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  #21  
Old 03.03.2015, 18:57
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Re: Retirement question (location)

Still very interesting responses and discussion - thank you!


To give some more background: we hope to retire in our mid-50s. Our health is good and we try to stay active. We don't have kids (did I mention that?) and we are the youngest in our respective families. In other words, we don't plan on - nor expect - any help from family when we get to that stage.

I'm currently dealing with my parents' own aged-related health issues but am fortunate that I have siblings who are closer and are better situated to help them. Trust me: I know what needs one can have as an elder


We are both leaning towards Western BC. I have no problems in giving up the blue passport once we make a decision on where we want to land. We wouldn't mind returning to Seattle but then we'd be subject to US politics and healthcare But I posted here because I wanted to hear about other options, opinions or anything I might be overlooking (and will still overlook, simply because there's so much)

Public transportation is a good thing to keep in mind. I like Vancouver and it would have most of what we're looking for. Of course, at what cost ($$$)



Who knows? Maybe we'll ride around the world a few times on our motorcycles and then go out together in a spectacular crash that eliminates all of those pesky end-of-life hassles....



Keep the comments coming - this is great
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  #22  
Old 03.03.2015, 19:01
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Re: Retirement question (location)

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Well yes, I get that. But as Meloncollie says- do you have loved ones, family and friends there? Might not matter that much now you are in your (perhaps 50s?) and able to jump on a plane whenever you feel like it. But once you get into your 70s and 80s- it won't be the same. This is, for us, a lot more important. A choice (and of course we have grand-children in the UK, which also makes a huge difference for us).
So why do you live here?

Tom
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  #23  
Old 03.03.2015, 19:10
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Re: Retirement question (location)

Because OH always dreamt of living here, ever since he first visited in 1970. Because we came to help my very elderly parents who were struggling. Because we fell in love with a magnificent old house. Because our kids and grand-kids just love it here and want to come as often as poss, and now grandkids are getting older, they will be coming to spend long holidays here. Because we can get cheap flights or trains to England so easily- or drive back so easily too, with a stop in France each way (a mini holiday each time)- and because we were able to also keep a flat in the East Midlands to go back as often as we want, and have family and friends dotted in the most beautiful parts of the UK where we can go and stay whenever we want. Surrey, Norfolk and Devon, and of course our beloved East Midlands. And because we love the contrasts between here and there- and could so easily go back, if ever we want to (one daughter lives in our flat now, but enough space for all 3 of us- and she would buy us out so we could buy our own house, if ever...).

It was never planned so- we were looking for a small place to rent when retired, not far from my parents. The Vicar came to say good bye to my parents and explained he was retiring and would not be replaced, as the Church had to cut down the number of Vicars and parishes by at least 1/3, due to not sufficient numbers paying Church tax (optional here in NE)- and I asked 'what about the lovely wonderful Vicarage, Vicarage here since 1587... and he replied, it will be on sale next week. It never got onto the market- guess why! (I did originally go to London for 6 months- and stayed 40 years- story of my life, hey ).

Because this is where I was born and bred- and we have so many family and friends here too, speak the language, understand the 'culture', and so on.

Because we've always lived with our heart rather than our head- and so far it has always worked well, lol. Is that OK with you Tom

Last edited by Odile; 03.03.2015 at 19:49.
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  #24  
Old 03.03.2015, 22:00
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Re: Retirement question (location)

I'm nowhere near retirement age, but I do have a strange obsession with the topic - I found it incredibly fascinating to read a study that I think either McKinsey or BlackRock did recently. Basically some of things it said:

1. Most people actually spend the same amount in retirement as they did before - mostly travelling, especially in their 50s and 60s. Tended to taper down in 70s and more so in their 80s. This is in opposition to the idea that "people spend less during retirement"

2. People were surprised that they still owed taxes on their retirement income, so I guess this is something to take into consideration when you think of geography

3. While most people had planned to live on their retirement accounts, many people found that Social Security and other government pensions formed the majority of their retirement income

4. Alot of people had the idea of working until they were 65 or older, but in reality, ~40% of people retired before they were 60, due to either health or job loss reasons

So, I dunno - I guess my conclusion is to live it large, live it early and just have a great time.

As an anecdote, my own parents, who have been in retirement now for 10 years, are moving into a senior community/apartments where they always have friends to play with, dance with, hang out with, catch a ride with, with good medical facilities nearby. I used to work with a senior community planner, and this was something they always said. That people resist moving out of their own home for a long time, but they're often much happier living in a senior community.

