Author Topic: Preparedness as a Retirement Plan  (Read 121296 times)

Offline Speaker0311

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Re: Preparedness as a Retirement Plan
« Reply #150 on: December 29, 2013, 08:38:00 AM »
Me and Mrs. Speaker Bought our place a few years ago with this in mind and we are steadily advancing on our goal. Early on I was in a discussion with my uncle about the idea. He spent 30 yrs working for a union that eventually killed the manufacturing plant that it fed off of costing this mostly rural area around 3k jobs, but for the guys that got in early it worked out very well. He was very skeptical until I asked him what I should invest in that could give me a better return in 30 yrs. Stock market? maybe but I doubt it, social sec. will not be there in any meaningful fashion I have no illusions on that. He thought for awhile and couldn't come up with anything with less risk greater return and more fulfilling than what I'm doing. So we are doing it and every day has been a little better than the last.

Offline Thorgrim

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Re: Preparedness as a Retirement Plan
« Reply #151 on: February 12, 2014, 07:03:13 PM »
Haven't read through this whole thread yet but this is basically my long term plan.

The future is so uncertain that getting your living expenses as low as possible is probably the best way to set yourself up for retirement.

Plus the beauty of this plan is that as you make progress towards your goal your financial obligations and stress continue to go down.

One day I have a goal to have no bills. No electricity, gas, mortgage, credit card or car payment. Food reduced by 75-90%. Just property tax and maybe insurance and internet.

Offline Oakie

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Re: Preparedness as a Retirement Plan
« Reply #152 on: February 14, 2014, 09:46:19 AM »
Wow, looking back at my post two years ago I am a bit dismayed at how little progress I've made.
Things happen.
If I could change anything...
Perhaps I would have just lived in the old house until it fell down, debt free at least.  Or, perhaps I'd have done a 30 year mortgage and paid it off in 10 years instead of locking in payments that may be impossible to make in a really hard economy.  Something to think about if you're about to go there.
At least I did not allow all of my property to be tied up in the mortgage so would not be a total loss.
I would also have started with water catchment and storage had I foreseen the extreme winds and then droughts. I've lost most of the trees, berries, etc that I've planted.
Three steps forward but two steps back!
Now I am just trying to stay on course and pray for the best. I'm still better prepared than most but it's hard to look back at those mistakes.
We can't count on retirement funds or even local availability of the things we'll need.

Offline CandyGram4Mongo

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Re: Preparedness as a Retirement Plan
« Reply #153 on: March 01, 2014, 07:40:55 PM »
Am strongly considering liquidating the majority of my 401k to accelerate this process.  "Too big to fail" banks are bigger now than when they were bailed out and the stock market feels like it's a no-kidding bubble waiting to burst.  I'm feeling like now's the time to get my money out and convert it into self-sustaining land.  Pay cash, dig the swales and ponds, and establish the food forest and perennials so that food and water are mostly taken care of NOW, while most people are still buying the lie that we can spend our way to a stronger economy.
It's pretty dang great to read this thread and realize I'm not the only one who feels like real retirement is becoming a lot less likely to involve pensions or the stock market.

Offline fred.greek

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Re: Preparedness as a Retirement Plan
« Reply #154 on: March 01, 2014, 10:12:12 PM »
When I retired, at the first possible moment I rolled my 401k type accound to what amounts to a "real estate" IRA type account.  The account owns fully paid for rental homes.  Since we do not need the money yet, the rents accumulate in the account, and when there is enough, we make an upgrade to a property.

Offline ADK Dave

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Re: Preparedness as a Retirement Plan
« Reply #155 on: March 02, 2014, 09:07:55 AM »
This thread confirms my thinking on the topic. Having recently experienced our own SHTF event when I became "temporarily retired" a few months ago.... this thought has solidified into a plan of action. Thankfully I will be rejoining the workforce, which will allow me to fund my plans for the next few years. We have been mostly prepared for this by having paid off the mortgage early, and incurring only vehicle loan debt... which is our next financial target. While I would prefer to relocate and move to freedom out of New York state, my wife is terminally ill so we are staying close to family. Plus, I've landed a decent job in a stable industry that looks like it should continue to thrive during a weak economy... that gives me time to get set up in the short term (a few years).

