Retire on two Pensions (55, financial advisor, marriage, 2015)

[Lisah168]

For those who have pension, do you also have a 401 plan?

[flyonpa]

Yes, but I'm Grandfathered into it, New (and Newer Employees) in the company only have a "Beefed-up" 401K

I get .5% match for 1st 6%. in my Contribution in 401k So 6% in get you 3% match.

New Plan 1% No match needed, .5% match for 6% of employee Contribution,

The 1% above has immediate vesting, the 3% after One year, then its immediate vested.

[oldsoldier1976]

Originally Posted by Lisah168

For those who have pension, do you also have a 401 plan?

Yes I have pensions and 401k (TSP)

[Themanwithnoname]

OP:

I don't know how YOU will do, but the median income is ~$52k
You CAN do just fine, with money to Spair.

[Newporttom]

62K with no house payment will do just fine in Jax. (I live here). You will have higher property taxes, and homeowners insurance is kind of high.

You might want to consider living just over the Alabama line from Pensacola. You'd essentially be lving in Pensacola suburbs, yet taxed by Alabama. You'd pay nothing in Alabama income taxes as everything is exempt and property taxes can be crazy low. (Like less than $500).

[biscuitmom]

Originally Posted by VaBchDino

Thanks for the info We loved the hiking, the arts, and the restaurants. We know that the temps will be in the 100-115 during the summer. We are planning to travel during the summer or buy a condo up north and become a snow bird.

Two homes, good restaurants, arts event tickets, and health costs might take a bigger bite than you're anticipating. If I were you, I'd sit down with a financial planner, just to make sure you're good to go on all your plans.
DH and I travel extensively, attend many arts events (primarily theatre and dance), and enjoy eating at good restaurants. Quite frankly we couldn't maintain that lifestyle on your projected income even though we have only one (mortgage-free) home and I'm on Medicare and he's on COBRA. That's not to say you can't do what you want, but it'll likely involve some sacrifice.

[Vic Romano]

I can speak for Palm Springs (and the surrounding Coachella Valley) since I have a rental property in Palm Desert (not a solicitation, I have good long term renters!)...

I think the adequacy of your $62k will depend on the following:

1. Will you be buying or renting? How much of your $62k will go to housing? Depending upon where you are, rents aren't that low (I rent a 3 bedroom, 2 bath, 1,700 square foot house for $1,600 per month and that is on the low side). You can find a decent house in the area for $300-$400k. Palm Springs, Palm Desert, Rancho Mirage, Indian Wells and the good parts of La Quinta are a little higher. Indio and Cathedral City might be your best bet for a lower price (some parts of Cathedral City aren't too good so research carefully).

2. What about health care? Expect to pay $400-$600+ per month per person for health care if no Medicare eligibility. I think there may be a small subsidy available with Obamacare (Covered California).

3. Look for housing with good insulation. Three to four months of the year the temperatures are constantly over 100 and one can pay over $500 a month for electricity running the AC. If a house has good insulation, this can be reduced by up to half.

If you have your ducks in a line, you can have a good life in the Coachella Valley.

[Escort Rider]

Originally Posted by Themanwithnoname

OP:

I don't know how YOU will do, but the median income is ~$52k
You CAN do just fine, with money to spare.

As a general statement I agree with that, but the issue is will he do just fine in Palm Springs, which is not the same thing. Poster Vic Romano provided some specific information about rental and housing costs in Palm Springs which should be helpful to the OP.

[VaBchDino]

Virginia Retirement System will give me $100 for health ins. I am retired military, Tricare for life cost less then $200 a month. Plus once I turn 65 I will start to collect at a minimum $16,000from SSN. I can also wait and collect SSN at 67.

[oldsoldier1976]

For all who are ragging that Palm Springs is too expensive, I just did a Zillow search for property under $125k and I found 79 for sale at the moment. We do not know all of the OP's resources but even if it is near zero savings as long as there is a credit the home can be afforded by what we were told in the OP's initial post given no other huge debt.

Give the two choices in cities that OP tossed out, Palm Springs would be the better location in my opinion. Sorry Florida fans Jacksonville may have some nice areas and it may be a very nice place to live, Palm Springs beats it hands down.