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North Carolina has become a top retirement destination in recent years. We've had an influx of "half-backers," those who thought they'd retire to FL, got there and hated it, and ended up heading north again.
I don't know how the COL in CT compares to NC, but in the Raleigh-Durham and Charlotte areas, COL is higher than most of the rest of the state, which is largely rural. There are plenty of opportunities to live in the perimeters of these cities without breaking the bank.
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?
Not really enough information here.
Without knowing your age, your income requirements, and how you plan to make that income, there really isn't anything to work with.
North Carolina has become a top retirement destination in recent years. We've had an influx of "half-backers," those who thought they'd retire to FL, got there and hated it, and ended up heading north again.
I don't know how the COL in CT compares to NC, but in the Raleigh-Durham and Charlotte areas, COL is higher than most of the rest of the state, which is largely rural. There are plenty of opportunities to live in the perimeters of these cities without breaking the bank.
The grass is always greener...
Actually, 7 or 8 months of the year I am okay with NC. I just don't like much winter anymore and just because it's worse elsewhere doesn't fool me into thinking 40s and 50s is warm. We get our share of freezing and below also.
That said, I do know a few people who really enjoy retirement here. Lots of golf year around. The beach isn't far, nor are the mountains. About 3 hours in each direction.
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?
If you want Virginia, consider the Tidewater region in the coastal southeast - Virginia Beach, Hampton, Norfolk. over 2 million residents in the area. The U.S. Navy's Atlantic Fleet is based there as is Newport Ship Building and several colleges, so the economy is pretty stable. Weather is more than tolerable. Beaches are in good shape. Cost of housing is nothing like what you see from D.C. north to Boston.
Make up a projected income budget for the first 10 years of retirement. Reasonably accurate. Add 10% to each year.
Start figuring out what part of the country you would like to live in. Weather and cost.
Pick a state or two and then locations within the states- on the ocean, a lake, mountains, away from bad weather, size of community, medical facilities, etc.
Start looking at various types of housing. You can start locally as you are looking for type not a final home..
start visiting possible retirement locations. Remember evaluate as a resident and not a tourist. Think about year round.
As you narrow down the location look at costs and start getting specific on housing.
The above can be done a little at a time and you should start to get vary serious 3 to 5 years out.
If you can visit at various times in the year.
Once you are ready to retire rent in the area if you can before you buy.
Before you buy redo the costs. Utilities can vary a lot, even within the same community.
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?
In ten years a couple the same age at retirement will need about $3M-plus to maintain a comfortable lifestyle. And yes, comfortable is a matter of opinion!
Keep saving!
Beyond that, we have no idea what you like to do. Where will you dock your sailboat? Will you try your hand at growing hops? Will you need a separate building for your new woodshop? Is beach proximity important? Mountains or marshes?
So much for you to figure out.
We spent almost ten years traveling east coast and gulf coast towns before making a decision.
Good luck!
Ask us in nine years. A lot can change.
How is your health and what is its trajectory?
Where are your kids?
Where does your spouse want to retire?
Where did ten years come from? Is there a analytical reason for it? Is it really worth it to spend 8%-10% of the price of your current house to move?
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.
Last edited by TheShadow; 07-29-2019 at 09:48 AM..
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