The “I want to retire soon” thread (6 Viewers)

[eoMMan]

the very least stop accumulating

This is what the FIRE people call “CoastFI“. Get to a savings number that will, hypothetically, grow to your ultimate “number” at the age you want to retire, and stop saving. This lets you divert the money you had been saving to spending on experiences (or whatever).

Big benefit of this approach is that it allows you to spend more in earlier years on travel or other activities where you are presumably going to be healthier.

I'm reading "Die with Zero" right now, and while I don't agree with everything he proposes in the book there are some great nuggets. One of them is spending money on experiences earlier in life, as there are certain things you can do at younger ages that you won't be able to do later, and that applies from your 20s all the way up into your 50s-60s-70s, when we go through the go-go, slow-go, and finally no-go years. He also talks about the concept of compounding memory dividends - you get much more joy over your life from things you did earlier as you can think back on them fondly, tell stories, look at pictures, etc. For me that totally rings true, as there is a reason my college buddies and I still talk about so many of the same stories 30-35 years later.

I'd really love to be able to get the kids on their feet when they move out. Set them up for success and put them on a path to stay out of bad debt.

One of the other things he talks about is that if you are inclined to pass wealth to your kids, do so when it will have it's best utility or they can really enjoy the benefits. While getting a chunk of cash in your 50s-60s from an inheritance is obviously nice and all, for many it's probably not life changing. But how much more impactful would a much smaller amount have been had you been given it when you were 22 to take a dream vacation, to pay for college or pay off student loans, or at 30 to put toward a house?

I am 51 and my wife has really started to drive this home. We have done a great job saving for retirement (not enough for college though) and she has recently stated how we are "going to make our kids rich" and she's right. She wants to start doing more for us and I can't argue with it.

Youngest kid heads off to college in the fall and I think her & I are going to spend some inheritance.

Children shouldn’t expect an inheritance. If they get anything, great. They should consider it a bonus and be extremely grateful. I’m appalled at this recent thing going on online where these “kids” are getting upset when their retired parents are spending money. Go fly a kite is what I say.

 

[stbugs]

the very least stop accumulating

This is what the FIRE people call “CoastFI“. Get to a savings number that will, hypothetically, grow to your ultimate “number” at the age you want to retire, and stop saving. This lets you divert the money you had been saving to spending on experiences (or whatever).

Big benefit of this approach is that it allows you to spend more in earlier years on travel or other activities where you are presumably going to be healthier.

I'm reading "Die with Zero" right now, and while I don't agree with everything he proposes in the book there are some great nuggets. One of them is spending money on experiences earlier in life, as there are certain things you can do at younger ages that you won't be able to do later, and that applies from your 20s all the way up into your 50s-60s-70s, when we go through the go-go, slow-go, and finally no-go years. He also talks about the concept of compounding memory dividends - you get much more joy over your life from things you did earlier as you can think back on them fondly, tell stories, look at pictures, etc. For me that totally rings true, as there is a reason my college buddies and I still talk about so many of the same stories 30-35 years later.

I'd really love to be able to get the kids on their feet when they move out. Set them up for success and put them on a path to stay out of bad debt.

One of the other things he talks about is that if you are inclined to pass wealth to your kids, do so when it will have it's best utility or they can really enjoy the benefits. While getting a chunk of cash in your 50s-60s from an inheritance is obviously nice and all, for many it's probably not life changing. But how much more impactful would a much smaller amount have been had you been given it when you were 22 to take a dream vacation, to pay for college or pay off student loans, or at 30 to put toward a house?

I am 51 and my wife has really started to drive this home. We have done a great job saving for retirement (not enough for college though) and she has recently stated how we are "going to make our kids rich" and she's right. She wants to start doing more for us and I can't argue with it.

Youngest kid heads off to college in the fall and I think her & I are going to spend some inheritance.

Children shouldn’t expect an inheritance. If they get anything, great. They should consider it a bonus and be extremely grateful. I’m appalled at this recent thing going on online where these “kids” are getting upset when their retired parents are spending money. Go fly a kite is what I say.

While I don’t know about kids getting upset, we plan to try and leave my kids with as much as we can. I really hope we get to a point where we are living off of SS (both of us work) and just the income off investments. We certainly haven’t avoided having fun and vacations with our kids, but we don’t want to die with zero and I’m fine if my kids expect to get our home and other money to help with their retirement. I’m the meantime, I do plan to help them make good decisions. I only have one done with college and he’s made me proud with money in his first year on his own.

 

[Payne]

the very least stop accumulating

This is what the FIRE people call “CoastFI“. Get to a savings number that will, hypothetically, grow to your ultimate “number” at the age you want to retire, and stop saving. This lets you divert the money you had been saving to spending on experiences (or whatever).

Big benefit of this approach is that it allows you to spend more in earlier years on travel or other activities where you are presumably going to be healthier.

I'm reading "Die with Zero" right now, and while I don't agree with everything he proposes in the book there are some great nuggets. One of them is spending money on experiences earlier in life, as there are certain things you can do at younger ages that you won't be able to do later, and that applies from your 20s all the way up into your 50s-60s-70s, when we go through the go-go, slow-go, and finally no-go years. He also talks about the concept of compounding memory dividends - you get much more joy over your life from things you did earlier as you can think back on them fondly, tell stories, look at pictures, etc. For me that totally rings true, as there is a reason my college buddies and I still talk about so many of the same stories 30-35 years later.

I'd really love to be able to get the kids on their feet when they move out. Set them up for success and put them on a path to stay out of bad debt.

One of the other things he talks about is that if you are inclined to pass wealth to your kids, do so when it will have it's best utility or they can really enjoy the benefits. While getting a chunk of cash in your 50s-60s from an inheritance is obviously nice and all, for many it's probably not life changing. But how much more impactful would a much smaller amount have been had you been given it when you were 22 to take a dream vacation, to pay for college or pay off student loans, or at 30 to put toward a house?

I am 51 and my wife has really started to drive this home. We have done a great job saving for retirement (not enough for college though) and she has recently stated how we are "going to make our kids rich" and she's right. She wants to start doing more for us and I can't argue with it.

Youngest kid heads off to college in the fall and I think her & I are going to spend some inheritance.

Children shouldn’t expect an inheritance. If they get anything, great. They should consider it a bonus and be extremely grateful. I’m appalled at this recent thing going on online where these “kids” are getting upset when their retired parents are spending money. Go fly a kite is what I say.

Oh my girls are not expecting it at all. The point my wife was making is we have done such a good job saving for retirement. Almost too good if there is such a thing. WE passed up some opportunities to save more and now we kind of wished we had spent more while we were younger.

