FINANCIALLY Speaking in which state should you retire?
- Thread starter jssailem
- Start date
I keep telling wife that when it is my time, I am getting in my boat and sailing away...never to be seen again.
Since she would never sail on her own, I don’t think she cares about losing the boat (but maybe me).
Growing old can be tough. We are going through it with my wife’s mom now. We both agree, we don’t want to be in a nursing home and not self-sufficient.
Indians and Eskimos had it right.
Greg
@LeslieTroyer “pests”. Ha, you guys are welcome anytime. It’s that pesky @Kermit guy we gotta worry about. 
But John, How come they're on green grass and you're bundled up like you're headed to Red Deer?
I admit it’s been on my mind, but I don’t have any profound answers. One question I’ve been asking myself is what will l do everyday as a matter of routine? And of course, where? If you don’t have to drive on the freeways often, right here in Southern California, Long Beach, is an excellent retirement location if you’re here already. It’d be tough to “buy in” now due to the high cost of housing, and other potential high costs, etc. As far as sailing goes, we “swap” a diversity of week-end destinations characteristic of other sailing regions such as New England and Maine for year-round access here. But, there’s plenty of other low-cost stuff to do out doors; parks, beaches, bike trails, etc.
People say otherwise, but you don’t really need a personal car to get around the urban areas. Yeah, if you have to commute to work in town from the Inland Empire; but otherwise not so much. You just sometimes need more time to make destinations, which people say retirees have a lot of. Take bus or Uber to Long Beach Airport, pick up a rental car sometimes for as little as $28/day, unlimited mileage. Drop off at some other town for a few bucks more. Ride bus daily for near destinations on Senior pass. Could go from here to San Diego by combination of bus and train (Surfliner) for maybe $30 each way. Yes, more than gas, but the cost based on the mileage reimbursement rate would be 200 mi (RT) x $0.55/ mile = $110; plus you don’t have to drive on the freeway. But, as I said, you have to give up more time. Could be 3 to 3 1/2 hr each way instead of maybe two, etc. Takes about 45 min to get from the boat slip to home by buses; but maybe 20 min to drive it in the car, usually a bit less. I can deal with that if I don’t have time issues. Why move to the boon-docks or to a senior living place next to a CVS as its greatest appeal, along with golf? I shudder the thought for a sailor like me. I don’t even play golf. Not that many folks play chess already so I’m not likely going to find any at a Senior Center in Mojave.
People say otherwise, but you don’t really need a personal car to get around the urban areas. Yeah, if you have to commute to work in town from the Inland Empire; but otherwise not so much. You just sometimes need more time to make destinations, which people say retirees have a lot of. Take bus or Uber to Long Beach Airport, pick up a rental car sometimes for as little as $28/day, unlimited mileage. Drop off at some other town for a few bucks more. Ride bus daily for near destinations on Senior pass. Could go from here to San Diego by combination of bus and train (Surfliner) for maybe $30 each way. Yes, more than gas, but the cost based on the mileage reimbursement rate would be 200 mi (RT) x $0.55/ mile = $110; plus you don’t have to drive on the freeway. But, as I said, you have to give up more time. Could be 3 to 3 1/2 hr each way instead of maybe two, etc. Takes about 45 min to get from the boat slip to home by buses; but maybe 20 min to drive it in the car, usually a bit less. I can deal with that if I don’t have time issues. Why move to the boon-docks or to a senior living place next to a CVS as its greatest appeal, along with golf? I shudder the thought for a sailor like me
. I don’t even play golf. Not that many folks play chess already so I’m not likely going to find any at a Senior Center in Mojave.
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Just about anywhere along the Gulf Coast.
Your tax bracket drops dramatically, on retirement.
As for me, 45 minute drive, to New Orleans [food and fun], 3 hours to Destin [white sand beaches].
Three to 4 day sail to the Dry Tortuga's.
Coastal cruising, from spot to spot. ICW all the way too.
