I Wanna Retire!!

Parent Cafe
41

<p>I’m torn about moving. I’ve lived in the NorthEast all my life, so I know people here, know things to do here, am familiar with the weather. But it sure is expensive. My H and I talk randomly about moving to North Carolina (less expensive) or SoCal (not so much less expensive but certainly better weather), where my sister lives, but it would feel really strange to leave everything familiar behind and just go somewhere else. </p>

<p>I’ve looked (very sporadically and not seriously) for less expensive housing in my current town, and it just doesn’t exist. So if I want to get lots of equity out of the house to live on, we’d have to move to a neighboring, and not as nice, town.</p>

42

<p>4thfloor, I’ve been playing the “where should I live” game with myself for three years now, and the only results are that I have residences in two different cities and am considering adding a third. I just cannot decide. I cannot even decide what is the deciding criteria. There are too many awesome choices. I’ve studied economic reports ad nauseum; I’ve looked at every piece of information available. Have even resorted to asking various people - complete strangers - in the target cities under consideration questions like “are you happy here”, “why are you happy”, etc. </p>

<p>No go. I think, bottom line, we take ourselves with us everywhere we go so it doesn’t matter. I should probably just throw a dart at my short list and wherever it lands is where I go. </p>

<p>If money is a factor, I am not so sure what one gives up for living in a less expensive city is necessarily worth it, although I rarely hear stories about people moving to places like NC and saying they hate it…</p>

43

<p>I took a year off at age 54 to try a new area for future retirement and to relax. It went pretty well and gave me the energy to go back to work for another few years and save some more money as well as buy some more real estate. Luckily I could go back to my old job without much loss in status and the break really helped after 30 years of working. Moving to a cheaper area can save in so many ways.</p>

44

<p>VeryHappy, my aunt and uncle (both teachers from Michigan) retired to Hendersonville, NC and cannot say enough good things about it. They considered Florida but have this thing about seasons. Wanting four of them, I mean.</p>

45

<p>HeliMom, remember that northern florida has three seasons! We just skip winter.</p>

46

<p>Well, I gotta get h and me to go visit NC. I’ve been there several times on business and have liked it, but it’s not the same as looking at a place as a prospective resident.</p>

<p>It also depends a LOT on where my two sons wind up! I’d kinda like to be within driving distance.</p>

47

<p>I’m only 37, but I’ve been thinking about retirement since I was 25 or so. I have a 401K that I no longer contribute to - that was a plan that my previous employer had but my current employer doesn’t. While I worked there, 12% of my income was contributed - 6% by me, which was the maximum amount we could have matched by our employer. Despite the fact I don’t contribute anymore, the value of that has almost doubled in the past 5 years.</p>

<p>I also am fully vested in my current employer’s old-fashioned pension plan, and because I work in the public sector and get paid something between diddly and squat, my employer contributes 10% of my income to that plan. We also have a defined contribution plan that we can contribute additional money to, but since I make significantly less now than I did 5 years ago, I haven’t gotten around to signing up for that plan yet.</p>

<p>I do plan to work in my retirement, though. I plan to spend my retirement working on my career as an author. I’ve written 3 novels as part of National Novel Writing Month, one of which was good and could use some rewriting. That’s how I plan to spend my retirement.</p>

48

<p>North Carolina does seem to come up fairly frequently – why is that? Are there specific towns that are particularly appealing?</p>

<p>Any other places?</p>

49

<p>Well…if you’re willing to look outside of the U.S., you may want to consider Dubai. One of my best friends has been there for a few years now and she refuses to leave. She’s 50-ish, professional/business owner, lives in Media City, and swears it’s the most wonderful place on earth. She’s trying to talk me into coming there, but, I won’t consider it until and unless I can understand their long range economic viability. </p>

<p>Seems the whole place was running on oil when the sheik developed his master economic plan and put it into play, but then they discovered another ten years worth of oil that they hadn’t counted on having. Bottom line, according to my friend, there’s so much money there it’s ridiculous. And everyone wants to be there. </p>

