Who's planning to relocate in retirement?

[cantdrv55]

Fidelity says that by the time you're in your 60's, you should have 8X annual salary in savings/investements to have a comfortable retirment. However, the Federal Reserve SCF says the average American in that age range only has about $225k saved. I'm guessing those in living in CA without the 8X would probably have to move to a cheaper state or to the boonies. Things will only get more expensive in the Golden State.

[cstreit]

We are if possible. Would like to move out west for the warm season at least.

I'm curious to what "comfortable retirement" means though... Does that mean just not worrying about utilities, medical, and food - or does that mean something more? THey never really explain that bit.

[cantdrv55]

I'm thinking it means maintaining the same lifestyle in retirement?

[Alan A]

Wouldn’t California be a good place to retire to if you are broke? Isn’t it all free?

[gregpark]

^ hundreds of thousands think so. And the retirement age group seems to be from 20 to 60

[look 171]

Can't Drive, are you think about moving out? People like us have an advantage since we bought our homes long ago (over 20-30 years) do not need to worry about the high monthly mortgage and some of us have our homes paid for so its time to enjoy. I just gotten past the mid 50 point. It all down hill from here . I think the biggest payment is rent or mortgage. With it under control say, 1500-2000 it is very manageable. The rest is play money and food. That amount should be somewhat comparable across the country. We have no plan to leave so far and friends and family are all here.

[wildthing]

Probably moving out of the Bay Area... Hollister? Gilroy? San Diego!!!

[sc_rufctr]

Or move to South East Asia.

A friend of mine (Aussie expat - 54 years old) lives in Cambodia. She's still technically working (Resumes/CV's) and she does all of that online. She seems happy and has a great relaxed lifestyle. I visited her recently and we had lots of fun. Great food, entertainment and weather. The locals are beautiful and they provide lots of services to the Aussies.

Is retirement in Cambodia for me? Nope but I can see the attraction.

[look 171]

Originally Posted by sc_rufctr

Or move to South East Asia.

A friend of mine (Aussie expat - 54 years old) lives in Cambodia. She's still technically working (Resumes/CV's) and she does all of that online. She seems happy and has a great relaxed lifestyle. I visited her recently and we had lots of fun. Great food, entertainment and weather. The locals are beautiful and they provide lots of services to the Aussies.

Is retirement in Cambodia for me? Nope but I can see the attraction.

Just how expensive is it to live where you are compare to Sydney? Will young people able to afford a home and have a good life? I never been but its on my bucket list to visit. OZ and NZ

[cantdrv55]

Originally Posted by look 171

Can't Drive, are you think about moving out? People like us have an advantage since we bought our homes long ago (over 20-30 years) do not need to worry about the high monthly mortgage and some of us have our homes paid for so its time to enjoy. I just gotten past the mid 50 point. It all down hill from here . I think the biggest payment is rent or mortgage. With it under control say, 1500-2000 it is very manageable. The rest is play money and food. That amount should be somewhat comparable across the country. We have no plan to leave so far and friends and family are all here.

We have no plans to move. I love our weather. Friends and family are all here. Sometime though I fantasize about moving to the PI. We’d live like royalty there.

[gregpark]

We're staying put in norcal. We love where we live and our mortgages are paid off, debt free and skatin. I really feel for the young couples with kids, mortgage and car payments. Going to be tough going with hyperinflation and a recession looming. And hopefully not an adjustable loan, yikes

[Noah930]

I'm planning on leaving soon. Someplace quieter and less crowded than LA. Realistically, that translates into something less expensive as well. I won't have my current house paid off, but I will have enough equity to pay cash and buy something as nicer or nicer where we land. The climate won't be as good. It's hard to beat the Mediterranean climate of coastal SoCal. But I'm OK with that. Life's a matter of managing the tradeoffs, right?

[Evans, Marv]

I've been retired for eighteen years, & I don't see how 8X annual salary could be enough. For myself too, I don't see a "front porch" style of retirement as being something anybody should aspire to. If you find yourself retired for an extended period of time as some seem to in their 50s, the general cost of everything can eat you up eventually. I'm not talking about just the everyday living costs but things like insurance, property taxes, & things like that. Those added onto inflated costs of everyday expenses, travel, & so on amount to an exponential increase twenty or so years later.

[sc_rufctr]

Originally Posted by look 171

Just how expensive is it to live where you are compare to Sydney? Will young people able to afford a home and have a good life? I never been but its on my bucket list to visit. OZ and NZ

The median price of a house in Sydney is $1.2 million. For Adelaide it's about $479,000.

All three of my kids/partners own their own homes (They're all under 32 years old). You have to get started early down here.

You'd love Brisbane and Sydney. Country NSW's is also worth a look. Lots of "Yanks" visit the Kimberleys, Western Australia and the Northern Territory. There's a US Marine base in Darwin now.

[ckissick]

I'd like to move from the Bay Area to the gold country. Murphys is a good deal.

[jcommin]

As much as I love Chicago, born and raised, I plan to leave the city next year. It is expensive on a fixed income and I don't feel as safe. One of the big advantages of living in IL is that SS isn't subject to state tax - but that isn't a stopping point for me.

I don't think 8x salary is enough either.

[Nickshu]

My wife and I dream about moving to North or South Carolina in retirement. Then we realize, who are we kidding, we're going to move wherever our kids/grandkids are.

[flatbutt]

Originally Posted by Nickshu

My wife and I dream about moving to North or South Carolina in retirement. Then we realize, who are we kidding, we're going to move wherever our kids/grandkids are.

yup.

[lindbhr]

I retired in 2021. My biggest surprise is how much I hate the weather in Houston. Not that the weather has changed, still very hot and humid. Let's not forget mosquitos almost year around. I was shielded from much of this 5 days a week being in an office, but not now. I like being outside, but not in Houston, most of the year. Last summer was the hottest on record, and I cracked. Enough! My buddy from work had just retired in Santa Barbara, so we decided to go there for the month of August. We loved it. I never dreamed of moving from Texas to California, but we both loved Santa Barbara. Probably need 8x my old salary to cover the difference in the cost of housing. Not sure we'll move, but I look at housing online every day. Boy would life be different.

[Seahawk]

We bought a house in South Carolina over two years ago and it has been rented from day one...excellent tenant.

My daughter, a South Carolina resident, will move in in May next year so we can get permits to build a garage and in-law apartment. Our plan is to stay in the ILA during the winter and travel during the summer. My wife is younger that me so she'll be driving Mr. Daisy.

My sister also has a house in the mountains of NC and my daughter has a condo in Mt. Pleasant, just a few minutes from the beach.

Interestingly, renting the house during the Master Golf Tournament actually pays the yearly mortgage - crazy but true. We already have folks for next year.

As much as I have enjoyed the farm, after nearly 30 years here I am done-ski...