Calling all 50-and-older WIRs

[murphath]

I'm not sure expenses go down all that much when you retire. I think ours are about the same. But then I always brought my snacks and lunch to work so eating at home is no different. Less on gas, but more on some home projects to keep me busy! And we've picked up a few new activities, as well, so I think it's a wash.

seriousthistime wrote: One condo was $100/month for outside maintenance (lawn, snow, etc.).

We talk about moving out of this house a lot. Part of me says, let's go and the other part says no. I think we're really waiting to see our three children all settled down, with maybe one having a baby (keep fingers crossed) and then we'd move to be closer to the grandchildren.
No pressure, right?? Regardless, we'd probably get a single story home and hire a gardener if need be. It's the shared wall thing with condos--you never know who your neighbor will be. Our friends in San Diego have a beautiful condo, in a beautiful development. They also have the neighbor from hell (for the last 5 years). Not playing loud music or anything--just raised voices all the time, doors slamming, kids yelling etc.. They really don't want to sell/leave and are waiting it out.

[seriousthistime]

There's a new retirement thread on the YM board. Interesting reading ...

notmsnmoney.proboards.com/index.cgi?board=finance&action=display&thread=27230&page=1

[seriousthistime]

Regardless, we'd probably get a single story home and hire a gardener if need be. It's the shared wall thing with condos--you never know who your neighbor will be. Our friends in San Diego have a beautiful condo, in a beautiful development. They also have the neighbor from hell (for the last 5 years). Not playing loud music or anything--just raised voices all the time, doors slamming, kids yelling etc.. They really don't want to sell/leave and are waiting it out.

Murphath, I hear you on the noise issue. I wouldn't want a condo with someone above me. And I want to be on one floor, so no multi-story side-by-side condos for me. You can add soundproofing to common walls to reduce that noise. Plus, maybe I will get hard of hearing when I'm older For me, it really depends on which rooms the shared walls are in. Soundproofing could be inexpensive or costly, depending on the length of shared walls. Builders are getting better about abutting garages together so the shared wall issue is reduced. The condos I looked at are definitely geared to older people. People with kids are less likely to move to a condo here because there is an endless supply of reasonably priced single family homes.

Hiring a gardener is easier and less expensive to do in some areas (California is one, I think due to the labor supply; Florida is another). It can be done here in the Midwest but is VERY expensive. I do hire someone to remove my leaves. The city picks up the leaves during 3 or 4 weeks in the fall, and my neighbor's huge oak takes forever to drop its leaves. One year it finally dropped the leaves and it rained every weekend after that. So I missed the last pickup and then it snowed. I had to deal with them the following spring.

[murphath]

seriousthistime:
Congrats on winning your debt race! That's quite an accomplishment and very impressive.

Do you plan on staying in the midwest?

[seriousthistime]

Ha, murphath! I can't tell if you mean now that I've won my race will I stay with the Midwest racers, or when I retire will I stay in the Midwest ...

Yes to the first. I do plan to stay in touch with the Midwest racers. The answer to the second is -- it depends. No, if there is only one out of my three kids in the Midwest. Right now there are two in the Midwest, no grandchildren. But DS 2 will be moving on in another 1 1/2 years so I'll see where he ends up, and DD (the middle child) already lives out west now and who knows if she'll stay there. Things will be much clearer in another 2 or 3 years. If I end up retiring before all the dust settles with them, then I'll just have to see what seems most probable at the time.

[murphath]

Ha, murphath! I can't tell if you mean now that I've won my race will I stay with the Midwest racers, or when I retire will I stay in the Midwest ... Yes to the first. I do plan to stay in touch with the Midwest racers. The answer to the second is -- it depends. No, if there is only one out of my three kids in the Midwest. Right now there are two in the Midwest, no grandchildren. But DS 2 will be moving on in another 1 1/2 years so I'll see where he ends up, and DD (the middle child) already lives out west now and who knows if she'll stay there. Things will be much clearer in another 2 or 3 years. If I end up retiring before all the dust settles with them, then I'll just have to see what seems most probable at the time.

Sorry for the confusion: I meant if you intended to continue to live in the midwest after you retire. Sounds like you are in a similar situation as us: want to wait to see where the kids eventually settle. I know DD1 will be in Reno because that's where her bf wants to live and she likes that area, too. Not on the strip, of course, but the outer suburbs. Don't know about DD2. She really is a Calif. girl but her bf is from Albuquerque and he'd like to go back there. It's really going to depend where she wants to be after her residency is completed (4 more years). DS loves San Diego so I think he may stick around that area--his gf is from there. So, we'll see. Funny how they all go their separate ways and get so spread out! Even if they all stayed in Calif., the state is so huge it might be difficult to decide which direction to go! Personally, I think they should all come back here! ;D

[suziq38]

I met a couple from South Carolina that said that they did not pay sales tax and they paid low income taxes.
The housing was cheaper, too.
Does anyone know which states are cheaper to retire in and also have some part-time opportunities for retirees?

[seriousthistime]

Here is an article I saw about tax burdens.

www.fedsmith.com/2012/10/23/states-with-the-highest-and-lowest-tax-burdens/

But the information in the article and the links to the reports don't seem to tell you WHAT type of income is subject to state income tax. If you are getting a pension, is it taxed? In some states, yes; in others, no. What about social security -- does the state tax that income too? In Tennessee, I think only interest and dividend income is taxed. And if housing is expensive in a low-tax state, how important is it that the tax rate is low? The cost of housing would wipe out any savings you'd get from low taxes. Other things are important to retirees too. Like proximity to good health care facilities, recreation (which could mean the outdoors for some and performing arts to others), good climate (some like snow, others don't), etc.

I would also add that being a short drive to a large airport is important if kids are scattered all over the place. It's a lot easier and less expensive to fly into/out of a major airport.

There is a magazine called Where To Retire. It features various places that might appeal to retirees.

[seriousthistime]

I found this website today:

portal.kiplinger.com/tools/retiree_map/

It's an interactive map with best and worst states for retirees, tax-wise. It does tell you what types of income are taxed and what ones aren't. It doesn't say, however, what the cost of housing would be.

It also tells you where the state sales tax rates are high, and low. I recently heard someone say that the best of both worlds is to live on the NH-Vermont border. One has no income tax, the other has no sales tax. Live and work in one, shop in the other? Best of both worlds, except for all the snow and cold.

[seriousthistime]

Another informative thread on the YM board:

notmsnmoney.proboards.com/index.cgi?action=display&board=finance&thread=29172&page=1#1416016

When to take social security...