(Topic ID: 248666)

Pinball and retirement


By marksf123

16 days ago



Topic Stats

  • 74 posts
  • 32 Pinsiders participating
  • Latest reply 4 days ago by cottonm4
  • Topic is favorited by 6 Pinsiders

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    There are 74 posts in this topic. You are on page 2 of 2.
    #51 15 days ago

    I rent my NC beach house with pinball machines out 4 months of the year and stay there myself 8 months. This provides a nice retirement income and makes your pins tax deductable. My 4 months pinless are pure hell though.

    #52 14 days ago
    Quoted from wtatumjr:

    I rent my NC beach house with pinball machines out 4 months of the year and stay there myself 8 months. This provides a nice retirement income and makes your pins tax deductable. My 4 months pinless are pure hell though.

    Are you on Airbnb or a site like that? Or is it a different type of rental?

    #53 14 days ago

    Weekly rental. Village Realty handles the rental. CC125. I have WOZECLE, AS, GB now at that location.

    #54 14 days ago

    Keep working! Buy more pins

    #55 14 days ago
    Quoted from D-Gottlieb:

    How did it get to 80? Was that because prop 13 was instituted in '78 or something?

    Yes. In the 70s property taxes were getting so out of hand it was forcing many elderly people and others out of their homes. Enter Howard Jarvis and prop 13 had no problem passing. So in 1978 or 1979 when it went into effect, all properties were reassessed at their current value and it would go from there. i believe my particular home was around $50-$60K at the time.

    Property tax is then aprox 1% of that assessed value or the purchase price of the home thereafter and can only go up aprox 1% a year. So it rewards people that stay put for a long time. It can also be passed down from generation to generation. There is a rule that you can take it with you after you turn 55 if you want to downsize to a cheaper residence , but only in certain counties and other rules apply.

    After high school I made a life for myself in the wonderful beach/surf town of San Clemente, and lived there for over 20 years, but with the rising costs of living there and wages not keeping up, it was a no brainer for me to buy out my brother's half when my father passed away in 2003. My grandma had said when she first moved in that this house would be there so her grandkids would have a place to live, and although the house in Pasadena she had lived in since the 1930s that she sold to buy it is probably a goldmine now, this location in my hometown is much better for me. I'm just happy I made the right choice.

    #56 14 days ago
    Quoted from o-din:

    It can also be passed down from generation to generation.

    You probably don't realize that I'm a distant relative of yours and I will be glad to take over for you and keep it in the family.

    My house was built for me in 1993 and real estate taxes have gone from around $4500/year back then to $9K/year now. It's similar to several homes in my suburban neighborhood, except mine is the only one with an attached 3-car garage. I keep voting against tax referendums for improving the schools, but all the darn homeowners with young kids keep voting the tax increases in.

    #57 14 days ago
    Quoted from littlecammi:

    ... $9K/year now...

    Ouch!

    #58 14 days ago

    Sounds like you need to get Howard Jarvis out of retirement! I actually don't know if he's still alive but I did just find a fun fact that he played a cab driver in the movie Airplane.

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    #59 13 days ago

    Actually was a taxi passenger in Airplane!, this is one of the most classic obscure movie jokes of all time.

    Howard Jarvis is a hero to CA homeowners to this day. His legacy is one of the few remaining things that make CA a great place.

    #60 13 days ago
    Quoted from xsvtoys:

    Howard Jarvis is a hero to CA homeowners to this day.

    He is certainly one of mine!

    #61 13 days ago

    My home would be assessed at 750000 now, I.bought it in 99 for 290. Tax is 4900 including the stupid add-ons like bonds and crap.

    #62 13 days ago

    If you're retiring and that creates a situation where you can't afford the things you want after retirement then you didn't plan out your retirement very well. Better keep working and saving.

    #63 13 days ago

    Life begins after retirement! Developed my collection after retirement and found that restoring machines at home in a double garage was not particularly convenient and limited what could be accomplished. So similar to schwism I purchased a small factory unit 5mins from home and really enjoy in retirement the separation of hobby and home (I am conscious that is not for everyone) and spend most days at The Factory interacting with businesses in the block of 6 units and doing what I want without worry about noise, equipment use and flexibility on machine purchase.

