The benefits of retiring during a recession (55, moving, retired)
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Nice article on some of the benefits of retiring during a recession. The downside jumps out at most folks but this is a read on some of the advantages. We found that retiring just before or at the very beginning and having sold our house and transplanted at the very beginning was the best of. the-benefits-of-retiring-during-a-recession: Personal Finance News from Yahoo! Finance
I know a number of us have retired in the last three years and I wonder how others feel in hindsight.
Unfortunately my retirement involves selling my house and moving to a cheaper area. I am losing substantially on what I expect to gain from the sale of my house. I do see some advantages: low inflation and low gas/diesel prices. I will be doing lots of travel so the low fuel costs could save me several thousand dollars/year.
Unfortunately my retirement involves selling my house and moving to a cheaper area. I am losing substantially on what I expect to gain from the sale of my house. I do see some advantages: low inflation and low gas/diesel prices. I will be doing lots of travel so the low fuel costs could save me several thousand dollars/year.
Yes I hear you. We were blessed and sold just as things were heading south and got about 95% peak for our house. So much is timing. Now the question is did your old house depreciated more than or less than your downsize? Just because of size and cost I would guess more and thats a bummer.
The downsized house I will eventually buy will be less than half of the cost of the house I am selling. In a down market you would think I would not be able to recover my losses on selling low. That may not actually be the case. I am selling in an area with a modest decline in housing costs but will probably buy in an area with a major decrease.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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This housing challenge is both a good opportunity and a major challenge. (as I place seniors who need to sell their homes...).
I hadn't planned to need my home equity for subsistence, BUT the formula has changed a bit to support my 40-50 yrs in retirement...(needing Healthcare). The benefit of the 'world-wide; recession has opened travel and living overseas (Which I plan to do for 5-10 yrs). + I still am reaping the benefits of flying all over for Cheap!!! $99 from Portland, OR to DC (1 way !!!) a cheap car and a cheap trip home from somewhere makes a very affordable vacation.
I did SF for a week at the end of May for under $300 (Airfare, rental car, lodging, food, entertainment).
I hear it is very cheap to rent furnished flats in Europe on the outskirts of cities, so that is on my bucket list for a few months in the next few years. (or a few yrs if it is cheap enough)
This housing challenge is both a good opportunity and a major challenge. (as I place seniors who need to sell their homes...).
I hadn't planned to need my home equity for subsistence, BUT the formula has changed a bit to support my 40-50 yrs in retirement...(needing Healthcare). The benefit of the 'world-wide; recession has opened travel and living overseas (Which I plan to do for 5-10 yrs). + I still am reaping the benefits of flying all over for Cheap!!! $99 from Portland, OR to DC (1 way !!!) a cheap car and a cheap trip home from somewhere makes a very affordable vacation.
I did SF for a week at the end of May for under $300 (Airfare, rental car, lodging, food, entertainment).
I hear it is very cheap to rent furnished flats in Europe on the outskirts of cities, so that is on my bucket list for a few months in the next few years. (or a few yrs if it is cheap enough)
I took a 100,000 hit on my 4,000 sq ft house that I had been restoring for 5 years. It was all in the timing. The problem was , it left me short on the new build of my retirement cottage ( 1500 sq. ft). The good thing was building materials were much less ,labor also some.... So, I guess I saved 100,000, and being my own GC helped. Its been three years and almost done building my drean minimalist modern on a mountain top here in Upper Michigan.
The cost has been more than I wanted ( 120.00 sq ft if basement garage is included), so , I am overbuilt once again , and the lack of ready funds being retired , and not being able to be creative as I like is frustrating. retirement is not all its cracked up to be,...its hard to ajust when you have always done your own thing, and being self employed all my life.
if you retire during the recession and base your withdrawls on your portfolio value then and you can still retire, then it can only get better as time goes on....
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