Time to move?

[Olbidness]

I've lived in Texas most of my adult life but the hurricanes are getting tiresome.
Harvey has convinced me that it's time to at least think about some options since retiring this past July. I mentioned that I want to move to my mom and she suggested I move back to my hometown in northern Illinois, not exactly the garden spot of the US. Every poll shows Illinois as a poor choice for retirement from a taxation perspective, not to mention, crime, weather. When I look at the state tax rate for retirement assets it's zero. I'm sure other taxes are somewhat higher than average property tax being one.

Mom has a condo that she had planned on selling to do a buy-in on a CCRC. She said she could keep it and I could live there and just pay the taxes and insurance. I told her that if we were to go that route the only way I'd do it would be to pay a market-rate rent. The condo is only worth about 50K and I could easily afford to buy it, but that makes me a Illinois resident. The condo is easy to lock and leave so it wouldn't hinder my travel plans. It offers easy access to O'Hare airport which is a major plus.

Where I live has always been dictated by my job so this feels very strange to me.

 

[Big_Hitter]

I hear you. Ike was the last straw for us. We moved out in 2011.

Good luck!

 

[Sunset]

Yes, IL State does not tax retirement income (ira/401K/pensions/etc). Everything else is taxed at ~5% (earnings/interest/capital gains)

Property taxes are about 2nd highest in the USA. I would think on a 50K place the property tax is about $1,100

How about moving to Nevada, you are used to heat

 

[REWahoo]

I've lived in Texas most of my adult life but the hurricanes are getting tiresome.
Harvey has convinced me that it's time to at least think about some options since retiring this past July.

There are a lot of places to live in Texas that aren't in the direct path of gulf hurricanes - more than 200,000 square miles of the state are 100 miles or more from the coast. However, I would never try to stand in the way of someone who wanted to move out of state.

 

[Spock]

If the choice is hurricanes or N. Illinois I'd take the hurricanes.
Seeing you're in W. Galveston would suggest you could move a bit inland to still enjoy Tx... move 200 miles vs. 2000 miles.

 

[Doribe]

I've lived in Texas most of my adult life but the hurricanes are getting tiresome.
Harvey has convinced me that it's time to at least think about some options since retiring this past July. I mentioned that I want to move to my mom and she suggested I move back to my hometown in northern Illinois, not exactly the garden spot of the US. Every poll shows Illinois as a poor choice for retirement from a taxation perspective, not to mention, crime, weather. When I look at the state tax rate for retirement assets it's zero. I'm sure other taxes are somewhat higher than average property tax being one.

Mom has a condo that she had planned on selling to do a buy-in on a CCRC. She said she could keep it and I could live there and just pay the taxes and insurance. I told her that if we were to go that route the only way I'd do it would be to pay a market-rate rent. The condo is only worth about 50K and I could easily afford to buy it, but that makes me a Illinois resident. The condo is easy to lock and leave to it wouldn't hinder my travel plans. It offers easy access to O'Hare airport which is a major plus.

Where I live has always been dictated by my job so this feels very strange to me.

Illinois does not tax retirement income and taxes other income at 4.99%. Property taxes are high, but there is not a personal property tax. The winters can be bad, but climate change is in the Midwestern city's favor. You could travel during the bad weather and not deal with it.

 

[MichaelB]

Mom has a condo that she had planned on selling to do a buy-in on a CCRC. She said she could keep it and I could live there and just pay the taxes and insurance. I told her that if we were to go that route the only way I'd do it would be to pay a market-rate rent. The condo is only worth about 50K and I could easily afford to buy it, but that makes me a Illinois resident. The condo is easy to lock and leave to it wouldn't hinder my travel plans. It offers easy access to O'Hare airport which is a major plus.

If this is an option, go spend one year in the condo. At the end of the year, you'll know for sure if It's a place you can live the rest of your life.

 

[Sanstar]

Is being close to your mom a factor?

 

[Olbidness]

If this is an option, go spend one year in the condo. At the end of the year, you'll know for sure if It's a place you can live the rest of your life.

This is in line with my thoughts also. This is not a irreversible decision. So if I absolutely hate it, pack, sell the condo and I'm in the wind. Mom had planned on leaving the furniture behind, so I'd just keep my irreplaceable items and jettison the rest. My sister lives in Arizona and I've tried to get mom to think about that as an option but I don't think she'd go for it. Mom's all there, a little too all there.

It would give me the opportunity to spend more time with her as I've always chased the dollar and lived away. Also big sis would have a place to stay when visiting mom in the CCRC.

 

[meierlde]

There are a lot of places to live in Texas that aren't in the direct path of gulf hurricanes - more than 200,000 square miles of the state are 100 miles or more from the coast. However, I would never try to stand in the way of someone who wanted to move out of state.

