After a divorce at 64 how do I start over?

[Anonymous]

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@Horseshoez wrote:

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@Anonymous wrote:

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@GreatLife wrote:

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Why wouldn't or shouldn't a 64yo want to pick up an in-person second job?

@goodkredit wrote:

"At 64, I would not want to pick up an in-person second job so this passive income would have to come from the sale of something online."

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I don't know what @goodkredit was referring to, but certainly at 64 it is harder to get a job with "ok" pay.   You are old and thus too expensive/too stuck in your ways/likely to always be taking sick time/difficult to manage  etc, or whatever excuse for "I don't want older workers"    Sure, low-paid service jobs may be available, and may be necessary but....

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I have to take issue with such comments; I'll be 68 this spring and am being actively recruited for several new jobs.  The fact is, age is just a number, some folks at 55 are completely done, others are still going strong when they're over 70.  I joke with my co-workers all of the time about being their token old man, but whenever they have a problem or challenge, guess who they come to?

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Of course there are examples of this, but there are statistics out there (e.g. https://www.bls.gov/emp/tables/civilian-labor-force-participation-rate.htm) show lower participation of post 65 year olds in the workforce, compared to 55-64 for example.  Doubtless some of this is voluntary but other reports show age discrimination is very real, often starting much younger than 65

[TrapLine]

Life is a challenge and starting over has it feeling of a "Clean Slate" ...

A lot to consider as you look forward  to the future. Many good perspectives offered in this thread. Certainly you need to do what best fits you now.

Best wishes.

[goodkredit]

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@GreatLife wrote:

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Why wouldn't or shouldn't a 64yo want to pick up an in-person second job?

@goodkredit wrote:

"At 64, I would not want to pick up an in-person second job so this passive income would have to come from the sale of something online."

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I never said that he or she shouldn't pick up an in-person job. I said that I personally would not choose to do so. 

[Aim_High]

OP was a brand new member with this being her only post on the same day that the profile was created.  She has also not been back on My FICO since then (two weeks) so has not seen any replies.   

[Eighthundredbound]

I'm not a financial advisor but I know that you at least need to figure out when you want to retire and how you can earn enough to pay yput bills AND save for retirement. Only you can answer those questilons.

That said, since your looking to save for retirement you may want to consider renting since it's way more expensive to own a home than rent since most of your mortgage  payments go towards interest instead of equity. In addition, expenses (closing costs, property taxes, home insurance, prperty maintainance, etc...) do not contribute to you equity in the house which ismoney that could be going to reirement savings. 

Good luck!

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[FicoMike0]

@Aim_High 

Oops! I guess we scared her away.

Come back, we don't bite, we just give useless advice roflol.

[Horseshoez]

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@Eighthundredbound wrote:

I'm not a financial advisor but I know that you at least need to figure out when you want to retire and how you can earn enough to pay yput bills AND save for retirement. Only you can answer those questilons.

That said, since your looking to save for retirement you may want to consider renting since it's way more expensive to own a home than rent since most of your mortgage  payments go towards interest instead of equity. In addition, expenses (closing costs, property taxes, home insurance, prperty maintainance, etc...) do not contribute to you equity in the house which ismoney that could be going to reirement savings. 

Good luck!

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I cannot agree with your post; in the short term, renting is typically a better idea, but over the long haul, buying, even with the additional up front expenses and recurring costs, generally results in one having assets with a greater financial value than if one rented. 

[Anonymous]

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@Horseshoez wrote:

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@Eighthundredbound wrote:_Bot like things_

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I cannot agree with your post; in the short term, renting is typically a better idea, but over the long haul, buying, even with the additional up front expenses and recurring costs, generally results in one having assets with a greater financial value than if one rented. 

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And owning the home out-right with property taxes capped from 10-30 years earlier is part of a retirement fund.

[Thomas_Thumb]

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@Anonymous wrote:

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@Horseshoez wrote:

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@Eighthundredbound wrote:_Bot like things_

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I cannot agree with your post; in the short term, renting is typically a better idea, but over the long haul, buying, even with the additional up front expenses and recurring costs, generally results in one having assets with a greater financial value than if one rented. 

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And owning the home out-right with property taxes capped from 10-30 years earlier is part of a retirement fund.

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Sounds like a pipe dream. Never heard of fixed property taxes.

It appears like the OP was left the house in the divorce but the husband's attorney successfully took all her savings in return. Hopefully the house "value" in the settlement was not over inflated 100%.

I'd suggest the OP consider a reverse mortgage or consider selling the house and renting. Home prices are inflated -imo and could come down significantly. Furthermore, interest rates are rather high - especially for no money down and a potentially sub optimal credit score. 

Trying to qualify for a $250k mortgage with a modest income is a no go. DTI ratio will be a limiting factor even for a 30 year mortgage.

Heck , I'm "only" 65 living in a paid off house with DW. We are starting to think of housing/property upkeep, when to sell the 2 story house with walkout basement and the next phase in life.

If I was alone, I'd downsize into a single story townhouse with main level living and a finished basement for visiting friends/family.

The OP does not mention having a job currently. If she does, it is likely modest income given $0 401k savings or pension.

I agree the OP should seek fulltime employment if current employment is parttime. A 2nd job at this time is highly unrealistic while dealing with extreme stress from divorce and needing to move to affordable housing. Not seeing a realistic pathway for the OP to keep her house outside a reverse mortgage.

[Anonymous]

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@Thomas_Thumb wrote:

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@Anonymous wrote:

And owning the home out-right with property taxes capped from 10-30 years earlier is part of a retirement fund.

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Sounds like a pipe dream. Never heard of fixed property taxes.

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Didn't say fixed, said capped.

https://www.kiplinger.com/taxes/property-tax-cap-by-state 

My property taxes are capped from 1994. If I were to sell today, the new owners property tax on my house would slightly more than double.

Other than that, I agree with your post.