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    #64 13 days ago
    Quoted from wayner:

    Life begins after retirement! Developed my collection after retirement and found that restoring machines at home in a double garage was not particularly convenient and limited what could be accomplished. So similar to schwism I purchased a small factory unit 5mins from home and really enjoy in retirement the separation of hobby and home (I am conscious that is not for everyone) and spend most days at The Factory interacting with businesses in the block of 6 units and doing what I want without worry about noise, equipment use and flexibility on machine purchase.
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    Now that's impressive!! Nice job!

    #65 13 days ago
    Quoted from wayner:

    Life begins after retirement! Developed my collection after retirement and found that restoring machines at home in a double garage was not particularly convenient and limited what could be accomplished. So similar to schwism I purchased a small factory unit 5mins from home and really enjoy in retirement the separation of hobby and home (I am conscious that is not for everyone) and spend most days at The Factory interacting with businesses in the block of 6 units and doing what I want without worry about noise, equipment use and flexibility on machine purchase.
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    That’s a great setup! I’m well behind you on decorating but hopefully will catch up in time.

    I think another plus to the separation is just getting out of the house on a regular basis. Much better for getting out and chatting with folks.

    #66 13 days ago

    I've been retired for a few years now but was an active collector/restorer
    for 25 years before that. Gotta say I just do not understand you guys that
    will fork out BIG BUCKS for a new, unproven pin of dubious quality. Pinball
    machines have been made since 1931 and here's a shocker....even older games
    can be challenging. And even a lot of fun!

    While retired you have a chance to explore older machines. Finding and restoring
    them is a blast. There is a lot more to this hobby than the latest and (not so)
    greatest.
    Steve

    #67 13 days ago
    Quoted from enjoyvelvet:

    If you're retiring and that creates a situation where you can't afford the things you want after retirement then you didn't plan out your retirement very well. Better keep working and saving.

    Don't worry about me, I planned all my working career for my retirement.

    #68 7 days ago

    Way behind you guys, but i left the wife and moved in to a new workshop similar. 480m2 i guess thats like 1200'2.
    Built a tiny house and enlarged the basic kitchen and use the existing bathroom.

    Pretty much living the 10 year olds dream in my own cubby.

    Build thread of the cubbyhouse here;

    https://www.stilldragon.org/discussion/2140/new-office

    #69 7 days ago
    Quoted from punkin:

    Build thread of the cubbyhouse here;

    Nice! Well done.

    #70 5 days ago

    Thank you. I'm making way for more pins now. Moved my gym yesterday so i wouldn't feel guilty walking past it to play pinball. Good thing is that there is now more room for another 20 games.

    #71 5 days ago
    Quoted from punkin:

    Way behind you guys, but i left the wife and moved in to a new workshop similar. 480m2 i guess thats like 1200'2.
    Built a tiny house and enlarged the basic kitchen and use the existing bathroom.
    Pretty much living the 10 year olds dream in my own cubby.
    Build thread of the cubbyhouse here;
    https://www.stilldragon.org/discussion/2140/new-office

    Read the thread with great interest and well done. Funnily I came through Woolgoolga last Saturday on the way back from visiting my daughter in Mullumbimby.

    #72 5 days ago
    Quoted from wayner:

    Read the thread with great interest and well done. Funnily I came through Woolgoolga last Saturday on the way back from visiting my daughter in Mullumbimby.

    Send me a message next time, you can drop in and play some pinball.

    #73 5 days ago
    Quoted from punkin:

    Way behind you guys, but i left the wife and moved in to a new workshop similar.

    Sounds like you are actually way ahead of the game.

    #74 4 days ago
    Quoted from marksf123:

    I know I could also rent the house out which is what I did for a year but that was really a PITA with the renters and the renter was a doctor.

    I have a friend who rented a house to a doctor. The doc was a slob who tore the house up. There was even grape juice spilled on the carpet.

    Anyway, you sound like to have the resources to do most anything you want in retirement. Like you have the budget to enjoy the fruits of your labor and not worry where your next meal is coming from.

    My pins will stay in my house. I am out of room so my collection is my collection. It is a little crowded, but at 3am when I cannot sleep, all I have to do is walk into the next room and start playing. If I built a separate building in the back yard and it is the middle of winter I would have to bundle up to just go play some pinball. It is hard to put a price on being able to wake in the middle of the night and play pinball in your PJ's.

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