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(The New York Times)   Baby boomers are now attacking retirement communities when they're not even retired. When will it end?   (nytimes.com) divider line 8
    More: Interesting, baby boomers, Kings Point, Catskills  
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8323 clicks; posted to Main » on 10 Mar 2013 at 8:05 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-03-10 08:42:57 AM
3 votes:
I don't understand condos. Aren't you basically paying tens of thousand, if not hundreds of thousands, to live in an apartment? Correct me if I'm wrong, but aren't most condo association fees as much as rent?
2013-03-10 12:11:52 PM
1 votes:
So the lady in this story, who isn't necessarily in need, wanting to retire, or incapable of working, had 26 large in cash to throw down on a condo in a retirement community.  Then she comments that many of the "amenities" are not really what she likes to do so she doesn't use that many of them.

The sad part to me is that she has taken a spot that could have gone to someone who really was in need (i.e. retired on a fixed income).
2013-03-10 11:19:44 AM
1 votes:

t3knomanser: hurdboy: Not with interest rates that don't keep up with inflation.

But it's hardly a strong motivator for buying a house. In the end, the amount you save on taxes is only a fraction of what you're spending on interest. It certainly isn't going to help your liquidity. It'll work out well in the long run. The thing about long-run investment returns, however, is that  there's no rush to get in on it.


Absolutely.

But it doesn't mean there should be a tax advantage for doing it.  If you're buying a place with the intention of living in it for the rest of your life, I might could see that.  But that doesn't happen anymore, really anywhere.
2013-03-10 09:56:25 AM
1 votes:
Can we get the root of the problem? Baby boomers suck. Discuss.
2013-03-10 09:39:46 AM
1 votes:
My parents live in an Arizona retirement place part time, considerably more expensive than this lady's arrangement. But I don't get why they want to be there. Everybody is the same age (and color). It's like a zoo where they let the animals wander around because they're tame enough. But it's all the same animal.

At night they only keep one entrance open. Somebody writes down license plates at the gate to "deter crime," not that they ask where you're going. They have no idea what it's like in the summertime when there's hardly a person in the place. I'd go over to check on my dad's place and not see a person - you could steal everything in those places in short order.

At any rate, in my old age I want a nice mixed neighborhood. Kids on the lawn to yell at, teenagers driving down the street too fast, young couples starting families, and a few retired people.
2013-03-10 09:31:34 AM
1 votes:

Jon iz teh kewl: cheaper than a McMansion
and just as tasty


Suburban problems.  I'd rather go to a locally-owned place, get something that didn't come off the freezer truck last week.

t3knomanser: I'll never understand why some people insist that you need to buy a house so that you can save money on taxes. I know that many people find math difficult, but it should be pretty easy to understand that while you don't pay taxes on the money used to cover the mortgage interest,  you're still paying interest on the mortgage.


Not with interest rates that don't keep up with inflation.  Plus with the relative ease of refinancing, essentially all consumer debt can be spared taxation if you "own" a house.

Media outlet where I worked in 2000 had twelve different mortgage brokers advertising at one point.
2013-03-10 08:56:21 AM
1 votes:

BigBooper: I don't understand condos. Aren't you basically paying tens of thousand, if not hundreds of thousands, to live in an apartment? Correct me if I'm wrong, but aren't most condo association fees as much as rent?


You're renting it from a bank, and taking it off your AGI.  Same as you'd do with that 3K ft2 McMansion.

//Getting rid of the mortgage interest deduction is long overdue.
2013-03-10 06:45:21 AM
1 votes:
Bought a 2 bedroom condo for $26k, cash?  I could almost do that.
 
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