 

[Uruk-Hai]

66, retired at 55.5 or so and livin' it right now

if anyone really wants to know what it's like staring you in the face ...

I'm here for ya - let me know what you want to know

a lot of it is about not only what you have, risk tolerance and how you want to live

skol

Binky, ok if I give you a shout later today? Couple of questions.....

of course!

Sorry, got hung up yesterday. I'll catch up with you soon - not just to pick your brain, but it's been too long just in general.

 

[Max Power]

the very least stop accumulating

This is what the FIRE people call “CoastFI“. Get to a savings number that will, hypothetically, grow to your ultimate “number” at the age you want to retire, and stop saving. This lets you divert the money you had been saving to spending on experiences (or whatever).

Big benefit of this approach is that it allows you to spend more in earlier years on travel or other activities where you are presumably going to be healthier.

I'm reading "Die with Zero" right now, and while I don't agree with everything he proposes in the book there are some great nuggets. One of them is spending money on experiences earlier in life, as there are certain things you can do at younger ages that you won't be able to do later, and that applies from your 20s all the way up into your 50s-60s-70s, when we go through the go-go, slow-go, and finally no-go years. He also talks about the concept of compounding memory dividends - you get much more joy over your life from things you did earlier as you can think back on them fondly, tell stories, look at pictures, etc. For me that totally rings true, as there is a reason my college buddies and I still talk about so many of the same stories 30-35 years later.

I'd really love to be able to get the kids on their feet when they move out. Set them up for success and put them on a path to stay out of bad debt.

One of the other things he talks about is that if you are inclined to pass wealth to your kids, do so when it will have it's best utility or they can really enjoy the benefits. While getting a chunk of cash in your 50s-60s from an inheritance is obviously nice and all, for many it's probably not life changing. But how much more impactful would a much smaller amount have been had you been given it when you were 22 to take a dream vacation, to pay for college or pay off student loans, or at 30 to put toward a house?

I am 51 and my wife has really started to drive this home. We have done a great job saving for retirement (not enough for college though) and she has recently stated how we are "going to make our kids rich" and she's right. She wants to start doing more for us and I can't argue with it.

Youngest kid heads off to college in the fall and I think her & I are going to spend some inheritance.

Children shouldn’t expect an inheritance. If they get anything, great. They should consider it a bonus and be extremely grateful. I’m appalled at this recent thing going on online where these “kids” are getting upset when their retired parents are spending money. Go fly a kite is what I say.

While I totally agree on one hand, I actually hate how my FIL is spending his money in retirement. My MIL passed early and he received a large life insurance payout. FIL dropped 150k on a boat that he's used twice. Purchased an XBOX and no joke 50 games new just to have things for the grandkids to play when they go over. He doesn't play xbox.

So I agree, its his money to spend, but damn... like don't waste it.

 

[NutterButter]

the very least stop accumulating

This is what the FIRE people call “CoastFI“. Get to a savings number that will, hypothetically, grow to your ultimate “number” at the age you want to retire, and stop saving. This lets you divert the money you had been saving to spending on experiences (or whatever).

Big benefit of this approach is that it allows you to spend more in earlier years on travel or other activities where you are presumably going to be healthier.

I'm reading "Die with Zero" right now, and while I don't agree with everything he proposes in the book there are some great nuggets. One of them is spending money on experiences earlier in life, as there are certain things you can do at younger ages that you won't be able to do later, and that applies from your 20s all the way up into your 50s-60s-70s, when we go through the go-go, slow-go, and finally no-go years. He also talks about the concept of compounding memory dividends - you get much more joy over your life from things you did earlier as you can think back on them fondly, tell stories, look at pictures, etc. For me that totally rings true, as there is a reason my college buddies and I still talk about so many of the same stories 30-35 years later.

I'd really love to be able to get the kids on their feet when they move out. Set them up for success and put them on a path to stay out of bad debt.

One of the other things he talks about is that if you are inclined to pass wealth to your kids, do so when it will have it's best utility or they can really enjoy the benefits. While getting a chunk of cash in your 50s-60s from an inheritance is obviously nice and all, for many it's probably not life changing. But how much more impactful would a much smaller amount have been had you been given it when you were 22 to take a dream vacation, to pay for college or pay off student loans, or at 30 to put toward a house?

I am 51 and my wife has really started to drive this home. We have done a great job saving for retirement (not enough for college though) and she has recently stated how we are "going to make our kids rich" and she's right. She wants to start doing more for us and I can't argue with it.

Youngest kid heads off to college in the fall and I think her & I are going to spend some inheritance.

Children shouldn’t expect an inheritance. If they get anything, great. They should consider it a bonus and be extremely grateful. I’m appalled at this recent thing going on online where these “kids” are getting upset when their retired parents are spending money. Go fly a kite is what I say.

LOL. That's a thing now? I'm on social media, but I'm so glad my instagram algo doesn't promote crap like this. All I see is dogs, food and people visiting cool places.

 

[Gally]

So I agree, its his money to spend, but damn... like don't waste it.

Sounds like he is buying things for others when they come visit. Maybe he wants more visits and is trying to drop the hint.

 

[Gally]

we plan to try and leave my kids with as much as we can.

That seems like a statement that means you won't be doing the things you want to do because you need to save for the kids. I doubt that is what you meant but I disagree with the sentiment. You build the retirement savings for you to enjoy your life doing what you want. If something is left for the kids great but I don't think it should be a priority.

 

[Gally]

66, retired at 55.5 or so and livin' it right now

if anyone really wants to know what it's like staring you in the face ...

I'm here for ya - let me know what you want to know

a lot of it is about not only what you have, risk tolerance and how you want to live

skol

Binky, ok if I give you a shout later today? Couple of questions.....

of course!

Did you retire in a place where you were already settled, or did you pick up and move? We're leaning toward moving, and we're a little curious about how one meets people in a new community given that we're not working. Church is an option for us for sure, but we can't rely on that. We're actually debating the pros and cons of moving into a 55+ community, and one of the pros is that it should theoretically be easier to get to know our neighbors. (I still don't like that concept, but you get what I'm saying, I'm sure).

We plan on moving to cut down on some retirement costs of living (we are currently in California). We just bought some land in Idaho and plan to build there and move when we retire. Our plan is to retire in 5 years.

I am not entirely sure we will end up in Idaho but the opportunity to buy the land kind of popped up and we decided the biggest risk was we end up deciding to go somewhere else and sell the land in a couple years. Probably make a few bucks on the land if that was the way we decide to go. And if we do commit to going there then we already paid for the land and just have the house cost to pay for as we get closer to retirement. Makes it a much smaller pill to swallow as far as up front cost at the back end.

