What you shouldn’t have done – what you did and how badly it went wrong – part 1

In this episode, John Ross and Lisa Shoalmire discuss what happens when people make poor decisions as they approach retirement and the potential consequences of those choices.

Episode Transcript
Lisa
John Ross and it's another Saturday where you're gonna be getting some great information. I always say John, growing older like our tagline says, the challenges and blessings of growing older and certainly it can be a challenge and certainly its full of blessings but the alternative is no good. [chuckle]
John
Yeah, I get that all the time. Clients come into the office and they'll say, "Yeah, this gettin' old, this gettin' old stinks." And I say, "Yeah well, doesn't stink like the alternative."
Lisa
Ross, that's right, so welcome to our listeners and also welcome to our Facebook Live viewers. Appreciate you all tuning in and so if you're listening to the radio and you're a Facebook user, and John, we've been on the radio for about four years now.
John
Yeah, we've been on the radio four years.
Lisa
And for those of you, I know we've got a lot of listeners just spread out everywhere. Off the farm to market roads, and bunch of folks who are out on the farm and enjoying the farm life and maybe you've always wondered what we look like.
John
Yep, well, you now have that tool available.
Lisa
That's right, so if you have a Facebook account you can jump on your iPad or your laptop or your desktop and even your phone with your Facebook App and you can go to...
John
The Ross and Shoalmire Facebook page.
Lisa
That's right, so...
John
R-O-S-S-A-N-D-S-H-O-A-L-M-I-R-E.
Lisa
Yes, that S-H-O-A-L-M-I-R-E.
John
Ross and Shoalmire.
Lisa
That's right. And you can see us there. But we come every Saturday because we wanna bring you some new information, maybe some stories about the things that we deal with day in day out. Aging Insight, it's a great source for information, for legal information, John.
John
Yeah. Absolutely.
Lisa
We know stuff about that. Even a little bit, kind of a lot of times how medical and legal and all that combines...
John
Yeah, some healthcare related stuff, certainly.
Lisa
That's right, and financial. I know we've talked about some different financial things.
John
Lots of financial parts; that's a big component of it.
Lisa
And then housing is another place and I don't build houses but...
John
Nope. Me either.
Lisa
But we have worked with many, many, many families who are dealing with all those four issues and that's what Aging Insight's about, is to bring you information about that and we have some sponsors who make sure that we're on the radio and we always wanted to give a shout out at the beginning of the program to our sponsors, to Edgewood Manor, The Barnett Agency, Dierksen Memorial Hospice, Riverview Behavioral Healthcare, Cowhorn Creek Estates, Curt Green and Company, St. Michael's Hospital, Red River Federal Credit Union, Twin City Rehab, and Inspiration.
John
Yeah, thanks to all of them and thanks to all of y'all out there who listen and of course if you have any questions or comments today you can feel free to give us a phone call. Lines are open and its, 903-793-1071.
Lisa
Well, John, here we are. Another week's gone by...
John
Another week's gone by. We did have our big even last Saturday.
Lisa
Yeah, we talked about last Saturday that the Perot was having a Elvis Lives show with three separate Elvis impersonators who had won the Elvis Presley Enterprises competitions. And so we did go to the show...
John
Did go to the show and we were out there in front with the Elder Law Mustang parked out in the front of the Paroe...
Lisa
That's right. That's a nice Mustang, John.
John
It is a nice Mustang. I have to agree.
Lisa
Yeah. [chuckle] So if you pick up a Four States magazine in the last few months you've seen the Elder Law Mustang. There's an ad in there, shows that Mustang and we had it out at the Paroe and we were able to... I made some treats, John.
John
You did make some treats. You got to doin' some baking and quite a bit of it.
Lisa
That's right. So hey, I can lawyer, I can do all kinds of stuff, and I can bake. So I baked some blondies, that's opposed to brownies, baked some blondies but these were special. These were Elvis blondies because these were peanut butter and banana with a little bacon in 'em.
John
Yeah, peanut butter, banana, little chocolate...
