How this 107 year old man makes his money last - retired for 41 years

[cowcommander]

Eight years ago, at age 99, Leonard McCracken failed the eye test for renewing his driver's license. He put his Lincoln Continental up for sale and got $1,600. "I sold it in three days -- I got a good price. I love to haggle," he says.

McCracken, who lives in Florida, has been living in retirement since about 1969, when he left a position as a salesman with a now-defunct steel company in Ohio. Since then, he's been living on savings, Social Security and a lifetime annuity that he purchased before he retired. He has never had a pension. At 107, after living in retirement for 41 years, he's still paying the bills and getting by on his own resources.

http://finance.yahoo.com/focus-retirement/article/111841/view-of-retirement-at-107?mod=fidelity-livingretirement&cat=fidelity_2010_living_in_retirement

[Dappleganger]

1. So he took advantage of the real estate bubble...

and has had no major health problems. What a lucky man.

[CaliforniaPeggy]

He sounds very savvy.

Good for him!

I did recommend this, but it didn't show...

:shrug:

[NNN0LHI]

2. He got out of the house flipping business before the crash

McCracken bought and sold 35 houses in his life, including five that he built himself. His son, Bob McCracken, says his parents "always invested in a nice house and that has helped my dad. He is living off the equity in the last home he and my mother owned."

[Historic NY]

7. Reverse Mortage.....they must be going broke on him...

107 and still going.:toast:

[Statistical]

9. Yeah he is 2 standard deviations outside the norm on that one.

Likely the actuaries keep track of him just for the curiosity factor. Possibly is the worst ROI% the bank has.

[WinkyDink]

3. i suppose now 107-year-olds are to be our "role models."

[old mark]

8. Well, since the alternative is being dead.....nt

[closeupready]

4. I don't really see how this story is useful, but I'm glad SOMEONE is doing good.

K&R

[Codeine]

5. I love mentally-sharp old folks.

I hope to hell I'll still have my wits about me in my older years.

[CTyankee]

6. Ya gotta look for the main chance, man...

My father and mother died very old and they sure did...