One of the things we have thought about is the friend aspect. Moving somewhere where we really don't know anyone (we know about the area because an acquaintance retired there and really enjoys it. We have a really close couple friend that just retired and bought a place in Arizona. That is too hot for us and we don't really like the desert landscape so that isn't really a consideration. So we have joked that we will stay the winters with them and they will stay the summers with us. It might work out well..hahahah. As far as meeting people our lot is near a golf course and many lakes so figure we will be able to meet people surrounding those things. Maybe hit up the pickle ball courts as there are always old, active people there. hahaha.

We are treating it like an adventure so being bold to meet people will be part of it as neither of us are particularly bold about cold meeting people. But figure we will be old and retired so what the hell. Hahahah

 

[Max Power]

So I agree, its his money to spend, but damn... like don't waste it.

Sounds like he is buying things for others when they come visit. Maybe he wants more visits and is trying to drop the hint.

Oddly enough he lives right next door. The previous home owner had his primary house and MIL home built on an adjacent property. We purchased the primary and he purchased the MIL home.

Makes it both easier and harder to spend time there. There are a lot of short visits, but we don't stay long because its so close.

 

[jamny]

Using social media to find people with shared interests is a good way to make new friends in a new area. When I lived in NY, there was a voiceover facebook group of around 6k people. When I moved to Boise, there wasn't anything like it organized. I went through Linkedin and reached out to all the Idaho based voice actors I could find. The group is now almost 80 people, have a fairly active facebook group, we meet once a month online for VO workouts, meet in person every once in a while just to hang out and also take group classes with VO coaches. And since most of these people didn't know each other to begin with, or even that there were so many voice actors in the state, we're all becoming friends together. It's not like trying to become part of an existing group.
I always remembered a quote saying that when you move to a new area, try and bring something to it to make it a better place.

 

[-OZ-]

Children shouldn’t expect an inheritance. If they get anything, great. They should consider it a bonus and be extremely grateful. I’m appalled at this recent thing going on online where these “kids” are getting upset when their retired parents are spending money. Go fly a kite is what I say.

That’s the great thing about having a lot of kids. Even if we left a lot, divided up it isn’t that much. So while we haven’t really talked about it, we’ll make it clear that they shouldn’t expect much of anything when we die.
Neither of our parents have much, my parents are burning their pensions and SS in the retirement home, which is great. In laws really only have the house, so while that’s something it won’t make a difference to us.
It’s so much better to give throughout your life than to pass on millions to your children. Especially if you’re lucky enough to die elderly.

 

[bcat01]

My parents own a small farm and have a decent amount in a 401k and CD's. They won't spend it all unless it is needed for medical/nursing home expenses. I think they plan on leaving it to me and my siblings, but I am not planning on a dime except for a small life insurance policy my dad has kept. It would make retirement planning a lot easier knowing, but it's none of my business.

 

[-OZ-]

Quick question for those approaching retirement. Which has been addressed a few times, probably.
How are you deciding whether to move to a new area or stay near friends and your support network?
If it wasn’t for friends here, I’d have no issues at all of moving to our favorite place to visit. A good friend moved there last year so I don’t doubt that we’d get connected quick. But to leave everyone behind as we depart from work seems like it could be a bad idea.

 

[Gally]

Quick question for those approaching retirement. Which has been addressed a few times, probably.
How are you deciding whether to move to a new area or stay near friends and your support network?
If it wasn’t for friends here, I’d have no issues at all of moving to our favorite place to visit. A good friend moved there last year so I don’t doubt that we’d get connected quick. But to leave everyone behind as we depart from work seems like it could be a bad idea.

The location should factor into your overall retirement calculations. State taxes, cost of living, etc can be significantly different for different locations. It's just one more thing to factor into your decision.

If you like where you currently live (weather, friends, things to do, etc) and the cost of living won't kill you then there may not be a reason to look to move elsewhere.

 

[Sand]

It's only an 18 year window

It definitely changes, but hopefully you’ll continue to have great memories with your kin after they have a choice.

Exactly. My oldest is 26. We go on a vacation, just her and I, once a year. The week we spent in San Diego might be the most fun I’ve had on a vacation. She just asked me last week where we’re going next year, she’s feeling like a Caribbean island lol.

I hear you and you are probably right. Mine is 14 right now and sometimes I feel like I'm a little panicked as his childhood is picking up steam quickly.

And yet the vacations can be cooler now that they're older. Overseas stuff, Cedar Point Rollercosters galore, exploring national parks out west, etc.

 

[Sand]

Quick question for those approaching retirement. Which has been addressed a few times, probably.
How are you deciding whether to move to a new area or stay near friends and your support network?
If it wasn’t for friends here, I’d have no issues at all of moving to our favorite place to visit. A good friend moved there last year so I don’t doubt that we’d get connected quick. But to leave everyone behind as we depart from work seems like it could be a bad idea.

The location should factor into your overall retirement calculations. State taxes, cost of living, etc can be significantly different for different locations. It's just one more thing to factor into your decision.

If you like where you currently live (weather, friends, things to do, etc) and the cost of living won't kill you then there may not be a reason to look to move elsewhere.

If I know anything my location if we ever move will be dictated by where grandkids are.

 

[Mookie]

Quick question for those approaching retirement. Which has been addressed a few times, probably.
How are you deciding whether to move to a new area or stay near friends and your support network?
If it wasn’t for friends here, I’d have no issues at all of moving to our favorite place to visit. A good friend moved there last year so I don’t doubt that we’d get connected quick. But to leave everyone behind as we depart from work seems like it could be a bad idea.

I am retiring in another year or two and have no plans to move. The house is paid off, I want to enjoy the things around me, and we have too many friends here. When winters get long, I expect we will travel and maybe rent somewhere warm for extended periods. 55+ living in a Florida or Arizona seems like it would be an easy way to meet other retirees, but i think I would miss the community that comes with living amongst other age groups.

 

[guru_007]

Quick question for those approaching retirement. Which has been addressed a few times, probably.
How are you deciding whether to move to a new area or stay near friends and your support network?
If it wasn’t for friends here, I’d have no issues at all of moving to our favorite place to visit. A good friend moved there last year so I don’t doubt that we’d get connected quick. But to leave everyone behind as we depart from work seems like it could be a bad idea.

Friends do not factor into my decision at all. Hell, most of my high school friends all live within 5-10 miles of where we grew up, and they get together maybe 1-2x per year. I am almost 2,000 miles away and see them about every other year, but we group text almost daily. Proximity to my children is way, way, way more important. I can make new friends/acquaintances.
For me:
1-Cost of living
2-Climate
3-Must be within 90 minutes of a major airport
4-Must be within 90 minutes of decent health care facilities/hospitals

We have it narrowed down to 2-3 areas right now and will probably end up in North Carolina area. I like western Massachusetts as well, but COL there is a factor.