Lisa
Little chocolate chips, yeah.
John
And some bacon.
Lisa
Yeah. Bacon makes everything better, even dessert.
John
It really does. I agree.
Lisa
But made some treats and had those out for the folks coming into the show and got some compliments on my baking ability so if this whole Aging Insight thing doesn't work out, I might have other job opportunities [chuckle]
John
Well, you gave out the recipes, although I don't know that we ever actually put the recipe up on the Facebook page, we probably need to do that 'cause surely somebody's out there thinking, "Hey, that sounds delicious. I'm gonna make some of those."
Lisa
Yeah, well, it was delicious. Peanut butter and banana and bacon. Anyway, for those of you who maybe haven't had lunch yet or dessert, maybe you're inspired now. So we gave out some treats. We were able to meet and greet a lotta folks who came out to the show. And then we went into the show and John, I have to say, Elvis died when I was a child. I do remember him but these performers that did the impersonations and everything, they were really good.
John
Yeah. They did a fantastic job as evidenced by the very wild crowd.
Lisa
Yes, wild ladies...
John
Some ladies having a good time.
Lisa
Yeah, running up to the stage, gettin' some kisses on the cheek from the Elvis performers and some scarves. It was fun. It was a good time. They also had some multimedia presentations, some of Elvis' history. But yeah, these performers did a great job. They had young Elvis. They had what they called "Hollywood" Elvis. And then they had what they called "Concert" Elvis, which was the '70s, in the jumpsuits and the rhinestones. But all of these gentlemen did a... They sang themselves.
John
Right. Played their own music.
Lisa
And had the moves. And it was just a blast. So for those of you who missed the show, you missed out.
John
And we 'course gave away tickets, so we got to meet the people that won our tickets to the show. And of course that's one of the benefits of payin' attention to what we've got going on out there, both on the radio and on our digital world out there. We do lots of stuff like that, giveaways and all kinds of things. So be sure and check us out, out there.
Lisa
Yeah, so what else was going on this week, John? Law school, lunch? We do anything?
John
No I don't think. I was trying to think if I gave any speeches or anything, but I don't think I did.
Lisa
Yeah, well just a...
John
Just a busy work week.
Lisa
Yeah so, well alright.
John
Yeah so... Now, course when you have a busy work week, that means you talk to lots of people. And I know Lisa and I, you and I both had several folks this week that were making some life changes, and some of those life changes involved basically their living situations because they were either by necessity having to make some dramatic living changes or kinda looking down the road towards, through their retirement, and making some changes related to their living environments. And so that kinda got me thinking that maybe we should talk about what all's out there in the world of retirement living.
Lisa
Alright. Well John, I saw a news story this week about retirement living. And I am... Let me just say that I fully intend to explore this option. [chuckle]
John
Alright.
Lisa
Okay, so I always have news stories coming through my news feed on seniors and retirements and all those issues, just trying to keep up. And all of a sudden what popped into my news feed was this beautiful, lush looking, tropical, artistic rendering of a retirement community. It had palm trees and swimming pools and kind of a cabana feel. And you know who was coming out with that retirement community?
John
Who?
Lisa
Jimmy Buffett, the 'tropical minstrel' himself. So, Jimmy Buffett, he's in his 70s.
John
Yeah.
Lisa
And he had his super-mega hit, everybody knows the super-mega hit of Margaritaville. And of course and Jimmy Buffett has his restaurants, Margaritaville restaurants.
John
Yeah. He turned that one song into an industry.
Lisa
Yeah, and he's got casinos.
John
Casinos, restaurants, clothing, all kinds of merchandising. But when did Margaritaville come out?
Lisa
I think it was the early '70s.
John
Yeah, so it's been a while in any case.
Lisa
Yeah, 'cause I remember having it... Okay folks, I had it on a 45 record.
John
Okay, yeah, so dating yourself a bit there.
Lisa
Yeah, because remember the song, he steps on a pop top.
John
Right, yeah.
Lisa
And so we had to cruise on back home.
