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Doing this by State does not make a lot of sense. Coastal California is insanely expensive and the laws are equally insane. However in the extreme north (Humbolt county) and inland, many places are affordable and ignore the crazy laws. So while parts of the state may be horrible options other parts are great options.
Some of us can live longer in retirement then we did working ….so the difference in social security in many positions in hcol areas can be substantial over decades of retirement.
Once you're past the $150k mark though - the difference is irrelevant. Your SS payments are capped.
Quote:
Originally Posted by mathjak107
Had I worked all those years in the poconos of pa. Our ss would be substantially less today.
There's a lot of middle ground between NYC and the Poconos. Plenty of MCOL cities where wages are high but your cost of living isn't exorbitant and housing is affordable.
Quote:
Originally Posted by mathjak107
Relocating to a cheaper area with their much larger ss checks can really make a difference for many retirees
Getting into the housing market (housing generally appreciates over the long run) earlier can make a difference on your personal balance sheet at retirement too.
Agree and disagree with this. Absolutely - can stats be misleading? YEP! And sports stats for sure.
Call it clickbait if you want, but some places are better to live than other ones.
Quote:
Originally Posted by mathjak107
But which are better are defined by each of our own priorities and specifics
I agree with mathjak in that it is somewhat of a "clickbait" the way the title is worded.
The beauty of what we have here is "choice". Just because people are leaving one state doesn't mean the are "fleeing" or "don't want to live there". I mean, we can word that how we want to. But me opting to go with option A doesn't mean option B is down right dismal.
The key here is everyone has their own reasons. Just because I want to leave MD one day for the SW doesn't mean MD sucks (it certainly has its issues). I simply like the desert SW better.
And given the age of the US population. It makes sense why you have an "exodus" of people leaving these more expensive states vs. states that are good for retirees.
Once you're past the $150k mark though - the difference is irrelevant. Your SS payments are capped.
There's a lot of middle ground between NYC and the Poconos. Plenty of MCOL cities where wages are high but your cost of living isn't exorbitant and housing is affordable.
Getting into the housing market (housing generally appreciates over the long run) earlier can make a difference on your personal balance sheet at retirement too.
I said that about the home appreciation above.
Long time owners in hcol areas tend to walk away with much greater sums
When landlords wanted to get their buildings out from being stabilized the answer was convert to coop .
However to convert you needed a certain amount of insiders to buy .
Most renters were renters because they couldn’t afford to buy so it was a dilemma…
The answer was coops …
In a coop part of your apartment mortgage is held by the buildings bank and paid through your maintenance…
By not having your bank on the hook for the entire amount banks were more inclined to loan , which they did .
So coops were a way to have ownership .
We sold ours for big profits and put it in to a house , and later bought 9 overlooking Central Park as an investment …we bought the tenant leases out for 100k and sold each for 7 figures .
So coops can be pretty profitable too.
For what itcost to rent in our area of queens , my daughter bought a coop in Howard beach where john gotti used to live for about the same amount .
Today they can make a nice profit on it and use it as a step to a house.
You don’t usually see the coop structure in most cities..they tend to be condo where your mortgage you get is for the whole amount.
Many who want to buy can’t qualify
Last edited by mathjak107; 01-10-2022 at 09:56 AM..
The problem is that all this shifts dramatically if one earns a high income living in New York, Connecticut, or New Jersey that they could not earn living elsewhere. Yes, the COL is higher, but so are wages for most people. For some, the balance between COL and wages is simply better living in those states. I'm getting to retirement. Most people I think would choose to retire near where they lived and worked when they were younger because of family and the social network they have constructed over a lifetime.
Plus, its not all just about income. Some people truly enjoy the excitement of Manhattan are willing to reduce their standard of living to be around all of that.
People are all different. Tennessee for example is often touted as a great retirement location. I don't think I could stand to live there for a bunch of reasons I won't get into. I live and plan on retiring here in my home state of Utah. Yet, I can understand why Utah would not be a desirable location for some people.
These articles though don't seem to understand that "different folks need different strokes".
After our experience down in the villages in florida we really appreciate all nyc has to offer … we are 30 minutes from manhattan and away from the craziness yet have the small town feel of Long Island and westchester the same 30 minutes from us .
We could eat out every day for 22 years and never repeat just in nyc alone …..
We have an extensive public transportation network that can take us anywhere if i can’t drive ….
There are so many things to do even in the dead of winter ….
We have world class medical facilities .
The first thing they did when Gloria Estefan was in that horrific crash was airlift her to a nyc hospital from Scranton hospital .
I work one day a week in retirement and make good money for that day compared to PA . Plus I do things to earn money I really enjoy.
So we really do enjoy life here and the fact we have our kids and 6 grand kids local is priceless
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