Our Relocation Scenario (Sarasota: health insurance, house, neighborhoods)

[vtsc]

My wife and I are considering a move to Sarasota from California. We visited the area and really thought it was splendid, and we would like to move there. While there we did have a chance to drive around and see some neighborhoods and it seems like Gulf Gate is a good fit for us.

We are in our early 50's and moving to Sarasota would hopefully enable us to retire within the next couple of yearsor just work partime. So now I will lay out our plan.

We have about 900k in liquid assets. 200k (+-) to buy a house, 500k in cd which would provide about 1500 monthly income. 200k in cash for health insurance, other insurance. taxes and living expenses. Part time jobs would supplement our income and possibly get us health insurance. In four years I qualify for a 1000 a month pension and at age 60 another pension kicks in at 650 a month.

My biggest concern is having to pay for health insurance for many years. I figure we could live on about 3k a month and be content.

We would like to find a house that is at least 2 bedroom 2 bath, 1500 sq. ft., fenced backyard for the dog, and a solid neighborhood. We liked Gulf Gate but would be open to other Sarasota neighborhoods.

So now we would appreciate your thoughts and suggestions on our plan. Is it doable?

[Scythykins]

Well, as a personal financial rep, your finances look pretty solid (although highly exposed to inflation risk.) You're assuming an average APY on that CD of about 3.6% (Before taxes.) Hard to find that on short term CDs, would highly recommend putting some of that to a Roth IRA CD ASAP (if not already done) to take advantage of tax free growth.

You're moving from an area of ungodly high expenses (regardless of where you are in CA!) to one of relatively low expenses. Two pensions, plus unlike my wife and I (20-somethings) you might actually see Social Security for a while! You'd really only have to foot a major bill for health insurance until you're 65 1/2 (full medicare kick in, you'd likely want supplemental though.) From what I've studied myself, Gulf Gate seems a nice area for you.

Most importantly though, what kind of dog?

[Big House]

Originally Posted by vtsc

My wife and I are considering a move to Sarasota from California. We visited the area and really thought it was splendid, and we would like to move there. While there we did have a chance to drive around and see some neighborhoods and it seems like Gulf Gate is a good fit for us.

We are in our early 50's and moving to Sarasota would hopefully enable us to retire within the next couple of yearsor just work partime. So now I will lay out our plan.

We have about 900k in liquid assets. 200k (+-) to buy a house, 500k in cd which would provide about 1500 monthly income. 200k in cash for health insurance, other insurance. taxes and living expenses. Part time jobs would supplement our income and possibly get us health insurance. In four years I qualify for a 1000 a month pension and at age 60 another pension kicks in at 650 a month.

My biggest concern is having to pay for health insurance for many years. I figure we could live on about 3k a month and be content.

We would like to find a house that is at least 2 bedroom 2 bath, 1500 sq. ft., fenced backyard for the dog, and a solid neighborhood. We liked Gulf Gate but would be open to other Sarasota neighborhoods.

So now we would appreciate your thoughts and suggestions on our plan. Is it doable?

You have a long life ahead of you, but I think you can manage well with the financial picture you laid out. You are young enough that you will probably want to find something to keep you active and continuing the income stream for a while though, if you are in good health, maybe you can find something that will pay your benefits (even if it is for lower pay). You have had some reasonable success in your chosen career to generate some savings like that so maybe you could do some consulting or something without consuming all your time.

[vtsc]

Thanks for your responses. It's good to hear some positive feedback. If we stay in CA (we live in San Jose, about an hour south of San Francisco) my wife and I will have to work at least 8 more years . It is a great area, but very expensive. Sarasota is the only place we've been that we have liked enough to consider quitting our stressful, good paying jobs and going into a sort of early semi-retirement. The beauty of living in CA is that almost anywhere else is going to be cheaper to live. Once you start thinking that you can move to beautiful city lke Sarasota, and retire within the next year or two, it becomes something that I daydream about every day.

All through high school and college I worked at Safeway,so I have almost 10 years experience in the grocery business. I was thinking that I could get a part time job at Publix. They offer health insurance, and it would keep me busy while making a little cash too. My wife works in accounting so hopefully she could find a little work also.

We would like to hear if there are some neighborhoods that are in the same price range, just as nice, and as well located as Gulf Gate. Thanks.

[vtsc]

Scythykins- our dog is the fastest three legged dog you've ever seen, possibly among the fastest in the world. He is a mixed breed and weighs about 15 pounds. He will certainly be a great addition to the dog park scene.

[vtsc]

We'd love to hear some more opinions. Thanks for your thoughts.