"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.
'Dad never made more than $10,000 a year in his life,' says his son Bob, a 73-year-old retired GE aircraft engineer.
How does a guy with modest income manage such a retirement planning feat? McCracken points to a half-dozen basic principles that have gotten him through life and continue to serve him well.
view-of-retirement-at-107: Personal Finance News from Yahoo! Finance:
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