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Old 07-29-2019, 07:41 PM
 
432 posts, read 87,053 times
Reputation: 891

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Quote:
Originally Posted by TheShadow View Post
This is the second time I've seen this number referred to today. It's wildly inaccurate. I moved cross country (2500 miles) from a $450k home to a $350k home, and including moving two extra cars on car carriers, two large PODS, a 32 foot truck, 2 dogs, a third car driving behind the truck, containing me, a cat and my 86 year old MIL, including 5 nights in 2 motel rooms per night, and meals it cost me about $14,000-$15,000 all in. About 1/3 of your imaginary 8-10%.

And we had a heck of a lot of stuff to move, including all the furniture from a 3000 sq ft home, those 3 cars, 4 motorcycles, a 28 foot rowing shell, an 8 ft pool table broken down and crated, multiple, multiple large stand up tool boxes, a wealth of large power tools like air compressors, welding tanks, etc. Far more stuff than your typical retiree might be moving.
What about the real estate 6% commission?
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Old 07-29-2019, 09:57 PM
 
8,008 posts, read 5,087,109 times
Reputation: 13712
Quote:
Originally Posted by magnetnh View Post
...I am a New England native and really canít see moving elsewhere but the financial realities may come into play as we get closer to retirement. With 3 children and eventually grandchildren I think that may also come into play for the final decision. ...
You have strong cultural/personal roots in a particular locale, plus family. This suggests retaining a local base, even if you travel widely, or "snowbird" elsewhere. I in contrast am a "citizen of nowhere". I'm no more rooted to Ohio (despite having become an Ohio peasant) than I am to Brunei or Somalia... implying not merely desire to leave, but to burn the proverbial bridges, with glee. Our two examples represent extremes, such that most retirees or near-retirees would find themselves somewhere between said extremes.
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Old Yesterday, 07:26 AM
 
5,729 posts, read 9,111,867 times
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Quote:
Originally Posted by magnetnh View Post
I have decided that I would like to retire in 10 years. I contribute to my 401k and Roth IRA's and also live within my means. What else should I be doing now with 10 years left? I am in CT and just not crazy about FL, which is where most family and friends have retired. I think I like VA but which areas would be affordable for retirement? What other cities/states to consider on the eastern seaboard?
Like yourself I am formerly from CT but now in KY I am getting close to retirement age as well. Also looking at retiring from full time work in ten to perhaps 12 years and then plan to work part time and then try to enjoy life during my reclining years.

Pennsylvania is a friendly state for retirees if you want to stay in the northeast. There are numerous studies out there that go into some detail as to which states are best and worst for retirement. I am now researching those and determining which will be best for my budget and needs. Hope to relocate in a couple of years and then get established in one of these places for when retirement becomes a reality.
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Old Yesterday, 08:01 AM
 
Location: Western PA
3,594 posts, read 4,945,335 times
Reputation: 2844
We started planning about ten years out and I am scheduled to retire in three years and my husband in eight years. Our planning has been financial, as we are not planning on moving from the area. We met with our financial advisor to project expenses, taxes and inflation in retirement as a starting point. Then taking a look at our investments and assets for a rough projection ten years down the road. We projected best case and worst case scenarios.

Now that I am three years away, we are honing in on details like Medicare for me and buying health insurance for husband for four years before he gets Medicare. Figuring out how to allocate assets for short-term and long-term. Looking into continuing care retirement communities so that we know we will be taken care of.
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Old Yesterday, 09:13 AM
 
Location: Ypsilanti, MI
2,466 posts, read 3,685,061 times
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Quote:
Originally Posted by magnetnh View Post
I have decided that I would like to retire in 10 years. I contribute to my 401k and Roth IRA's and also live within my means. What else should I be doing now with 10 years left?

Any Legacy intents; either to children, or other family, or Schools, or charitable organizations?


If everything else is adequately covered, then a Life Insurance policy can be a tool to both provide your desired Legacy plan funds and shelter funds from taxes. The older a person gets the less likely they can purchase Life Insurance without being 'rated' by the under-writers.


