Reality hits hard
Since 2008, those of us who are nearing retirement got hit with some hard cold facts. The nest egg we had been saving has shrunk to pea size, not near what we planned for. A recent AARP study found that over 50% of those 45 and older have lost their jobs or have lost money in their IRAs and 401Ks, and worst of all the home we live in that we had hoped would appreciate in value, has declined in value and some now owe more than the home is worth. The most unfortunate of us have even had to live day to day on their retirement investments and have nothing for the future, except a shaky Social Security and Pension retirement that is not so far from extinction as some have predicted.
Our financial and physical health of our future
Many Boomers are facing increasing health challenges that were not expected, such as diabetes and arthritis. The Arthritis Care and Research Journal reports that from 2000-2004 hip replacements in the U.S. increased 83% and knee replacements rose 115%. This trend is expected to increase. In terms of retirement, women are hurting more than men. Longer life spans for women coupled with lower annual retirements, more health-care needs since they usually pay greater attention to their own needs, and they tend to have less insurance than men. With longer longterm care health needed at a lifetime cost of $124,000 vs. $44,000 for a man, according to MetLife Mature Market Institute, women will have extra challenges as they grow older.
Options: Work longer or live on less, or both
According to a recent report from the Congressional Budget Office, baby boomers are overall less likely to live their retirement years in poverty, but that one quarter of boomers have little or no savings, but seem to believe they can live on Social Security and their pensions. What are the options? We could certainly work longer than we had planned, or we can cut our expenses and live on less, or maybe we have to do both. If the government begins to limit or reduce Social Security payments a lot of us may be in for a staggering awakening, and will not be very happy.
Can I afford a new home and retire?
Here is something to consider. The kids are grown and gone and the home we live in is not very well insulated and has some upcoming major expenses for repairs in the not to distant future. I’m tired of mowing the grass and raking the leaves. My knees are not handling the steps like in years past and my property taxes and insurance continue to increase. I could move into an apartment complex but then I’d be sharing a wall, ceiling and floor with others and what if they caught their apartment on fire? Would I be able to park right in front of my house? I can’t grow flowers or a tomato plant? Are you still independent and want to stay that way? Then consider owning a new manufactured home at one of the nicer communities in the south like Mountain View Estates.
What is a manufactured home?
In 1976, the Federal Government established a guideline that all homes would be built to certain specifications, that ensures that today’s manufactured homes are far superior to homes of the past. This code meets any local or state building code. Every home built today uses the same material as any site-built home. The HUD Code ensures compliance with a thorough inspection system that takes place at each step as the home is constructed in a controlled factory environment that never allows the home to be rained on during construction. Every home comes with a warranty and usually costs at least half of what a comparable site built home would be. Today’s manufactured homes can be custom-built with the most up-to-date appliances, safety and comfort features to meet your needs. One question that many ask is how can the cost be half of what a new site built home is if the material to make it is the same? The MHI (Manufactured Housing Institute) is quick to remind families that the affordability of manufactured housing can be attributed to the bulk buying power of material and appliances, the assembly-line construction, computer and robotic construction and they never are delayed by bad weather, theft or vandalism, or contract laborers that do not show up on time. These savings in building the home can then be passed on to the homeowner. The advances in technology and computers allows more flexibility to have a customized house than ever before, including huge improvements in lower energy and maintenance cost for the homeowners. Today’s age 50 and over buyer is looking for specific features like affordability, low maintenance, available amenities and value. The manufactured home of today offers you all the above at a very affordable cost. Talk about quality construction of these homes, who would put their site-built home on wheels and pull it down the freeway at 65 mph and hope that it would stay together?
Placing my new manufactured home
One current resident of Mountain View Estates explained living here was like living in the country. Only 5 minutes from town and not having to mow grass anymore they would not trade it for anything. Other residents are very proud of the fact that their community has rules that keep it looking nice and being very quiet, clean and safe. Since all residents must pass a criminal background check before moving in, this promotes a safe feeling for all. With the addition of fiber optics by the Electric Power Board of Chattanooga, all residents can enjoy the fastest internet speeds in the country and possibly work from home in a part-time job. Another thing that you might notice when you drive through this community is that you see no overhead power, phone or cable lines, as all utilities are underground.
Mountain View Estates began construction in 1988 on 46 acres of land with views of Missionary Ridge and scenic Lookout Mountain. Owned and operated by the Roden family, who live onsite, helps ensure that this is one of the nicest communities for manufactured homes in the south. This is not a “trailer park.” The Roden family prides itself in making sure that every resident will always be proud to live there. Come see for yourself when you stop by and visit with them at 1325 Wilson Road in Rossville or call David at 423-760-4819, and visit them on their website at mtnviewestates.com.
Who would want to live in a new home and great community? Those who are nearing retirement or have retired and don’t need the large home to maintain, heat and cool, and mow the grass. They also want lower taxes and insurance cost. As you think about aging in place, your new home will have ramps and no steps, wider doors, and brighter lighting. Living in a new energy efficient home will not only let you live on less per month, but maybe you can go ahead and retire and take those grandkids fishing like you’ve always planned and let Mountain View Estates mow the grass for you. Sounds great to me.