Random collection of anecdotes/points - but things to think about . Personally, we love Seattle and western BC too! I don't think you can go wrong.
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  #25  
Old 03.03.2015, 22:10
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Re: Retirement question (location)

Each to their own- the very thought of living in a 'senior community' makes me feel sick. Not for me, that is for sure. But I am so glad they are happy with THEIR choice.

Anyone seen the worst possible (ever) advert on UK TV at the moment- for Warner Holidays ? This is what a senior community makes me think of- sharing with Colin and his wife is my worst nightmare!

Much rather stay im a mixed community and get people to help us in our own home- and much much cheaper too. The key is to ensure you adapt your home properly to be able to manage it, and to spend good money on helpers when the time comes- rather than be stubborn about it. But no senior sommunity, PLEASE! My parents lived independently until 92 and 94- and could have stayed to the end had they adapted their home in time. In the long term, the few CHF saved on not adapting- paled into insignificance with the HUGE sums in an OAP home, which swallowed their healthy savings in 2 years.

Last edited by Odile; 03.03.2015 at 23:53.
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  #26  
Old 03.03.2015, 23:24
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Re: Retirement question (location)

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I used to work with a senior community planner, and this was something they always said. That people resist moving out of their own home for a long time, but they're often much happier living in a senior community.
I would pay you money if you could convince my parents of this!!!
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  #27  
Old 03.03.2015, 23:43
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Re: Retirement question (location)

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I would pay you money if you could convince my parents of this!!!
My mother's been living in such a place since she was my age!

On the other hand, my 78 year old father, and 103 year old grandfather, live on their own.

My wife's 100 year old great-uncle still lives in the house he built, albeit with one of his sons (and we'll be going to visit over the weekend).

Tom
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  #28  
Old 03.03.2015, 23:47
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Re: Retirement question (location)

Grrrr - what do I have to do on this thread so I can "thank" posts?
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  #29  
Old 03.03.2015, 23:49
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Re: Retirement question (location)

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Grrrr - what do I have to do on this thread so I can "thank" posts?
Move it to a on-topic area.

Tom
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  #30  
Old 04.03.2015, 00:36
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Re: Retirement question (location)

When did you last visit Vancouver, or Southern BC? After a while, we tend to idealize the places we left, forget the bad, dream about the good, so maybe you need a reality check. This is where I come in

Vancouver has positives AND negatives. The Lower Mainland is super, it offers all sorts of things, BUT...it is experiencing a big change that you might not like at all.

First, let me start with the foreigners an often mentioned issue here on EF - the rich Asians "invest" their money in the real estate of BC and we know how that turns out - I have a friend whose apt building is about 20% occupied, while the rest is Asian investment When the Gov of Canada cancelled the "investor visa" the richies sued the government!
Second, huge affordable housing problems, because of these "investors" - the only thing the city can do is to try to raise the buildings left and right because there isn't affordable housing available - the only thing left is to build up (there is a protest about it around Oakridge Mall) and the apts are small and dismal, and did I mention the prices for these apt? On UBC Campus you could easily pay 1 million dollars for about 900 sq ft., and it is not yours, it is a 99-year lease from the Natives whose land the campus sits on.

The whole time we lived there we could only go to walk-in clinics, no family docs taking new patients in our area (UBC Campus), and this is true of a lot of places in the Lower Mainland.

The lack of medical facilities is a big problem in BC - I met several families forced to relocate because they couldn't get the needed medical care in their neck of the woods (yay! a pun) - they just don't exist.

Let me not forget to mention the pipelines (Kinder Morgan, Keystone) that, if built, could ruin the BC coast.

Does this post look like it needs to be in a rants thread somewhere?

But the concerts, the museums, the spandex fashion, the sports fanatics (don't mean hokey, but the runners, bikers, hikers, yoga, etc.), the coffee shops, the bulk grains and other foods, the native american art and stories and the intellectuals - I miss all that.

I, for myself, liked Quebec City, and some of Montreal. Toronto was too big.

In other words, every place has its positives and its negatives. I am going to bed now, the donkey will be sure to wake me up tomorrow - no joke, there is one across the road from me.
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  #31  
Old 04.03.2015, 09:16
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Re: Retirement question (location)

Good points, AroundTown.