So my plan is to invest in a property close to the small metro we live in, one with a small home already there, close to a small village, and a few acres to develop. I figure this will be both a financial AND learning investment. I've found a place that needs work with a full woodlot, and I can do most of the labor myself. This will also be my sanity anchor for the next few years. I figure this at the least will be a property I can either eventually sell or use as rental income.
The other half of the investment is in the learning how to develop a property to be a more self-sustaining homestead. We've gardened and canned and such over the years... but I need to take it up a few notches. A place for learning how to succeed and fail seems priceless to me.

I'm also focusing more on tangible "investments"....tools (all sorts-shop, kitchen), supplies, PM, knowledge, community relationships, probably will trade my small econo-car for a small pickup truck, etc. And eventually I hope to leave the full time job for some more relevant income producing options in whatever community I finally settle into. (yes, I really do desire to leave upstate NY for a more free community, and leaving our northern winters behind would be the bonus).

Offline MALadyPrepper

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Re: Preparedness as a Retirement Plan
« Reply #156 on: March 05, 2014, 02:20:38 PM »
I want to encourage everyone to keep plugging away at the Retirement Plan.  Hubby and I started the process about 3 years ago and we are seeing the light at the end of the tunnel.  We are stuck in MA for another 18 months, but we can make it.   It was probably 4 or 5 years ago that my eyes opened to the fact that a traditional retirement was just never going to happen for us so we rethought what retirement meant.  To us, it is enough $$ to keep a roof over your head, eat, pay your taxes and be left alone; we actually have much more planned into our next 30 years, but being self-sufficient and left alone are huge  We put pencil to paper and it really is just a math equation and will power.     We will be debt free in a few months; we bought 2 acres in upstate SC where there is an incredible Permie‚Äôs community.  We are educating our selves on everything we can to be self-sufficient.  Hubby will still work as long as his job holds out, I am going to build a small agricultural based business revolving around Acquaponics to farmers market, etc.      I already have very good gardening skills and with a more temperate climate and a greenhouse I know I can feed us and then generate a little side money for those taxes.  Thank you to this community for the ideas and the support - SC can't wait to be there

Offline LvsChant

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Re: Preparedness as a Retirement Plan
« Reply #157 on: March 19, 2014, 02:16:01 PM »
MALadyPrepper... that sounds really great. I wish you well... We've found out that you can live very well on a lot less income when your homestead is free and clear... choosing a locale with lower property taxes helps out, too... best of luck.

Offline jstorvick

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Re: Preparedness as a Retirement Plan
« Reply #158 on: May 29, 2014, 12:36:02 PM »
So, we could definitely use some advice on how to proceed here.  There's a bit of a back story, so I guess I should explain that first.

I'm 35, I've been gardening, farming (small-scale, on occasion) and landscaping for going on 20 years.  I got my Permaculture Design Cert in 2009 studying with Dave Jacke, and have been doing edible landscaping and permaculture design professionally (though the income is really not very much) pretty much ever since (I also have a degree in horticulture and landscape design).  A few years back, I went through a divorce.  We ended up selling the house - we had bought in 2009 when the market was really low - and made a bunch of money when we sold it.  After paying bills, settling divorce stuff, I ended up debt-free with about $35K in cash.  I used that toward the purchase of a 10-acre lot down in Spotsylvania, VA which cost $42K - I have one payment left and then I own it outright.  I got remarried in 2013.  Our plan was to build a house on that lot and start our homestead.  My wife retired after 20 years in the Air Force right around the time we got married, and was hoping to get a good contractor job which fell through - and now she's working a crap job for $30K less a year than when she was in the military.  She had a significant amount of credit card debt, which we are trying to pay off, but it's difficult since the income has dropped quite a bit.  We've been trying for over a year to get her a better-paying job, but with government spending/hiring freezes, it hasn't worked out quite yet.  We are really just scraping by at this point.

