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Old 06-10-2009, 06:02 AM
 
Location: DC Area, for now
3,517 posts, read 12,048,324 times
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Quote:
Originally Posted by donsabi View Post
There is a major flaw in all these "best place to retire" things. Most will take into account taxes and medical care resources, most eliminate snowy areas, and have lots of good eateries. However, all these studies do not account for the variations in retirement income. If you retire with a lot of resources you can just about retire anywhere. Most retirement communities sell their homes with a base price of $250k. There are mobile home communities that sell for $120k. The problem is that a recommendation for, let's say, Asheville NC may be great if you are able to purchase into a gated 55+ community. On the other hand, if you have limited retirement income you may assume because Asheville was recommended the surrounding area is also recommended. So you make the move, buying a house just outside Asheville that you can afford, only to find yourself in hillbilly heaven where all your neighbors are flying the confederate battle flag. These recommended retirement locations need to be income qualified.
This is a really good point. I always get the feeling that just about all of those type articles are geared towards the well off and are really meant to be sales jobs to part those retirees from their money. You never see articles for where to retire on a very modest income.

It's like those AARP articles showing you senior style and cite ordinary T shirts for $60-120. I can get one that looks the same for $4-10. And this after they have all those articles about how so many seniors are having financial problems. It is just a sales job - Caveat emptor.
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Old 06-10-2009, 06:18 AM
 
8,184 posts, read 11,902,987 times
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Quote:
Originally Posted by donsabi View Post
Most retirement communities sell their homes with a base price of $250k.
That hasn't been my experience at all. I've been researching 55+ communities in Florida & Nevada and most have a range of housing options and prices starting as little as $100k and going up from there all the way to half a million or higher. Granted, at the lower level, your getting a small house with few amenities, but you're not locked out of the resort. For example, here is a nice 2br at The Villages (about an hour north of Orlando, FL) for $135k:

Properties of The Villages

One other thing to keep in mind, is that a lot of people who move into 55+ retirement communities are downsizing from previous primary residences and selling those houses that they've paid on for 20-30 years. They can then take that money and pay cash for a house in a retirement community thus eliminating the expense of a mortgage. Consequently, a significant retirement income stream becomes even less important.
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Old 06-10-2009, 06:27 AM
 
Location: DC Area, for now
3,517 posts, read 12,048,324 times
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Quote:
Originally Posted by MadManofBethesda View Post
That hasn't been my experience at all. I've been researching 55+ communities in Florida & Nevada and most have a range of housing options and prices starting as little as $100k and going up from there all the way to half a million or higher. Granted, at the lower level, your getting a small house with few amenities, but you're not locked out of the resort. For example, here is a nice 2br at The Villages (about an hour north of Orlando, FL) for $135k:

Properties of The Villages

One other thing to keep in mind, is that a lot of people who move into 55+ retirement communities are downsizing from previous primary residences and selling those houses that they've paid on for 20-30 years. They can then take that money and pay cash for a house in a retirement community thus eliminating the expense of a mortgage. Consequently, a significant retirement income stream becomes even less important.
Yes, that is the market they are after. But the lower mortgage payment is often made up with fees that never end.
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Old 06-11-2009, 03:23 PM
 
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A word of caution about homes in Florida. Due to the hurricane hazard, homeowners insurance can be VERY expensive if a home was built BEFORE the latest round of building codes were implemented. Some people in older homes are paying $6k or more per year for homeowner's policies, plus property taxes of $6k or so. That can eat up a lot of pension money or Social Security. More than a few old-timers have been priced out of their homes by these twin whammies.
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Old 06-11-2009, 10:38 PM
 
Location: Grove City, Ohio
10,128 posts, read 12,376,133 times
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Quote:
Originally Posted by Mike from back east View Post
A word of caution about homes in Florida. Due to the hurricane hazard, homeowners insurance can be VERY expensive if a home was built BEFORE the latest round of building codes were implemented. Some people in older homes are paying $6k or more per year for homeowner's policies, plus property taxes of $6k or so. That can eat up a lot of pension money or Social Security. More than a few old-timers have been priced out of their homes by these twin whammies.
We've seen a huge number of Florida retirees relocate north of the Florida state line in Georgia just to escape the twin whammies.

