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Author: alstroemeria Big gold star, 5000 posts Top Recommended Fools Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 1491  
Subject: What's up? Date: 9/25/2010 12:16 PM
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There've been no new posts here for months, so I'm wondering how's everybody doing? Are you retired or working? Is your retirement income (or projected income) on plan? Have you lost your job and suddenly realized, by golly I'm retired?

Here's whassup with us. DH only needs 10 years of service instead of 15 as we thought to qualify for employer-subsidized retiree health insurance. So, if he works an additional 3 semesters (beyond the end of this school year when he planned to retire at 62), we'd save a bit over $500/month--for the rest of our lives (plus get another $100 or so/month in pension, plus another $300+/month by delaying application for Social Security). That ain't hay. He's considering it, still enjoying his job, but probably not as much as he'd enjoy retirement.

Another wrinkle is that my daughter is expecting our first grandchild, and I kind of want to live close to them. But that means close to Manhattan--much more expensive than South Carolina(!). In order to do that, we'd have to make significant cuts to discretionary parts of the budget (travel, computers, cable, books, facials...). Still mulling it all over. (NY state is actually not a bad place to retire as they don't tax SS or hubby's SC state pension--that's most of our retirement income, leaving us in a very low income bracket. Housing and utilities are expensive there, however. Even CT exempts SS income, but not out-of-state pensions.)

Last time I posted about it, it looked like our income streams would be as follows:

50% Social Security
40% Portfolio income (interest, dividends, etc)
10% Pensions

If hubby works those extra semester, it looks more like:

55-60% SS
25-30% Portfolio (so we can use a much lower withdrawal rate--that's nice, coz as an investor, I pretty much suck)
15% Pensions
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Author: pauleckler Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1374 of 1491
Subject: Re: What's up? Date: 9/25/2010 1:39 PM
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If you are thinking of moving to the mortheast, keep an eye on property taxes. They can be very forbidding. For me $12K per year, close to 4 times what I pay for a similar house in Missouri. But they do have exemptions.

As retirees in NY, you might consider some of the retirement communities. The Catskill mountain area looks pretty attractive when you visit. And still an easy drive to NYC.

In New Jersey there are retirement communities around Jamesburg and near Englishtown. Easy access to the NJ turnpike or trains to NYC. Easy access to the NJ shore. Easy access to Philadelphia.

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Author: workwayless Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1375 of 1491
Subject: Re: What's up? Date: 9/25/2010 11:25 PM
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There've been no new posts here for months, so I'm wondering how's everybody doing? Are you retired or working?

Here's whassup with me:

My SO and I both work fulltime. Right now it looks like after we retire our annual income will be split approx as follows:

Income from rental 16%
Social Security 44%
Withdrawls from savings 40%


Our big wrinkle right now is paying for college for his son--its just two years away--and the kid is eyeing an out-of-state school...

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Author: alstroemeria Big gold star, 5000 posts Top Recommended Fools Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1376 of 1491
Subject: Re: What's up? Date: 9/26/2010 9:37 AM
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Thanks for your news, workwayless. Guess you're looking forward to working way less in future.

As for son's college...when my eldest went to college, I proposed that ex, I, and DD each be responsible for an equal 1/3 of the expense, with any merit aid (as opposed to financial aid) coming only out of the child's share. Everybody went for this immediately, and we did the same for DS 3 years later.

Between going to a reasonably priced school (Rice U--big oil endowment), working during the school year and summers, and being granted some merit aid, DD only had one $3,000 loan to pay off after graduation. On the other hand, DS didn't work during the school year, made far less money during summers, went to a more expensive school, and didn't hustle after merit aid, so he owed $20k when he graduated. He's 31 and still paying it off at the rate of $250/month (I think the rate has been lowered twice as he's never missed a payment--he has it debited from his checking account I believe).

I had saved only one year's worth for each child in advance, so after that I used my company's employee stock purchase plan (an automatic 15% profit if you sold the stock immediately after each 6-month purchase period)--which I previously used just to provide $$ for my E-Fund, vacations, and next car. Using ESSP, I had both enforced savings and a bit of profit, and I always had the money ready for each tuition check. My ex borrowed from his 401k (as a result, between that and a bout of unemployment followed by lower income, he can't help his second family with DW#2 with any major college expenses--and his wife doesn't work, so their kids are attending so-so state schools, but at least with free tuition because of their good grade-point averages. They were accepted at private colleges but didn't get enough aid to attend--and DD advised them not to ruin their futures by going into big debt.)

Anyhow, hope some of this might be helpful.

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Author: alstroemeria Big gold star, 5000 posts Top Recommended Fools Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1377 of 1491
Subject: Re: What's up? Date: 9/26/2010 10:00 AM
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As retirees in NY, you might consider some of the retirement communities. The Catskill mountain area looks pretty attractive when you visit. And still an easy drive to NYC.

In New Jersey there are retirement communities around Jamesburg and near Englishtown. Easy access to the NJ turnpike or trains to NYC. Easy access to the NJ shore. Easy access to Philadelphia.


