CNN Topic

Listening to CNN this morning, I caught what I thought to be an amazing statistic

Starting in January, more than 10000 baby boomers a day will turn 65, a pattern that will continue for the next 19 years .... WOW

Census figures puts today's numbers at 79.6 million which should impact lakeside in a profound way.

Heh heh. Might clear out some of that big inventory of homes for sale....or not, depending on whether enough of them can extract themselves from their upside down mortgages.

And yes, they will change things, as they always have. Foodies will arrive and set up exotic eateries; they'll push like mad to get Medicare down here and gyms may prosper. I wish them luck. Mexico has a way of wearing down newcomers. One can hope.

With the average monthly social security payment being about $1,100 and that being the primary source of income for 64% of the retirees (Source: Social Security Administration) a lot of folks will have to consider Mexico as a retirement option. I say this because the majority of folks who stay in our 'vacation rentals' ain't here for the sand and surf, they're keen on exploring lakeside as a retirement haven they can afford. Mexico has and will take a toll but the numbers are so large it seems a percentage game and even a small fraction of 10,000 a day is a lot. (And I'm hoping one of those wise retirees will see the value of the property we have for sale, just across the street!)

I betcha the cost of living in Haiti is reasonable...

IMO, the recession of the past 2 years and sluggish recovery in the US is going to keep them working for an extra 5 years or so. Retiring at 65 has become a "pipe dream" for many Americans. The baby boomer stampede has been delayed.......

I'm not wait'n for 65... Are you?

Good point, Bob........but: I just read an interesting article about how many boomers were being "retired" (spell Laid Off) way before they planned to quit working, and were applying for their Social Security early, as a result....even though they know they are losing 25% over what they would receive at full retirement age.

If you want to hear a sad story, talk to anyone who's tried to get a decent job after 50, let alone 60. Employers' health insurance, among other things, is based largely on the average age of their work force. Plus, the older worker is competing against the hot-to-trot 30 year olds wanting the jobs. It's easy to say the boomers can keep on working.......not so easy to do.
It's Reality Check time in the job market.

I'm not wait'n for 65... Are you?

Nope but I'm not in the US. I didn't lose any significant monies in the markets and didn't see my property devalue at all here in Vancouver. I really feel for those people who were nearing 65 and saw their retirement portfolios shrink by 75% and not have anymore funds or time to buy in at the bottom and ride the wave back up. I was fortunate enough to pull my money out before the big crash and re-invest at the bottom. (Unless it crashes again.....????)

gringal wrote:Good point, Bob........but: I just read an interesting article about how many boomers were being "retired" (spell Laid Off) way before they planned to quit working, and were applying for their Social Security early, as a result....even though they know they are losing 25% over what they would receive at full retirement age.

If you want to hear a sad story, talk to anyone who's tried to get a decent job after 50, let alone 60. Employers' health insurance, among other things, is based largely on the average age of their work force. Plus, the older worker is competing against the hot-to-trot 30 year olds wanting the jobs. It's easy to say the boomers can keep on working.......not so easy to do.
It's Reality Check time in the job market.

That's a good point Gringal. I forgot to consider the unemployment rate in the US however I still believe they will be staying put until things are figured out for them or at least their real estate prices rise back up a tad........

gringal wrote:Good point, Bob........but: I just read an interesting article about how many boomers were being "retired" (spell Laid Off) way before they planned to quit working, and were applying for their Social Security early, as a result....even though they know they are losing 25% over what they would receive at full retirement age.

If you want to hear a sad story, talk to anyone who's tried to get a decent job after 50, let alone 60. Employers' health insurance, among other things, is based largely on the average age of their work force. Plus, the older worker is competing against the hot-to-trot 30 year olds wanting the jobs. It's easy to say the boomers can keep on working.......not so easy to do.
It's Reality Check time in the job market.

I believe " employers " health insurance where a fired or laid off worker loses all benefits ... is what foreigners see as the biggest failing of US Health Care... very sad
***********************************************************
Nope but I'm not in the US. I didn't lose any significant monies in the markets and didn't see my property devalue at all here in Vancouver. I really feel for those people who were nearing 65 and saw their retirement portfolios shrink by 75% and not have anymore funds or time to buy in at the bottom and ride the wave back up. I was fortunate enough to pull my money out before the big crash and re-invest at the bottom. (Unless it crashes again.....????)

I lost enough that I drained the liquor cabinet dry!!

I didn't wait for 65 but I was very lucky too. Sold the NOB house in 2005 near the peak in prices and moved here.

With the economy crashing all around me in 2006 my employer began offering early retirement with a cash bonus. Having a house just being completed in Mexico and no debt I was the only one to raise my hand at their offer and shout, "Me, me!" So I was out the door and headed back to Mexico about 6 weeks later, retired at age 53.

What, me wait?

Then a few months after that in 2007 I sold my home in California just before the big crash for almost 3 times what I paid for it just 7 years earlier.

My pension is pretty small because of retiring that young but it more than meets the income requirement for a visa here. And that typically means I have enough to live fairly well here in Podunk, Michoacán.

I just got out the door ahead of most the other boomers.

Mexico is a good choice for many, there are many Mexicans in most parts of the US so really most people are accustomed to the culture and unless you are really from the ghetto then Chapala is a step up both socioeconomically and the weather is great and your dollar goes farther.