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1. Most people actually spend the same amount in retirement as they did before - mostly travelling, especially in their 50s and 60s. Tended to taper down in 70s and more so in their 80s. This is in opposition to the idea that "people spend less during retirement"
I think that many people based this idea of spending less in retirement on the fact that they will have paid off their mortgages by that time, thus a savings of 20-30% of their expenses for the active retired years. Certainly that is (was?) the case in the US.

Quite a different ball bame in Switzerland, were most people either rent, and so will have that expense forever, or among the few who buy most take out perpetual mortgages, never expecting to pay them off - again, the housing expense does not go away. But even in the US, with the housing crisis of the last 8 years many folks have found that 'safe as houses' certainly isn't.

The there is the recent phenomenon of seniors having to continue supporting their adult children thanks to the economic crisis, taking a large unexpected chunk out of what nest egg has been put aside for their own later years.

Add it the expense of the travel, hobbies, add in increasing health care costs, etc and it's easy to find one's self spending more, nor less.

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4. Alot of people had the idea of working until they were 65 or older, but in reality, ~40% of people retired before they were 60, due to either health or job loss reasons
This is something that is increasingly likely to hit those working in Switzerland, where getting rid of employees over 50 is almost institutionalized. No matter how good you are, no matter how much you wish to continue working - the likelihood of being able to work at your current job until 65 is decreasing, and the chance of finding something else minimal. If one wishes to keep working until 65, one really needs a Plan B, likely self-employment.

Getting rid of older employees is not limited to Switzerland, it happens in most countries. But the scope and blatancy is greater than I've seen elsewhere.

(Ironically at a time when politicians are debating raising the retirement age...)

---

It's generally recommended that one have one's retirement financing in place by 50. But in this age of zero or negative interest rates this generation faces more difficulties building that nest egg (or keeping it secure) than our parents did.

Last edited by meloncollie; 04.03.2015 at 10:30.
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  #32  
Old 04.03.2015, 13:31
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Re: Retirement question (location)

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I would pay you money if you could convince my parents of this!!!
I think that the idea of staying in your own home is so important but reading the thread discussing the pros v cons of going into a community everything changes when one of the parents passes away.

I have experienced this and a couple who were happy in their home suddenly become lonely, depressed and life becomes a daily chore where they just want to die also.

I know several people who have opted for community living and they are extremely happy but I suppose it depends on so many factors and families.
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  #33  
Old 04.03.2015, 13:43
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Re: Retirement question (location)

Depresses me just thinking about getting older. Had my first grey hairs poke through this year. Okay, first world problem thread!
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  #34  
Old 04.03.2015, 14:27
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Re: Retirement question (location)

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Depresses me just thinking about getting older. Had my first grey hairs poke through this year. Okay, first world problem thread!
How old are you? Like 20

Interesting thread, and although OH and I have a quarter of a century till retirement, I like to think ahead. I think if people of our age (mid/ late 30s) are not planning their retirement now, then they may face some endless trouble later in life. Economic crisis/ pension pots in 2-3 countries, etc. are just some of the issues we have to face.

I do have a sort of a plan in place, and ideally would like to have a little house where I was born (ideally soaking up the sun for 6 months when it is cold here) and a full-time home in the Netherlands. For us, being close to our family in our last decades is quite important; and we hope that our kids won't sign up for going to Mars or something!
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  #35  
Old 04.03.2015, 15:58
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Re: Retirement question (location)

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How old are you? Like 20

Interesting thread, and although OH and I have a quarter of a century till retirement, I like to think ahead. I think if people of our age (mid/ late 30s) are not planning their retirement now, then they may face some endless trouble later in life. Economic crisis/ pension pots in 2-3 countries, etc. are just some of the issues we have to face.

I do have a sort of a plan in place, and ideally would like to have a little house where I was born (ideally soaking up the sun for 6 months when it is cold here) and a full-time home in the Netherlands. For us, being close to our family in our last decades is quite important; and we hope that our kids won't sign up for going to Mars or something!
Have you kept tabs on OH's latest research projects?
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  #36  
Old 04.03.2015, 18:10
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Re: Retirement question (location)

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Have you kept tabs on OH's latest research projects?
Yes, like a good Stepford Wife ;o)

Yesterday I was treated to a nice little animation, but bless his little socks, I barely understood what he was talking about! It could be Greek or Martian, for all we know!
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