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Old 01-12-2016, 09:19 AM
 
Location: Chicago, IL
546 posts, read 631,785 times
Reputation: 851

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This is a really interesting thread. Thanks for starting it. We're (I think) about five years away from retiring. The house we live in is paid for but I don't think it's where we want to stay for retirement. I love not having a mortgage, so I tend to think about buying a retirement house that we can afford to pay cash for. But I also remember very fondly that one-week period between closing on the sale of our last house and closing on the purchase of this house, when we owned ZERO HOUSES. That was really great. I know that as a renter, you're at the whim of the landlord (and also, we love to have dogs; another renter's complication, sometimes), but we really have to give some thought to whether we want to be home owners in retirement. In addition to not being all that "handy" (a minus for a homeowner), I also work in estate planning and probate and some of the tidiest estates are those in which the decedent rented (not owned) his or her residence. You just empty and clean the residence, figure out remaining rent owed by either party, collect the security deposit, if any, and that's it. Done.

Lots of variables to think about. Thanks again.

Last edited by Gemini1963; 01-12-2016 at 09:26 AM.. Reason: editing
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Old 01-12-2016, 09:49 AM
 
Location: North Idaho
2,172 posts, read 2,084,322 times
Reputation: 2599
- We knew we wanted to live somewhere else in retirement as much as 20 years before we retired. At that time only one location was in California, which is where we live today.

- Over the years we sometimes used our vacations to explore potential retirement locations.

- Starting when I was about 55 we began planning in earnest. By this time we had about a dozen possible destinations on our list. We did a lot of research on line and together with some soul searching managed to get that list down to about a half dozen locations, which were all in ID and MT.

- We took a long trip to visit the remaining locations on the list. The goal was to get the list down to 2-3 spots that we could focus on in depth. We did this when I was 58. At that time I was planning to retire when I was 62.

- When we got on the plane to come home we had our list of 3, but we also had a clear favorite, which was north Idaho.

- Here is where our deliberate and considered plan for making this decision comes off the rails: Over the next month or so we came to the conclusion that we wanted to live in north Idaho. We realize this is vert much out of line with all the standard recommendations you read about making this sort of decision. Yes, it came out ahead when measured against our list of requirements, but more than that both my wife and I had a very strong feeling of being at home there.

- At that point we began looking for properties. We found a home that is perfect for us, and bought it in late 2013. The sellers of the home had rented it shortly before we looked at it, and the tenants were interested in staying there for 2-3 years, so that worked out pretty well. At that point we were still thinking I would retire in 2017, with an outside chance we'd be ready in 2016.

- About a year ago my wife took another position at her company that allows her to work from home. We talked about it and decided that if she continued working for a few years we could move in 2016. She is 9 years younger than me, so she'll still be in a position to retire in her mid-50's. So at this point in time I was planning to retire in the middle of next year at age 61, and we were planning to make the move late summer next year.

- Late last year my company announced an early retirement incentive program. It was an easy decision for me to take the package, since it gave me about the same amount of money to leave early as I would have earned by working until July 1st next year. So, December 18th was my last day at work and I am now retired.

- I'm doing some things around the house to get it ready to put on the market and begin early preparations for moving. We're planning to put our house on the market in March/April this year, and will move to Idaho in May or June. We hope to have the house sold before we move, but there really isn't a reason to stay if it hasn't sold yet so we plan to move regardless.

I the last couple years we've spent a lot of time in north Idaho, a total of about 6-7 weeks. We've been there in the dead of winter when the daily high temps were in the low teens, in the summer when the town is overrun with tourists, and in the fall. It gets harder and harder to come back to SoCal each time we visit.

Dave
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Old 01-12-2016, 10:53 AM
 
7,801 posts, read 4,391,333 times
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I'll be traveling in a small RV in retirement -- at least for a couple of years, until I decide where I want to settle permanently -- so I plan to retire, then buy the RV and "practice" living in it from my home base for at least six months, weekending in nearby campgrounds and boondocking on local streets so help is close at hand until I have all the systems down.


I'll also use that time to finish projects around the house and fix the place up for either rental or sale (haven't decided which yet) when I do set out on the road. There isn't time to get anything done while working full-time! I'm a big believer in a pause between "retirement" and "dream," just to get your bearings and tie up loose ends. Just don't get stuck and end up never doing what you had planned...