<p>She says she walks home from her office at all hours of the night with no fear, because there’s no crime; I asked her why? Partially because the laws are so strict, but also, they deport anyone who becomes unemployed: there’s no welfare, and also there is no tax on any money earned there. No corporate tax, no income tax, etc., - I think there is a tax on services, and I am not positive but think Americans have to still pay U.S. federal income tax if employed by a U.S. company - but I’m not clear on that point. Dubai citizens are set for life automatically because they are given a plot of land at birth; there is a HUGE expat labor force from nearly everywhere, and you have to stay employed, or leave the country. </p>

<p>Anyway, she says everyone there is ridiculously happy because no one wants for anything. And the weather is always wonderful. Downside: foreigners cannot own land, so they have to do 99 year leases, or, they can own buildings but not the land the building sits on. Also, living together, having children out of wedlock is a huge no-no. </p>

<p>Everything there seems to end in “-st” - biggest shipping port, tallest skyscaper, etc. I am curious to see how the sheik’s econ strategy will play out over time; it seems that whenever he wants to do something, he just does it, period, doesn’t need permission, have any red tape, pesky little things like congress, or any oversight, etc. </p>

<p>I have no idea what it might be like to retire there, but suspect it will be endlessly interesting, at least for my friend.</p>

50

<p>Alexandre the mod always says that Dubai is a great place to visit, horrible place to live. Plus IMHO, its still the middle east, and you still are an American. Perhaps if you had millions to spend, Dubai would be sweet, but for the average retiree, this is not feasible.</p>

51

<p>NC has low taxes, cheap nice homes, nice weather/beaches/mountains, and fairly close to the Northeast core. If I were not in Virginia I’d be in NC. Some nice towns are Asheville, Chapel Hill, Wilmington, Charlotte, Boone, etc.</p>

52

<p>A colleague of mine researched retirement locations with NC being at the top for him (home prices, weather not awful, things to do). He loaded up the car to move from California but swung by Arkansas on the way to check it out since it was also on his list. He never made it to NC - settled down in Arkansas.</p>

53

<p>Born and raised with “Northern” sensibilities, I could never live in the South. (although I really like barrons’ part of Virginia, having spent some of the last two summers in the Shenandoah Valley) What’s the equivalent/corollary in a northern state? Vermont? And what part of the Pacific Northwest might also be similar (in feeling, I know climate etc are completely different)</p>

54

<p>Patient, have you been to the northwestern corner of Connecticut or down to the Bucks County area of Penn? Both very attractive areas…a good friend of mine just bought a farmhouse in Penn. She’s so excited about it.</p>

55

<p>People are leaving Florida in droves to retire to North Carolina because of the cooler weather and lower taxes and crowding. We went to Asheville to drop S off at camp a couple of summers ago, but there was something about it…not sure how to put my finger on it, but H felt the same way. Like the Berkshires…kind of sad or something. We’re the only people we know who feel like that so it must be us because everyone else raves about it.</p>

56

<p>VT is wonderful, but not necessarily inexpensive. In some ways, a great place to retire, but shoveling and driving in snow, walking on icy sidewalks, etc. wouldn’t be much fun for seniors. In fact it’s not fun in my 50’s. I have to admit I was enjoying the warm winter. It’s back to the ice box for us. The consolation for bad weather is that it keeps our population down.</p>

57

<p>Patient–we’re thinking Cape May area. Mild weather, beautiful beaches, really nice people, property taxes a fraction of what they are in North Jersey.</p>

58

<p>Yes, Bethievt, my parents had quite a few friends who retired to Maine and I never quite understood it. They’d summered there for years, and chose to end up there in their “golden years”. But to me, “golden” means no hassle and shovelling snow is a hassle to me! I also like to be outside and hopefully will want to as I age. In that climate I’d think there would be alot of sitting by the fire and couch potato action.</p>

59

<p>NC is no longer that cheap, although still much less expensive than in NY. A new 4 bedroom home near Cary, NC will cost 400,000+ (around 430,000). New construction, however, would cost much, much more in the suburbs of NYC. One does not need a large 4 bedroom in retirement, but I thought I would give you an idea about new home prices. I am familiar with it, since I know someone who will be purchasing a 4 bedroom in that area in the very near future.</p>

60

<p>Garland, Cape May looks pretty good to me. Why are property taxes lower in Southern New Jersey compared to Northern New Jersey?</p>

<p>Which cities are close by?</p>

<p>Are there lots of bugs?</p>