future.
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Published on June 11, 2021
Comments 2
Category: Home and Garden
June 8, 2020 — Want to know if the home you are living in will be able to keep up with you over the next 25 years or so of your retirement? Well, just take this quick quiz and we’ll give you an instant score. We’ve graded it high, but…
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Published on June 7, 2021
Comments 0
