Dear Sir,
What prompted the writing of this brief message was a bicycle ride taken recently. I purchased a basic non-gear bike as a hurricane transportation of last resort, sort of thing. In any event I came up with the bright idea that between hurricanes I might use the contraption to get some exercise.
During my initial outing or “test drive”, first time on a bike in ten years or more, a young Caymanian sped by me on what I assume was his brother’s bike as he could barely reach the pedals. He then turned back towards me, slowed and said please take it easy “old timer”. I am 62, but his comment was cause for thought.
Retirement age has been traditionally 60, gold watch and stuff. I suppose this means that the plough horse is worn out, or it is the biblical three score, plus ten, which equates to a 17 percent tip on life, and in the hospitality industry 17 percent is a fair tip.
In any event, 60 is generally accepted as the gateway to “The Golden Age”. Mind you hardly anyone can afford to retire at 60.
Little did we know however, that after 60, that our free time, or a large part of it, would be spent trying to navigate around roadblocks and minefields.
This letter has relevance for Caymanians, status holders, permanent residents and wealthy “snow birds” who spend the winters on these lovely shores. (Despite the possible sarcasm underlying my little piece, Cayman remains a great place to live, except it is getting harder to do so).
Listed below are some of the Olympic hurdles that we “Golden guys and gals” must negotiate.
- Obtaining a driver’s licence –if coming from abroad one must take a written and practical test. This seems a stretch especially if one has been driving, with an unblemished record for 40+ years, In UK, Canada, US, where the rules of the road are established and enforced.
- Licensing an automobile –this is step #2 after one has a driver’s licence. One now must apply for at least third party insurance. Most insurance companies will not provide insurance to people over the age of 65. You can of course get around this by taking an extensive medical or getting a note from one’s teacher. Just another hassle.
- Health Insurance –Government has a basically well-conceived health insurance plan. It is specifically designed for the elderly, aka Golden boys and girls, those with preconditions, the indigent and government civil servants! However, in the small print, now “Goldies” get your specs out, are the two strikes and you’re out rule, with absolutely no possibility of parole. This means if you are late in making your payment twice, you are, as the Governor of California used to say, terminated. In other words if, for example, you are visiting your darling little grandson abroad, and you forget to make your payment, when you return to these verdant isles, you are terminated.
Of course you can enroll in a private insurance plan, but all have preconditions, exceptions and exclusions, from ingrown toenails to brain injury. Therefore, up the old river once again. If you had the cloudy foresight to cancel your old health policy at your previous home, just try and get reinstated on the same terms as an “Oldie”.
- We should buy rather than rent – This is a good idea and also is good for the country. Let’s sat a typical couple is thinking along these lines and they can afford to buy, say, a nice condo for cash, but for portfolio management reasons, they would like to take a partial mortgage of say only $100,000.
They have negotiated the first three hurdles and have been told that people of any age, not just the “goldies”, require a life insurance policy equivalent to the principal value of the mortgage assigned to the landing institution.
- Opening a bank account – This is not an absolute must, but is a helpful one in many practical respects, including establishing one’s credibility in the community. In Cayman, you can’t just open an account; you have to negotiate a series of hoops, sort of like “snakes and ladders”. Questions are asked, such as how do we know who you are? Where did this money come from? Have you ever been to a communist country? Whoops, this is an immigration matter, which might be the subject of another message by the undersigned. Anyway, it is not a simple matter, but results can be achieved.
- Life Insurance – Yes? I would like to apply for life insurance. The agent says, “I assume that this is for your final expenses”. You say no, it is to support my mortgage application. You then get the up and down “glazed” look and the “you gotta be kidding” eyeball. Nevertheless you get your insurance and you know the premium has been goosed because you are, guess what, an “Oldie”.
- Obtaining a mortgage – so armed with all of your paperwork, such as permits, licences, health certificate, bank account, life insurance, audited net worth statement, references, etc., you walk down to the Class A bank of your choice. This will be a walk in the park, so you say to your spouse, “Honey just circle the block a couple of times while I sign the papers and have the loan proceeds put into the realtor’s account so that we can close this afternoon.”
You smile at the rather grim-faced mortgage lending officer.
You say that your wife is circling and that you have signed all the bank application papers and have provided all required documentation and is there anything else.
He/she says, everything is fine but you are an “Oldie”. The mortgage is not a problem, but you have to back it up, that is the principal amount, with a CD lodged as security with this bank, plus of course first charge on the property and life insurance.
The bottom line is that being an “Oldie” is not easy in Cayman, but of course there is the 10 percent off theatre admissions to consider. Come to think about it, why doesn’t the hospitality industry offer early birds specials, as in Miami?
This would ensure that the dangerous “Oldie” segment of our population would be off the streets, home and in bed by seven!
The next time you look at yourself in the mirror think about this article.
Jim Mayne |
