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Re: Did You Have To Leave An Area You Loved Because You Simply Couldn't Afford To Retire There?

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@MitziH243371 

 

That's all part of planning for retirement -

You are gonna have a certain amount coming in from whatever the source - then there are rainy day funds or emergency funds - so you have to plan on what expenses you can pay reasonably based on income and what you want your retirement to encompass. if financially feasible.

 

If you did not have rent - you would still have to have either a mortgage or a paid off home but property taxes and upkeep are still in the picture and on your nickel.

 

Cost of living varies greatly all over this country.

 

In the 70's and 80's various non-profits would join together and build independent senior and disabled housing.  They would get the mortgage from HUD.  As a stipulation for the HUD loan, the 1-bedroom and efficiency units designed for the convenience of the elderly and the disabled, the non-profits would have to designate so many units at market rate, so many for a subsidized government rate (about 30% off of market rate) and so many units for Section 8 (really low income seniors and disabled). 

 

They would continue this partnership with government - meaning they would pay off the mortgage and then get another loan from HUD for major repairs, renovation, upkeep and improvements.  Many of these are still available today BUT the waiting list for any category, especially Section 8 has escalated purely because there are so many (baby boomers) and we are living longer.

 

As the market rates have increase - even without any profit built in - more and more seniors and disabled are applying for the Sect. 8 classification.  The market rate increases because there is staff, maintenance, utilities that continue to go up. 

 

The building and property cost today has escalated in most all urban and suburban area that these are no longer even feasible to build but these are still the areas that are most condusive to this demographic - they still need medical availability, convenience in shopping - so this lets out many rural areas from building them.

 

Yes, we have a problem with senior housing - best to make plans as early as possible.  In fact, around here, I tell people to go ahead and get on the waiting list for these types of units when they turn 62  especially if they have limited income - get in under whatever classification they can (afford) and then hopefully get an adjustment to another classification in the annual review down the road; but alas those are also wait listed.

 

If you or anybody else wants to take a look-see on the web for some of these type option, here are a few examples.  They work under the HUD Sect. 202 Program (described above), I am pretty sure still but I have been away from this for several years.

 

Clairmont Oaks Senior Living

 

Briarcliff Oaks Senior Living

 

AHEPA National Housing Corp (non-profit)

 

 

 

* * * * It's Always Something . . . Roseanne Roseannadanna
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Re: Did You Have To Leave An Area You Loved Because You Simply Couldn't Afford To Retire There?

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My wife and I both lived in the San Diego area of Southern California for many years and both retired there with very nice Social Security income. However, that income was not enough to meet expenses so we both had to take part time jobs. We decided that was crazy. So we sold our home and bought a larger home in the Prescott area of Arizona for half what we sold the California home for. Now we can enjoy full retirement without having to work part time.

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Re: Did You Have To Leave An Area You Loved Because You Simply Couldn't Afford To Retire There?

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Two years ago our apt complex increased everyone's rent $200 a month. Shortly before that a high priced apt complex was put up 10 minute walking distance down the street. Also, a not so great mini shopping area. Alledgedly an area upgrade. My apts are 40+ years old and falling apart. Management slapped up a new color paint on the walls and some cheap carpet and told us we could move to one of these "newly refurbished" apts - of course we had to pay a $250 transfer fee for the privilege.I am still in my original apt with worn 20 yr old carpet and no telling when it was really fully painted. I have been at this complex since 1999.I doubt I will be able to stay here after I retire in 2 years. It's not all the fault of property mngmt or owners. They have to deal with rising costs due to area changes. My issue is that rental properties can charge whatever they want. There is no comparison of this concept with age, inner and outer structure with new apts. Yet we are being charged the same ridiculous price. Not mad about rent increases - just want some balance for the living conditions. 

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Re: Did You Have To Leave An Area You Loved Because You Simply Couldn't Afford To Retire There?

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What town in MA do you live? I love MA for the same reasons, espec. the Cape Ann area; my BFF lives there. But it is way out of my price range. I now live in SC, which I really don't like - I swear the IQ here is 15 points lower (!) than the rest of the country, and am hoping to move to New England, but need to find an affordable town.
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Re: Did You Have To Leave An Area You Loved Because You Simply Couldn't Afford To Retire There?

