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I am planning to retire this year from a highly stressful job at age 62 with a full 26 year government pension and social security. I will bridge the insurance gap until age 65 with a PT job, my wife’s insurance or Obamacare. My wife is 4 years younger and will also continue to work.
We want to downsize and relocate from the Miami, FL area to a small co-op apartment back in our original home state of NY in Queens. We have been living in the Miami area for the past 30 years and are exhausted from hurricanes, floods, unrelenting heat, severe overcrowding, low wages, dangerous driving, high expenses and a host of other increasing problems. We do not want to invest in property in Florida with all of the growing environmental, infrastructure and social problems that we have witnessed. We wish to return to New York for ease of public transportation, cultural/artistic interests, family, friends, and the simplicity of co-op apartment city living. We are aware of the higher taxes and cost of living in New York. However, those expenses will be offset by higher wages, less vehicle usage, lower insurance costs and consolidated co-op expenses.
Our major concern is that we are not sure if I should postpone my retirement and/or wait to move - or move and rent first to be sure we will adjust to urban living. While my government career has offered us stability and good medical insurance, I do not feel that I can endure any more time on my high-stress job. Another concern is that if we wait, NY real estate prices will continue to rise.
Our dilemma is that we do not want to make an irreversible mistake. However, we have had our retirement dream for a long time and have both worked very hard to earn it. Life is short.
Any experienced input would be greatly appreciated.
I am planning to retire this year from a highly stressful job at age 62 with a full 26 year government pension and social security. I will bridge the insurance gap until age 65 with a PT job, my wife’s insurance or Obamacare. My wife is 4 years younger and will also continue to work.
We want to downsize and relocate from the Miami, FL area to a small co-op apartment back in our original home state of NY in Queens. We have been living in the Miami area for the past 30 years and are exhausted from hurricanes, floods, unrelenting heat, severe overcrowding, low wages, dangerous driving, high expenses and a host of other increasing problems. We do not want to invest in property in Florida with all of the growing environmental, infrastructure and social problems that we have witnessed. We wish to return to New York for ease of public transportation, cultural/artistic interests, family, friends, and the simplicity of co-op apartment city living. We are aware of the higher taxes and cost of living in New York. However, those expenses will be offset by higher wages, less vehicle usage, lower insurance costs and consolidated co-op expenses.
Our major concern is that we are not sure if I should postpone my retirement and/or wait to move - or move and rent first to be sure we will adjust to urban living. While my government career has offered us stability and good medical insurance, I do not feel that I can endure any more time on my high-stress job. Another concern is that if we wait, NY real estate prices will continue to rise.
Our dilemma is that we do not want to make an irreversible mistake. However, we have had our retirement dream for a long time and have both worked very hard to earn it. Life is short.
Any experienced input would be greatly appreciated.
Thank you,
Bobr1
whatever you do, sounds like a good plan. Health care is better up there anyway.
Nothing is irreversible . My question is could you possibly hate it more than where you are now? I'd say visit a few times and explore neighbourhoods and then GO.
Keep in mind that 30 years is a long time to be away and NYC/Queens has probably changed dramatically in that time. There are so many other really great places to live in our country with a lot less stress, crowding, high COL, bad weather, crime, etc. you’ll find in NYC. Have you thought about any alternative locations for your retirement years?
You mentioned you have family and friends in NY, that is half the battle.
You also mention you hope you can adjust to living in an urban area again........my advice is stay on the job a bit longer and every chance you can turn a long weekend or vacation time into a trip to NY and get yourself an Air B and B in the neighborhood you desire to retire in and get the feel for it. Use the public transportation, shop for grocerys locally and eat out locally. If your wife is going to work get up every morning and pretend by taking the public transportation into the city where she might be working and enjoy an early breakfast. Try to leave the friends by the side for theses trips as their presence can affect you emotionally on your decision. Friends are a great comfort and support group to have but might not always be there for you.
Good luck.......I know we would like to move back to the northeast after I retire but while family and friends remain there we know jumping back will not be revisiting our past as so much has changed since then.
Are you sure you are ready for near or below zero temps as you age? You may be tired of the heat, but bitter cold is something we are looking to get away from, especially if you have any arthritis at all, it will add to your pain, ask me how i know.
I second the motion to take long weekends up here to get a feel for the "new" NYC you'll be moving to. 26 years away is a long time. Also, although i live upstate, i gather tye subways are not so safe anymore and trying tge bus system is just that...trying.
We are going south for retirement, and have 3 places in mind. We'll travel to them the closer we get to retirement to see which one we like best. Weve googled EVERYTHING about them, googoe earthed much of the small to medium cities we are thinking of. Health care is tge most high consideration for us. And, no, we aren't going to Florida!
Also while costs are high in Miami, costs may be higher for the desired neighborhood you may want in NYC. Id hate to see you jump out of a stressful job to have to jump into another one just to make your ends meet appropriately, as then youll get stressed over HAVING to work compared to just working for fun for covering insurance costs.
And, before you move, be sure your wife has a job all lined up, dont move then look, you might not find something suitable, then youll be stressed about that.
Finally, no where is a panacea. Every locale has its pros and cons. Be sure its what you really want to do, so you dont move twice.
If i were you, I'd check out the carolinas, half way between, and less weather shock. But that would be totally up to you.
All in all, dont make a rash decision just because you are stressed out. An erroneous decision may be fraught with more stress than you bargained for.
Best of luck in your decisions and move(s).
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