Last edited by otterhere; 01-12-2016 at 11:37 AM..
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Old 01-12-2016, 11:24 AM
 
Location: Myrtle Beach
1,499 posts, read 1,190,846 times
Reputation: 3790
2014 - October - sold duplex and renting back 1 unit
December - bought place in retirement location - renting it out
2015 - Downsizing like crazy preparing for cross country move.
Met with contractors in retirement location to get estimates for minor remodel
2016 - Retire and move

Written down like that it looks easy, but it has been a lot of work and will continue to be for awhile, more downsizing, packing and unpacking, decorating, working with contractors and movers.
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Old 01-12-2016, 11:27 AM
 
7,801 posts, read 4,391,333 times
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Did you have any trouble deciding WHERE to relocate after retirement? I've concluded that I need to travel extensively and spend some considerable time in each potential location before committing to one.
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Old 01-12-2016, 11:30 AM
 
10,817 posts, read 8,065,019 times
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Quote:
Originally Posted by Retire in MB View Post
2014 - October - sold duplex and renting back 1 unit
December - bought place in retirement location - renting it out
2015 - Downsizing like crazy preparing for cross country move.
Met with contractors in retirement location to get estimates for minor remodel
2016 - Retire and move

Written down like that it looks easy, but it has been a lot of work and will continue to be for awhile, more downsizing, packing and unpacking, decorating, working with contractors and movers.
That's why everyone should downsize ASAP. It's the one thing they can accomplish - even up to 100% -well in advance of retiring and moving.
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Old 01-12-2016, 11:33 AM
 
6,884 posts, read 7,284,046 times
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OK. So no one so far sold a house BEFORE retiring.

I have a co-worker who did. Sold his house while he was still working. He and his wife moved into an apartment while the new house was being built. I think they were in the apartment about 6-8 months. He LOVED apartment living. I teased him saying, "after having no maintenance issues…. you're not going to want to go back to owning a house." He would chuckle and say…"yeah but the wife wants the house…."

If the housing market is UP the year before I retire, that will be another reason to just sell then. I think I'd like my last working year to be home ownership free.
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Old 01-12-2016, 11:34 AM
 
Location: Wasilla, AK
7,258 posts, read 4,143,320 times
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Quote:
Originally Posted by arwenmark View Post
We just did this, moved 700 miles to our retirement home. it took 6 26' rental trucks to get our stuff down here in several trips. not fun.
Now we have boxes of stuff EVERYWHERE. and it is very slow going to get them unpacked and all the projects that need doing here.
Husband and I are both to ill to do much, my son is helping. His family moved with us to help take care of us. We are hoping to sell our Cape Cod house but so far have not.

You are right to plan ahead as much as possible I have been planning for 5 years, but then the retirement got bumped up by 7 months.

You have way too much stuff! We got it down to one 26 ft U-Haul.
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Old 01-12-2016, 11:38 AM
 
Location: Just west of the Missouri River
676 posts, read 1,328,545 times
Reputation: 949
Quote:
Originally Posted by otterhere View Post
Did you have any trouble deciding WHERE to relocate after retirement? I've concluded that I need to travel extensively and spend some considerable time in each potential location before committing to one.
I've been going nuts for the last few years trying to decide where to live in retirement. I currently live outside Philadelphia, but I never wanted to live in Pennsylvania--just had a very good job, so stayed. I have concluded that the most important things for me are good scenery, the ability to see wild life regularly, and low humidity. I was thinking western Nebraska or south central Colorado. Leaning towards Colorado as winter days will be longer there.

My lease here ends in mid April. I know I should visit the areas I am considering, but I hate the idea of getting stuck at an airport due to bad weather.

It's a little weird to have almost complete freedom of choice. Doesn't make things easier.
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Old 01-12-2016, 11:42 AM
 
7,801 posts, read 4,391,333 times
Reputation: 11594
You are so right; when you don't have to live somewhere, you can live anywhere, and that's a lot to choose from. I'm still working FT, so don't have unlimited vacation time to explore; also can't leave my special-needs pet. The perfect solution for me seemed to be the RV; I can take my "home" and pet with me and spend all the time I want once retired in one place or another scoping it out. Once I settle somewhere, I can continue to use the RV for travel and may even out rent the new place while traveling in it, assuming it's in a vacation area...
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