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Will Massachusetts be a good place to retire?

 
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john p



Joined: 10 Mar 2006
Posts: 1820

PostPosted: Wed Dec 26, 2007 3:45 pm GMT    Post subject: Will Massachusetts be a good place to retire? Reply with quote

I'd like to hear from people on this blog three things:

First, add or comment on the list of pros and cons as to whether Massachusetts is a good place to retire,

2nd whether you think that babyboomers will actually retire on "schedule" and

3rd factoring in everything you can think of, do you think we will get a mass migration out of the State, within the State, or a very slow adjustment?


Regarding whether or not they are gathering that babyboomers will find Massachusetts a good place to retire or not.

Pros:

close to grandkids(if native)

region is a great playground: skiing, boating, hiking, beach, sports fan mecca

Artistic and cultural richness

Seasons, traditions

Income taxs for seniors: Doesn't tax certain pensions? Ask around about this, it may actually be one of a few states that let you not get taxed on certain types of retirement income (Who knew)/

Cons:

property taxes pretty high

shovelling snow

expense for heating oil

cost of living

better value for property in other States


Second, do you think that people will retire on schedule? Most folks have desk jobs so you can really do that deep into your 70's... and if folks need the money. What percentage of folks are financially ready to retire among babyboomers?

Third, do you think people will move out of the commuter traffic areas to quieter areas within the State or out of the State completely or stay within the town or neighborhood that they love? Of course each family or individual is unique, but where do you see the trends?

I'm asking all of this because this down real estate market might shake loose some activity with regard to relocation, retirement, etc. or not...

What are your thought(s)?
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Brian C
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PostPosted: Wed Dec 26, 2007 4:40 pm GMT    Post subject: Reply with quote

Pros:
Family members near by. For my family at least, everyone still lives in the same town.
Health care facilities some of the best in the world.
Access to beaches and mountains
A feeling of history around you


Cons:
Taxes high
Old housing stock
Cost of living
Oil prices (heating and gas)
Lack of Active Adult communities (compared to other areas of the US)
Maintaining weather changes (grass, leaves, snow (repeat) )
Poor transportation system outside the city


In this area, I think there are some smart investing during the 1980's that people in this area will retire with a good egg. The problem is that the money amount they set for their egg is much different now. For example, someone planning for retirement in their 30's says "All I need is 2 Million to retire". Fast forward to 2008 and they have their 2 million and think they are all set. Now that 2 million means nothing and will last only 15 years.

35% percentage of folks are financially ready to retire among babyboomers. my father who invested early is ready for retirement, but my mother who raised the kids till she was 35, is working now and probably cant stop working.

My parents recently moved out their big, old house and downsized into a smaller condo in the same town (Danvers) and asked him if this was it for them. And they said "while we wanted to move to North Carolina, we want to be near the family and friends and we dont care how much more it costs."
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Boston ITer
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PostPosted: Wed Dec 26, 2007 6:10 pm GMT    Post subject: Reply with quote

I agree with a lot of this theme, however, the generation aged 34 to 48, are leaving Mass for greener pastures because one, they can't afford RE & to raise kids in this area and two, jobs are leaving the bay state.

So, if the grandparents can raise the grandkids while the parents pine for work, around the country, then it's a great situation but I suspect that that won't be practical for most people.

All and all, Massachusetts was a great place to both work and retire in, despite the snow and oil bills, however, down the road, I suspect we'll be a lot more like Buffalo NY where a certain percent of retirees stay while a majority of the youth move elsewhere for work. Buffalo was a city whose metro population went from 2 to 1.2 million over the course of twenty-five years.
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john p



Joined: 10 Mar 2006
Posts: 1820

PostPosted: Wed Dec 26, 2007 7:50 pm GMT    Post subject: Reply with quote

http://www.retirementliving.com/RLstate2.html#MASSACHUSETTS
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Bitterman
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PostPosted: Thu Dec 27, 2007 9:30 pm GMT    Post subject: Reply with quote

I know two people who moved out of state when they retired to get away from the cold and the high cost of living in Mass.

I also know MANY young people who have moved out of state because they got good job offers, often on the west coast.

The good news is if this trend continues housing prices will have to come down, making Mass more attractive to retirees.
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Boston ITer
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PostPosted: Thu Dec 27, 2007 11:42 pm GMT    Post subject: Reply with quote

I too want to retire in metro Boston and take my futuristic grandkids to a C's game for their 37th title Wink run.

It's just too bad that it probably won't happen since they'll be growing up in a different metro area and won't have that same draw to the parquet floor. Sigh Neutral
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