John
That's right, and there hadn't been pop tops...
Lisa
For a long, long time.
John
In a while. But I guess kind of the things is is that... The one thing you've seen is that that has evolved along with the... I guess the followers are generally referred to as "Parrotheads"
Lisa
"Parrotheads" that's right.
John
And the "Parrotheads" themselves have aged. And so we've gone from vacation theming out there...
Lisa
And recreation theming.
John
And recreation theming. Well, and the boozy theming of the...
Lisa
Gee, [chuckle] let's start there.
John
But like you said, Jimmy Buffett rollin' up into his 70s, and that means a lot of those "Parrotheads" also rollin' up, and so yeah, the next evolution of the Margaritaville brand is now looking like it's going to be essentially retiree housing.
Lisa
Yes, a retirement community in, not Idaho.
John
No, get out of here.
Lisa
I know, Jimmy Buffett yeah. It will be in Florida. Apparently the land has been purchased. And the illustration that I saw was a artist rendering of what they intend for it to look like, and they're expecting to have that up and going within a couple years. Construction's about to start. And the article I read about this Jimmy Buffett retirement community is they're wanting to keep that laid-back vibe.
John
Of course.
Lisa
Although if it's a retirement community, it should be laid-back. And he is intending to compete with one of the most well known retirement communities down there in Florida called The Villages. And The Villages, it's pretty swanky. I've been there. So Jimmy Buffet says, "Well, hey, we can do it just as well as The Villages, but maybe not so stuffy." And so if any of you are thinking about relocating to Florida then Jimmy Buffett 's retirement community is on your list. But what I wanna know John...
John
Okay.
Lisa
I saw the pool renderings and the cabana. Are they gonna have a margarita machine always on... Available.
John
You know they are. It's got to be. Surely it's got to be. But I guess the interesting thing about this though, is that if you've never... Lisa and I have both been to Florida and toured some of these monstrosity retirement living communities, which are essentially, they're basically like privately owned cities.
Lisa
Yes, they're private, and they're self contained. They have so many of the amenities, grocery stores, barber shops. Just everything.
John
Right. And so essentially you have just this gigantic campus that has everything that you would ever need.
Lisa
And all you need to drive is a golf cart.
John
And all you have to drive is a golf cart. But it brings up some interesting points. That's obviously not something that we have around here but of course that environment...
Lisa
We should.
John
That environment is not for everybody. Particularly in Florida, those in Florida, I have found that it doesn't matter how nice the buildings are. I can't deal with the Yankees that have moved there.
Lisa
Oh my goodness. [laughter] That is true.
John
It's a personality thing.
Lisa
There's a lot of snow birds, I guess you would say. A lot of New Yorkers.
John
Some of 'em are fine but it's just a culture difference.
Lisa
It is.
John
I'm from South Texas. I'm a hill-country boy. We're a little slow. We talk a little slow. We do things a little slower.
Lisa
Well, I know when I've been down to Florida to visit those retirement communities. My dad use to live in one so I have a very personal connection. We used to go and visit and I think I'm in Florida. That's the South. And yet when I would open my mouth to speak to my dad's neighbors or anything, they would always just gush over my accent but they were from Wisconsin. [laughter]
John
Right. Yeah. So anyway, lots of stuff to think about as you're approaching retirement, going into retirement, especially if you're thinking about changing locations. So one of the things we wanted to do today was talk about some things that you should definitely keep in mind as you're talking about different transitions, some things you need to keep in the back of your head, some things to look out for, and maybe some things not to do. Because often Lisa and I's experiences are based on the, "What you shouldn't have done", experiences that are presented to us. Here's what we did and here's how badly it went wrong.
Lisa
So you can learn.
John
We like to share those with y'all.
John
Welcome back to Aging Inside everybody. This is your host, John Ross, here now wearing my correct headphones.
Lisa
Proper headphones.
John
Because Lisa tried to steal mine right before we got back on the show.
Lisa
Oh, it was a good Keystone Cop moment.
