<p>On bogleheads forum, there are folks who make $400k and north every year. There is indeed a huge range of folks in this world. </p>
<p>I’m sure this forum runs the gamut of those who aren’t sure how to get their hands on $200, much less $2000 all the way to those who consider such amounts “petty cash.” Our nation (and since there are contributors from other countries), the world has a huge range. Some are full pay at pricey privates while some are trying to figure out how to make it commuting, first at CC then state directional U and many things in between. </p>
<p>In HI, many have 7-figure property values–some with huge mortgages but some without any. With our high cost of housing, education and living, as well as our longevity, there is concern among many of outliving assets, especially for folks who for many reasons were never able to save much. </p>
<p>There was a great article somewhere (was it here that I read it?) about the best and worst states to retire to, with consideration given to taxing retirement pensions (CA was pretty bad about that IIRC) absence of state tax, affordable housing, etc. Anyone remember that article?</p>
<p>I would expect that in Hawaii, but sometimes I’m blown away by the wealth I see here in Texas. There is a street in Dallas called Beverly Drive which is full of enormous mansions, many of them tear downs with new construction, but also many other really old beautiful homes. I saw one which just hit the market the other day. Asking price is 14 million. If I had that kind of money to spend on a home, I’d be in NYC, Hawaii, or some other coastal location. I look at these houses and see tree swings for infants, swingsets in the back yard and wonder where such young people get that kind of money!</p>
<p>I wouldn’t buy a house anywhere where a mortgagee would require flood insurance. With all the uncertainty now with the federal flood insurance program, homeowners could end up getting clobbered with unaffordable flood insurance premiums that could wreck a household budget and could also drastically lower market value of property.</p>
<p>In Dr Google’s link, Ca. is the worst state to retire in the US. Not surprised. The cost of living, taxes, traffic, and the job market in most of the state are pretty bad. Sometimes, I wonder why the heck do I live here and then I remember the great weather and the incredible breathtaking places that encompass the state. If the state wasn’t so beautiful with such great weather, I doubt anyone would live here.</p>
<p>Older s lives there. YOunger s was making noises about moving there (he’s actually there at this very moment). If they both ended up there we might consider ending up there, but we’d have to rethink our retirement $$$</p>
<p>I could never retire to be near our child who lives in LA. The weather is great but the whole area makes me fell claustrophobic. </p>
<p>On the other hand we always say we don’t have to worry about paying for retirement. From the time our kids were little, we kidded around that we had kids to have servants when they were young and to support us when we are old. </p>
<p>LOL, hayden. Actually, not that you mention it, DS#1 wrote a document when he was 9, promising to take care of us in our old age “like we had taken care of him even better”. Well, minor issue that he was only 9 when he wrote/signed it, but the document will, in 2 weeks, be 18 years old, so the contract will be of legal age!! (It’s on my bulletin board, dated 4-23-96). There’s another (undated) one saying he will be responsible, take better care of things and be self sufficient. Gotta hand it to him-- he honored that one!</p>
<p>But with all the recent earthquakes. living out there scares me!</p>
<p>Goldenpooch, it’s the worst state for tax but my husband and I just bought our retirement home last year, a large condo in the city that has the highest property tax rates. Honestly, it’s not my preference but rather I gave into my husband/2 kids . I’m thinking we will survive with water and sunshine. :D</p>
<p>Hayden–as far as–it’s NJ. I know, I’ve lived my whole life here. I still can’t conceive of having that kind of estate, and most people don’t (am living in a house that wouldn’t sell for a fifth of that…)</p>
<p>jym, that’s priceless. That’s right up there with documents to protect forever. Scan and email it to yourself, just in case anything every happens to your house! </p>
<p>Edited to add: DrGoogle raises a good point: retirement isn’t all about taxes.</p>
<p>Nrdsb4, with regard to $14 million mansions with swing sets in the back yards. I wonder how many of those might be owned by people - okay, not just “people”, but rich men in their sixties - with second families. </p>
<p>garland, yep, there are many levels of housing in NJ, that’s for sure. My H’s boss and his wife both come from old money, and they pay property taxes every year that are about half of what your whole house is worth. It’s hard to imagine that level of wealth. </p>
<p>On the other hand, once their kids get into first grade, the parents send them away to boarding school “so they get great educations”. We would never do that. (We don’t have the choice, but wouldn’t do it anyway.) They have a multi-million dollar home but no kids sitting across from them at dinner to laugh with, argue with, and celebrate/console. </p>
<p>OKay, yeah, that’s Bergen! median in NJ is 324k according to that site, so half the homes are less than that. Not to mention, I think the home prices being touted are somewhat delusional (overall, not necessarily that site), not sure they’re taking into account the real fall in price. the house next to me (a 2-family) sold for 430K eight years ago. it’s for sale for 195 now. Yikes!</p>
<p>Hayden,
I took a picture of the signed and dated “promise to take care of us in our old age” document and sent it to DS and his fiancee. I should do the same with the other as well. Your scanning idea is a good one too. These are important items! </p>
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