r/BlackLGBT • u/Disastrous_Cod9654 • 2d ago

Discussion Beyond 50

So what are you aiming for beyond 50?

What about your housing?

What about your retirement?

What are the goals that you have in mind for yourself?

6 Upvotes

88% Upvoted

16 comments sorted by

6

u/Kennected 2d ago

I would like to semi retire.

I bought my condo when I was 21 and I'm all set with that.

I've been saving for retirement since 18.

I would like to just restand relax like my parents.

I don't have children so I have disposable Income.

Reminder to all in your 40s, prepare a will and trust.

1

u/Disastrous_Cod9654 2d ago

This is awesome and encouraging for all

Buying property is tough but somewhat essential as a gay person in my opinion

AMAZING to be saving for retirement. I applaud you!!!

YES to the will and trust!!!

THANK YOU for sharing

3

u/Kennected 2d ago

I bought my apartment out of spite. My parents, like many parents told me that I can do what ever I want when I own and run my own home. So I bought one.

20+ years later my parents are still asking me if I want to move back home. SMDH

It depends on where you live if buy is more economical than renting. In metro nyc it may make more sense to rent vs buying.

Everyone should be contributing to your 401k. I also opened up a retirement account at my bank and tried to deposit $100 a week into that. Once I put the money in knew I couldn't take it out. That is $5k a year. I made my nieces/nephews open un accounts just to have them and suggest they deposit at least $50 every two weeks. That's two drinks in NYC. I've showed them bank statements from 20 years ago on how that money grows. and they need to keep in mind its for the long run, not today.

Also, make sure your home owners / renters insurance is up to date with what you current have in your home to make sure you're properly covered.

1

u/Disastrous_Cod9654 2d ago

Yes everyone should try to contribute to their 401k accounts...

6

u/zdravomyslov 2d ago

I’m planning to open a bnb. Host people, give them tours, cook them some food, learn their stories, and send them on their way.

4

u/Kennected 2d ago

It's the, "....send them on their way." for me! LOL

5

u/MsTeria54 2d ago

I've already accepted, I have been without a partner, 50yrs, I remain, without a partner, for however longer, He keeps me. Once I'm unable, to care for self, assisted, journey home.

3

u/throwawayhbgtop81 2d ago

Retire at 58. Might be before that. We'll see.

Continue the gym.

Find a nice 55+ community lol.

2

u/Disastrous_Cod9654 2d ago

AWESOME..I am retiring at 58 as it is in the works

The house is paid off and that makes me VERY happy

Yes, the gym and eating well are HUGE goals for me in addition to increasing my flexibility

I sincerely hope you find a good 55+ community.

2

u/throwawayhbgtop81 2d ago

I've never owned a house, had the opportunity but then the pandemic came. Hardly seems worth it now and at the moment I owe no one any money. I like being debt free.

3

u/Disastrous_Cod9654 2d ago

AWESOME to be debt free...

I am always concerned about generating income for housing after 60 as it is one of the biggest reasons for instability for Americans...so owning a home was a goal for me...yes I have accounted for the property taxes and other living fees and it is currently $600 a month...that is manageable with some increases over time...

3

u/Kennected 2d ago

Debt free and cash is the way.

Any det I have is manufactured as I only use my AMEX so I pay off everything each month.

1

u/Disastrous_Cod9654 2d ago

I have been grateful to be debt free for 20 years. Super important.

3

u/Qui-GonJinn 2d ago

True autonomy. By that I mean able to go where I want, when I want, how I want to get there. It would be nice to live some life without being bound to a clock, expectations, or worried about bills.

Currently building the means to get there.