 

[NutterButter]

Quick question for those approaching retirement. Which has been addressed a few times, probably.
How are you deciding whether to move to a new area or stay near friends and your support network?
If it wasn’t for friends here, I’d have no issues at all of moving to our favorite place to visit. A good friend moved there last year so I don’t doubt that we’d get connected quick. But to leave everyone behind as we depart from work seems like it could be a bad idea.

Grandkids not a factor in your decision? Too soon for that in which case would the potential to move again come into play?

 

[IvanKaramazov]

Quick question for those approaching retirement. Which has been addressed a few times, probably.
How are you deciding whether to move to a new area or stay near friends and your support network?
If it wasn’t for friends here, I’d have no issues at all of moving to our favorite place to visit. A good friend moved there last year so I don’t doubt that we’d get connected quick. But to leave everyone behind as we depart from work seems like it could be a bad idea.

We like our current community a lot, but (a) our kids are moved out, and we have no family here, so there is nothing tying us to this place, and (b) we are growing a bit weary of 6 months of winter. We have absolutely no interest whatsoever in having two homes, so splitting time between two places is out of the question. Surprisingly, I am more inclined to live close-ish to at least one of our kids than my wife is, but they are not tied to their respective communities either so perhaps chasing them around the country isn't a very good idea.

When looking for a place to relocate, we're prioritizing:

1. Housing prices. We own our house outright and we are happy to downsize a bit, but we live in an area with reasonably affordable housing. That means that we will not be able to tap into home equity as a source of retirement wealth (we never planned on doing so, because we knew it wouldn't work out), and it takes trendy retirement locations off the table. We want to be able to more or less swap our current house for something similar in our new town. If we go a little smaller, I want better build quality and more outdoor living space, not necessarily a lower price.
2. Four seasons. We don't want six months of winter, but we do want a little winter.
3. No humidity. Sorry, SEC. Not having it.
4. Interstate and airport access. The former is arguably more important to me than the latter. What's the point of moving to a new part of the country if you can't easily explore it by car?
5. Decent tax situation. Our destination doesn't have to be "optimal" for tax purposes. It just needs to not be actively bad.

These are all pushing us toward high-desert areas in the southwest. I have at least four more years before retirement and I could go a little longer than that if I needed to, so we don't need to be looking for anything in earnest yet, but we've done enough research to know with certainty that we'll be able to check all these boxes when we get there. On our last scouting trip, we actually stumbled upon a 55+ gated community that we we would be happy to move into tomorrow. It's kind of nice to be able to point to an actual, tangible house with an actual address that is actually listed for sale and know that it is 100% acceptable. I'm aware of the political issues involving water rights, but there's going to be something no matter where we live. This place doesn't have blizzards, hurricanes, earthquakes, massive fires, etc. Homeowners insurance will be NBD. I can handle a higher water bill.

 

[stbugs]

we plan to try and leave my kids with as much as we can.

That seems like a statement that means you won't be doing the things you want to do because you need to save for the kids. I doubt that is what you meant but I disagree with the sentiment. You build the retirement savings for you to enjoy your life doing what you want. If something is left for the kids great but I don't think it should be a priority.

It may but it’s not. We go on several vacations a year now and don’t have any regrets. I’d be worth a lot more if we spent less, but we do well and have good savings. If we are living at our lake house with our sons coming by often, then anything else is gravy. I’d love to be grandparents that take kids and grandkids to Disney. I don’t have to spend every dime so I do have setting up my sons for success as a priority. My oldest didn’t go in state so he’s got a small amount of loans ($200-300) a month and my other two sons are likely not going to have any loans as they are and probably are going in state. I could by a really nice new car but I don’t want to do that.

Maybe my wife and I have traveled enough and spent enough already that we don’t feel like we’ve only saved but again leaving something for my kids is a priority to us. Again, my ideal state is that our investments and SS are kicking off a large enough amount that our base doesn’t go down and we can do what we want for us or for our kids.

 

[jamny]

Most of our friends moved out of NY long before we did and since we never had kids, there was no real family to keep us anchored anywhere. We travelled a lot in our 30 years together and with our first visit to Boise in 2017, we knew this was the place for us. It hit every point we wanted. We live in a 1 bedroom condo which cost us about half what we sold our NY house for. We'd like to maybe get a slightly bigger one but they seem to be building more apartment buildings and not enough condo buildings. We're considering a townhome that has an HOA handle to landscaping because my wife is a neat freak and some other owners in the condo are not. She's getting annoyed at some things. But we'd want something without stairs since it would probably be our last move but that's hard to find. A 55+ community is also an option. We're fine as is for another couple of years though.

 

[dgreen]

We are really connected to our church. But, being a church in the DC area, it's a pretty transient church so we are used to friends moving away. Most of our friends aren't from here (we are rare natives) and just about nobody retires here. So, moving away from friends is common. The church community is great so I do have some concern about finding that somewhere else. As long as we move to a big enough city, we should be able to find something.

As others have mentioned, where our kids/grandkids are is going to be a big factor in where we are. I'm still 10ish years from retirement and kids are 16, 18, and 21 so who knows where everyone will be when the time comes.

Also, my wife has an autoimmune disease, so we'll likely need to go somewhere with good doctors for that. We haven't really looked into what cities would be good for that. As I said, still 10ish years away, so too early to do too much planning...although that doesn't stop me from day dreaming way too much about retirement.

 

[IvanKaramazov]

Most of our friends moved out of NY long before we did and since we never had kids, there was no real family to keep us anchored anywhere. We travelled a lot in our 30 years together and with our first visit to Boise in 2017, we knew this was the place for us. It hit every point we wanted. We live in a 1 bedroom condo which cost us about half what we sold our NY house for. We'd like to maybe get a slightly bigger one but they seem to be building more apartment buildings and not enough condo buildings. We're considering a townhome that has an HOA handle to landscaping because my wife is a neat freak and some other owners in the condo are not. She's getting annoyed at some things. But we'd want something without stairs since it would probably be our last move but that's hard to find. A 55+ community is also an option. We're fine as is for another couple of years though.

FYI, I remember you posting about Boise before, and I was impressed with how intentional you and your wife were about selecting that community and doing your homework over the course of a few years. We're trying to do the same.

 

[Gally]

I’d love to be grandparents that take kids and grandkids to Disney.