We are in the process of trying to sell our home, which SUCKS - she bought it in 2010 while she was stationed in England and didn't even see the house, but bought it because her mother lived 2 houses down at the time.  The house is in a neighborhood with a crappy HOA, it's built into the side of a steep north-facing hill, and seems to develop new problems every time the wind changes direction - the roof sucks, there's no light to grow anything but ferns and moss, we are in the process of spending $20K to replace a rotted-out retaining wall in the back yard, and in the last crazy storm we got, part of the asphalt driveway collapsed because the culvert system underneath it was designed and built like crap 30 years ago - no idea how we can afford to fix that one yet.

So basically the situation is this:  We have about $22K in credit card debt, a house that is a sucking chest wound of disappearing finances, barely enough income to get by.... we also have a townhouse that is rented out, and a 10-acre rural lot that is virtually paid for.  Hopefully we can sell the house.  We could stay in the townhouse for a while, which would be much less per month, until we can figure out what else to do.  Now, at this point we have two options:  Keep the 10 acres, save up money & eliminate debt, and hopefully be able to build down there at some point.  Or, we could sell the land, use that money to pay off debt, put some into savings for an eventual down payment on an already-built house with some acreage, and have some cash for emergencies or capital to get homestead projects going.  I'm not sure what the better way forward is.  The idea is to, as the thread states, build our homestead and prepare as a retirement plan - we want our place (wherever it is) to provide for us through retirement and later, for our kids.  Any thoughts or comments would be greatly appreciated.

Offline busymomx3

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Re: Preparedness as a Retirement Plan
« Reply #159 on: July 01, 2014, 07:57:25 AM »
I haven't read thru everything but read the first page.  I have to say it's a better way of looking at being prepared and much less stressful.  It is a good goal and something I will be talking to DH about.

Offline macwa

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Re: Preparedness as a Retirement Plan
« Reply #160 on: August 14, 2014, 04:18:22 PM »
Man...my ADD goes crazy trying to read all this stuff with quotes and pictures and my own thoughts going through my head.  Anyway, we decided a looong time ago (back in our late teens early twenties(yes, we've been married since we were was literally kids)) that this is what we were going to do.  My parents lived a life that was not self sufficient; they didn't hunt, fish, or even have green grass; but they didn't have debt.  Their house was almost paid for at 40 and they had no other bills with money in the bank.  Unfortunately they didn't have health insurance so when my dad got cancer and died (age 44) they lost it all. We have learned from that mistake and added the self sufficiency and prepping to that.  One thing we also did was homeschooled which has set us behind in years to them.  We are currently 39 and 42 and still have very little mortgage debt.  We plan on selling in a few years and paying off that debt.  Our retirement is to have no bills going into retirement and a small homestead that we can grow or trade things we need.  I know people with huge retirement plans but they also have huge debt and can't enjoy retirement because of the debt.  I want quality not quantity.

Offline LvsChant

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Re: Preparedness as a Retirement Plan
« Reply #161 on: August 28, 2014, 11:18:17 PM »
@jstorvik  Is your new wife on board with your ideas? If so, I am sure the two of you can work it out.

As for selling the house... I agree that sounds like the ticket. Have you talked to a realtor? Perhaps you can find out what the house is worth and get a starting point to look at. If the repairs needed could be left for the new owners and an allowance given on the sale, it might make your life simpler... I don't know how major they are (or if they would prevent the sale altogether if not fixed).

 I'm thinking everything else won't be so bad once you get out from under that debt. If you sell the house, then live in the townhouse, you could make plans to do something with your acreage. It does stink that your wife had run up all that cc debt (you have cut up the cards, right?). I'd be working hard and eating at home every night until that is paid off if I were in that situation.