As for me my primary concern is to escape the cold. Shoveled and blew a lot of snow over my lifetime and could care less if I ever see another snowflake.

Future affordability. I am concerned what may happen to our social security 10 or 15 years down the road when I am 72 and not able to work anymore.

Baby boomers, it's all your fault!

Especially read the last third.

I can't see the US cutting social security out completely but I can see cutting of benefits or amounts through trickery. The truth is the generation behind us won't tolerate the taxes required to service our "entitlement" and as we grow older they will grow bolder. Can't say I blame them either.

Just for the record it isn't the fault of baby boomers either. I remember in the 1970's hearing about the coming shortfalls, that we would never collect from social security, but the politicians lacked the courage to propose any sort of meaningful fix. In coming years two or three wage earners supporting one retiree simply won't fly.

I am picking a sort of depressed area looking first towards weather and second towards "senior services" because they won't be here anyway. I am calculating my retirement lifestyle so if we were to lose a full half our income, either through cuts or inflationary tricks perpetrated by the political scum in Washington, we would still be able to survive somewhat comfortably.

I don't care what hogwash the politicians try to feed you I am convinced we are in for a 20 to 25 year bull market and recession mostly caused by simple demographics.

Hey, if I am wrong then we'll enjoy having a lot of disposable income. It's a win-win this way.

Well, having a new roof put on the house starting Monday morning. A month ago or so we got 18" of rain in two days and we sprang a leak over the kitchen. Not all that surprised, roof is about 30 years old and shingles are starting to curl so I was expecting it. Still disconcerting to find water dripping from the light fixture onto the middle of the floor. It's a 35 year architectural three tab shingle that looks really good and when it is time to replace again I will be 95.
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Old 06-12-2009, 12:34 PM
 
20,896 posts, read 39,162,901 times
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Quote:
Originally Posted by nicet4 View Post
We've seen a huge number of Florida retirees relocate north of the Florida state line in Georgia just to escape the twin whammies....
A lot of the people you refer to call themselves "halfbacks" since they move to FL from the northeast, find the cost or weather too much for them, so they move to GA, SC, NC or TN, i.e., "half way back" to NY, CT, MA, etc, thus they are "half-backs."
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Old 06-12-2009, 02:00 PM
 
Location: Grove City, Ohio
10,128 posts, read 12,376,133 times
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Quote:
Originally Posted by Mike from back east View Post
A lot of the people you refer to call themselves "halfbacks" since they move to FL from the northeast, find the cost or weather too much for them, so they move to GA, SC, NC or TN, i.e., "half way back" to NY, CT, MA, etc, thus they are "half-backs."
You're right about the twin whammies. Costs are higher and pay is less. Sometimes a lot less.

To me one of the more ideal settings to living in Florida without living in Florida is the quaint little town of Thomasville, Georgia.

Quaint, low cost with a nice downtown but only 20 to 30 minutes from Tallahassee which to me is the most beautiful state capital towns in the entire south.

For retirement there's some real nice houses around you can pick up for $100k... you would pay double in Florida.
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Old 06-12-2009, 02:16 PM
 
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nicet4--------I inquired about Thomasville on the GA forum ( for retirement relocation) and never got a single response.

Maybe folks in Thomasville don't want me. ( sarc)
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Old 06-14-2009, 01:08 AM
 
Location: Lakewood OH
21,699 posts, read 23,651,778 times
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I was surprised to see Portland OR on the list unless he is not considering cost of living which is pretty high even for those with full time jobs.
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Old 06-14-2009, 10:49 AM
 
Location: DC Area, for now
3,517 posts, read 12,048,324 times
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Quote:
Originally Posted by Minervah View Post
I was surprised to see Portland OR on the list unless he is not considering cost of living which is pretty high even for those with full time jobs.
The list is from 3 years ago - before the big crash - so cost of living was probably not a criteria then. That's the problem with those lists - they are really meant to be a marketing thing to people with lots of disposable income. Hence they are not particularly illuminating for most people. Especially now that so many people have lost their savings.
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