Retire early in Wyoming?

[Car-Guy]

If I were in my mid 30's, not married in excellent heath, and wanted to live a simple life in remote low cost area, I'd still want a couple of million free and clear to start with... In my mid 30's I'd still be looking at a ~50 year planning horizon...

Life happens. Things change. Some that are under your control and many/most that are not!



Anyway, as you asked, that's what I would think about. YMMV

 

[Dtail]

What's VCOL? I looked it up but couldn't find a definition, I almost want to guess it means variable cost of living?

What other states you have in mind?

Sorry I meant VLCOL, meaning a very low cost of living area. These areas are usually extremely small populated towns and the services provided or not provided is one aspect to research.

I wouldn't say to list other states, but more so there are many states which have sections of areas which are VLCOL. Not really a statewide reference.

 

[WyomingLife]

Have you checked out other LCOL areas/states?
Sometimes you get what you pay for in the VCOL areas, as medical coverage/expertise, dining choices, cultural choices, etc.

OP, I am just back from fly fishing the North Platte. Off tomorrow for the same.

Dtail seems to have the skinny on life here in the Cowboy State. Chat with him/her.

 

[Rushmore]

Wyoming is a great place to live if you stay away from the high tourist areas. Then of course you need to be acquainted to the winter season.

I personally couldn't live any place else except for the high plains, northern western (MT ND SD WY) border states. I couldn't imagine living in a metropolitan high populated state. I'm sure OP is looking for solitary area to settle down.

Me too, although (fortunately) it’s not for everyone

 

[Alectoris]

Where is Skyrim?

Pretty sure he is referencing Skyrim from "The Elder Scrolls" video game but I could be wrong.

 

[Sunset]

If OP is looking for low cost of living, then OP could consider international , a mid-30's American would be quite popular in some countries, and some are low cost to live.
I'm thinking Thailand, Vietnam, etc...

 

[Dtail]

OP, I am just back from fly fishing the North Platte. Off tomorrow for the same.

Dtail seems to have the skinny on life here in the Cowboy State. Chat with him/her.

Not commenting specifically about any aspect of Wyoming.....

 

[RetMD21]

$714,286.

For 25k/year, that’s a 3.5% WR rate. At that rate, your portfolio should last forever.

Good luck!

I think that this sounds about right. Plus for someone in their mid 30s you can always get some kind of work if necessary. I would be looking at what I wanted to do with my days. Hobbies can run into money. Once you get outside Laramie, Cheyenne, Casper, and Sheridan the towns are pretty small. Gillette may have charms but they elude me.

 

[Aerides]

Where is Skyrim?

According to the elder scrolls lore, it's in the northernmost province of Tamriel.

 

[Gumby]

I would be reluctant to pick a place to live based on a video game. I might want to visit the actual place first.

 

[austin944]

When the stock market is at a high like it is now, I factor in the possibility that the market could drop again like it did in 2008, say around 50%. Then I feel safer (but not completely safe) against the threat of Sequence of Return Risk.

I know a lot of these retirement calculators are supposed to already factor in SRR, but it does not make me feel less anxious when I see my portfolio is cut in half and I am relying on the market to go back up.

 

[gerntz]

Given a choice of mountain living or seacoast living, I take the mountains by a large margin.

 

[Brat]

Wyoming's tax base is oil and gas royalties which is why they have low sales tax and no income taxs. Both are declining industries.

I like to visit Wyoming, my sister's family lived in Casper for many years. Based on my experience, it doesn't have a low cost of living and I believe that their low taxes may not last long.

 

[Stormy Kromer]

Wyoming is a very, very diverse state. Do you like mountains ? High Plains ? Woods ? Open prairie ? Semi-desert ? You can find it all. The communities vary a great deal also. The billionaires have chased the millionaires out of Jackson Hole. There are some other high rent cities too, check them out before moving. I visit Wyoming a lot for vacations, hunting & visiting some rancher friends. Personally I prefer the small ranching communities, I like the old established atmosphere. I would avoid the communities where the primary economy is mining/oil/gas. A rougher crowd and higher cost of rent. I would suggest bringing the money you'll need to live since jobs aren't plentiful or high paying. In the smaller towns I'm guessing its hard to find a date too. Personally I like the Buffalo area, but its changing. There are some nice areas near the Black Hills that I like too, beautiful and not as touristy as in SD. Jackson Hole & Cody are fun to visit, but too busy for me to live in. I couldn't afford to anyway. I'd be happy as can be to live in a town like Clearmont or Ucross and work for a local rancher. When you look at a map of Wyoming and see all those small towns you have to realize many of them are just a Post Office and maybe a bar.

