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Old 04-09-2016, 09:01 AM
 
71,470 posts, read 71,652,652 times
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we don't regret retiring here in queens in nyc for a second .
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Old 04-09-2016, 09:14 AM
 
39,213 posts, read 20,338,563 times
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Quote:
Originally Posted by Robyn55 View Post
P.S. My father did have culture shock when he moved from south Florida to north Florida. Like everyone here speaks English. And people hold the doors open for old people. And offer to help them when they need help (he tells several stories again and again about how people have helped him on numerous occasions). Not a bad kind of culture shock . Robyn
LOL, we go to Florida every year and spend a week or two in the Fort Lauderdale, Miami area then go to the Cape Coral, Bonita Springs, Naples. Heck, coming from PA is a culture difference. PA... dreary, gray skies, dilapidated, boring, people complaining about lack of jobs. Florida is very different.

My brother and his girlfriend came with us this year (Ft Lauderdale) then went up to visit and stay with her parents about a half hour drive north of Orlando. It was a culture difference, he said it's for older people there but he enjoyed it and the company. Said it was a lot better than PA.
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Old 04-09-2016, 09:39 AM
 
26,589 posts, read 52,257,058 times
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Originally Posted by mathjak107 View Post
many retirees are like us . they don't want to be landlords in retirement so 1031's are not even a thought .
But at what cost.

Everything my friend owned is commercial with NNN leases... some going out 20 or more years to large Grocery Stores and Banks... his first foray an old industrial waterfront building on the Oakland/Alameda Estuary and it is leased to the Port of Oakland.

He is responsible for me transitioning from residential to commercial... one of my best investments is owning a Post Office... the Postmaster doesn't call me for anything.

How is owning NNN Income Property with long term leases to government and Fortune 500 companies something to be avoided?

The only thing my friend avoided is any property with a bed... he had a few apartment buildings in the 1970's and got out saying never again.
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Old 04-09-2016, 10:36 AM
 
71,470 posts, read 71,652,652 times
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depends . being involved in real estate could be at the expense of your sanity and liquidity .

i liked real estate during the accumulation years . but real estate is a job .

we don't want jobs in retirement .

the thing with real estate is nothing is a problem until it is a problem . then unlike selling a stock you don't like in a heatbeat , tenants are a whole other issue as well as the real estate is to ill-liquid for my taste in retirement

Last edited by mathjak107; 04-09-2016 at 11:35 AM..
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Old 04-09-2016, 11:12 AM
 
Location: North West Arkansas (zone 6b)
2,672 posts, read 2,009,077 times
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Originally Posted by Tallysmom View Post
I know someone who burned through about that amount in about 4 years.... TWICE. The first was an inheritance he blew through, and the second was his 401K after he retired.


Travel, good food, fine wine, lots of entertainment, clubs....party party party! And he had to share that with "friends".


Let's face it -- some people are stupid.
can you let us know what that individual is doing now?
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Old 04-09-2016, 02:05 PM
 
Location: San Francisco Bay Area
12,572 posts, read 15,041,157 times
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We could, if we desired to retire. Bought our last home in March 2012 for $xxxK, now similar models selling for 55-70% higher. We have some savings also. Could sell now and move to a lower cost state to retire, but not ready to yet.
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Old 04-09-2016, 02:25 PM
 
11,929 posts, read 20,376,242 times
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Originally Posted by gunslinger256 View Post
can you let us know what that individual is doing now?

Well -- he moved, so no idea, but he did sell his house, so it wouldn't surprise me to find out he's doing it for a third time.
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Old 04-09-2016, 03:33 PM
 
Location: Central IL
15,201 posts, read 8,509,345 times
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Originally Posted by marino760 View Post
I'll be selling my house in CA and moving in 5 years to retire in KY. I'll use the equity in my current house to buy a small 2 bedroom 1 bath in KY for only about $60,000. My dream home believe it or not is a smaller older house in a quaint old town. I've been wanting to do this for many years and this will be my opportunity.
As far as culture shock goes, bring it on. I want a slower pace of life in a more conservative atmosphere where people still love this country and respect each other and going to church isn't something strange.
I don't need much money or a big house on a lake to be happy.
I do hope you spend a few months in Kentucky during both summer and winter to be sure it matches your expectations.
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Old 04-09-2016, 04:11 PM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,920,408 times
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Quote:
Originally Posted by borninsac View Post
Good advice Robyn and I agree. One thing to keep in mind for those who might have some income tax to pay from a gain in excess of $500,000 is that we should "never let the tax tail wag the economic dog" because nobody is in the 100% tax bracket so a dollar of profit doesn't cost a dollar of tax. Having said that, tax planning might help mitigate the income tax from a large primary residence capital gain. Those who are sitting on some unrealized losses in their investment portfolio might be able to harvest capital losses by selling some investment holdings to offset the gain.

Once again, never let the tax tail wag the economic dog.
I agree in general.

OTOH - when it comes to some of these "mansion taxes" - seems like there's a bright line in some cases. Like if the price is $999k - you don't pay the mansion tax. And if it's $1 million + 1 penny - you do. But I really don't know (we don't have any tax like that in Florida). Best to check with local experts IMO. Robyn
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Old 04-09-2016, 04:13 PM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,920,408 times
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Quote:
Originally Posted by mathjak107 View Post
the ramifications of selling anything with a sizable capital gain are pretty harsh .

if you go high enough capital gains taxes are 20% plus the medicare surcharge tax , you are likely to trigger the amt tax on all other income which is particularly painful .

you can see a huge jump in medicare even if not retired or ion a medicare yet if you sell . medicare goes off your taxes two years prior .

we just got hit with a medicare inccrease of 300 a month for my wife , it would have been 600 a month if i was on it too .

we sold an investment in 2014 and tripped all of the above .

it isn't the end of it either , if you have a state tax they do not recognize special capital gains rates and if you pay enough state tax in because of the gain , the deduction can trip the amt the following year again even without a big income .
I had forgotten about the AMT (because I've never paid AMT). But it's certainly another tax consideration. Robyn
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