Housing market is still down and for many boomer retirees that's about all they've got for savings. 401K's and retirement plans have been hit hard with many losing a good portion of their savings. Unemployment is expected to remain high for next few years so those over 55 are pretty well screwed. I agree that many will be forced to find locations that they can afford. But I wouldn't expect the majority of them to be buying houses Lakeside, I rather think they will be the low end renters trying to get by. Playing the percentages there may be an uptick in numbers coming down but remember there's a whole lot of bad press on the Mexico violence that is hard to overcome.

I got my good job at age 55 but was in the mid-90's when the economy was much better. But the few years before that competing with 20-somethings in the computer field was a bitch. Even died my grey hair to lessen the looks of 'who is this old guy'.

All I could do now is work at Home Depot (if lucky) to supplement retirement

kiva wrote:Housing market is still down and for many boomer retirees that's about all they've got for savings. 401K's and retirement plans have been hit hard with many losing a good portion of their savings. Unemployment is expected to remain high for next few years so those over 55 are pretty well screwed. I agree that many will be forced to find locations that they can afford. But I wouldn't expect the majority of them to be buying houses Lakeside, I rather think they will be the low end renters trying to get by. Playing the percentages there may be an uptick in numbers coming down but remember there's a whole lot of bad press on the Mexico violence that is hard to overcome.

Well said. No wonder crossing the border is such a load lightener.
The constant negative hype about México in the press, even when you know that the numbers don't bear it out, is wearing peopleout. It takes a lot of energy to deal with the barrage of misinformation.
You're right, the tactics are difficult to overcome. I really believe that they are politically motivated.
The right wing needs a whipping boy in order to distract the citizenry from their shenanigans and México is made to order.
It also keeps their favorite "threat" in the public eye while they deal with other things.
Lizzy

gringal wrote:Heh heh. Might clear out some of that big inventory of homes for sale....or not, depending on whether enough of them can extract themselves from their upside down mortgages.

And yes, they will change things, as they always have. Foodies will arrive and set up exotic eateries; they'll push like mad to get Medicare down here and gyms may prosper. I wish them luck. Mexico has a way of wearing down newcomers. One can hope.

I'm sure older oldtimers said the same thing when Super Lake, Walmart, Costco, etc. opened up, too. I don't notice a lack of business in any of those places along with the variety of restaurants already here. Not many gringo types live on beans/rice/tortillas.

Carry Bean: I didn't get what you meant by "oldtimers said the same thing" etc.

What same thing? I don't know what new stores or beans and rice have to do with it. Most people, with the exception of a few real curmudgeons, are delighted to have more shopping options.

What does happen is that after a while, most newcomers stop expecting things and people to work the way they did back in the states and they relax and learn more patience. They learn that "manana" doesn't necessarily mean tomorrow. That a family event is more important than making money; that a bureaucratic process may take twice as long as in the states; that you can't sue the city when you fall in a hole. And so on. When they can't adjust, they tend to return "home". Usually it takes about two years for them to either adjust or give up and leave. It will be interesting to see how the newest batch handles it.

You're singing to the choir on newbies adjusting to different ways. Used to see it all the time & when they were frustrated it was tempting to look at my watch & get ready to wave goodbye.

I got the feeling that you were not thrilled with the idea of foodies coming & opening exotic eateries, etc. Sort of like when another poster, possibly on TOB ranted about how things went downhill in the 6 or 8 years he'd been here. Sorry if I misread.

The only thing that scares me about living in Mexico... is what will become of the few empty lots directly around me... will they become motorcycle shops, dog kennels, or condos... no rules can be great.... until you start talking about no zoning rules

"Foodies and Wine-ies" are already with us. Some of them take themselves entirely too seriously; thus becoming PITA's.
Exotic eateries will survive if they have enough satisfied customers, but what I was speculating about is that newcomers may do what so often happens around here: think that "if they build it, they will come" and then, after a brief flurry upon opening, will last but a season.
I'll admit to having little tolerance for pretensions, whether they be about food, wine, housing, shoes, or bad art. I lived in one of the capitals of Pretense, back in the States; the San Francisco Bay Area......and developed my allergy to it there.

hockables wrote:The only thing that scares me about living in Mexico... is what will become of the few empty lots directly around me... will they become motorcycle shops, dog kennels, or condos... no rules can be great.... until you start talking about no zoning rules

You're probably right to be scared, if you've already done the deed and bought in that kind of location. Horror stories abound.......but that's also one of the things people move here to get away from: restrictive zoning laws. However, I shudder with you.
We were happily ensconced in Ajijic Village, thinking ourselves safe, when a speculator tore down the hovel next door and erected a three story structure. The third level was courtesy of a "special permit" issued. Hmm? Anyway, it made a nice base for a huge, fast growing purple flowering vine on our side and blocked the annoying street light. Still.......grrr.

Good luck there.

gringal wrote:"Foodies and Wine-ies" are already with us.
I'll admit to having little tolerance for pretensions, whether they be about food, wine, housing, shoes, or bad art. I lived in one of the capitals of Pretense, back in the States; the San Francisco Bay Area......and developed my allergy to it there.

A little off subject ...lol ... but I might be one of the foodies U speak of...

Not long ago I visited San Francisco... went to Fisherman's Warf, cause... well cause it's San Francisco , and that's what U're supposed to do!! Tried the Crab Cakes at Fisherman's Warf.... nuth'n special!!

but I might be one of the foodies U speak of...

You went to Fisherman's wharf for food? Oy vey. You deserved it!
Next trip, get your dinner on Geary Street.

You don't get to be a "foodie" if you think veggies are "what Food eats."