My husband and I are in the retirement plan right now... we saved our nickels and dimes and were able to build our home after he retired and pay for it with no debt. We still have things we'd like to do (landscaping is still in progress), but it is amazing how much less it takes to live when you have no mortgage, pretty low property taxes, very low utilities (because we have our own well and a very well insulated home). We're now waiting for our orchard to start producing and learning the peculiarities of gardening in this part of the country...

LC

Offline jstorvick

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Re: Preparedness as a Retirement Plan
« Reply #162 on: September 02, 2014, 01:33:29 PM »
That is pretty much the plan we've come up with.  We have made some major repairs to the house, and it is now back on the market.  We also have the 10 acres up for sale as well - we've decided that property is just too far out to be a feasible residence location at this time.  If we sell the house, we'll move into the townhouse for a while & use that time to pay down debt.  I just got a new job, too, which has almost doubled our income, so things are definitely looking up.  Eliminating debt is now our first and foremost priority, we have it planned out so that we should be able to get rid of it completely within a year, less if the 10 acres sells anytime soon.  And yes, the Mrs. is most definitely on board!!! Thanks for your comments, LvsChant!!!

Offline CdnGuy

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Re: Preparedness as a Retirement Plan
« Reply #163 on: September 02, 2014, 01:58:15 PM »
I'm glad to hear it's starting to work out for you, jstorvick. Steady as she goes with the occasional adjustment, and you'll get there.

Offline Cyd

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Re: Preparedness as a Retirement Plan
« Reply #164 on: September 06, 2014, 11:11:15 AM »
Prepping is definitely the best retirement plan.  My question and challenge is to figure out how to know when you are actually prepared enough to retire!  It seems like there is always something more that "might" be needed, and one can never really be over-prepared.  Do others have any thoughts on how to decide?

My situation:  I am 58 years old and have been the primary breadwinner for 20 years.  My husband stays home and has had a couple of businesses that failed because he is not the entrepreneur type (neither am I).  We have 40 acres and a house that has been in a partially finished state for the 13 years we have lived here, progressing very slowly.  My husband is very compulsive about detail and is not satisified with any of the proposals or work by any of the contractors that we attempt to use, so he is doing pretty much everything by himself.  I really dislike my job and would quit tomorrow if I could.  Our house has been paid off for 5 years but we just agreed to purchase the adjacent property (another 40 acres with a house that we hope to rent out).  We have enough cash to pay for all but about $30,000 on the new property but probably won't put all of our cash into the property, and will instead get a mortage.  We have no credit card or other debt.

Any advice?

Cyd in Michigan

Offline LvsChant

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Re: Preparedness as a Retirement Plan
« Reply #165 on: September 17, 2014, 07:52:52 AM »
I think you have to look at the income you'll have after retirement and see if you can live on it. We did this before making the leap. We lived on only what we would have at retirement for about 1 year (saving the rest) to see if we could really do it. Doing it for a month or so is great, but you can put off buying things that break or be lucky enough to not have any unexpected expenses for a month or two. Over a year, you can really see what it will be like.

Also, although you want to retire, will you do other things to generate income after quitting the regular job? If so, it might be a good idea to get started on it before you retire just to make sure it will actually work out for you, particularly if you will need that income to support yourselves after you quit the job. On the plus side, you can really sock away savings when you discipline yourselves to live only on what you'll have at retirement. You could probably pay off the second 40 acres and eliminate the mortgage before you retire, which would lower your expenses after retirement. That way you are not so vulnerable if the rental house goes unrented for any period of time.

It sounds like you will be in a good situation once you get your home finished up...

Offline CdnGuy

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Re: Preparedness as a Retirement Plan
« Reply #166 on: September 17, 2014, 01:36:24 PM »
My husband stays home and has had a couple of businesses that failed because he is not the entrepreneur type (neither am I). 

Could he be working or doing something to draw an income? That would help speed up the process of retiring.

