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Old 02-11-2017, 10:47 AM
 
Location: Seattle/Dahlonega
547 posts, read 388,486 times
Reputation: 1553

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Own small house in North Georgia mountains on one acre of trees. Five minutes to little tourist town, twenty to major shopping. No mortgage, property taxes $480 a year, less after I turn 65.
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Old 02-11-2017, 04:27 PM
 
2,952 posts, read 1,639,396 times
Reputation: 5292
Quote:
Originally Posted by rigizug View Post
Currently living in a small city, Cedar Rapids, Iowa, pop 130,000, metro 250,000. 3-1/2 hours west of Chicago.


Condo own, no mortgage, 1400 sq ft, 3 bedroom/2 bath, attached garage.
Cable, Internet $120 per month
Gas and Electric $90 per month (budget plan)
Water/trash/sewer $63 per month
HOA Dues $142 per month includes landscaping, snow removal, driveway re-pavement (special assessment for new roof $450 last year).
Homeowner Insurance $25 per month
Property taxes $160 per month


Live 5 miles from two large hospitals affiliated with the Mayo Clinic in Rochester and a public university teaching/research hospital in Iowa City (UIHC). UIHC located 25 miles south of me. Public commuter vans available for access between my city and Iowa City.


Still working, but thinking of relocating to Sun City Phoenix when I do retired in 6 years for weather, family on the West coast and Asia, easier access to large international airport.
OK got to admit, I have not been there in many years. My brother lived there for 40 years.

Are you considering Iowa City as its metro?

St Luke's and Mercy are now affiliated with the Mayo. or did they get new hospitals?

That flood a few years back was horrible. It wiped out 2 homes he had lived in previously
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Old 02-11-2017, 06:03 PM
 
530 posts, read 538,235 times
Reputation: 959
Quote:
Originally Posted by volosong View Post
My financial advisor strongly recommends that I not pay off my mortgage and continue it in retirement. Reason being that the mortgage interest rate is less than my retirement financial accounts earn and that paying interest on a mortgage helps provide an income tax advantage.
.
... I'd heard that same sentiment, volosong, and we are torn between finding a retirement location where we'll even be able to afford to carry a small mortgage. Of the properties we like, were seeing that a 20-year mortgage - if we can even get one - on about 25% to 50% of the selling price, is still going to be "tighter" than what we'd be comfortable with.

... That said, some life-long friends of mine purchased their retirement place outright, with no mortgage. Finding themselves cash-strapped when medical needs reared their ugly, expensive heads, they (couple) regretted not having some of their nest egg saved to pay their portion of procedures and surgeries. They made it a point to warn DW and I about what they considered their biggest "retirement mistake", recommending that we intentionally not buy outright, but have a mortgage, and save some of the equity we'll (hopefully) have as a hedge against those inevitable "urgencies".

Since we're a few short months from full-on retirement, we're keeping their advice in the back of our thoughts as we continue our planning for retirement.
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Old 02-11-2017, 06:07 PM
 
Location: North State (California)
39,626 posts, read 2,991,249 times
Reputation: 12944
sold our 3 bed home, in the city & bought a 2 bed mobile in a park, in the Sierra Nevada foothills, we like it. The town is quiet & full of trees, & if one of us dies, the other one can still afford to live here, which was not possible in our old home, the property taxes kept going up & up.
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Old 02-11-2017, 06:56 PM
JRR
 
Location: Middle Tennessee
3,679 posts, read 2,227,048 times
Reputation: 5230
Quote:
Originally Posted by tomchard View Post
... I'd heard that same sentiment, volosong, and we are torn between finding a retirement location where we'll even be able to afford to carry a small mortgage. Of the properties we like, were seeing that a 20-year mortgage - if we can even get one - on about 25% to 50% of the selling price, is still going to be "tighter" than what we'd be comfortable with.

... That said, some life-long friends of mine purchased their retirement place outright, with no mortgage. Finding themselves cash-strapped when medical needs reared their ugly, expensive heads, they (couple) regretted not having some of their nest egg saved to pay their portion of procedures and surgeries. They made it a point to warn DW and I about what they considered their biggest "retirement mistake", recommending that we intentionally not buy outright, but have a mortgage, and save some of the equity we'll (hopefully) have as a hedge against those inevitable "urgencies".

Since we're a few short months from full-on retirement, we're keeping their advice in the back of our thoughts as we continue our planning for retirement.
This topic is one that will have people coming from both directions. We are moving to Tennessee and closing on our home up there next month. MY wife at first wanted to raid our taxable brokerage accounts and Roth IRAs and pay cash in order to sleep well at night. I was more inclined to put 20% down and get a 30 year mortgage and keep working the brokerage accounts. We sat down and came up with a compromise. Paying half down and getting a 15 year mortgage for the balance. We are both comfortable with that and it really is hard to complain about a 3.375 mortgage rate.