 

[timo2]

Wyoming is a very, very diverse state. Do you like mountains ? High Plains ? Woods ? Open prairie ? Semi-desert ? You can find it all. The communities vary a great deal also. The billionaires have chased the millionaires out of Jackson Hole. There are some other high rent cities too, check them out before moving. I visit Wyoming a lot for vacations, hunting & visiting some rancher friends. Personally I prefer the small ranching communities, I like the old established atmosphere. I would avoid the communities where the primary economy is mining/oil/gas. A rougher crowd and higher cost of rent. I would suggest bringing the money you'll need to live since jobs aren't plentiful or high paying. In the smaller towns I'm guessing its hard to find a date too. Personally I like the Buffalo area, but its changing. There are some nice areas near the Black Hills that I like too, beautiful and not as touristy as in SD. Jackson Hole & Cody are fun to visit, but too busy for me to live in. I couldn't afford to anyway. I'd be happy as can be to live in a town like Clearmont or Ucross and work for a local rancher. When you look at a map of Wyoming and see all those small towns you have to realize many of them are just a Post Office and maybe a bar.

That whole area from Buffalo up to the MT border is nice, but I can imagine there is some money moving in there. - Don't forget about Torrington, on the east side. In between Cheyenne and the Black Hills, that is a beautiful and remote plains area there. And shopping is in Cheyenne, or it is only 2 hours to Fort Collins, CO and its plethora of stores.

 

[braumeister]

That whole area from Buffalo up to the MT border is nice, but I can imagine there is some money moving in there.

No experience beyond driving through there, but the Buffalo-Sheridan corridor seemed pretty nice.

If I were going to live in that part of the country, Bozeman would be the place, even though the COL is going up rapidly there. I would move there in a heartbeat if I could convince DW, but there is absolutely no chance of it.

 

[timo2]

No experience beyond driving through there, but the Buffalo-Sheridan corridor seemed pretty nice.

If I were going to live in that part of the country, Bozeman would be the place, even though the COL is going up rapidly there. I would move there in a heartbeat if I could convince DW, but there is absolutely no chance of it.

Bozeman is a great place on the planet! When I was 30, DW and I lived in Gardiner, MT. Bozeman was where we went to shop. But the winters!! Now in retirement we eschewed the big snow areas and went for northern NM.

[I'm adding that, in retirement a person might look back at 'paths not taken'. Bozeman is one of those potential paths not taken for me]

 

[Retired Expat]

I understand all that, but the thing is if I actually quit and pack up and move to a cheaper state, both my spending habits and prices will likely change.

I was just really hoping someone would at least throw out a number and say something like, I think 800k is reasonable, or at least 1 mil, or something like that.

I'm not going to hold you to it or anything, I just want to know your thoughts if you were in a similar situation what you would be targeting. I kinda would like to get a feel for what is possible/feasible/reasonable, as opposed to just targeting a very specific number based on my precise spending at this moment in time.

I hope someone can indulge me in this

Okay here is quick....if you are 35 and plan to live to 95. That is 60 years in retirement. Worst case is you invest your money into something that will keep pace with inflation. Simple math says you need $1.5 million for a 25,000 annual withdrawal + inflation adjustment . 60 equal payments.

Now any money you might earn in Wyoming can reduce this amount, any SS you might get in 30+ years will change that calculation. You don’t mention insurance but one illness or accident messes up the numbers in a big way if you aren’t covered..

So when it comes to something this important simple is never the way to go..

 

[davebarnes]

But, then, you are in Wyoming.
Where the wind does not blow, it howls.

 

[street]

^ you always get fresh air that way.

 

[Safe Harbour]

Go for it. You can always go back to work. Part time or full time till you're ready to retire again.

 

[VungTau]

+1 Yes, and you won't be single for long!

 

[blueskyk]

You’re young, single, healthy and adventurous- what’s keeping you from simply moving there and working while you chew on your retirement plan on your head? IMHO most people can at least get started on a Great Adventure without having the whole thing planned out...

 

[RetMD21]

There are cheaper states. Although the population density is low most folks live in the cities or ave a good reason to be in the smaller places. Here is one version of col by state https://www.usnews.com/news/best-states/rankings/opportunity/affordability

 

[timo2]

But, then, you are in Wyoming.
Where the wind does not blow, it howls.

+1

The wind was the primary factor for DW declining to look for jobs in Cheyenne when we lived in Fort Collins, CO (Cheyenne is in the commuting area for Fort Collins). DW was a construction inspector, so being outside in the the fierce Wyoming wind was a non-starter for her.