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Living in NJ could mean a property tax higher than a mortgage payment. Also the weather could be a problem for your health or liking. This may not be a viable alternative for some for a variety of reasons but you can join the increasing number of ex pats and consider living like a King in foreign countries for $1,000 a month. You can explore this possibility on UTube. Make sure you get recent info as places that were considered unsafe years ago can be safer than the US. Medellin, Colombia once considered a drug capital is a Mecca for seniors etc leaving US  now. From areas in Mexico to many areas in Latin America can be a great choice. Temperatures in many such as Medellin are mild 70s all year long !

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Re: Did You Have To Leave An Area You Loved Because You Simply Couldn't Afford To Retire There?

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Yes. I had to leave Northern California in order to retire well. I was born and raised in San Francisco, but renting would have taken 50% of my pension. Each year, the rent goes up 10%! I moved to Charlotte, North Carolina a year ago and I have never been happier! I can enjoy life, volunteer, and be active at my church, without financial worries. 

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Re: Did You Have To Leave An Area You Loved Because You Simply Couldn't Afford To Retire There?

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When, I was young, my Dad was in the military, so we moved back and forth  across the US so many times. I went to Guam and loved it there but the typhoons hit you practically every month and they are ferocious!

I ALSO WENT TO Japan, and what a transition.  Would I retire in a foreign country, you really have to think about it, because you must follow all their regulations, it's their county.

When, I got married I went  to Tonga where my husband was born.  But again, you must follow their regulations and don't know if I could get my SS too.  It's a wonderful place but the food is very different.

So, where did I end up? Hawaii, even tho you have beautiful weather, lovely people, great transportation ( the bus) it's getting So EXPENSIVE!  You are TAXED for everything, it's like You are Choking everyday!  You can't make enough money to buy a house, mostly everybody rents, and when you turn around, the owner raises it again.  They tell you, sorry, my Taxes went up and yes, everybody, they are not lying- it goes up every year and A lot of People are moving by the droves, including me.  

I moved with a part of my family, then got my oldest son and his family to come up, then my other 2 sons.  We hate CHOKING!! We decided to go to Nevada and see because now we can go HoloHolo ( in Hawaiian it means  traveling, going places),  We can get in our car and see so many states and what they have to offer. 

Also, my brother and his wife are moving to Arizona, which is next door to us.

So, if your CHOKING, Go HOLOHOLO!!!

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Re: Have To Leave An Area You Loved Because You Simply Couldn't Afford To Retire There?

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I have been reading everything I can over the last year.  It is very expensive to retire to New Jersey.  Their taxes are enormous.  I live in Delaware although the property taxes are lower, everything else is going up.  We have very few supplemental choices in Delaware as most insurance companies left a few years ago.  In Delaware prescription Part d is very expensive for the same reason.  Our meds are outrageous.  Delaware taxes your pension.  

Our groceries, electric, is expensive.   Any houses at the beach, start at 350,000 and go into the millions.   

Florida is a great choice for Seniors. No state tax, cheaper Medicare supplements and Part d because they have more insurance companies to choose from.  No tax on pension or social security from Florida.  They have a tax discount for Seniors.   The Governor is trying

to lower the cost of drugs in his state.  The property taxes are not as cheap as other states but the housing is available.    Research as it will cost you a lot more to live in certain states.

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Re: Did You Have To Leave An Area You Loved Because You Simply Couldn't Afford To Retire There?

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Message 9 of 61

My husband recently retired after 7 years in the military and 23 years working for the federal government.  I am medically disabled after having surgery complications.  So I receive disability benefits and he now receives his retirement pay. We lived in reno Nevada as renters for 14 years. Rent is extremely high and the average medium house cost is 400,000. His retirement pay is only a third of what he was receiving when he worked full time. There was no way that we could afford to stay in reno and enjoy his retirement so we moved across the country to Michigan where he grew up and where his family is. We left our two boys, their wives and our grandchildren so that has been really hard. We love the area so far but winter here versus winter in reno has yet to be seen.

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Re: Did You Have To Leave An Area You Loved Because You Simply Couldn't Afford To Retire There?

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Message 10 of 61

We recently retired to North Carolina from Connecticut. We would both have had to have retirement jobs if we stayed and certainly could not have stayed in our home. Best decision for us, no regrets.

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