I think that is a better priority than making sure there is a nest egg left for the kids. Spending the money on the kids and grandkids on vacations and outings/spending time together is a great idea and worth it for sure.

 

[jamny]

Most of our friends moved out of NY long before we did and since we never had kids, there was no real family to keep us anchored anywhere. We travelled a lot in our 30 years together and with our first visit to Boise in 2017, we knew this was the place for us. It hit every point we wanted. We live in a 1 bedroom condo which cost us about half what we sold our NY house for. We'd like to maybe get a slightly bigger one but they seem to be building more apartment buildings and not enough condo buildings. We're considering a townhome that has an HOA handle to landscaping because my wife is a neat freak and some other owners in the condo are not. She's getting annoyed at some things. But we'd want something without stairs since it would probably be our last move but that's hard to find. A 55+ community is also an option. We're fine as is for another couple of years though.

FYI, I remember you posting about Boise before, and I was impressed with how intentional you and your wife were about selecting that community and doing your homework over the course of a few years. We're trying to do the same.

Yeah, this forum was especially helpful in my early research into Boise

Things really progressed quickly and our timing turned out to be great. We bought just before covid and sold our house at a peak of the sellers market in 2021. Now our condo is valued at close to what our house was.

 

[stbugs]

I’d love to be grandparents that take kids and grandkids to Disney.

I think that is a better priority than making sure there is a nest egg left for the kids. Spending the money on the kids and grandkids on vacations and outings/spending time together is a great idea and worth it for sure.

We agree but I will still add that it is one of our priorities to leave a nest egg. A good portion of that will be the equity in the future house. Who knows what else will be left in this inflationary world.

 

[stbugs]

We are really connected to our church. But, being a church in the DC area, it's a pretty transient church so we are used to friends moving away. Most of our friends aren't from here (we are rare natives) and just about nobody retires here. So, moving away from friends is common. The church community is great so I do have some concern about finding that somewhere else. As long as we move to a big enough city, we should be able to find something.

As others have mentioned, where our kids/grandkids are is going to be a big factor in where we are. I'm still 10ish years from retirement and kids are 16, 18, and 21 so who knows where everyone will be when the time comes.

Also, my wife has an autoimmune disease, so we'll likely need to go somewhere with good doctors for that. We haven't really looked into what cities would be good for that. As I said, still 10ish years away, so too early to do too much planning...although that doesn't stop me from day dreaming way too much about retirement.

One of the big things we liked about the lake lot we bought was the surrounding area which has a nice hospital and lots of medical facilities that we hopefully won’t need. Still nice to see that and everything else close by. We go to a good friends lake house in NY every summer and the boys always had fun so hoping it will be a nice central hub for holidays and general fun and relaxing.

 

[-OZ-]

Quick question for those approaching retirement. Which has been addressed a few times, probably.
How are you deciding whether to move to a new area or stay near friends and your support network?
If it wasn’t for friends here, I’d have no issues at all of moving to our favorite place to visit. A good friend moved there last year so I don’t doubt that we’d get connected quick. But to leave everyone behind as we depart from work seems like it could be a bad idea.

Grandkids not a factor in your decision? Too soon for that in which case would the potential to move again come into play?

If we have any, they’re certainly part of the equation. I figure there’s a really good chance not all the grandkids will be in the same area. So far out of our oldest 3, there’s not much chance of grandkids but of course that can change.

Not that it matters that much, but we moved away from our families 25 years ago and now live 2 hours from the in laws. That’s been a fine distance. If our kids move nearly as much as we did, I’m not chasing them around the country.

But yes, if they’re all local, they count as part the support network equation.

 

[-OZ-]

will probably end up in North Carolina area

A top 4 state IMO.

 

[SFBayDuck]

Quick question for those approaching retirement. Which has been addressed a few times, probably.
How are you deciding whether to move to a new area or stay near friends and your support network?
If it wasn’t for friends here, I’d have no issues at all of moving to our favorite place to visit. A good friend moved there last year so I don’t doubt that we’d get connected quick. But to leave everyone behind as we depart from work seems like it could be a bad idea.

As you know, I already did that, a few years before retirement (hopefully!) as we moved back to the college town, primarily for all of the built in stuff to do. We have season tix for football, men's and women's basketball, and T&F. Multiple big time track meets a year, with the NCAAs, Prefontaine Classic, and Olympic Trials all coming up in the next 6 weeks, and we had the World Championships last year. We hit up a random baseball, softball, volleyball, lax game once in a while. I got involved with supporting my fraternity, serving on the Housing Corp (had a current member that works at a local restaurant bring me a free and heavy pour of Pappy Van WInkle when I was dining there with friends a while back!). We get a decent concert or stand-up coming through town every few months. We're only 100 miles from Portland so have been up there for a show or two. We have a regional airport here (I can go driveway to gate in under 30 minutes), and PDX is less than 2 hours away.

There was also the financial aspect - I couldn't afford a house in the Bay Area (or didn't want to pay that much, at least) so always rented, but bought a house here in Oregon for a fraction of what we would have paid down there. Taxes are cheaper, insurance is cheaper....hell, everything is cheaper.

The weather in the winter in Oregon can be a drag, no doubt, and I do miss the Bay Area. But it's an hour flight or 8 hour drive to get back there, which is handy as I assume my daughter will stay in Nor Cal when she graduates from college next year.

 

[stbugs]

will probably end up in North Carolina area

A top 4 state IMO.

We’ve loved it here. Our lake lot is actually SC, but it’s still close to NC. I have a feeling that my oldest will stay in the Raleigh area just because of jobs/work. Not sure on the other two yet. I could see Raleigh, Charlotte and even Atlanta although my youngest definitely wants to travel (semester abroad in college). I could honestly see him spending time in Japan/Korea of all areas. He’s taken a few years of Chinese so who knows. Middle son is the big question mark. I could see him staying close and crashing with us many weekends with friends. He loves the lake.

 

[Peggy]

Quick question for those approaching retirement. Which has been addressed a few times, probably.
How are you deciding whether to move to a new area or stay near friends and your support network?
If it wasn’t for friends here, I’d have no issues at all of moving to our favorite place to visit. A good friend moved there last year so I don’t doubt that we’d get connected quick. But to leave everyone behind as we depart from work seems like it could be a bad idea.

Echo a lot of what Guru and Ivan said above.

The only reason we live where we do now is because of a great paying job that goes away when I retire. High cost of living, high taxes, only 3 months of warm sunny weather a year, crime getting worse, etc. etc. Unfortunately we've been here 13 years so we do have a lot of friends and our next door neighbors that we are afraid we won't be able to replace. But the list outweighs the friends:

1 - Cost of living.
2 - Climate.
3 - Housing price. Looking to upgrade house and property for similar price.
4 - Less crime and crappy people.