Everybody is an entrepreneur. When we work for someone we're selling our skills and labour. It just requires less paperwork and effort than becoming a contractor that sells them those skills and labour. To make preparedness retirement a reality, you will have to be entrepreneurial. You will have to maximize opportunities and minimize risks. You'll need to run your household like a business, monitoring income and outgo precisely, like a business.

We have 40 acres and a house that has been in a partially finished state for the 13 years we have lived here, progressing very slowly.

How long until the house you're living in is finished? If it's going to be another 13 years, will you and he be able to do the work? Or afford to finish it?
If the amount of time it takes to get a house project done multiplied by what hubby could be making at a job is more than what it would cost to hire a contractor (even if it's not 'perfect') then he's wasting his time and money.

It sounds like 'perfect' is an overvalued belief. There is no such thing as perfect. If companies waited to have a perfect product before they sold it, nothing would ever get made.

I really dislike my job and would quit tomorrow if I could. 

What would it take to make that happen? Are you looking for other work? Would a second income help that happen? Would hubby making an income help that happen quicker?

Our house has been paid off for 5 years but we just agreed to purchase the adjacent property (another 40 acres with a house that we hope to rent out). 

You've got a home that isn't finished, and 40 acres already. What is being done with that 40 acres to generate either food or money independence? Could more be done there, that you might really enjoy doing?

Who's going to take on the task of maintaining another home and another 40 acres? It seems like your hubby already has his hands full with your home. It sounds like you're spreading yourselves pretty thin already. Maybe focus on maximizing what you've already got.

We have enough cash to pay for all but about $30,000 on the new property but probably won't put all of our cash into the property, and will instead get a mortage.  We have no credit card or other debt.

It sounds like you're going to mortgage the home that you have to get another home that you might not be able to rent out. Then you're going to put cash-in-hand into the same house. Plus you will have to spend money to maintain it and have to deal with tenants. You could be putting the home you live in at risk if you can't make the other place pay for itself. I'm not getting what the upside is here.

Why not look at putting that money into something that can generate income for you AND remain accessible for emergencies or retirement?
 
There is so much that needs to be done just for you to get to zero on your balance sheet, zero on your major projects, and finding a way to make money that you're going to enjoy for retirement.

If you feel like you're scrambling against time, it might be time to pause and make a solid financial plan to get out of debt, to finish your living space, and to seek what you want to really be doing with your time.

It sounds like there might be some unequal yoking here though - are you and hubby really on the same track? Is his quest for perfection keeping you from enjoying your life and helping you to feel more secure about retiring?

I do wish you the best. I hope I'm wrong about these things.

Offline Cyd

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Re: Preparedness as a Retirement Plan
« Reply #167 on: September 18, 2014, 06:09:43 PM »
Thank you both for your comments and questions... this has been more helpful than I can express in words right now and has given me a lot to think about.  I greatly appreciate the time you have taken to think about my situation and to respond.  It is great to be able to communicate with others who are striving for increasing self-sufficiency.  Thank you for welcoming me into this community!

Cyd

Offline suzysurvivor

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Re: Preparedness as a Retirement Plan
« Reply #168 on: October 15, 2014, 08:52:33 PM »
cyd, i think cdnguy made some very valid points. 

as for us:

our tiny cabin in the woods is insulated and planked up--walls, floor and ceiling!  it's pretty darn tight which is necessary in the woods of Maine!

We plan to move our furniture up there within the next few weeks then put plywood pieces in the windows to deter break-ins over the winter.  We aren't sure how often we'll be up there during deep snow.    We are also putting in a small store of emergency supplies just in case we ever get snowed in.    The bigger picture will wait til spring...meantime, we'll be whitewashing walls and settling in.

Offline Cyd

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Re: Preparedness as a Retirement Plan
« Reply #169 on: December 20, 2014, 11:39:21 AM »
Update and clarification:

We purchased the additional property and had several renters lined up before we closed.  We found a very nice family to move in and they have been great renters so far.