THx for the specific tips, Paul. Since I don't know how long DD/SIL/GC will live in Manhattan, I don't intend to buy property there yet. If they (and my son in Eastern MA) stay put, we'll look into retirement communities in our late 60s/early 70s. Till then, probably rent a condo, possibly in a 55+ community. I have a preference for a place near the train, so I can visit the kids/grandkid easily even if I/we become too incompetent to drive to the city. (DD lives in Harlem now, so at least there's fairly easy free parking.) I was kinda hoping they'd move to a drier climate (or "dire," as I just typed!), which would be better for my health, but like Mick Jagger sez, you can't always get what you want. And we do like the beach and the sea, even though we don't like high humidity. And I love NYC--I grew up just outside it, so it feels like home to me.

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Author: Howie52 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1378 of 1491
Subject: Re: What's up? Date: 9/26/2010 11:27 AM
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Depending on preferences, you could go up into New England and
be no more than a day's drive away from NYC. Eastern Pa and some
portions of NJ can be pleasant. Everyone has their own views of
course - but I would pay money to stay out of the NYC area.

Howie52
DW and I talk about going back to the midwest in a few years - but
South Carolina is getting to become awfully homey.

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Author: alstroemeria Big gold star, 5000 posts Top Recommended Fools Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1379 of 1491
Subject: Re: What's up? Date: 9/26/2010 1:21 PM
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be no more than a day's drive away from NYC...but I would pay money to stay out of the NYC area.

For me, a day's drive is too far from grandchildren (I saw my own maternal grandparents almost every weekend in childhood). Anyhow, I already can't drive all day, even half a day as a passenger is hard--I get stiff joints from sitting that long, plus it's bad for my back. And I prefer to be within a few hours by train or bus in case driving becomes too difficult sooner rather than later. I'd consider living within the city itself if I can afford it--I'm very comfortable in NYC, in which I spent a lot of time in childhood and especially high school. And it's not like I'd never see nature. NY has botanical gardens within city limits as well as Central Park and Prospect Park, beaches, all that waterfront (DD lives 5 minutes from Central Park, where I expect I'd take my grandchild for fresh air and running around). Plus DH & I go RVing every year to national & state parks and other beautiful areas. AS an extra-special bonus, I'd get to see my son in Eastern MA much more often.

Unlike lots of oldsters visiting children & grandchildren in the burbs and staying in a guest room, I won't be able to stay long at each visit as DD lives in a small city condo--I'll be sleeping on am inflatable mattress taking up substantial space in their small living room. So, more frequent, shorter visits will be the order of the day.

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Author: Howie52 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1380 of 1491
Subject: Re: What's up? Date: 9/26/2010 2:30 PM
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"For me, a day's drive is too far from grandchildren (I saw my own maternal grandparents almost every weekend in childhood). Anyhow, I already can't drive all day, even half a day as a passenger is hard--I get stiff joints from sitting that long, plus it's bad for my back."

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

I love driving.
Not big on cities.

Back problems are difficult to deal with in any circumstances.
Have a peaceful drive back to Charleston when the tiem comes.

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Author: alstroemeria Big gold star, 5000 posts Top Recommended Fools Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1381 of 1491
Subject: Re: What's up? Date: 9/27/2010 12:07 PM
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Have a peaceful drive back to Charleston when the tiem comes.

Thanks, Howie, but I won't be driving to/from NYC from Charleston SC. The only time I do that is when we're RVing and take a long time for the trip, stopping and camping camping in several places for a few days or even a week each, en route. But until DH retires from teaching, we can only do that in summer.

So although I'm a nervous flyer, I'll be going by air. I'm visiting DD for 10 days in November (while my son-in-law is out of town and my daughter will be 7 1/2 months pregnant). Then taking a bus or train to Boston to visit my son and his GF for another 10 days, including Thanksgiving. My husband will fly up to join us when he gets his Thanksgiving break, and we'll fly home together.

Life seems more complicated when you live far from loved ones. If we lived, say, in the middle of the CT coast, an easy drive or train ride would take us quickly to the kids (and vice versa), making more frequent, shorter visits so easy--easy enough to do Saturday night babysitting, for example, like my own grandparents used to do. (We didn't have a big house either--for years my Nana slept with me in my single bed when they slept over--and my brothers shared a bed and gave gramps one of their beds. Gosh, this sounds like something out of early 20th century immigrant literature! But then, 3 of my 4 grandparents WERE early 20th century immigrants ;-)

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Author: RoadScholar5 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1383 of 1491
Subject: Re: What's up? Date: 3/22/2011 1:39 PM
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This thread is of interest to me.

I have a married daughter with grandchild on the way here in the DC area, but as I get older, the stronger the tug to return to my hometown in NY state, where my siblings and extended family all live.

The town is only a few hours north of NYC and yet I could purchase a reasonably nice home there outright for under $150K.

With the increasing trend toward telework, it looks as if I might be able to live up there and commute back and forth someday - maybe.

RS

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