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Old 09-23-2012, 03:28 PM
 
Location: Tennessee
21,034 posts, read 15,336,412 times
Reputation: 23876

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Quote:
Originally Posted by jguillot View Post
I just did an overall cost of living comparison on-line at bestplaces.net. I compared Citrus Heights, CA where I live now to Monterey, TN (Cumberland Cove) which is where I plan to retire. The cost comparison shows that overall, Monterey, TN is 22% less espensive than Citrus Heights, CA. In every category, food, housing, utilities, transportation, and health, Montery, TN was less expensive. Housing was the largest factor in the cost of living difference. Housing is 37% cheaper in Monterey, TN. It is true that incomes are typically lower in Tennessee when compared to many other states, but that is not a factor that I need to consider because I'll be retired when I move to Tennessee.
People moving to TN after retirement just drives costs up for locals, many of whom are already struggling to get by on poor prevailing local wages. Your higher salary in CA has likely afforded you the ability to save some money and buy property in TN at a price that is relatively cheap to you (coming from CA prices and incomes). An influx of retirees also does not create innovative, life-sustaining, high skill jobs that TN desperately needs.

TN needs jobs for highly educated, highly skilled people. Many of these jobs are currently in high COL areas. The state needs to be notable for something other than "cheap," especially if the "cheap" comes at the expense of other important things.
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Old 09-23-2012, 03:29 PM
 
Location: Cumberland Cove, Monterey, TN
1,268 posts, read 3,958,076 times
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Quote:
Originally Posted by RememberMee View Post
That is a factor you should consider because sooner or later influx of the people who made $ elsewhere would undercut local's (making local lower wages) ability to enjoy lower cost of living in order to make up for their lower wages. Influx of the people who made $ elsewhere doesn't make your average locals more prosperous, it skews local economies and eventually all the benefits of TN you are after will evaporate.
An influx of retirees will help locals who have businesses to increase income from sales. Locals who work for others are also helped by increased business which provides more job security. Local government also benefits from the increase in tax revenue. I don't believe what you are describing will have any significant adverse impact on locals. Many areas in Tennessee, such as Crossville, encourage people to retire in their area. It helps to provide a boost for their economy.
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Old 09-23-2012, 03:40 PM
 
Location: Tennessee
21,034 posts, read 15,336,412 times
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Quote:
Originally Posted by jguillot View Post
An influx of retirees will help locals who have businesses to increase income from sales. Locals who work for others are also helped by increased business which provides more job security. Local government also benefits from the increase in tax revenue. I don't believe what you are describing will have any significant adverse impact on locals. Many areas in Tennessee, such as Crossville, encourage people to retire in their area. It helps to provide a boost for their economy.
Some industries will boom. Health care, as a proportion of the total economy, will increase and provide more jobs as the demographics skew older. Associated business, like nursing homes, will open and hire people.

On the flip side, others suffer. A community with a large amount of retirees and few children will result in the reduction of large numbers of school employees, relative to where it was before when demographics were more normally distributed. In time, schools will likely close or decline in quality as staff head counts are reduced. As this happens, it becomes more difficult to attract the next generation that will drive the economy. Many small towns in TN are not places people would move to anyway, as they lack the employment opportunities and services of larger metros.

Look at Asheville, NC as a case in point. Asheville has attracted retirees from all over. Property values and rents there have increased substantially, but the local economy is still poor. Professional jobs in Asheville are virtually nonexistent, unemployment is high, and the biggest fields are leisure/hospitality and medical services, most of which is low wage employment. People from NY, CA, and other high income states can afford to buy a place in Asheville, but many of the locals are now in a low-wage underclass that is primarily serving retirees from better-off areas.

An area can't depend on the elderly for economic growth, and as the local demographics skew older, overall economic health declines. Welcome to Japan.
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Old 09-23-2012, 03:58 PM
 
4,829 posts, read 4,813,163 times
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Quote:
Originally Posted by jguillot View Post
An influx of retirees will help locals who have businesses to increase income from sales. Locals who work for others are also helped by increased business which provides more job security. Local government also benefits from the increase in tax revenue. I don't believe what you are describing will have any significant adverse impact on locals. Many areas in Tennessee, such as Crossville, encourage people to retire in their area. It helps to provide a boost for their economy.
There are plenty of example of retiree driven economies, all sucks for locals, FL, AZ. Recent victim is Asheville, NC. What local businesses, what local anything you are talking about ? It's almost all chains, chains, chains. Unfortunately, specifics of old age is such that government expenditures per retiree far outpace jump in tax revenue because of retiree influx. Locking up significant portion of economically active population of a particular locale in the lines of work catering to the aging folks virtually guarantees that it will economically stagnate for generations to come.

There is nothing wrong about getting old, and we should take care of our old, but if one portion of a country dumps its aging population on another portion of the country that invites major economic dislocations and inequalities. It's not just about money. Money is just a abstraction we use to extract labor of others. So if a wealthy retiree with a healthy pile of cash settles down in TN boonies, economically active folks needs to redirect their physical efforts to serve that pile of cash. And it's very unlikely that locals were sitting idly before arrival of the pile of cash, they need to drop what they were doing (including, maybe, caring for their old) and service pile of cash of a wealthy retiree. This redirection of efforts have (normally) dire consequences for the long term well being of the locals.
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Old 09-27-2012, 06:30 PM
 
Location: Franklin, TN
615 posts, read 1,567,730 times
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If you work in a field which caters to retirees, then servicing them well can provide you with substantial income. My wife is a pharmacist. I'm a finance guy. Old people need advice on drugs and money. Good times for us here in Tennessee.
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Old 09-28-2012, 12:59 PM
 
Location: the hills of TN!
283 posts, read 759,516 times
Reputation: 305
Quote:
Originally Posted by jguillot View Post
An influx of retirees will help locals who have businesses to increase income from sales.
Not necessarily. In the Claiborne & Campbell county areas, we have a lot of retired folks who 'summer' or live year round at Norris lake. They drive down from wherever, and never come to town. They might go to Knoxville occasionally for the big box stores, but never to Tazewell or LaFollette/Jacksboro/Caryville. If they do come to town, they go to Wally World and then run back to the lake. They are just not that interested in the small town stuff.

Admittedly, I finally retired (April Fool's Day, actually), and was finally able to be here full time. I haven't been to the lake except for a Sunday drive. I try to never darken Wally's door, and use local businesses as much as possible. But, I feel like I'm different in that I had ties here before and I value these little towns for their diversity and character. I also hope that my little corner of TN never becomes an area with a high concentration of retired people.
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Old 09-30-2012, 07:26 AM
 
Location: Hometown of Jason Witten
5,985 posts, read 3,642,856 times
Reputation: 1914
The elderly seem to have two things in common with nuclear waste:

1. Both should be taken care of properly.
2. Just don't do it in my neighborhood.
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