Two major reasons that we wanted the adjacent property: 1) Our property is densely wooded and the adjacent property has some open areas that we can easily put animals on as soon as we have fencing installed. 2) We have a seriously mentally disturbed (probably psychotic) neighbor on the opposite side, and it has been difficult to access the back of our property without having to deal with him.  He does not bother us if he does not see us, since his physical illnesses tend to keep him either indoors or very close to his house.  By purchasing the additional property, we improved access to all parts of our property and will therefore rarely or never have to deal with him.  We also did not want to take the risk of someone else like him moving relatively close to where our house is.

Clarification:  We did not have to mortgage the house or property that we own.  We had more than enough to purchase the additional property for cash, and we do not have any debt at all.

Unequal yoking:  Probably true, and I have always carried the heavier load in our relationship but I believe in the promises that I made to him 38 years ago and try to make the best of things.

Making the property work for us:  Very thought-provoking.  The biggest asset is timber, and we could consider having some of it cut periodically.  Most of our property is hardwoods, primarily maple.  I may contact someone to discuss a plan for selling some of the timber in a sustainable manner. 

Being an entrepreneur vs. my job:  I find the whole concept of marketing myself to be distasteful.  This is why I work for a hospital rather than having my own practice.  I have always preferred to focus on caring for my patients rather than on the business or administrative aspects of health care.  Also, I have a deep dislike of the manipulative and deceptive world of marketing and business.  This is why I have not watched network television in over 20 years (I buy DVDs of programs that seem interesting), and is why I listen to pod casts rather than radio: I intensely dislike listening commercials.  With regard to my job, it is extremely demanding and takes most of my time, but pays decently.  By living frugally, however, I hope to be able to retire early, so it seems better for me to just hang in there.

So, back to prepping as a retirement plan, I'd love to hear more about how people are doing this!   

Regards,

Cid

Offline suzysurvivor

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Re: Preparedness as a Retirement Plan
« Reply #170 on: January 04, 2015, 11:26:19 AM »
Cid, sounds like you're making great progress.

We have our shabin liveable and have enjoyed several weekends up there already.   We have been talking and we have come to the conclusion that Massachusetts is pricing us out of living here more than another 5 or so years.  Where we live today, taxes and condo fees will be approx $1300 a month and that's IF we can pay off our mortgage.  Utilities aren't cheap, either.   So our plan is now to purchase an additional 6.5 acres adjacent to our property for building a house-a full-time residence.  We plan for the house to have solar power.   Once the snow melts (and the deed is filed) we will go over and start scouting out our building location.  Even my reluctant spouse sees this as a refuge for disaster. 

Our plan will probably take about 5 years to execute.   DH hopes to become licensed in Maine and have a small practice up there when it's all said and done. 

Offline Cyd

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Re: Preparedness as a Retirement Plan
« Reply #171 on: January 08, 2015, 03:36:20 AM »
Hi Suzysurvivor, thanks for the encouragement.  You've inspired me to focus more on the budget/finance aspects of my "prepping as retirement" plan and to create a timeline.  Thank you!

Cyd

Offline mtnrunner

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Re: Preparedness as a Retirement Plan
« Reply #172 on: January 08, 2015, 09:48:16 PM »
Hey all. New to the forum.  Love this thread, as it is exactly what we are doing.  Just moved across the country, took a chunk of the retirement monies to buy an old fixer upper farmhouse with some land and a few ramshackle outbuildings. We are probably nuts, as we are in our 60s, but fit and strong. Still, it seems like the wisest thing we could do. We had to get out of drought stricken southwest, so ,oved where soil is good and water is plentiful ( and there was work for hubby) he laughs that je works to support my farming habit.
it seems rather overwhelming at the moment-we have been here only about 6 weeks. Within hours of closing on the house, a blizzard hit, and we lost power for days... a good test of our preparedness-before the boxes were even unpacked! And let me say, moving a complete food storage across the country, with all our belongings having to go into storage for an undetermined amount of time was a HUGE challenge!
I am concerned about having any debt. We do have a mortgage, not a huge one, but more than I like.  And while we could conceivably pay it off with the remainder of retirement, that leaves us without any cushion, and there are improvements that need to be made here- a proper barn and fencing, a tractor, and some repairs to the house. I guess that considering our age, i feel pressure to get everything done at once...
i know this forum will be a great resource and support ,.... right now, i am using the  winter to plan, study, learn new skills (solar greenhouse, or rocket mass heater?)  And figure out a way to bring in a small bit of extra income to save up for expenses here. 
One question.  We have the chickens already, with more coming in spring, but i am considering either geese or guineas as tick eaters... lots of ticks here. I dont have experience with either. Any opinions as to which might be the better option?  And should the geese or guineas be penned separately from the chickens?
Thanks....

