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Old 04-03-2016, 05:29 AM
bUU
 
Location: Georgia
11,891 posts, read 8,677,304 times
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Quote:
Originally Posted by GeoffD View Post
Sure, if you cherry pick data so you're only looking at the narrow slice of Millennials who are actively saving & investing for their retirement, it all looks rosy.
Bingo. /thread
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Old 04-03-2016, 05:35 AM
 
365 posts, read 307,407 times
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Quote:
Originally Posted by mathjak107 View Post
well you have 1/2 the country with no savings at any point in their life so why should retirement be any different . it is no surprise you see article after article about seniors being in poor financial shape but duh , these same folks never had anything
Not only do they have no savings, they are in serious debt, and they live paycheck to paycheck.
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Old 04-03-2016, 05:40 AM
 
Location: ☀️ SWFL ⛱ 🌴
2,441 posts, read 1,678,624 times
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We moved to NY for a career opportunity for DH. We almost didn't because the housing price difference between downstate NY and IN was astronomical, mortgage rates were 14.75 at the time and NY income tax was high. We were 30, bored, wanting change and took the leap. It could have turned our badly, DH's position was eliminated the next year, but it gave him the chance to move into a different division and continually move up or laterally to better positions throughout the years.

For myself, I worked in the medical field and worked at a local hospital within a week of moving and then with a mobile medical imaging company for a few years. That job was my least favorite but put me in a better position eventually. I was working in a suburban area influenced by NYC salaries. I was living north of that area and another employee was south of that area. That person was being paid $6 more an hour to keep her from working in NYC for higher pay. That fact got out and shortly after I got the biggest one time raise I ever received. I used to work for an orthopedic group in IN that had a warning printed on my pay stub (years before direct deposit) that stated "any discussion of salary will result in termination", ha! My salary grew as I added on certifications and licenses.

I would love to say we had foresight and vision and moved for that reason, but we simply were looking for change. With that said, we both chose careers and jobs that weren't 9-5 M-F in NY and compensated us well with the ability to save for retirement.

Last edited by jean_ji; 04-03-2016 at 06:17 AM..
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Old 04-03-2016, 05:44 AM
 
71,855 posts, read 71,919,037 times
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many folks fear moving to high cost areas to improve themselves believing the lower cost areas are better but those high cost areas like ny or the tristate area do have advantages .

since higher rates of pay generate higher social security payments forever in retirement , if you relocate at retirement you really benefit .

plus the difference in dollars in appreciation on a home can be drastic . even a small amount of appreciation on a 600k plus home blows away the same appreciation on a 150k-200k home .

once again ,sell that home and relocate to cheapsville with the cash and those higher ss payments and you can live nicely , usually far better then the locals who lived in cheapsville their entire lives .

we saw that effect over and over when we had the house in PA . many of the transplants lived in beautiful hoa's with amenity's and new cars while most locals lived in rather plain homes with many looking like bungalows and old cars outside .

Last edited by mathjak107; 04-03-2016 at 05:52 AM..
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Old 04-03-2016, 05:49 AM
 
649 posts, read 555,239 times
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Quote:
Originally Posted by mathjak107 View Post
many folks fear moving to high cost areas to improve themselves but they do have advantages .

since higher rates of pay generate higher social security payments forever in retirement , if you relocate at retirement you really benefit .

plus the difference in dollars in appreciation on a home can be drastic . even a small amount of appreciation on a 600k plus home blows away the same appreciation on a 150k-200k home .

once again ,sell that home and relocate to cheapsville with the cash and those higher ss payments and you can live nicely , usually far better then the locals who lived in cheapsville their entire lives .
This is precisely why all of those "cheapsville's" are no longer cheap and have priced out the locals. Not taking a position on this, just the fact.
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Old 04-03-2016, 05:53 AM
 
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i wouldn't disagree, in some areas that is what happens because the transplants from high cost areas do tend to be wealthier with higher incomes ..

our area in pa actually is cheaper today . we sold the house 3-1/2 years ago for 235k and it was sold again in january by the people we sold to for 175k .

real estate is doing very poorly in that area in pike county . the area had a ski resort which closed down and it hurt the area economically .
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Old 04-03-2016, 06:02 AM
 
29,819 posts, read 34,907,142 times
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Quote:
Originally Posted by MG120 View Post
This is precisely why all of those "cheapsville's" are no longer cheap and have priced out the locals. Not taking a position on this, just the fact.
Very true and very relevant with a direct impact on non transplanted retirees. Non transplants will have their retirement income based on a older local income scale. Newer residents will be bringing their higher COL based retirement income with them. They will both be paying the same property tax rate which if driven up by increased home valuations could create a financial squeeze for the long timers. Other places with industry folding and younger people leaving are seeing just the opposite. Decreased home values and a decline in available home equity. Many in their fifties in the rust belt areas are trapped and don't find leaving or retiring reasonable.
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Old 04-03-2016, 06:05 AM
 
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that is just what happened in monroe county in the pocono's .

it was the target area for all the commercials years ago , why rent when you can own .

the area exploded and taxes soared as schools , hospitals and resources had to be increased . today it is an area filled with foreclosures
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Old 04-03-2016, 06:14 AM
 
29,819 posts, read 34,907,142 times
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Quote:
Originally Posted by mathjak107 View Post
that is just what happened in monroe county in the pocono's .

it was the target area for all the commercials years ago , why rent when you can own .

the area exploded and taxes soared as schools , hospitals and resources had to be increased . today it is an area filled with foreclosures
One of the other very real outcomes of affluence of those retired with assets is the disproportionate impact they can have on the local and broader economies. As their spending patterns change from raising a family to one of more time and discretionary income they spend in a different way and the beneficiaries of that spending change. You are a perfect example as are many other posters. However that also means some lose and as you note that can be very local and regional.
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Old 04-03-2016, 07:01 AM
 
Location: NC Piedmont
3,911 posts, read 2,885,095 times
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Quote:
Originally Posted by TuborgP View Post
All the sense in the world and why the studies say you need a million plus because that is their targeted audience not everyone
One odd thing about this is that sometimes I think some retirees who have decent savings but well short of the "magic mark" end up retiring more comfortably than those that barely make it to their target. Comfortably might be the wrong word; maybe enjoyably is a better choice. Living in luxury you can barely afford can be stressful.

I do wish there was an easy way to find studies and surveys that somewhat closely described me and my plans better. I probably won't make the magic mark. I won't fall way short. OTOH I am not sure how much it would help to see statistics. The kind of stat I am talking about is something along the lines of likelihood of the various scenarios that throw people for a loop financially so I could make informed decisions about which ones to try to insure against or somehow safeguard myself from.

I know there are a bunch of us "in betweeners". We read the general US stats and feel like we are set then click on a thread like this and worry about having enough.
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