Otherwise, we only need enough insurance to pay our final arrangements costs.
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Old Yesterday, 09:27 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,733 posts, read 40,145,633 times
Reputation: 23925
Quote:
Originally Posted by SoCal_Native View Post
What about the real estate 6% commission?
Negotiate.... 3% is more common now.
34 prop transactions (2) miserable x a seller insisted on the hand holding of a Realtor. Too bad, for the principal parties, slow and expensive.

Do your own thing, and hire a good attorney if you must. ~1/10th the expense of using a realtor who can not offer legal advice.
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Old Yesterday, 11:16 AM
 
7,641 posts, read 9,490,894 times
Reputation: 9006
Quote:
Originally Posted by WILWRadio View Post
Like yourself I am formerly from CT but now in KY I am getting close to retirement age as well. Also looking at retiring from full time work in ten to perhaps 12 years and then plan to work part time and then try to enjoy life during my reclining years.

Pennsylvania is a friendly state for retirees if you want to stay in the northeast. There are numerous studies out there that go into some detail as to which states are best and worst for retirement. I am now researching those and determining which will be best for my budget and needs. Hope to relocate in a couple of years and then get established in one of these places for when retirement becomes a reality.
"reclining", or "declining", or both? lol
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Old Yesterday, 11:24 AM
 
Location: Kirkland, WA (Metro Seattle)
4,051 posts, read 3,290,212 times
Reputation: 7307
Quote:
Originally Posted by magnetnh View Post
I have decided that I would like to retire in 10 years. I contribute to my 401k and Roth IRA's and also live within my means. What else should I be doing now with 10 years left? I am in CT and just not crazy about FL, which is where most family and friends have retired. I think I like VA but which areas would be affordable for retirement? What other cities/states to consider on the eastern seaboard?
Funny, I am to the day in a similar predicament. Not sure if I should retire at 62, though I'll have the means at current savings rates. SS, who knows what happens to that damn thing. I'm "counting on" it as much as we can in financial planning. If the Gov't starts pimping people out of that, we'll have some serious unrest anyway so I don't stay up nights worrying.

On a cheerier note, I'm in NW WA and wondering where I want to live after too. I've been many interesting parts of the US. SW Fl appeals, but the oven-heat...I dunno yet. Half year nice, other have mostly stay indoors. Literally inverted to Seattle: June-October are a paradise here due to cool summers, dry weather with occasional showers. Winter is a freezing wet hell, bottoming out Dec-Feb and very few reasons to be outside except Point A-B due to oppressive darkness and cold, wet weather.

But we do have water. That will be precious in the future as populations put pressure on their water sources and people start dropping dead from lack of supply or contaminants around the world. Dumbasses. Couple mass cholera outbreaks, or typhus, will put a spotlight on that. It's coming. Then we'll have another swarm of "refugees" on our border, demanding our style of life as if it's a "human right." Never mind, we're dealing with early stages of that now anyway.

SO: personally I might stay here, PacNW: there are towns outside the metro yet within 40 miles that are affordable (300-400K homes). To point: thinking maybe invest now in a rental in one such home...rent that out ten years, sell my place in metro Seattle for $1-2M estimated, live quietly out there yet within striking distance of a major metro for: 1) travel 2) medical care 3) things for old people to do (groups, clubs) 4) a reasonably "healthy" area for retirees.

That's one option, if you have equity to invest.

PacNW is not affordable, though, unless you already have a foothold here. Not a toehold, that day is past unless you have maybe forty years to build your nut. And taxes...hmm.

I think you're going to have to do some traveling, and lots of reading, and study each state and how that may or may not be beneficial to your situation. Mine is far from settled, though the above has a strong pull. I'm tempted to live in an Airstream, too, so I need to do more exploration as-well. "Know thyself!"
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Old Today, 06:25 AM
 
Location: Loudon, TN
5,873 posts, read 4,889,275 times
Reputation: 19774
Quote:
Originally Posted by SoCal_Native View Post
What about the real estate 6% commission?
We covered that in earlier post #24. We were going to need to move to a smaller property anyway, so there was always going to be that cost. Also 6% may be standard, but it's definitely negotiable.
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