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Confused
Old 04-30-2007, 08:10 PM   #1
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Confused

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.

Thanks Jeff
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Re: Confused
Old 04-30-2007, 09:19 PM   #2
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Re: Confused

$200K for the last 24 months... Look at it in terms of timeline. When would the current location close? Can you both deal with some separation for a YEAR? Could she scope out the Sunshine State while you keep the homefront going with frequent round trips for both of you? Could she telecommute part time? What are the projections on your nest egg for 2 years of growth and the bump up? What kind of extra money will her taking the opportunity on entail? What will the bump up do to her pension benefits? Sometimes that is a very sweet incentive! Compare all the figures before making a decision. Also, how many years more were you both hoping to work?
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Re: Confused
Old 05-01-2007, 07:15 AM   #3
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Re: Confused

Does your company have a route in FL that you could transfer to? Does sticking around for the pension also include health insurance benefits? I'd be inclined to take the position and do the travel thing until the plant closes which gives you time to weigh your options and scope out the area and job prospects. At worst, you may have 1-1.5 years where you do a commute between MD and FL. Who knows, it may shake things up a little and add spice to your relationship? Tracy
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Re: Confused
Old 05-01-2007, 07:40 AM   #4
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Re: Confused

Quote:
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.

Thanks Jeff
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?
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Re: Confused
Old 05-01-2007, 05:54 PM   #5
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Re: Confused

In our military carreer we were seperated for several long periods. (6 mo. and 1 yr) and lots of 3 to 6 weeks. When you have to do it, you just do it. If it were 2 years, it is another question. However, this is FL not Iraq! If you want to stay where you are in RE, then suck it up and do the seperation.
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Re: Confused
Old 05-01-2007, 10:03 PM   #6
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Re: Confused

We lived and worked in Lakeland, FL. You could do a lot worse.

PS, They got crabs in FL, too.

I would give it a try, myself. The payoff is attractive.

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Re: Confused
Old 05-02-2007, 09:08 PM   #7
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Re: Confused

Well she took the new job. Now she will commute between Owings Mills and Lakeland. The good news is a raise is coming and hopefully we will be able to hold out here in MD for a couple more years.
They have crabs, but do they have old bay seasoning in Lakeland?
She will stay in hotels in while in FL.
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