With the right Mast Height, you can cut across Florida to the Atlantic.
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Landlubber living expenses is less when in is NOT a tourist center. Try nearby, like me.
Jim...
Your tax bracket drops dramatically, on retirement.
As for me, 45 minute drive, to New Orleans [food and fun], 3 hours to Destin [white sand beaches].
Three to 4 day sail to the Dry Tortuga's.
Coastal cruising, from spot to spot. ICW all the way too.
With the right Mast Height, you can cut across Florida to the Atlantic.
______
Landlubber living expenses is less when in is NOT a tourist center. Try nearby, like me.
Jim...
Hurricanes, floods, sea-level rise, bugs, summer swelter, humidity, shoal waters, many power boats on the motor-boater highway, and, as I loving like to call ‘em, Pinellan Pinheads (forgive-I lived there for 11 yr). No income tax in FL, but if you don’t have much income to start with, what’s the big deal? In CA, you pay income tax, BUT you get something for it that eases other costs to go out whereas in other places you may not have those public destinations that are nice, etc.
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Kings Gambit raises an interesting point. For the first time, you have unlimited time. Projects take 5 times as long because you don't need to do everything on the weekend. On day one you think about the project. On day 2 you go out and buy everything you need. Day three you check all the parts and read the instructions. Day four you see a better way to do it and the process starts over. It's wonderful.
We can be out on the boat for a week and decide to stay out another day or two - no problem.
We can be out on the boat for a week and decide to stay out another day or two - no problem.
I know the story of that picture. Where was the photographer when they took that picture?
Don't tell, let the SBO folks figure it out.
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Well you got one of those right!
I wonder why the boating industry thrives along the Gulf Coast?
KG you raise many of the questions that confuse.
- Old folk have time. Not that much.
- If you didn’t buy your home 40 years ago or during the last crash it is too expensive to buy now.
- Why live next to a golf course if you don’t play golf.
- Every thing costs money. Some costs we accept while we can earn more money for the convenience.
- Transportation means feeling freedom
While a lot of these posts are from us old geezers, the thread should be valuable to the young 'uns.
Those of us who thought ahead, did some planning, and made some sacrifices have greater flexibility in our retirements. We have the freedom to make choices and enjoy these later years.
Take a look at some of the retired folks you know, what kind of life do you want and realize that you have to balance what you want to do today and how you want to live many years down the road. Learn from them, how are they able to do what they do? What do you have to do to get there?
And be prepared for changes. Over the course of my working career I seldom travelled. After retiring, we took a trip to Italy, and then Hawaii, Maine, Cape Cod, the Adirondacks, NYC, Chicago, Washington DC, England and Scotland, South Carolina and Georgia, and next year we're heading to the Shenandoah Mtns and back to NYC. Not to mention a spur of the moment trip last spring to Hawaii to see the volcano erupting. Over the first 4 years of my retirement I learned I liked to travel and lost my will power when it came to really expensive boat parts. Unfortunately, I had only planned for modestly expensive boat parts and more limited travel. So it was back to work part time.
Fortunately, I was able to negotiate a position where I could do the parts of my old job that I enjoyed, set my own hours, and avoid the parts of the job I didn't like. Thus, through a combination of good planning and some good fortune I have a comfortable retirement.
So, you young whippersnappers out there, think ahead and understand the choices you make, and with a little good fortune you can enjoy later years.
Those of us who thought ahead, did some planning, and made some sacrifices have greater flexibility in our retirements. We have the freedom to make choices and enjoy these later years.
Take a look at some of the retired folks you know, what kind of life do you want and realize that you have to balance what you want to do today and how you want to live many years down the road. Learn from them, how are they able to do what they do? What do you have to do to get there?