Offline annmedford

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Re: Preparedness as a Retirement Plan
« Reply #173 on: January 09, 2015, 06:44:13 AM »
Suzysurvivor, where in Maine are you? we're homesteading in the area around Milo
Ann

Offline Oakie

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Re: Preparedness as a Retirement Plan
« Reply #174 on: January 14, 2015, 10:13:26 AM »
Hey all. New to the forum. 
...
  And should the geese or guineas be penned separately from the chickens?
Thanks....

Welcome to the forum!

The guineas are probably better for keeping the ticks under control. Geese keep weeds down. Both will normally do well with chickens if they're raised together.
Good luck penning the guineas. Most people let them wander freely and roost in trees. They are very noisy and that can be useful.
Blessings!

Offline suzysurvivor

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Re: Preparedness as a Retirement Plan
« Reply #175 on: January 15, 2015, 04:33:52 PM »
ann, we are in the Skowhegan area.

mtnrunner...not way would i deplete my retirement funds to pay off the mortgage.  You need liquid assets..isn't that why we all keep a little cash stash?  Just in case?

cyd, we are looking at houseplans...we think we'll be going modular as it is much less expensive than stick built. 

Offline annmedford

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Re: Preparedness as a Retirement Plan
« Reply #176 on: January 16, 2015, 07:27:21 AM »
Nice! Skowhegan isn't that far as Maine goes.


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Re: Preparedness as a Retirement Plan
« Reply #177 on: January 16, 2015, 10:44:25 PM »
Thanks for the guinea advise.  They will have to compete for roosts with the wild turkeys, lol!

Offline suzysurvivor

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Re: Preparedness as a Retirement Plan
« Reply #178 on: January 18, 2015, 06:48:50 AM »
this was posted on another board i am on:

Quote
I am recently widowed and in need of some mortgage advice. My husband died last May, and did not have a large life insurance policy. However, with it, I was able to pay for his funeral arrangements, medical bills, and pay off all our debt (cars, student loans, etc) with the exception of the mortgage. I have about 11 years left on this, but without his income, this one bill is taking almost half my income, and is seriously stressing my budget.
The current interest on my mortgage is just over 9%, and I am in the process of trying to refinance. I was hoping to reduce the interest, reduce my payments, and reduce the term of the loan - seemed like a win/win/win. The problem is that the appraisal came in so incredibly low that there is really no chance of the refi happening unless I can pay down the mortgage about 20K, which is not an option.
Anyone have any suggestions?

and that, my friends, is why we are buying land and building a house in Maine...we should be able to pay for it in full and have money leftover when we sell our current home.  If something happened to my dh today, i'd be in trouble.  I'd have to sell our home at a lower price and move to my little shabin in Maine but I could do it and survive. 

Offline suzysurvivor

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Re: Preparedness as a Retirement Plan
« Reply #179 on: January 22, 2015, 08:27:48 PM »
we bought another 6.4 acres adjacent to our property that is high and dry and probably a bit better for building a house upon.   When the snow melts, we will start working on the well, septic and clearing for a housepad and driveway.  We'll cash flow this with a (regrettable) withdrawal from our retirement accounts. 

We are sort of hoping to get the house up late next year...fall perhaps.