 

[Peggy]

will probably end up in North Carolina area

A top 4 state IMO.

We’ve loved it here. Our lake lot is actually SC, but it’s still close to NC. I have a feeling that my oldest will stay in the Raleigh area just because of jobs/work. Not sure on the other two yet. I could see Raleigh, Charlotte and even Atlanta although my youngest definitely wants to travel (semester abroad in college). I could honestly see him spending time in Japan/Korea of all areas. He’s taken a few years of Chinese so who knows. Middle son is the big question mark. I could see him staying close and crashing with us many weekends with friends. He loves the lake.

Talk me into NC. Last year we flew to Charlottesville rented a car and drove up through VA, ending up in TN and flew out of Nashville.

I think all three states are probably similar with climate. But, we didn't like the coastal cities as much and they can be affected by hurricanes. We liked the more rural green rolling farm field areas better. Ultimately on the west side of the Appellations which eliminated NC. But TN seems to be too far right for our tastes, VA weed is legal. So right now were looking at west Virginia (not to be confused with West Virginia).

 

[Desert_Power]

will probably end up in North Carolina area

A top 4 state IMO.

We’ve loved it here. Our lake lot is actually SC, but it’s still close to NC. I have a feeling that my oldest will stay in the Raleigh area just because of jobs/work. Not sure on the other two yet. I could see Raleigh, Charlotte and even Atlanta although my youngest definitely wants to travel (semester abroad in college). I could honestly see him spending time in Japan/Korea of all areas. He’s taken a few years of Chinese so who knows. Middle son is the big question mark. I could see him staying close and crashing with us many weekends with friends. He loves the lake.

Did you buy something on Wylie or one of the SC lakes near the mountains? Can't remember if I've asked before.

 

[Todem]

If your spouse has any amount of working SS why wouldn't you take it early knowing you can step up to the spousal benefit whenever the primary earner decides to start taking SS?

Seems like a no brainer to me, especially since she's several years older than me she can collect potentially many years before switching to half of mine.

In general the highest payoff SS payout in a two player game is to have the lower earner claim at 62 and the high earner at 70. Not to mention the lower earner is usually the female half and she is expected to outlive him - his SS becomes longevity insurance for her.

There are a couple good tools out there to look at this - ssa.tools is a good place to start.

This…..especially if you know your working till 70.

Me? I don’t see myself ever fully retiring. I love what I do.

I won’t start my SS till 70. My wife who is 5 years younger than me can start hers at 62 when I am 67.

Then get half my 70 year old full benefit.

No brainer.

 

[Todem]

will probably end up in North Carolina area

A top 4 state IMO.

We’ve loved it here. Our lake lot is actually SC, but it’s still close to NC. I have a feeling that my oldest will stay in the Raleigh area just because of jobs/work. Not sure on the other two yet. I could see Raleigh, Charlotte and even Atlanta although my youngest definitely wants to travel (semester abroad in college). I could honestly see him spending time in Japan/Korea of all areas. He’s taken a few years of Chinese so who knows. Middle son is the big question mark. I could see him staying close and crashing with us many weekends with friends. He loves the lake.

Talk me into NC. Last year we flew to Charlottesville rented a car and drove up through VA, ending up in TN and flew out of Nashville.

I think all three states are probably similar with climate. But, we didn't like the coastal cities as much and they can be affected by hurricanes. We liked the more rural green rolling farm field areas better. Ultimately on the west side of the Appellations which eliminated NC. But TN seems to be too far right for our tastes, VA weed is legal. So right now were looking at west Virginia (not to be confused with West Virginia).

My son goes to school in Raleigh.

I love NC. Fantastic place to live.

 

[General Malaise]

Quick question for those approaching retirement. Which has been addressed a few times, probably.
How are you deciding whether to move to a new area or stay near friends and your support network?
If it wasn’t for friends here, I’d have no issues at all of moving to our favorite place to visit. A good friend moved there last year so I don’t doubt that we’d get connected quick. But to leave everyone behind as we depart from work seems like it could be a bad idea.

As you know, I already did that, a few years before retirement (hopefully!) as we moved back to the college town, primarily for all of the built in stuff to do. We have season tix for football, men's and women's basketball, and T&F. Multiple big time track meets a year, with the NCAAs, Prefontaine Classic, and Olympic Trials all coming up in the next 6 weeks, and we had the World Championships last year. We hit up a random baseball, softball, volleyball, lax game once in a while. I got involved with supporting my fraternity, serving on the Housing Corp (had a current member that works at a local restaurant bring me a free and heavy pour of Pappy Van WInkle when I was dining there with friends a while back!). We get a decent concert or stand-up coming through town every few months. We're only 100 miles from Portland so have been up there for a show or two. We have a regional airport here (I can go driveway to gate in under 30 minutes), and PDX is less than 2 hours away.

There was also the financial aspect - I couldn't afford a house in the Bay Area (or didn't want to pay that much, at least) so always rented, but bought a house here in Oregon for a fraction of what we would have paid down there. Taxes are cheaper, insurance is cheaper....hell, everything is cheaper.

The weather in the winter in Oregon can be a drag, no doubt, and I do miss the Bay Area. But it's an hour flight or 8 hour drive to get back there, which is handy as I assume my daughter will stay in Nor Cal when she graduates from college next year.

I wouldn't mind retiring in or near Eugene though the stretch goal for us is finding a 2nd home on the coast. Waldport/Yachats area to be precise. I think I could be very happy spending my retired days waking up early and taking the dog(s) out on the beach for a morning walk, managing our portfolio of stocks, playing disc golf and perhaps pouring beers for a local brew pub to mingle with peeps and stay 'busy'. I just love the sound of the ocean and don't mind the cool weather. I may change my mind at 70 but 51 year old me loves the scenario typed above.

 

[Peggy]

will probably end up in North Carolina area

A top 4 state IMO.

We’ve loved it here. Our lake lot is actually SC, but it’s still close to NC. I have a feeling that my oldest will stay in the Raleigh area just because of jobs/work. Not sure on the other two yet. I could see Raleigh, Charlotte and even Atlanta although my youngest definitely wants to travel (semester abroad in college). I could honestly see him spending time in Japan/Korea of all areas. He’s taken a few years of Chinese so who knows. Middle son is the big question mark. I could see him staying close and crashing with us many weekends with friends. He loves the lake.

Talk me into NC. Last year we flew to Charlottesville rented a car and drove up through VA, ending up in TN and flew out of Nashville.