If you don't mind occasional snow storms there is the Panhandle of Tx which is 600 miles + inland if you take Lubbock as an example. It is also in general drier and less humid than close to the coast. Of course outside of Lubbock and Amarillo it is pretty much the middle of nowhere. Lubbock does have good medical as it has a medical school in town (Texas Tech). Or there is El Paso which is explictly in the desert as well. El Paso is more likley to get rain from Hurricanes in the Gulf of Ca than the Gulf of Mx.

 

[Olbidness]

Is being close to your mom a factor?

Yes absolutely, the number one reason. She's got friends there but no family. I wouldn't have to spend every minute there, but if necessary I could fly in from anywhere quickly. I want to travel but I like the idea of having a low maintenance/cost home base.

 

[ivinsfan]

Go for it...sounds like the right fit for right now in your life. Your Mom's offer to let you use the condos for just the monthly expenses might be her way of telling you she'd like more time with you.

 

[euro]

If the choice is hurricanes or N. Illinois I'd take the hurricanes.
Seeing you're in W. Galveston would suggest you could move a bit inland to still enjoy Tx... move 200 miles vs. 2000 miles.

Yep - how about San Antonio? Pretty nice place (DW is from there, so I know it pretty well). 200mi from Houston

 

[24601NoMore]

You couldn't PAY ME to live in Illinois with the high taxation and far left politics.

If you choose to live there...best of luck.

 

[bw5972]

It may seem strange but if you are not forced by job requirements, the REALITY is no place should be off the table for your next homestead. Think about what you value, what fits your lifestyle then some homework. The US is bigger than just Texas and Illinois.

 

[Olbidness]

You couldn't PAY ME to live in Illinois with the high taxation and far left politics.

If you choose to live there...best of luck.

It could be fun to be referred to as "that damn Texan" instead of "that damn Yankee". I'm a man without a country.

 

[ivinsfan]

You couldn't PAY ME to live in Illinois with the high taxation and far left politics.

If you choose to live there...best of luck.

I bet you have your price, nobody has offered you enough money Family makes a lot of difference in what people tolerate or overlook in a place to live.

 

[Teacher Terry]

Your Mom won't be here forever so I think it is great if you decide to move there. I was grateful for the 14 years I was able to live near my Mom until I was forced to move away for work.

 

[bloom2708]

It is unclear if your mom lives in this same Illinois city. Is that the case? Or does she just own a condo there?

How about you both have a conversation and find a place to try that is somewhere in between?

If your mom wasn't there and didn't own the condo and you had $50k would you buy it and move back to your hometown? Probably not.

If I was out of the winter business (for the most part), I would not willingly move back into long/cold winters.

Maybe an extended stay to dip the toes in the idea?

 

[Blue Collar Guy]

You couldn't PAY ME to live in Illinois with the high taxation and far left politics.

If you choose to live there...best of luck.

Hahahahahaha

 

[NW-Bound]

Your Mom won't be here forever so I think it is great if you decide to move there. I was grateful for the 14 years I was able to live near my Mom until I was forced to move away for work.

Yes. How old is the OP's mom? He can buy out her condo for $50K, then sells it when it's time to move on. As it was his hometown, he will not feel lost there.

 

[Olbidness]

Yes. How old is the OP's mom? He can buy out her condo for $50K, then sells it when it's time to move on. As it was his hometown, he will not feel lost there.

Mom is 80 years old and in good health. She mentions occasionally that she will go before me, although I nearly proved her wrong last fall. While I admit there is some nostalgia behind returning to where I grew up, if not for mom, I wouldn't do it. Life is short and I'm not sure if I wouldn't regret not being there for her.

I'm concerned when I often read how bad it is to retire there, but I don't see how my income from retirement benefits would be affected. Property taxes are high, yet in Texas aren't exactly insignificant, so there's that. I get that it's miserable in the winter, about as miserable as Texas in August.
If I did move there and I outlived her, I certainly wouldn't stay.

 

[Jerry1]

If I did move there and I outlived her, I certainly wouldn't stay.

Then where would you go? If you have the means, you can visit often. I agree, it's nice to be near a significant airport. However, you can be near a significant airport in a place you'd ultimately like to be and fly to see your mom more frequently.

Locations are completely different, but my dad lives an hour drive from St. Louis and I live minutes from DTW. I can see him as much as I want. Just keep an eye out for good air fares and find a cheap car rental and I'm there.

 

[Olbidness]

Then where would you go?

Not sure, it seems for me the planning for retirement was easier than the execution. I'll admit this last hurricane rattled me a bit, it seemed to go on forever. I'm hoping with a little time I'll settle down and gain some clarity. I had planned to travel to different places to see what clicked for me. Health issues have kept me pinned at home but I'll get a break in a couple weeks and leave for a road-trip.

 

[audreyh1]

If the choice is hurricanes or N. Illinois I'd take the hurricanes.
Seeing you're in W. Galveston would suggest you could move a bit inland to still enjoy Tx... move 200 miles vs. 2000 miles.

Yeah, lots of options 100 to 200 miles inland. Just avoid creek-front/waterfront property.