Let talk future.... Retirement and planning

[VirginiaCat]

Ok guys, I find myself thinking more and more about retirement and what it will look like and where it will be.

I "Hope" my retirement, at least from my current schedule and responsibilities, will be Dec. 31 2028. I will have just turned 64 the prior month and Daughter should have or be near her bachelors degree.

So, what do we want to do.

First step has kinda been accomplished. That little 850 sqft beach condo gives us our beach view. May not be as warm as FL for winters but not as bad as here in the Shenandoah valley where we get dumped on about twice a year with over 20 inches of snow.

The little town where I live is considered one of the top retirement spots in the nation thanks to great scenery, a small local university, and easy access to major cities. We love it here and honestly have made good friends. But it can be expensive since we are technically part of Northern Virginia and becoming moreso all the time (close to being a bedroom community already, and population to close to double over next 10 years).

So, do we stay or do we go. And If we go, where do we go?

I really like the Southern Pines/Pinehurst area and you can find townhomes there at not too outrageous prices. I like golf (not good at it but I like it a lot!). We would only be about 3 hours from our beach condo. So, that is one option. Could also simply up our investment in Myrtle Beach too. It is BUSY this time of year but as we discovered last year, the End of August to Middle of May is really not crowded at all down there. And if you go inland there is still some decent values on homes.

So, Stay in VA (advantage there is still close to international AP if I decide to do some consulting nationally), Pinehurst (Can still get to Raleigh Durham pretty easily), or MB. I think Florida is out as we simply cannot afford beachfront there and it is way too hot for us otherwise.

I suppose Texas coast could be an option but never been there and not sure it is our spot.

What are your guys plans and decisions that must be made?

[KSRBEvans]

We're currently in the process of putting our retirement plan in motion. It's a little weird.

We're selling our house--it's just way too big for the 2 of us now that we're empty-nesters. Selling at what is hopefully the peak of this housing market and buying a place in The Villages, FL. It's so beautiful down there and so much to do. We have a contract on our place in Louisville and a contract on a place down there, so by Labor Day it should be done.

Mrs. BEvans, who's retired, is going to live down there, I'm going to rent a place close to work and fly down a lot. Our kids are a little freaked out but it's going to be good. Between my leave time and federal holidays (now 12 of them!) I'll be there a lot.

When I retire in 2-4 years we plan on renting out our place and traveling, like this couple. I want to hike the Camino de Santiago and then travel around Europe for a couple of years. After that, we'll see.

[KentuckyWildcat]

So your current condo is in Myrtle Beach?

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[KentuckyWildcat]

When we first got married, I tried to talk the wife into buying a beach condo on the Gulf. Delay building our home and build something smaller when we did. Condo prices were cheap back then (2007-2010). She wouldn't do it. Part of me will always wish we had done that. Part of me is glad we did not. I have discovered there is not one place I enjoy enough to go to every single year. So the freedom to see other areas is nice.

Goal number one for me is to keep the farm! Praying my mom is not silly about it. After that, I'll work until I die (partly for financial peace, partly just because that is who I am.) Perfect scenario is that I can eventually be on a 10 month contract or maybe teach online. Spend 1 month in Florida and 1 month seeing different areas of the US and world.

If I lose the farm...no clue what I want to do.

[VirginiaCat]

So your current condo is in Myrtle Beach?

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Yes. Small place (850 sqft, 2BR) in Arcadian Dunes area.

[KentuckyWildcat]

Yes. Small place (850 sqft, 2BR) in Arcadian Dunes area.

Our first house was 850 sq feet

[VirginiaCat]

Our first house was 850 sq feet

The house I grew up in and my mom passed in 2 years ago was barely that size.....

[VirginiaCat]

Well Darn....this teaches me to do better research...

I had been planning to roll my company retirement accounts tax free into a self directed IRA.....

Except I just realized my 457B account is a nonprofit account, not a governmental (duh) and therefore all distributions are immediately taxable and not allowed to be rolled into a tax free account...

[MickintheHam]

Well Darn....this teaches me to do better research...

I had been planning to roll my company retirement accounts tax free into a self directed IRA.....

Except I just realized my 457B account is a nonprofit account, not a governmental (duh) and therefore all distributions are immediately taxable and not allowed to be rolled into a tax free account...

Can you roll them or part of them into a Roth?

[VirginiaCat]

Can you roll them or part of them into a Roth?

No. I can fund a Roth I think...After I pay the income and FICA taxes on the distribution.

I fill kinda ignorant. I should have known this. A 457 is a Deferred Income plan, not a Retirement plan. Just was not thinking.

Basically have to take the entire 457b amounts in no more than 2 distributions which means they will be in a high tax bracket. Then add FICA onto that. Guessing I will be lucky to get 50% of the balances after Fed/Fica/State taxes.

All of a sudden, Florida got more attractive despite the heat if I want save 6% in state taxes...

[KentuckyWildcat]

All of a sudden, Florida got more attractive despite the heat if I want save 6% in state taxes...

Panhandle is ok 8 months of the year

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