I think all three states are probably similar with climate. But, we didn't like the coastal cities as much and they can be affected by hurricanes. We liked the more rural green rolling farm field areas better. Ultimately on the west side of the Appellations which eliminated NC. But TN seems to be too far right for our tastes, VA weed is legal. So right now were looking at west Virginia (not to be confused with West Virginia).

My son goes to school in Raleigh.

I love NC. Fantastic place to live.

I'm in the other direction, wife is 5 years older than me and 62 is coming fast. Any advantage for her to wait another year or two when we don't need it for any reason - or just get it as soon as we can and invest it?

 

[-OZ-]

will probably end up in North Carolina area

A top 4 state IMO.

We’ve loved it here. Our lake lot is actually SC, but it’s still close to NC. I have a feeling that my oldest will stay in the Raleigh area just because of jobs/work. Not sure on the other two yet. I could see Raleigh, Charlotte and even Atlanta although my youngest definitely wants to travel (semester abroad in college). I could honestly see him spending time in Japan/Korea of all areas. He’s taken a few years of Chinese so who knows. Middle son is the big question mark. I could see him staying close and crashing with us many weekends with friends. He loves the lake.

Talk me into NC. Last year we flew to Charlottesville rented a car and drove up through VA, ending up in TN and flew out of Nashville.

I think all three states are probably similar with climate. But, we didn't like the coastal cities as much and they can be affected by hurricanes. We liked the more rural green rolling farm field areas better. Ultimately on the west side of the Appellations which eliminated NC. But TN seems to be too far right for our tastes, VA weed is legal. So right now were looking at west Virginia (not to be confused with West Virginia).

I love Charlottesville. It pretty much has everything we’d want in a small city, plus it’s home of the Army JAG school.
TN probably is too far right for many, but it’s still among the top states imo. But then, I’m in Alabama so everything is left of us.
The Carolinas, Tennessee and AL - North of the Tennessee River all work well if you can stand the humidity. Which isn’t horrible in western NC IIRC.

 

[matttyl]

will probably end up in North Carolina area

A top 4 state IMO.

We’ve loved it here. Our lake lot is actually SC, but it’s still close to NC. I have a feeling that my oldest will stay in the Raleigh area just because of jobs/work. Not sure on the other two yet. I could see Raleigh, Charlotte and even Atlanta although my youngest definitely wants to travel (semester abroad in college). I could honestly see him spending time in Japan/Korea of all areas. He’s taken a few years of Chinese so who knows. Middle son is the big question mark. I could see him staying close and crashing with us many weekends with friends. He loves the lake.

Talk me into NC. Last year we flew to Charlottesville rented a car and drove up through VA, ending up in TN and flew out of Nashville.

I think all three states are probably similar with climate. But, we didn't like the coastal cities as much and they can be affected by hurricanes. We liked the more rural green rolling farm field areas better. Ultimately on the west side of the Appellations which eliminated NC. But TN seems to be too far right for our tastes, VA weed is legal. So right now were looking at west Virginia (not to be confused with West Virginia).

West of northern Va might be worth a look. Charlottesville pretty nice too. Message me if you’d like some specific recommendations.

 

[SFBayDuck]

I wouldn't mind retiring in or near Eugene though the stretch goal for us is finding a 2nd home on the coast. Waldport/Yachats area to be precise. I think I could be very happy spending my retired days waking up early and taking the dog(s) out on the beach for a morning walk, managing our portfolio of stocks, playing disc golf and perhaps pouring beers for a local brew pub to mingle with peeps and stay 'busy'. I just love the sound of the ocean and don't mind the cool weather. I may change my mind at 70 but 51 year old me loves the scenario typed above.

Totally. My family has a place in Pacific City, and being back here I now have access to get over there. Still only manage to get over a handful of times a year, but would obviously get even more use out of it if this pesky work thing wasn't always getting in the way. My parents are updating their will soon, and I keep telling them all I really want is the cabin!

PC is pretty sleepy, though, and like you if I was picking a place I'd probably target that Waldport/Yachats area as well. We have friends with a place right on the beach in Waldport that we've stayed at. And every time we're driving the coast we stop in Yachats, the dog loves that beach just on the south end of town where the river comes in.

 

[Judge Smails]

Most of our friends moved out of NY long before we did and since we never had kids, there was no real family to keep us anchored anywhere. We travelled a lot in our 30 years together and with our first visit to Boise in 2017, we knew this was the place for us. It hit every point we wanted. We live in a 1 bedroom condo which cost us about half what we sold our NY house for. We'd like to maybe get a slightly bigger one but they seem to be building more apartment buildings and not enough condo buildings. We're considering a townhome that has an HOA handle to landscaping because my wife is a neat freak and some other owners in the condo are not. She's getting annoyed at some things. But we'd want something without stairs since it would probably be our last move but that's hard to find. A 55+ community is also an option. We're fine as is for another couple of years though.

FYI, I remember you posting about Boise before, and I was impressed with how intentional you and your wife were about selecting that community and doing your homework over the course of a few years. We're trying to do the same.

Yeah, this forum was especially helpful in my early research into Boise

Things really progressed quickly and our timing turned out to be great. We bought just before covid and sold our house at a peak of the sellers market in 2021. Now our condo is valued at close to what our house was.

My buddy moved to Star about 4 years ago and loves it there

 

[General Malaise]

I wouldn't mind retiring in or near Eugene though the stretch goal for us is finding a 2nd home on the coast. Waldport/Yachats area to be precise. I think I could be very happy spending my retired days waking up early and taking the dog(s) out on the beach for a morning walk, managing our portfolio of stocks, playing disc golf and perhaps pouring beers for a local brew pub to mingle with peeps and stay 'busy'. I just love the sound of the ocean and don't mind the cool weather. I may change my mind at 70 but 51 year old me loves the scenario typed above.

Totally. My family has a place in Pacific City, and being back here I now have access to get over there. Still only manage to get over a handful of times a year, but would obviously get even more use out of it if this pesky work thing wasn't always getting in the way. My parents are updating their will soon, and I keep telling them all I really want is the cabin!

PC is pretty sleepy, though, and like you if I was picking a place I'd probably target that Waldport/Yachats area as well. We have friends with a place right on the beach in Waldport that we've stayed at. And every time we're driving the coast we stop in Yachats, the dog loves that beach just on the south end of town where the river comes in.

My cousin and her husband are right on the beach in Waldport. They live right off the 101, which means you get a lot of road noise - too much for my taste - but a small price to pay to be able to wake up and walk right down to the sandy shores. Boys and I love building forts with all the drift wood that accumulates over the winter. Like being a kid again.

