Retirement Planning and Musings

jasonwx

Well-known member
Joined
Jul 22, 2020
I plan to wrap up full time work in a month or so
My wife and I turn 60 this year. She plans to work till Feb or so.
Not going to sell the house right away.
Will spend more time in Fla in winter. Florida for the most part sucks. But the fishing and weather are top notch.
We have a house on the cape so will eventually end up there for the majority of the year.
But who knows thing change.
 
The Cape is cold and quiet (desolate) come winter….but the surfing is good! Where we end up in retirement will largely depend on where the boys end up after college. We could avoid a ton of property/school taxes if we retired to our place on the Cape….but that would be offset by the wife’s NYS (teacher) pension being taxable if we move out of NY. We’ve got at least 5 years before we have to worry about such things.
 
We could avoid a ton of property/school taxes if we retired to our place on the Cape….but that would be offset by the wife’s NYS (teacher) pension being taxable if we move out of NY. .
Lol, blue states taketh away, but blue states giveth (to teachers, cops, firefighters, etc.)

Easy solution here is to sell the highly taxed house downstate & buy a lake/mountain house upstate to live in for tax purposes while taking multimonth vacations to the Cape.
 
Awesome on the grandchild!
We are still 7-10 years from retirement. We were considering PA/DE/NY, but at the moment, it looks like we will remain here in NJ. Our family is here and we are lucky to have anytime access to my sister's house in SVT. We mostly ski with my siblings and their spouses and various nephews and nieces. We have discussed the possibility of renting a place out west for a month in order to get in some western skiing and we could do the same thing for a month of warmth in FL.

I do not see us moving out of the northeast.
Very wise move. We did beaucoup research before deciding to stay in place . The data at the time mid 1990's indicated that 93 per cent of people stayed put for a variety of reasons primarily for the connectivity that you have with others and lifelong friends. Moreover if you have the ability to travel at will and maintain quality and affordability it makes a great deal of sense.


In our case in addition to the social , professional and healthcare connectivity it HAS worked extremely well and there were serious tax advantages too.

Our pensions ,403 b RMD's ,SS all tax free ,and the married deduction and 65 add on make a strong financial incentive and the cost containment on property is also a factor . Property taxes and low population density are very nice.
 
The Cape is cold and quiet (desolate) come winter….but the surfing is good! Where we end up in retirement will largely depend on where the boys end up after college. We could avoid a ton of property/school taxes if we retired to our place on the Cape….but that would be offset by the wife’s NYS (teacher) pension being taxable if we move out of NY. We’ve got at least 5 years before we have to worry about such things.
One daughter lives in Boston other nyc.
Yep cold and dreary. Worse months are April and may
2-3 months in Fla will off set some of that.
We are still trying to figure it out. Lots of moving parts
 
Yep , NIM ( no immediate miracles) is usually the case with these types of decisions . You simply weigh ALL the tradeoffs realistically , then make a rational rather than emotional decision .

i d stiil advise putting aside FOMO and renting your dream location for awhile and see it in off season and weigh the " connectivity " issues in real time , to avoid buyers remorse and
 
Last edited:
My husband and I have discussed this a fair bit, also. We're in our mid-40s, and relocated to Cabot, VT just prior to the pandemic. Cabot is out in the boonies and the nearest grocery stores are either St. Johnsbury or Montpelier, both about 25 minutes away. However, our house was very affordable, and the biggest reason we moved here is because we have so many options for excellent skiing and mountain biking within an hour to ninety minutes radius. Burke is the closest, at 45 minutes, and Killington is at the further end of that range. The first year we lived up here, we had Epic passes because we'd been Peak pass holders prior to that. Stowe was our closest mountain on Epic, and we used the Indy pass quite a lot for other VT ski areas. Last year, we bought IKON passes and skied mostly Sugarbush and Killington. This year, we bought passes to Jay/Burke and Mad River Glen. We will buy passes to MRG again next year, but we're very undecided about a second pass now that the Jay/Burke combo pass has been eliminated. Maybe we'll go with the Indy pass, maybe just Jay, maybe we'll check out Bolton or Smuggs... not sure yet. But the point is, we have options.

We've also discussed retirement, if that ever happens. My dream is to sell the house, buy an RV, and travel the country. Husband seems pretty onboard with the idea as well, but we'll see. We've also discussed keeping the house AND buying an RV, leaving the RV somewhere "south," and staying there during winters - or maybe just the shoulder seasons. We feel with the pace of change these days, flexibility is key.
 
Not sure if this is the right place to post this. This thread seems to have drifted into a conversation about retirement plans which I actually find fascinating since I'm hopefully about 7 years out myself.

Still, I found this article about Homewood very interesting and wanted to share.

 
However it is a decent drift as the subject of retirement is very complex and needs careful SELF AWARENESS balanced by the Financial , Healthcare and all the other "connectivity " concerns .

So Spending considerable time discussing it with your partner to explore all these alternatives coupled with insight of others experience with the issues is worth the effort .

Knowledge coupled with insight is POWER and enables one to make an informed realistic decision based on all these factors .

Good luck to all of you as you enter this new and exciting threshold in your lives . done well it IS a great gig
 
Back
Top