U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 10-04-2017, 06:29 PM
 
11,262 posts, read 8,417,691 times
Reputation: 20430

Advertisements

M3 Mitch! I'm such NOT a numbers person. My head is swimming. Send me a template!! btw, Memphis would be Hell, not CT.
Reply With Quote Quick reply to this message

 
Old 10-05-2017, 10:35 AM
 
19 posts, read 9,473 times
Reputation: 30
Default TN locations

Quote:
Originally Posted by LauraC View Post
Pick your living location in NC with retirement in mind, not just the job.


3. I happened to retire to a location where everything I do regularly (club, book group, classes, doctors, supermarket, post office, gas station, car wash, eating places, lake, pharmacy, etc.) is within a 3 mile radius of where I live and most within 1.5 miles. Compare this to commuting to work M-F 16 miles each way. Except for road trip vacations, I now typically fully gas up the car every 3 - 4 weeks instead of every 2 - 3 days. Also, the car is routinely serviced less frequently because it takes longer to hit the mileage service-due marks. Try to live somewhere close to the things you will do on a regular basis when you move to NC (with retirement in mind).
If you don't mind, can you let me know the city/area you relocated to? So far, I know a co-worker who owns a house in Johnson City, but looking for other locations We are currently in Northern VA and looking for lower cost of living area such as TN and Greenville, SC area. A city near a Trader Joe's would be a plus; however, it appears that TJ's is only located in Knox and Nashville.
Reply With Quote Quick reply to this message
 
Old 10-06-2017, 04:08 AM
 
Location: R.I.
970 posts, read 603,310 times
Reputation: 4175
Quote:
Originally Posted by hunterseat View Post
I"m sort of stuck and hope someone can shed a ray of common sense on this situation, or at least give me your opinion. I'll be frank.

I'm a GS11 (gov't pay) in CT. If I never go any higher in pay grade, I'll retire as a GS11. (I'd be okay with it.)

I'm interviewing Thursday for a GS9 job in NC (Eastern). It's a great job, in a location where I'd strongly consider retiring. It will be almost $10K less to start but there's a great chance to move up. If I don't move up I'll still retire as a GS11.

I have about 6yrs until I retire.

I pay $5K in property tax where I am. Cost of living is way lower in NC (thank you Capt. Obvious). On my little cheat sheet (right or wrong) on best places to retire, NC is #20, CT is #32. Cost of living is #19 vs #47.

I have a reserve military retirement coming at age 60 (9yrs active duty so it will be very helpful).

I'm going to interview as if I intend to take the job. It's obviously not a sure thing but I'm highly qualified. It's a really great opportunity. I know I'll absolutely love the job. It's the same thing I'm doing now. I have lifelong friends/family in that area.
I am a Fed too but under the Title 38 pay scale and topped out a few years back at VNII/14. I have a cousin who lives in Southport, NC. Her home is similar to mine and she pays $2,800 in property taxes where I pay $6,000 in R.I. Although my cousin actually lives further from the water than I she is still in a higher rated hurricane zone so her home owner's insurance is nearly $1,000/year more than mine. It is a wash for all other utilities because I may pay higher heat she pays higher electric because she has central AC which she runs from May to September where I do not have it or need it.

NC may be a good relocation choice in retirement but not so much while working. If I were to relocate now while working going into a same Grade/Step position my salary would go from $106,335 to $93,835 which is a $12,500 loss in income. So even if I continued to receive COLAS in NC until I retire they would never bring me up to what I am earning now. But staying in R.I. with those same COLAS my average high 3 is yet to come because like you I have 6 more years to retirement. So figuring just a 1% COLA each year to my retirement in R.I. I would enhance my FERS pension by about $4,000/year compared to what it would be relocating to NC now while working.

Although CT is a little different I plugged in my numbers in the tax-org web site to see what my income tax situation would be.

North Carolina - Single Status - Standard Deduction
$93,835 - Income
$0 - State Personal Exemption
$$7,500 - State Standard Deduction
$4,964.26 - State Taxes Owed
$16,610 - Federal Taxes Owed
Net Income - $65,125.66

Rhode Island - Single Status - Standard Deduction
$106,335 - Income
$3,750 - State Personal Exemption
$8,000 - State Standard Deduction
$3,887.29 - State Taxes Owed
$19,847.55 - Federal Taxes Owed
Net Income - $74,469.53

So for me to relocate to coastal NC while working I would save $3,200 in property taxes but loose $1,000 in paying a higher home owner's insurance and another $1,000 in paying higher income tax so my savings is now down to $1,200. Of course I am going to pay higher Federal taxes on a higher income, but my net income will still be $9,343.87 higher in R.I. When I subtract that remaining $1,200 from $9,343.87 I would still loose $7,326.97 in annual income and on top of that a $4,000 annual lower FERS pension. Relocating after retirement is a different ballgame because R.I. taxes both social security and pensions where NC doesn't or it is much less.

If your primary purpose of relocating now while working is to save money, you would do much better looking at TN where there is no income tax, and property taxes and home owner's insurance is much less. Yes you will pay 9% sales tax but that you have some control over where you do not with income and property taxes in other states.
Reply With Quote Quick reply to this message
 
Old 10-06-2017, 04:15 AM
 
Location: Ypsilanti, MI
2,435 posts, read 3,659,178 times
Reputation: 4778
I love Eastern NC and faced a similar job change dilemma 10 years ago. I only have two questions for you:

Do you have family or other ties to the North Carolina area?

If no current ties in NC, will you be happy leaving all your Connecticut ties behind?
Reply With Quote Quick reply to this message
 
Old 10-06-2017, 04:46 AM
 
11,262 posts, read 8,417,691 times
Reputation: 20430
May be a moot point now. The interview was less than stellar. I got the feeling they have someone "pre-selected".

I moved to CT in 2015 for my other who has become a bit less significant. Nothing holds me to CT. He's from here and has kids here and FL and WA and CA. All kids are grown, including my 2.
Reply With Quote Quick reply to this message
 
Old 10-06-2017, 06:15 AM
 
1,185 posts, read 662,420 times
Reputation: 4104
OP, you may not be moving to NC after your interview but do consider that areas of Eastern NC have very different environments. The coastal areas, like Wilmington and perhaps Greenville, are doing relatively well and you would find many activities, restaurants, stores, health care options, etc. Farther inland from the coast is also considered Eastern NC (east of I-95), but those places have a very different vibe and have some struggling economies.

NC can be tricky - move to an area where you feel comfortable and you will be fine. Some people have not found the right location for themselves and have been unhappy.
Reply With Quote Quick reply to this message
 
Old 10-06-2017, 06:29 AM
 
Location: Central Massachusetts
4,800 posts, read 4,843,254 times
Reputation: 6377
Quote:
Originally Posted by hunterseat View Post
May be a moot point now. The interview was less than stellar. I got the feeling they have someone "pre-selected".

I moved to CT in 2015 for my other who has become a bit less significant. Nothing holds me to CT. He's from here and has kids here and FL and WA and CA. All kids are grown, including my 2.
Don't give up though. Keep looking in the area and expand to SC as well. I think SC might be a better fit for you but..... that is entirely up to you. Just keep looking and applying. Still it is only 6 years and quite short in the grand scheme of things. Things you can do in the mean time if NC is your desire is visit with the idea to locate there. Start looking at particular neighborhoods in cities that interest you. Look at the prevailing house prices and where services and resources are to narrow your search weight each location that you find that is of interest. Then as you get closer start looking at individual homes and or apartments. You would probably be better off renting initially if you were needing to sell property in CT. That way you can zone in on particular houses. Good luck.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top