Forced Retirement

16 years ago

Hi everyone.....I am new to this particular forum, and I just wanted some thoughts you all might have. My husband's company is closing after he has worked there for 20 years. He is only 56, but we live in a very expensive area, so we are thinking that we might have to move. The question I have trouble with is this...even if he can get another job, we know he will not make as much and our taxes here are astronomical, so our first thought is to sell our house, buy one for cash in Cape Cod, Massachusetts (where we had planned to retire anyway) and both look for jobs to just get by with our monthly bills since we won't have a mortgage.

I am so torn about this because I have worked for my brother for the past 12 years, all my family and friends are here, and even though I know it would be better for us financially, I am having a hard time deciding what to do.

I guess I was curious to see if any one of you has gone through something similar and how it turned out. Thanks for listening to me. I am truly beside myself on this one.

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Comments (14)

lilliepad
16 years ago
Haven't had that experience yet,even though DH just retired at age 70 and he's already thinking about getting another job!LOL I know it is hard to leave family.I would not jump into anything without looking at all options.How far is Cape Cod from your family? How long before DH will be retiring on his own and you will be moving to Cape Cod anyway? Is there a possibility of selling your present home and buying something in the area with less taxes? If you are still working and you and DH can get by on that salary for a while,even better.You may have to cut some corners but in the long run it would be better than rushing into something that you might regret later.
Good luck to you whatever you decide.
marygailv
16 years ago
I have never had to deal with this, but when you say you won't have any mortgage, you'd better check what the property taxes are in Cape Cod, Maine. Also, find what kind of jobs are available.

Just don't rush into anything. I'm sure the other ladies will have more advice than I can give you.
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jannie
16 years ago
There's another option. rent out your current house, and rent a house in your new state. Don't jump into buying a new house, you may be sorry and wish you'd never left. I know. It haqppened to me. I miss my old neighborhood, my family is still there.
Happy_Go_Lucky_Gayle
16 years ago
I second, what jannie said.

I miss my old house.

Gayle
sue_va
16 years ago
What is the Real Estate market like where you are?

I would suggest you sell your house if that is feasible, and buy a smaller, far less expensive one in a different part of town. Cut your expenses. Has your DH considered trying to find a job there? May not be what he prefers, but sometimes tough decisions have to be made. You will be keeping your job, and still have your friends and family.

Seems like the logical choice to me, with the least disruption.

You can always make the move to Cape Cod later, if that is what you want to do, but you will still be giving up family and old friends.

Remember "The Odd Couple" TV show? They were planning to go separate ways, and one of them said to the other that you can't make NEW old friends. I've never forgotten that.

Good luck.

Sue
sheesh
16 years ago
I don't know how your retirement funding is set up, but don't fail to consider the cost of health insurance for both of you for the next 12 years or so, till Medicare kicks in. If you're not working or working part-time, you'll have to pay for it yourself; it's costing us $12,000. a year for me.

Don't make critical decisions until you can be more rational than emotional. There is a lot to be said for roots.

Sherry
pattico_gw
16 years ago
I'm kind of facing that...but because of finances...BUT I will be staying in the same town where all my family...

I'm a bad one to ask about things like that...Family is real important to me...I don't ever want to be away from them...

Is there not any more affordable homes in the same town or very near by for you?

I wish you the best...Stay/or go where you will be happy

patti
declansmom
Original Author
16 years ago
Thank you all so much for your ideas.
We live in Westchester County in NY and Cape Cod is about 3-4 hours from here. I would still be able to see my family and friends on occasion, which would be hard, but I know it is inevitable.
I don't mean to sound like a crybaby, but the thought of moving two more times is hard for me. We have moved 7 times in our 25 years and I was hoping that the retirement move would be the last one. I don't think it would be feasible to sell our house and find a less expensive one because there are no commutable areas that I would want to move to around here.
Also....I left out two important pieces of information. We still have a 20 year old son (with some problems) who would have to live with us and my FIL would also move from Florida and live with us. Trying to find another home in this area that would fit all of us would be impossible.
I like the renting idea. We do, however know exactly what the Cape is like because we have been going there for over 30 years! The taxes there would be 70% less than where we are now!
I guess it all boils down to my job. I LOVE my job and I really don't want to leave it, but DH salary is the one we live on, so that is what I have to consider.
Keep your thoughts coming, because I need all the help I can get! Have a great day, everyone.
gardenspice
16 years ago
The bottom line is that if DH cannot fins another job in your current area, you may not have much of a choice, but to move.
I would be very careful about taking jobs that are "just enough to get by". Even without a mortgage, you will have plenty of bills and would want to save as much for retirement as possible, whilst you both can still work.
Will your son need to be supported the rest of his life?
If so, I'm sure you have taken that into consideration.
best of luck.
nelles_gw
16 years ago
Have you been going to the Cape in Winter? The economy is dead at that time of year...very little work.

I'd second what everyone says about renting first. You really need to live in an area for a real "feel" for what it's like.

3 years ago, DH and I retired and moved from the Boston area to Central FL. He wanted to rent first, but I was hot to make it permanent. He was right. While I don't hate it here, it takes A LOT of getting used to, and I really miss Boston.

HTH,
Ellen
adoptedbyhounds
16 years ago
I'm so sorry you're faced with this challenge. We had to choose between a transfer or unemployment in the early 90s, and it was the hardest thing I have ever had to do in my life. We've come through it, though, and I wouldn't trade my life today, especially my new friends and new interests, for anything. But it wasn't easy getting here!

My advice: Be sure to check all your options before you uproot yourselves and your lives. You do have one job right where you are. That's a big plus. Is your husband's company going to try to help place laid off employees? Is there another kind of work he would want to do?

If you're not ready to retire and leave the area quite yet, maybe moving to a nearby town with lower costs could help keep you near your family. Good luck, whatever you decide to do.
tami_ohio
16 years ago
Are they offering an early retirment package for those that are being forced to retire? They did here at Ford. DH is 51 and retired from there last July. He was lucky enough to also get hired right into another job, but even if that doesn't work, he is getting his Ford pension, which we can live on if we have to. We are trying to keep that put into savings and just live off the regular paycheck, tho.

Good thoughts going your way.

Tami
susanjf_gw
16 years ago
i wish i had a magic plan...could your fil afford to contribute to the household expenses? is your ds able to work, or is he in school? does your state have any tax rebates for retired persons? can you afford to take early ss(which ends up being half benefits) can your home be sold? even if it can the procedes may be subject to taxes...

i suggest you contact your local bank or credit union and see if they have a financial advisor on staff..(ours at the c/u is free)they may find a way to delay your move, and investing the moniesfrom the sale of your home.

will your dh's co offer employment services?

i'd really explore all your options before making that absolute last and final move...
irishdancersgram
16 years ago
My DH was a plant manager for 25 years and the plant moved to another state and we could have moved, but they really didn't want to pay his salary..He did get a lump sum but it didn't amount to very much...So at 55, DH went back to painting and was able to pick and choose his jobs..He was very much in demand and I often would tease, saying he didn't know how to say "no"...Now he's quite content to sit and read and enjoy his time....Of course, these days, it's not as easy to pick up work, but I'd not be too quick to make major decisions...Weigh all the options....Good luck to you and your DH

Forced Retirement

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