John
Yeah. So we are back and if you have any questions, this is, 'course, is our little short break here right before the end of the bottom of the hour and our news break. But, Lisa, you were asking me, would I move into one of these places, and I think I certainly would consider it. I like the idea of... I'm big on downsizing, and getting rid of the clutter and thinning out all the junk. I find that to be...
Lisa
It just brings you some peace. Some calm.
John
Yeah. I find some chi, some zen, in getting rid of all the junk and narrowing it down. And so the idea of moving into a smaller environment where most of the resources that I need are around me, the things that I need... I know like in a lot of those big retirement communities, those city, retirement cities they handle the lawn care.
Lisa
Oh, yeah.
John
You just don't have to worry about anything, like I said, you don't even... Yeah, you just don't have to do anything. We had one comment, it said, "Sounds like Disneyland for seniors."
Lisa
Well, and that is pretty much what they try to be. Like I say, I've actually been... I've vacationed really in these communities when visiting my dad. He lived in a community in Ocala, Florida and it was... His community was called, On Top of the World. So it kinda goes with our comment there that it was a... Ocala's, north of Orlando, so you're on top of the world, Disney World. But all sorts of options are available in a lot of these communities. You can have anything from a town home to a patio home that shares common walls and they'll be...
John
Yeah, like a Four-PLEX or a Six-PLEX, or things like that.
Lisa
Right, and everything to what I call stand-alone site-built homes. On the back of the golf course. But many of these communities, they have an inventory of all the different types of housing and so that's available.
John
Sure.
Lisa
Of course, it is a lot of golf. A lot of golf in Florida. But swimming pools and therapy pools, and shuffleboard courts and putt-putt and radio... This was one of my favorites. The radio-controlled airstrip.
John
Right.
Lisa
They had the enthusiast who did that so they had an airstrip for those planes on the grounds. And all those amenities are right there. They even had a community college classroom and annex there at their community. So if you wanted to take a little class...
John
Yeah, with real-life college classes and everything.
Lisa
Yeah, and then they have lots of hobbyist groups, woodworking shops. So yeah, they had their own newspaper.
John
Yeah, there's certainly something to be said for that. Now, obviously that's not gonna be for everybody, and there's certainly a lot of factors that you would wanna consider. Particularly with those sort of things, where you're often making a very big move. You're moving many states away.
Lisa
Right.
John
And often gonna be very far away from family, which in many cases can be a fantastic thing. But as needs increase and things like that, that lack of familial support around you can be a problem. The other thing is, is that often when that person passes away, you end up with this asset.
Lisa
Right, that's in one of these communities.
John
That's in one of these communities, and some of the... As attitudes about these things change, you can find these things that now there's no more market for them.
Lisa
Well right, and that has happened. These communities for the most part, these dedicated communities like Jimmy Buffet's building. They are a 55 and older community. Which I think that's hilarious, it's 55 and this is a senior community. But hey, it's 55 and older. And if the senior passes away, and all the family, they have lives elsewhere and they don't even meet the age requirement yet. So what does that asset do for them?
John
Right, and particularly if the market has changed, or the attitudes have changed and you can't sell it, now you have an asset that you can't use and can't get rid of.
Lisa
And, you still get to pay all of the community fees to upkeep all those wonderful amenities. [chuckle]
John
Right, so that can certainly become a burden. But again, that's not really our main topic today. Our main topic today is gonna be about some other choices that we want you to kinda keep in mind.
Lisa
Maybe closer to home, maybe.
John
A little closer to home, and some things to do, some things not to do. Course, it's the bottom of the hour, so we've gotta take our break here, and you can be thinking about any questions that you might have for us either here, or checking us out on Facebook Live on Ross and Shoalmire's Facebook page, but we'll be right back.
Lisa
Alright, welcome back everyone to Aging Insight, and today we've been talking about some different kinda housing options, or living arrangements, things to consider. And for those of you who've just decided that packing up, and moving to Florida, or a retirement community. I would call those destination retirement communities.
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