But there will be other folks who never would consider doing that. You have to just sit down and figure out what feels right to you in your situation.
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Old 02-11-2017, 08:04 PM
 
1,577 posts, read 2,202,856 times
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Quote:
Originally Posted by foundapeanut View Post
OK got to admit, I have not been there in many years. My brother lived there for 40 years.

Are you considering Iowa City as its metro?

St Luke's and Mercy are now affiliated with the Mayo. or did they get new hospitals?

That flood a few years back was horrible. It wiped out 2 homes he had lived in previously

According to the link below, Cedar Rapids metro was 262,000 in 2013.
https://en.m.wikipedia.org/wiki/Ceda...ropolitan_area

Iowa City Metro was 161,000 in 2013.
https://en.m.wikipedia.org/wiki/Iowa...ropolitan_area

St Lukes's is affiliated with the Mayo Clinic and Mercy with the University of Iowa Hospitals and Clinics. same hospitals but have grown.

https://www.unitypoint.org/cedarrapi...e-network.aspx
https://now.uiowa.edu/2012/06/iowa-h...ew-partnership
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Old 02-11-2017, 10:52 PM
 
Location: Idaho
4,627 posts, read 4,468,721 times
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tomchard, JRR, what I wrote was in response to InchingWest's post about not believing seniors would want to carry a mortgage. I was just presenting two reasons why we would.

However, that being said, it will not be what I'm doing. Turns out I did a stupid, stupid thing. I committed to purchasing the house that is now in escrow before selling my current house. No real problem there. My income right now is high enough that I could qualify for the loan . . . however the stupid thing I did was tell my employer that I am retiring. What this means is that the loan company will not use my current income to qualify for the new mortgage.

If I want to keep this particular house, and I do, the only way will be to pay cash. Most of the money will be coming from my retirement accounts and I'll just have to eat the big tax hit, (ouch!). Not too bummed because I originally wanted to pay the mortgage off anyway for the 'peace of mind'.


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Old 02-12-2017, 02:17 AM
 
Location: Miami, FL / Raleigh, NC
980 posts, read 1,928,495 times
Reputation: 606
I'm Not quite 50 yet, but planning for my retirement years.
Own 2 homes. One in FL, one in NC. FL home paid for. NC will hopefully be paid for in 7 years. We're making accelerated payments to Principal.

FL home is a 2/2 villa/townhome
NC home is a 1/1 condo.
Our small Condo in Raleigh is where we see ourselves most of the time in retirement.
If we sell our FL home, we will probably purchase another one in FL no bigger than the one we have. Maybe even smaller. I'm embracing simple living.

Total monthly bills in FL home not including food and repairs is under $500 a month. This includes HOA dues, property taxes, electric, cable, internet and water bill. It depends on how often we're there, what time of year, and how much the electricity bill is.

Total monthly bills in Condo in NC not including food and repairs is under $1200.

I plan to be semi-retired by 55. Or at least not work as hard. Lowering our monthly bills and having homes and cars paid off will greatly help in achieving this. I plan to keep working, but not as hard. I definitely want the option to collect social security at 62. Wife is a few years older than me and plans to collect at 62 and maybe work part time.

In the long run for me, it's about quality of life, not the quantity of things in life. If we have to, we will sell our FL home, but plan to be snow birds, so having 2 paid off homes is the goal. Yes, I work hard now, but when I achieve my goals within the next 7 or 8 years or so, it'll be worth it. At the end, we can't buy time in life, so I plan to enjoy and live life while I can. No need for expensive toys, but want to enjoy the flexibility to travel and have more free time before retirement.
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Old 02-12-2017, 07:12 AM
 
491 posts, read 598,241 times
Reputation: 2095
I own my home, taxes and insurance are $261/mo. I spent right around $200/mo on utilities. I also spent $100/mo on mowing and snow removal last year...don't know where it will fall this year.

It's a newer home and I haven't had much for repairs, last year my only repair was a cartridge replaced in the kitchen sink.

I like owning, as I like having pets, painting colors I like etc.
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Old 02-12-2017, 09:04 AM
 
49 posts, read 36,226 times
Reputation: 112
When our taxes approached $8000 a yr in TX, we knew that would not allow us to retire so we moved to CO and paid cash for a 1500 sf 60s ranch house with small yard and 500 sf basement apartment (which might provide income should we need it in the future). I doubt we will live in this house for the long haul, but it fit our needs for now.

Thus far our expenses are:
2016 prop taxes - $783.00
home, auto and umbrella insurance - $1500 annually
health insurance for dh - $253 a month
utilities - $130 a month
internet - $32 (haven't used cable in years; stream with Netflix)

Making this move allowed us to cut our expenses in half and retire. With some frugality, we are able to live comfortably on SS (taken at 62) and pensions and still save $2000 a month for the day when we will need to supplement with savings.
Also downsized to one vehicle which saves a lot too.
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