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/biz/ - Business & Finance

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56973505 No.56973505 [Reply] [Original]

Most normies are too worried about retiring despite having a paid off home.

My parents retired as renters and think they'll be able to live off social security.... because they're getting a inheritance of like 800K soon

>> No.56973522

inb4

>actually 800k is plenty to live on as renters if they get social security bro!

If thats true, then why do most boomers keep working despite having a paid off home and my parents dont even have that?

>> No.56973527

>>56973505
>because they're getting a inheritance of like 800K soon
From who?

I have four siblings so I won't be getting anything,maybe $150k from the house if both my parents die at the same time

>> No.56973530

>>56973522
Most boomers are cash poor, house rich, and don’t ever take out equity from their paid off home, not to mention their “paid off home” is costing them in property taxes.

>> No.56973551
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56973551

>>56973505
How do people manage to work their entire life, not just one but 2 adults working and don't even have a house or literally any savings

>> No.56973559

Most normies don't have a paid off home. Only boomers and trust fund babies have that, and the few lucky rich zoomers & millennials & x'ers.

>> No.56973560

>>56973522
Most home owners in the US are house poor,eaning they spend all their money on necessities and the house. They're banking on the appreciation for retirement. That's why millennials will get ficked

>> No.56973564

>>56973527
My moms parents house is under sale atm (her last surviving parent died recently) and the house is worth $3 million, so I low-balled them getting $800k. The house is in a "upper class" area so its likely going to get bid upto $3.4 - $3.6m (starting is $3M)

Its not covid prices either, the house was valued at $2.5 million in 2018

>> No.56973588

>>56973551
My dad had like 2 failed businesses that he refused to give up on that bleed them completely dry of everything they had, including their house which they bought/owned in the 1980s and paid off in the 1990s, only to sell in the early 2000s for my dads business ventures which failed

>> No.56974579

>>56973505
>boomer grandparents
>live in luxury senior communities
>travel constantly (cruises/RV etc)
>eat out constantly
>wrack up hundreds of thousands in medical bills to squeeze out an extra 6 months of "life"
>Medicare estate recovery
>outstanding debt (credit cards, vehicles) settled out of estate
Your parents aren't getting shit. Many such cases

>> No.56974612

>>56974579
Don't believe me? My grandpa died in 2018. My grandma sold their 500k house to live in an expensive apartment. By last year she had blown through almost everything and has now moved in with one of her kids.

>> No.56974651 [DELETED] 

Are you broke and have only 10 bucks to invest? Then check this guide

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