And be prepared for changes. Over the course of my working career I seldom travelled. After retiring, we took a trip to Italy, and then Hawaii, Maine, Cape Cod, the Adirondacks, NYC, Chicago, Washington DC, England and Scotland, South Carolina and Georgia, and next year we're heading to the Shenandoah Mtns and back to NYC. Not to mention a spur of the moment trip last spring to Hawaii to see the volcano erupting. Over the first 4 years of my retirement I learned I liked to travel and lost my will power when it came to really expensive boat parts. Unfortunately, I had only planned for modestly expensive boat parts and more limited travel. So it was back to work part time.
Fortunately, I was able to negotiate a position where I could do the parts of my old job that I enjoyed, set my own hours, and avoid the parts of the job I didn't like. Thus, through a combination of good planning and some good fortune I have a comfortable retirement.
So, you young whippersnappers out there, think ahead and understand the choices you make, and with a little good fortune you can enjoy later years.
Like your comments Dave. It is a challenge for sure. I understand how the travel bug can grip you. We are looking at that as well. Hopefully we will pace ourselves. Sounds like it is needed. It is easier to travel early in retirement than it is later.
Lets hope that the young folk will work very hard and keep the SS system strong so that the sacrifices we old folk made over the last 40 plus years will be repaid.
Lets hope that the young folk will work very hard and keep the SS system strong so that the sacrifices we old folk made over the last 40 plus years will be repaid.
Here's some irony. In my part time work, I pay both SS and Medicare taxes and I collect SS and Medicare benefits. In effect, by working I'm reducing my benefits. (and I'm past the age cap on earnings)
A couple of things made traveling easier in retirement, 1), not being tied to a school vacation schedule. Air fares and hotel rates are higher during those weeks; and 2) learning how to milk a frequent flyer program.
You asked where. For me it's to stay put likely and I tell why. I see others leave here for the hinterlands of the Arizona mountains near Flagstaff, the eastern Oregon & Washington deserts, Idaho forests, the Colorado outback on the plains, and to west-central Texas, to name a few recent ones. I honestly do not get it. Some not boaters, to be sure; but others are (i.e., were). Often as not they're chasing their grand kids--i.e., moving to where their own adult children can afford to live, etc. Or wish a bigger house on acreage. My question remains, what are you going to do there? Those places are cold and have no ocean nearby. I've spent many years and a lot of money developing my "hobby." I would not be ready to give it up, or to seriously impede it, just b/c I'm retiring, etc. I'll stay put and give up something else if that is what it takes.
Sure, I love travel too. But take a trip; spend $10K-$12K, and when you're back it's gone. Keep the boat up, take your trips therein or have it delivered to a destination for your $10K or less and enjoy it there for much longer perhaps. And when you're "back"--you still have the boat!!
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My Admiral and I are in our mid-50’s. We live in Indiana, near Chicago, and keep our boatnon Lake Michigan.
We love Maui in February, but don’t think I could live there year round (no good marinas for pleasure boats).
Our house will be paid for in a few years, I will be eligible to retire in a few years, and we have put together a decent retirement nest egg.
i think today we would stay in Indiana, spend a few months in Maui each winter, and keep sailing on Lake Michigan in the summer.
Greg
We love Maui in February, but don’t think I could live there year round (no good marinas for pleasure boats).
Our house will be paid for in a few years, I will be eligible to retire in a few years, and we have put together a decent retirement nest egg.
i think today we would stay in Indiana, spend a few months in Maui each winter, and keep sailing on Lake Michigan in the summer.
Greg
One of the things I learned in retirement.
"...if you want something, buy it...."
Since I no longer need to save for retirement.
You laugh, but it is a difficult paradigm to break.
"...if you want something, buy it...."
Since I no longer need to save for retirement.
You laugh, but it is a difficult paradigm to break.
How true. Old habits sometimes die hard. I had the same experience. As for buy it now, once you retire you are more aware of your expiration date. Why wait for 2 more years for that new mainsail. Get it now and enjoy for the next 2 years.
I sometimes measure the cost in "nursing home days" i.e, how many days sooner will I go on medicaid when I'm in the nursing home.