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Planning for Retirement

Started by polly_mer, July 05, 2019, 07:51:43 AM

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Ruralguy

You might be able to live *near* the beach in VA or NC (well, anywhere in the East that has a coast, but I figured I'd start with warm and not the most conservative there is).

And I agree, 1980's Boston (and perhaps a bit into the 90's) was quite racist. I think I've told the story before of a "friend" who said "I get to use "the n-word" because I'm liberal."   Huh? Crazy.

Puget

QuoteIs cost of living in Olympia substantially lower than the Sea-Tac metro area?
Full disclosure- I grew up there and my parents still live there, so I may be biased, but also very familiar.

Yes, way less expensive -- Seattle has gotten insanely expensive, whereas in the Olympia/Lacey/Tumwater area a quick Zillow check will show many homes still for under $500k. The cost of restaurants and other things is also certainly lower than in high CoL cities.

It doesn't meet your 200k+ population metric (more like 100k) but it is in pretty easy striking range of Seattle, and even closer to Tacoma, for occasional day trips and specialty medical care if needed (there is plenty of medical care locally, including a hospital, but for really speciality stuff Seattle has UW hospital and Fred Hutchinson).
"Never get separated from your lunch. Never get separated from your friends. Never climb up anything you can't climb down."
–Best Colorado Peak Hikes

secundem_artem

Maybe a flagship university town in the midwest?  A place like Iowa City has a huge tertiary care teaching hospital and the town certainly punches above its weight with respect to cultural and other opportunities.  There are probably a dozen other places around the country with similar vibes.
Funeral by funeral, the academy advances

ciao_yall

Re: Spain - you can buy into the national health plan for a few hundred dollars a month. Covers everything and prescriptions are $5-10 per month.

Cousin raves about the great care at her local clinic and hospital.

spork

The hot, humid weather has got me questioning possible retirement locations. Odds are areas that are hot now will get even hotter over the next 20-30 years.

Anyway, question on a different topic: I have some TIAA 403(b) accounts from previous employers. Not sure yet if I can merge them into my current employer's plan, but I should know the answer to that soon. Are there any disadvantages to rolling these old accounts into an IRA under TIAA? I don't expect to make any pre-retirement withdrawals from them.
It's terrible writing, used to obfuscate the fact that the authors actually have nothing to say.

jimbogumbo

Colorado has been great for us, and the area in Boulder County is quite welcoming. Downside is high housing cost.'

Portugal and Spain are doing away with the Golden Visa (I think?). If so, the window is closing.

clean

QuoteAre there any disadvantages to rolling these old accounts into an IRA under TIAA? I don't expect to make any pre-retirement withdrawals from them.

You may need to check with the state that they were started.  They may have some restrictions on the conversion.  In addition, there may be benefits to keeping them there.  For instance, they MAY have some ability for you to claim health benefits from that old employer, but that may require that you have money in a retirement account tied to the state. 

For instance, a friend has kept accounts associated with NC because if you have 5 years (or so) employment with them, you can claim health insurance benefits in retirement.  (I could be wrong as HE could be wrong, and I may (or we may) not understand the situation entirely).  The point is to make sure that you make a well informed decision before doing what can not be undone!  (Even if he doesnt use the health care, it provides him another option to get a comparison price) 
"The Emperor is not as forgiving as I am"  Darth Vader

spork

Quote from: clean on July 10, 2024, 12:20:01 PM
QuoteAre there any disadvantages to rolling these old accounts into an IRA under TIAA? I don't expect to make any pre-retirement withdrawals from them.

You may need to check with the state that they were started.  They may have some restrictions on the conversion.  In addition, there may be benefits to keeping them there.  For instance, they MAY have some ability for you to claim health benefits from that old employer, but that may require that you have money in a retirement account tied to the state. 

For instance, a friend has kept accounts associated with NC because if you have 5 years (or so) employment with them, you can claim health insurance benefits in retirement.  (I could be wrong as HE could be wrong, and I may (or we may) not understand the situation entirely).  The point is to make sure that you make a well informed decision before doing what can not be undone!  (Even if he doesnt use the health care, it provides him another option to get a comparison price) 

Coincidentally two of my TIAA plans are with former employers in NC. Both are small private universities and I did not work at either for five years, so I doubt I can claim any health insurance benefits as a retiree. But I will pose this question to the TIAA rep I meet with next week.
It's terrible writing, used to obfuscate the fact that the authors actually have nothing to say.

ciao_yall

Quote from: jimbogumbo on July 10, 2024, 09:38:19 AMColorado has been great for us, and the area in Boulder County is quite welcoming. Downside is high housing cost.'

Portugal and Spain are doing away with the Golden Visa (I think?). If so, the window is closing.

Spain is not. They have been the Florida of Europe for years.

Portugal wanted in on the deal, then messed up so they are pausing and rethinking.

Puget

Quote from: jimbogumbo on July 10, 2024, 09:38:19 AMColorado has been great for us, and the area in Boulder County is quite welcoming. Downside is high housing cost.'

I absolutely loved living in Boulder during grad school and postdoc, and would move back if given the chance, but it has indeed gotten extremely expensive (and I say that as someone living in a very high CoL east coast area now). Faculty used to be able to afford very nice houses there, not so much anymore.
"Never get separated from your lunch. Never get separated from your friends. Never climb up anything you can't climb down."
–Best Colorado Peak Hikes

Volhiker78

I am 10 years older than Spork and will be fully retired by 2025.  In 2026, we plan to move from our current location (Tampa) to the Greensboro/Winston-Salem area of NC.  The main reason is to be closer to family; my sister-in-law lives in High Point and my 2 brothers live outside of Charlotte.  Not much difference in cost living from where we are now.

I'd prefer a condo in the heart of the city or within walking distance of UNC-G or Wake Forest.  My wife isn't sold on that and would probably prefer suburbia. 

Financially, we are about 50:50 in terms of equity/bonds.  I plan to further delay SS until closer to 70.  My wife will take it at 63. 

I still need to better plan what I want to do after retirement but traveling/auditing courses are for sure.  Still looking for volunteer work that I will find meaningful.

spork

Quote from: Volhiker78 on July 11, 2024, 09:06:58 AMI am 10 years older than Spork and will be fully retired by 2025.  In 2026, we plan to move from our current location (Tampa) to the Greensboro/Winston-Salem area of NC.  The main reason is to be closer to family; my sister-in-law lives in High Point and my 2 brothers live outside of Charlotte.  Not much difference in cost living from where we are now.

I'd prefer a condo in the heart of the city or within walking distance of UNC-G or Wake Forest.  My wife isn't sold on that and would probably prefer suburbia.

[...]

I know this general area. Two points of consideration:

  • Sprawl. Are supermarkets, drug stores, doctors' offices, etc. within walking distance? Are there convenient bus routes?
  • Quality of medical care. I'd say this is one of the best areas of the country. Atrium Wake Forest Baptist has an excellent reputation. I got great care at Duke. UNC-Chapel Hill is not much farther away. Asheville is outside the Triad and has high real estate costs, but it has a posh hospital. The AHEC networks do good primary care.
It's terrible writing, used to obfuscate the fact that the authors actually have nothing to say.