Originally Posted by xprinter
My wife is 2 years from full pension the last month is a 200k difference. Her company was bought recently and her plant may close down before her retirement. We live in Maryland. She has been offered a promotion and a new job at the Florida facility. She would work here until the plant closes down and commute to FL a week or so a month. After the plant closes they would want her to relocate to FL.
I am a printing salesman with local accounts that I have built up for many years. I will loose those accounts when we move. Currently I make about 55k and my wife about 70k. She has a great medical plan through work. We are both turning 53 this month and have 500k in retirement accounts plus her pension currently worth 140k (cash value). We owe about 100k on our home which is worth 385k and no other debt.
Should we move to FL or stay here in MD? I sort of like the idea of warm winters, but my earning power will be less in FL. I am not wild about cold calls as a new salesman. I would rather work on a golf course in the area. All my family lives here in MD. I would appreciate any comments. By the way it would be in Lakeland FL.
2 years makes a 200k difference to pension- as in 200k lump sum, 200k over expected "life expectancy" or something else? Quantify the 200k please.
Can you sell your house?
Here's some thoughts:
1) downsize the house. Can you net the 200k difference from the sale of your house? Then rent or live in a cheaper condo in Maryland?
2) what would you do real estate wise if you moved to FL? Rent or own? Can you pay for a condo in FL and still pocket 200k from the sale of your current house?
3) 500k in retirement accounts suggests you can withdraw around 20k from this account (SWR of 4%). What is your expected SS benefit in 9 years?
4) If you were withdrawing 20k from accounts now, and worked part time in FL, could you make 35k working?