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Old Yesterday, 09:37 AM
 
19 posts, read 11,996 times
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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?
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Old Yesterday, 09:40 AM
 
376 posts, read 63,371 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?
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?
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Old Yesterday, 09:42 AM
Status: "Loving our retirement" (set 2 days ago)
 
Location: Asheville NC
1,630 posts, read 1,324,480 times
Reputation: 4328
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?
South Carolina can be good financially for retirement if you dont mind the heat. It is also within reasonable driving distance to Florida to visit your retired family and friends.
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Old Yesterday, 09:43 AM
 
282 posts, read 75,893 times
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I'd start keeping track of your actual expenditures so that you can establish a budget and know how much you are spending on what which makes up your 'lifestyle'.
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Old Yesterday, 09:46 AM
Status: "Loving life, wife and job!" (set 26 days ago)
 
Location: USA
1,017 posts, read 397,545 times
Reputation: 2770
Plan for tomorrow, live for today. Don’t forget to enjoy yourself along the way to retirement. You don’t have to blow the budget, learn to appreciate the small blessings.

You also have to get to retirement first. If your health if fair-to-middling, work on it like you’re working on the financial side.
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Old Yesterday, 09:59 AM
 
19 posts, read 11,996 times
Reputation: 18
Thank you for the great tips!

In response to the questions:

My health is very good and I work to maintain that way. The ten years was based on the age of the youngest child who will be finished with college in that time frame. My spouse wants to stay on the east coast as well. The two reasons we consider leaving CT are the weather and the costs because property and other taxes continue to rise. We could however be snow birds but I would have to do more research to determine how it would work out.
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Old Yesterday, 10:01 AM
 
224 posts, read 80,328 times
Reputation: 1000
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?

Get out your 401k plan and read it cover to cover. Really get in the weeds, and see if you are exploiting it to the max. It is the best thing you can do. If you can contribute more, even if the company match is at the limit, do so. It is tax sheltered money, it will lower our taxable income. Push it all the way, so that your last 10 years count.
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Old Yesterday, 10:02 AM
 
Location: Rosa’s Cantina
185 posts, read 198,038 times
Reputation: 435
Learn all you can about taxes and rmd (if applicable). There are so many nuances and there are lots of things you can do better gradually over time to set yourself up. Make sure your happy with your investments and get rid of what you don’t want. There are a lot of straight jackets you can find yourself in regarding income limits once you stop working (and don’t have employer insurance, if that applies).
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Old Yesterday, 10:10 AM
 
Location: Scottsdale, AZ
7,857 posts, read 4,812,350 times
Reputation: 28713
Im glad your health is excellent, OP. A lot can change in ten years, though, which makes planning difficult.

I started planning at age 57 and swore our next house would be two stories. Guess where we live now: one story rambling house with a separate guest house. Stairs are too painful now. I also thought wed be in Prescott AZ for the cooler weather. Nope, we ended up in Scottsdale. I think the high for today is 109.
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Old Yesterday, 10:19 AM
 
Location: STEELERS COUNTRY
45 posts, read 16,488 times
Reputation: 173
WORK
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