I'm nearly 80 and still walking a couple of miles every day. Lot of things I'm not up to doing today but this is a home repair ng and I might mention that just this week I was able to remove a ceiling vent not needed, close off the duct and put drywall in the vent opening and seal and paint. Not too bad for an old guy that nearly died 20 years ago.
I am not a member but my wife is so I am considered an associate member. I do like their magazine and news letters and have taken their online defensive driving course and refreshers which saves money on car insurance. I would think that dues income plus regular magazine ads would support AARP but not at the level they are as insurance peddlers.
Last data I found was 2016 -- CEO of AARP salary was $700,000
The total income from the AARP Services arm was over $1.2 billion (yes, with a "B") from all the kickbacks and data on members they sell access to.
The $16/yr annual "dues" is peanuts--the political lobbying organization is funded by the the subsidiaries you never hear about (for good reason they don't advertise how they make their money to general public nor members).
If you're comfortable supporting their political agenda, go for it, but don't think it's just a little "mom 'n pop" outfit with a magazine or two and a few flyers in the mail every month. They're a serious PAC in disguise.
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Actually, it's far more likely that your electric company (surely you meant water company?) sold your name and address to a marketing firm who forwarded to one of the fly-by-night so-called water main/sewer insurance companies. Your electric or water company doesn't otherwise give a shit.
Damn right they did. The PP-ACA made health care available and affordable to many more Americans than otherwise. Even the private health insurance companies realized that it was good for them as well as good for their customers and are quite upset with the GOP.
Certainly they did -- they wrote the damn thing. Max Baucus was rewarded the ambassadorship to China and his aide, who had done most of the work, now has a lucrative position in the health care industry. The only positive outcome was we got rid of Maxie. His only claim to fame was reliably bringing the bacon home to Montana.
Nope, it came in an envelope from Florida Power and Light. I've gotten them in the past from other sources too. Mostly a scam.
I don't have a water company nor a water main and I still get those ads. I agree it is a scam.
The ACA was a big wet kiss to the insurance companies "written by a couple of WellCare lobbyists" according to Howard Dean and all it really did was bring 40 million new customers to the insurance companies at the point of a government gun, 77% of them on the backs of the tax payers.
I have not really looked into the reverse morgage. It might be a great thing for the few that do not have children or others they want to leave money to.
I went to school with a girl that was an only child. She died around 40 years old. That left her parents with no close relative to leave anything to. They did not need the reverse morgage thing as their estate was worth over 5 million of cash, stocks, bonds, ect. Had they not had that kind of money I could see the morgage.
From what little I have heard about the annuity, it is not very good for most either.
I will just stick to the money in my IRA being handled by mutual funds and about another 10 % more that I am playing around with myself in the stock market. The SS and pension will pay the bills and the other money if for pleasure items.
A few years back the AARP started getting into political items that I do not think represent older people one way or the other.
My biggest gripe was they were backing major gun control issues.
That is around the time I was just getting of AARP age. I quit looking into them after that. Don't know what they are up to now and do not care.
Most magazines charge advertisers by how many magazines they sell. So they can afford to almost give away the magazines to get the bigger advertising money.
I'd double-check the envelope. It's not uncommon for those "insurance" companies to use a utility logo on the envelope; the 'water line maintenance insurance' mailings have the local water company listed on the envelope, but it's not from the water company.
Exactly. I almost bit because it was cheap insurance. Then I googled and found the payout wasn't worth it.
I know how to read. Of course they are getting a commission, not actually doing the insurance. The monthly premium would be added to my electric bill. I plainly states that.
Reverse mortgage is good if you actually need the money and can live better.
As for leaving money, I already gave my kids the ability to earn a living. If anything is left, good for them but they would rather I enjoy life and spend as I see fit.
I know an older couple that had modest retirement income. They had a big expense for the septic system and took a reverse mortgage. Took care of that an a few other little things that made them more comfortable. They are gone and the house, AFAIK, was left to the nurse that took care of her near the end.
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They have always been a very leftwards-leaning political action group for far more than just "a few years".
About 20 yr ago they became truly serious about fleecing for their political and personal agendas and formed the AARP Services subsidiary of the nonprofit that turns over $1B/yr in revenue. Almost all of this is from selling data and kickbacks from Hartford and the like whose products they tout.
The CEO is raking in about $700K/yr, I'm sure the other officers are also not paupers. No telling how much is funneled to insiders through other means that aren't required to be reported openly.
They are made to sound good by the purveyors, but ever wonder what is in it for them? As with annuities what you get is an actuarially adjusted amount based on the equity held in the property at the time and your age. Virtually always one would be far better off financially to just sell the property on the open market, take the lump sum payout of the equity and live in a less expensive location while investing part of the proceeds.
Specific downsides include
- If you’ve not paid off your mortgage the interest on the reverse mortgage loan compounds with the original interest and it can quickly balloon out of control.
- Unlike a traditional home equity loan, you are not making payments on the principle and interest. So while your heirs are not on the hook for the loan, compound interest, fees, and fluctuations in the market can increase the likelihood they will be unable to retain the home when you are gone.
- You must remain there and continue to pay property taxes, maintenance and insurance. If you change your mind and want to move to FL or need assisted living or any number of other potentially unforeseen circumstances, if you break the covenant you lose the house and the reverse mortgage cash flow besides.
Verdict:
Reverse mortgages may be a way to get financial relief if you have no one to pass your house to when you’re gone. Otherwise, almost certainly a bad idea and as noted, virtually always one could come out better by simply selling the property straight out.
Damn. And I always trusted Tom Selleck had my best interests at heart. Guess not.
I just googled it up and find that the AARP has 38 million members. Sort of dwarfs the 5 million of us in the NRA.
Reverse mortgages, like annuities, have an up front cost that may be a few percent.
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