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.
I find it amazing that someone is talking about retirement and still does not own a home. Maybe you need to check into other places to retire. We haven't had a house payment since 1993. Of course our taxes and insurance are about what we used to pay for our house payment, taxes and insurance. Three bedrooms, 2 baths, a garage, and 1.25 acres that is for us only. Expenses are groceries, cable, electricity, aquatic center, and lawn care and medical. I am trying to get rid of the too many clothes in my closet as they wear out so spend very little on that.
She lives in NYC. She IS retired, not talking about it. It is not unusual for many New Yorkers to rent all their lives.
If anyone wonders why I have been posting lately in the Retirement forum anything that crosses my stream of consciousness ("crosses my mind" would be too heavy an expression, particularly considering my most recent contribution prior to this one, about Fabio and gerontologic procreative "intimacy" :-), that is because I am trying for my number of posts in Retirement forum to exceed my number of posts in New York City forum (still have ways to go).
I initially joined City Data discussions out of interest in retiring to New York City (when I was still very far from retirement, or from any specific thoughts about retirement really). But both NYC and my relationship with it have changed quite a bit since then. With respect to moving somewhere for that perfect retirement, early in retirement: places change, and your feelings about them change too. One additional reason not to make a heavy committment to a new location over the one you know thoroughly - ie, I have come to the conclusion that the only reasons to move in retirement from where you already live are (1) you absolutely hate it where you live, and (2) it has become absolutely unsustainably expensive to live where you live. Otherwise, I now seriously think it's better to stay where you are in retirement, and keep visiting your dream retirement location(s) unitl you lose the dream, which I think is very often bound to happen.
I find it amazing that someone is talking about retirement and still does not own a home. Maybe you need to check into other places to retire. We haven't had a house payment since 1993. Of course our taxes and insurance are about what we used to pay for our house payment, taxes and insurance. Three bedrooms, 2 baths, a garage, and 1.25 acres that is for us only. Expenses are groceries, cable, electricity, aquatic center, and lawn care and medical. I am trying to get rid of the too many clothes in my closet as they wear out so spend very little on that.
I am single, retired almost 6 years, high income with big nest egg, and own next to nothing (no house, no car). At the same time, I am pretty frugal as I live a relatively simple life. My biggest expense is income taxes to the US IRS. I am glad I don't own a house and have to maintain a yard - that would feel like hauling around a boat anchor and take away my mobility. I place a high value on the experience of having lived most of the past 3 years in Germany, which was one of my retirement goals. I'll be returning to the US in a few more weeks and start looking for my new home base for the next couple of years. Probably won't buy a house though.
I am single, retired almost 6 years, high income with big nest egg, and own next to nothing (no house, no car). At the same time, I am pretty frugal as I live a relatively simple life. My biggest expense is income taxes to the US IRS. I am glad I don't own a house and have to maintain a yard - that would feel like hauling around a boat anchor and take away my mobility. I place a high value on the experience of having lived most of the past 3 years in Germany, which was one of my retirement goals. I'll be returning to the US in a few more weeks and start looking for my new home base for the next couple of years. Probably won't buy a house though.
Perfect! But why wouldn't you consider buying a small condo? There is nothing to maintain, just pay HOA dues and taxes (you can pay HOA once a year for the next year, and taxes also once a year if your local tax system is not structured such that you can pay everything at once (eg, I must pay twice in Boston, Jan and July, can't pay it all in Jan, which annoys me to no end)). If you'll be constantly coming and going (as it sounds like), it's good to have a perm home base and a perm mailing address. And why would you rent that rather than own? My condo ownership cuts annual housing cost to about 1/7 of what I'd be paying as a renter, and I can always recover the purchase price of the condo (+ the appreciation - the value has tripled in 23 years) if I want to sell the condo.
Financial advice routinely given to people in my profession is to own one's home until the age of about 90, then consider renting (I guess to minimize the ongoing housing costs over a couple of decades in retirement, but then to make full use, prior to dying, of the money tied up in home ownership).
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,755 posts, read 58,140,793 times
Reputation: 46252
Quote:
Originally Posted by jiminnm
I am in my retirement years and living where I want to live. Should we find a place we think we would like better, then we will be living there.
I fully embrace the mobility options.
There are many 'seasons of retirement ', and to fully enjoy those seasons.... Some of use need to be mobile. RV living doesn't cut it for us, so buying or renting in a location we want to enjoy and explore makes more sense.
There are several options to do that. We're grateful for that privilege.
We'll probably always retain our current abode, since it is handicapped accessible and convenient and nice view. If we can't maintain or pay to have it maintained.... We'll be off to skilled nursing care. (Already picked that spot out). Application all filled out, except for Dr signature. Pretty location (within a State Park). Fairly remote, great price for local care center and local staff. No high end medical nearby, just let me finish well, in a pleasant spot. No need to prolong the process.
Last edited by StealthRabbit; 09-04-2023 at 10:50 AM..
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,755 posts, read 58,140,793 times
Reputation: 46252
Quote:
Originally Posted by elnrgby
Perfect! But why wouldn't you consider buying a small condo? .... make full use, prior to dying, of the money tied up in home ownership).
condos come with a price.
Condo committee (ex- managers / professionals who never tire of making life miserable for others)
Fees - sometimes outlandish if unplanned issues arise
Neighbors -
Congestion-
Yappy dogs -
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.
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.
Perfect! But why wouldn't you consider buying a small condo? There is nothing to maintain, just pay HOA dues and taxes (you can pay HOA once a year for the next year, and taxes also once a year if your local tax system is not structured such that you can pay everything at once (eg, I must pay twice in Boston, Jan and July, can't pay it all in Jan, which annoys me to no end)). If you'll be constantly coming and going (as it sounds like), it's good to have a perm home base and a perm mailing address. And why would you rent that rather than own? My condo ownership cuts annual housing cost to about 1/7 of what I'd be paying as a renter, and I can always recover the purchase price of the condo (+ the appreciation - the value has tripled in 23 years) if I want to sell the condo. 
