Please help. Need some advice (Dallas, Cedar Hill: health insurance, credit, home)

[Arwen77]

Originally Posted by EDS_

To me this is easy, given your situation - especially the short span between now and retirement, the TRS pension would be life changing.


The difference between hitting retirement with little and social security and 12/13/14 yrs. of 403B investments and a vested TRS pension and say 401K investments made on the side is stark and frankly should be a no-brainer for you.

Your best course of action by far would be to take the UT system job, work, save and vest into the TRS pension then the day your retire move to a place with four seasons.

__________


It is hot here in the summer and we do have more or less two seasons something like summer and sort of a long fall mixed with a few very cold days. As a golfer and boater the weather here is pretty great most of the year. We never fully winterize our boat and most years take the thing out evey month of the year.



ETA - we have a place along the Boca Inlet/Lake Boca everyone in my family agrees that the heat + humidity is subjectively worse there than the same here in Dallas.

One hundred percent this - the pension would be life changing. Stick it out, get the pension and then move where you desire.

[kitkatbar]

There is no perfect solution here and I think you know that.

You either have to move someplace with long hot summers with a great retirement plan.

Or someplace with four lovely seasons without a good retirement plan.

If it were me, I would do as others have suggested and move to Dallas, work until you are to retirement age, then move to a part of the country that has the four seasons you desire. At 52, you only have so many years left where you will likely be healthy enough to work. So I would take the good retirement plan.

Or, the flip side is, would you be willing to keep working longer, past typical retirement age at 67, in order to live someplace with four seasons? How much longer? In Texas, many jobs that pay into TRS do not pay into social security and even if you work for a school district or university that does there is a windfall penalty so that even if you are supposed to receive both, your benefits are reduced so that you don't get to "double dip." So check carefully about your specific situation. There are some exceptions to this, such as people who have worked a certain number of years, or worked for certain places. Some people are grandfathered in. But make sure you understand all the rules. Does the job in Knoxville pay into social security?

[EDS_]

Originally Posted by WorldKlas

At age 52 with approx 15 years left in the workforce, you really need to do the math. 15 years flies by!

Come up with some kind of scorecard that also factors in costs and benefits. If you buy a home, compare property taxes in a DFW burb (use Rowlett, Richardson or McKinney) to Knoxville and do a little research on cost of living. Also compare base price of buying a house.

Example: using a weight factor analysis - have a column for each location and put winner points in each column. Assign points based on how you value each factor. The city with the higher score should help give you the answer. Come up with your own factors but here’s an idea….

10 pts to winner*DFW Job projected net (after your mandatory and voluntary contributions)final annual salary at retirement (use 2% incr per year). Vs. Knoxville salary
30 pts to winner*estimated retirement income UT job. Vs. Knoxville job (use SSI & 401K income in this calc)
10 pts to winner*Cost of 1600 sq foot house in both locations
10 pts to winner*Property taxes in both locations
5 pts to winner *local sales tax
5 pts to winner*Auto registration & renewal both places and homeowners insurance
5 pts to winner* Cost of living comparison
25 pts to winner *Fondness for location

I like your thinking.

I'd argue in this case the TRS pension with its "easy" vesting, partial lump sum payout options and lifetime payments given the OP's circumstances is a +40 pts at least for the UT job. If the OP was 25 or 30 or had a tidy nest-egg I'd discount that number greatly.

As the OP is not dealing with weather related medical conditions or important family issues I'd go so far as to say it'd be borderline irrational for the OP to pass on the UT system job.

[TexasRoadkill]

Originally Posted by pippin1970

i am in need of some advice.

Presently i live in florida and i hate it because it’s too hot i am originally from england and i love the four seasons. I have a job offer at ut in dallas. And i also have a job offer in knoxville tennessee and i can’t for the life of me make a decision. Time is running out and i have to decide.

Both jobs pay about the same. But the one in dallas has a trs pension which basically, once you retire you still get paid a salary for life. The job in knoxville just has a 403b but they do give good bonuses.

The job in dallas is definitely a better job. But i don’t know if i’m going to like living in dallas. I have only been downtown. I didn’t have time to check out the suburbs.
I love knoxville and i know i’ll be happy there.

I was a stay at home mom for 20 years and just got back into the workforce 5 years ago. Recently divorced and got totally screwed on alimony etc.

Needless to say i have absolutely nothing saved up for retirement and i’m 52.


I just need a little bit of guidance right now.

Are there any places in dallas like knoxville?

nope

[ChristieP]

McKinney would be a HORRIBLE commute to UTSW. You'd be spending well over an hour a day in your car, most of it sitting in heavy traffic. I would not look at any location in Collin County if you will be working at UTSW.

[TurtleCreek80]

Take the UTD job and pension and then move wherever you want with four seasons when you retire. Dallas does have all four seasons - we just dwell a little long in the summer season.

[EDS_]

Originally Posted by ChristieP

McKinney would be a HORRIBLE commute to UTSW. You'd be spending well over an hour a day in your car, most of it sitting in heavy traffic. I would not look at any location in Collin County if you will be working at UTSW.

I think the OP is talking about UTD.

[Pippin1970]

I’m talking about UT Southwestern.

[EDS_]

Originally Posted by Pippin1970

I’m talking about UT Southwestern.

In that case ChristieP is right. McKinney would be a brutal commute. IMO you should take a look at Irving and parts of Dallas proper should you decide to take the UTSW job.

[20Hope20]

Pick Tennessee.

https://upgradedhome.com/cost-of-liv...ssee-vs-texas/