 

[Judge Smails]

Although there are lots of reasons to potentially leave So Cal, I'm likely not going anywhere

1) We have a huge circle of friends here. Many would think I'm an extravert but I'm not. I wouldn't enjoy going someplace brand new and starting over creating deep friendships (I know you can still have them long distance but not ideal)
2) Family is here, including grandkids. That may change but we can always travel as much as we want or need to. This would be the only reason we would ever move.
3) My golf club is 8 minutes door to door and we love it.
4) Property taxes are really low here with Prop 13 if you've been in the same house for a long time. Significant expense in retirement and this is locked in. House paid off in 2 years
5) The weather. Too good. Means you have endless options to keep moving
6) Culture is excellent. Music, plays, sports, museums - everything and everyone comes to So Cal
7) Healthcare as good as any other major metropolitan area
8) No humidity. Beaches and mountains very close by.
9) Taxes are terrible here but will not be as cumbersome leaving the accumulation phase

 

[Todem]

will probably end up in North Carolina area

A top 4 state IMO.

We’ve loved it here. Our lake lot is actually SC, but it’s still close to NC. I have a feeling that my oldest will stay in the Raleigh area just because of jobs/work. Not sure on the other two yet. I could see Raleigh, Charlotte and even Atlanta although my youngest definitely wants to travel (semester abroad in college). I could honestly see him spending time in Japan/Korea of all areas. He’s taken a few years of Chinese so who knows. Middle son is the big question mark. I could see him staying close and crashing with us many weekends with friends. He loves the lake.

Talk me into NC. Last year we flew to Charlottesville rented a car and drove up through VA, ending up in TN and flew out of Nashville.

I think all three states are probably similar with climate. But, we didn't like the coastal cities as much and they can be affected by hurricanes. We liked the more rural green rolling farm field areas better. Ultimately on the west side of the Appellations which eliminated NC. But TN seems to be too far right for our tastes, VA weed is legal. So right now were looking at west Virginia (not to be confused with West Virginia).

My son goes to school in Raleigh.

I love NC. Fantastic place to live.

I'm in the other direction, wife is 5 years older than me and 62 is coming fast. Any advantage for her to wait another year or two when we don't need it for any reason - or just get it as soon as we can and invest it?

I suggest you look at how much you are leaving on the table in that span....then see how much you would get for waiting and how long will it take to break even on the amount you left on the table annually for those two years.

Calculating your break even is the critical calculation in ultimately making a decision to either turn it on at 62 vs waiting if you really don't need it.

 

[Yo Mama]

Although there are lots of reasons to potentially leave So Cal, I'm likely not going anywhere

1) We have a huge circle of friends here. Many would think I'm an extravert but I'm not. I wouldn't enjoy going someplace brand new and starting over creating deep friendships (I know you can still have them long distance but not ideal)
2) Family is here, including grandkids. That may change but we can always travel as much as we want or need to. This would be the only reason we would ever move.
3) My golf club is 8 minutes door to door and we love it.
4) Property taxes are really low here with Prop 13 if you've been in the same house for a long time. Significant expense in retirement and this is locked in. House paid off in 2 years
5) The weather. Too good. Means you have endless options to keep moving
6) Culture is excellent. Music, plays, sports, museums - everything and everyone comes to So Cal
7) Healthcare as good as any other major metropolitan area
8) No humidity. Beaches and mountains very close by.
9) Taxes are terrible here but will not be as cumbersome leaving the accumulation phase

Very similar thoughts for me (I actually think we live pretty close if I remember correctly). The Prop 13 impact on property taxes would be big for keeping us from moving elsewhere. Definitely will depend on where our kids end up settling (hoping they’ll stay in the so cal area too).

 

[stbugs]

will probably end up in North Carolina area

A top 4 state IMO.

We’ve loved it here. Our lake lot is actually SC, but it’s still close to NC. I have a feeling that my oldest will stay in the Raleigh area just because of jobs/work. Not sure on the other two yet. I could see Raleigh, Charlotte and even Atlanta although my youngest definitely wants to travel (semester abroad in college). I could honestly see him spending time in Japan/Korea of all areas. He’s taken a few years of Chinese so who knows. Middle son is the big question mark. I could see him staying close and crashing with us many weekends with friends. He loves the lake.

Talk me into NC. Last year we flew to Charlottesville rented a car and drove up through VA, ending up in TN and flew out of Nashville.

I think all three states are probably similar with climate. But, we didn't like the coastal cities as much and they can be affected by hurricanes. We liked the more rural green rolling farm field areas better. Ultimately on the west side of the Appellations which eliminated NC. But TN seems to be too far right for our tastes, VA weed is legal. So right now were looking at west Virginia (not to be confused with West Virginia).

My son goes to school in Raleigh.

I love NC. Fantastic place to live.

I'm in the other direction, wife is 5 years older than me and 62 is coming fast. Any advantage for her to wait another year or two when we don't need it for any reason - or just get it as soon as we can and invest it?

I suggest you look at how much you are leaving on the table in that span....then see how much you would get for waiting and how long will it take to break even on the amount you left on the table annually for those two years.

Calculating your break even is the critical calculation in ultimately making a decision to either turn it on at 62 vs waiting if you really don't need it.

It’s a complex calculation that really depends on the situation. If your spouse didn’t work much and this would benefit from the spousal option, that’s a harder choice.

Personally, based on grand fathering/potential changes/investing, I plan for my wife and I to take it as soon as we get it. First, I can’t imagine they will mess around with the $$$s for people already receiving checks versus people 10-20 years away. Second, my wife will have her own SS that will be higher than the spousal benefits so we can ignore that. Third, every time I live run the numbers, you need something like a 5-6% return to make breakeven way out enough that it’s not worth waiting to catch up when you’re dead. 7-8%+ and the money already received puts off more than the difference each month*.

* One note that I almost never see in the calculations is that breakeven point doesn’t seem to ever mention the $$$s you already have in your bank account in case you do pass prior to the breakeven and your wife/kids would inherit it. For instance, the max SS for 62 right now is $2710 per month. At age 70, the amount of money in your bank (ignoring taxes whether 62 or 70) at a 5% return is $638k. At 8%, you’ve got $721k. The max benefit is $4820 ($2110 per person more) and at 5%, the $638k throws off $2660 per month so you are making $1560 per month more waiting at 70. Breakeven is 34 years. At 8%, waiting till 70 makes you $600 a month less than taking at 62 and the 62 year old couple already has $721 in the bank.

If you are taking money at 62 in a similar situation where you are “saving” the money, it seems like a no brainer. If you need that money to live in retirement then working more years to get the max benefits makes more sense.

 

[NutterButter]

will probably end up in North Carolina area

A top 4 state IMO.

What's your 3 others?