ST. PETERSBURG, Fla. — Imagine this: You’re 60 and divorced. You have a job you hate in a northern city with brutal winters. To complete the picture, you don’t ...
Yes. First, his estimated federal pension of $1,100 a month will take his monthly cash gap down to about $1,568 a month. That’s slightly less than his expected Social Security benefit if he took benefits at age 62, which is $1,604 a month.
The first is shelter. It’s the largest single expense most of us have throughout our lives. If he can find shelter he likes for no more than his $230,000 of home equity, he won’t have a mortgage payment. It’s also possible that shelter expenses such as insurance and real estate taxes will be lower. Third, at 62 he still has the option of working. Better still, he won’t need to worry about health insurance because he’s eligible for it at 62 as a retired government employee.
Hawhee at Jacobsen keeps a valuable list. In addition to providing addresses of local manufactured home parks where the land is leased, he also identifies resident-owned manufactured home parks., leased-land manufactured home parks can be sold out from under those who lease. Even if they aren’t sold, land rents can rise to levels that residents can’t afford. Resident-owned parks, on the other hand, protect residents from such sellouts. They also have far lower monthly payments.
Feeling comfortable and safe isn’t unusual. Provided the community is a 55-and-over park, I’ve heard the same sentiment in manufactured home parks up and down the Florida Gulf Coast, in Arizona and in California. If my friend earns nothing and takes $1,568 a month out of his savings, he’ll spend $94,080 of his savings over the five years between 62 and 67. He’ll still have some savings left even if he doesn’t work. His tax bill will be minimal. If he’s really fortunate and buys a unit for less than his home equity, that money can also be used for deferring Social Security.
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