Move to my "dream" location or not?

Instead of hiring a therapist, I'll ask you all instead

I have a solid 75K per year job in Seattle area, own a home in the country about 15 miles from work.

I've always wanted to live in a town on the Oregon Coast where my parents owned a beach house back when I was a kid 40 years ago. I'm 54 now. They had to sell the house in the late 70's, big big bummer.

The job market in that town is very tourist oriented. I could tele-commute for a few months with my current job until I find something new down there.

The cost of living is roughly the same up here as it is down there, but the tax situation is a little wonky when comparing the two. I could sell my house up here, buy a house down there, and come within 10% of breaking even (being on the downside of that 10%).

I have a band up here and we play a lot, pretty well known and we continue to get bookings but I'm pretty tired of that holding me in one spot. It's primed to end, if we want it to, because I've talked about moving before and we're all kinda at the age where we could say "it's been a good run".

No kids. Girlfriend and I have been living together 9 years. She was a dental assistant, could be again down there, bit has lately been building an Etsy shop making jewelry and doing pretty well at it.

So... if you were in the shoes above, would you ditch it all and move to where you've always said you wanted to move to?

 

Sounds like everything is solid, no iffy circumstances or issues to get in the way. I want to move too, but don't know where to or if I could afford another place. At almost 65, don't want to get in debt as I have a mobile, garage on an acre, paid off. May not bring in enough to get something else and I love my garage. May just summer someplace for a while here and there, but I'm more a home body.
Duane

 

Thanks Duane. I also have a manufactured on 1.25 acres with a big shop. One of the things I'll need if I do go is some sort of garage / shop already there, because I have tons of tools, used to be a general contractor. Your point about being this age and debt is a good one... it would be nice to be in the position you're in, may not be worth moving if I was in that position. But then, the damn "dream" will haunt me. Unless I learn to let it go and be happy with what I've got.

 

Where are you at in your retirement goals? Or are you not worried about that?

I would rent a place for a couple months down there if you could afford it and telecommute at the same time. Finding a job that pays what you make now maybe hard as you say it is more touristy work. It would also give you a chance to really see if you enjoy the place still along with your girlfriend. If all your goals are set I say why not? I would also check to see how much you need to make to live comfortably in the area compared to Seattle.

I recently moved to Seattle as I though it would be the place id like to live. Coming up on a year it has its pros and cons and I am having the same discussion with myself if I should move back.

 

In those circumstance I would stay put. But maybe just spend a bit more time traveling.

 

This is all great input, thanks.

Retirement... I only have about 18K in my IRA as of now. Not good.

If I rent a place down there I guess I could rent out my home up here in meantime. Interesting idea. I would be a bit hesitant though, because like I said, my current job will allow me (boss said he doesn't want to be the one to hold me back, I've been there for 16 years) to tele commute for a few months during the transition, but my fear is that after those few months they'll be ready to dump me and if I was just renting down there I'd have no job to return to.

Stay put... I feel like I've been doing that for years. I do travel down there 2-3 times a year, have been doing that for the last 25 years or so. But, staying put *is* sound reasoning, hence my indecision.

 

If your retirement prospects are good, I would say to go for it. A large percentage of folks in your age bracket have not adequately prepared for retirement. Social security is not adequate. Savings/investments in 6 to 7 figures is realistic.

 

I would be hesitant to move given this info. Do you have a pension?

 

Is there any reason why you wouldn't want to stay where you are. Are you influenced by other people making changes? I only say this because in my circle of life, the people around me seem to travel everywhere, go to amazing events, concerts, countries etc... But then I look at them and they still all live at home or they don't pay mortgage for a house. To each there own of course, no judge. But sometimes I reflect on what others are doing vs what I'm doing and I'm happy, stable, I know what tomorrow will look like. I can save up to travel and enjoy it more as it's not something we regularly do.

But then again, some people don't like to be "comfortable" and need more out of life. I'm still super young but am already happy with the little I have, which we are very thankful for.

 

Do what makes you happy. Don't worry about the money. The worst that can happen is you end up a homeless bum. But I've seen happy homeless bums. I'm currently stuck in a city I hate just because my house here is paid for. It's on the market but nobody is buying. I'd move in a minute if I could.

 

No, I never have given a rip what others are doing. And I definitely am ok with just being "comfortable", which is why this decision is so hard. I'm scared, to be honest. It will take a shit ton of hoop jumping to re-do my current life, and at my age it probably won't be at all easy. But then, it seems to me that I'm just letting go of what I have always said I want to do just so I can remain "comfortable" and not have to face all the work it will take to rejigger my whole life.

 

Here is my 2 cents and how I would make the choice.


My goal is to be debt free ASAP but especially by the time I retire.

I think the goal should to always be to not have any consumer debt or a mortgage by retirment. So I’d use that to determine if #1 I could move if housing prices are different and #2 what kind of home to buy.

If you can make a positive financial difference in your life ontop of this being your long life goal... go for it.
If you financially cripple yourself to move based on job/income/housing/taxes then wait until its a better situation.

When you want to move, can move, can swap jobs etc all thats left for me to consider is $$$

My advice for your gifriend is to never move in with or uproot your life for a man you aren’t married to

Put a ring on it man!!

 

Succinct advice. Man, if only I could get my head to embrace that... my heart already has.

 

No pension, and your hesitation is shared by me... it's not much to count on. But, maybe I'd do something down there that would enable me to put more into the IRA then I ever could up here. Maybe.

 

Her credit score would tank me... that's by far the biggest reason she is sans rock.

Edit: that's the only reason.

 

Factoid: In about 16 years Social Security payments/benefits may take a ~20% cut. This depends on what the powers in Washington do about the SS trust fund. If left as is the trust fund cannot meet its full obligations ~2034.

Speaking for myself. I assume I am on my own concerning finances. I do not see a retirement white knight; government, rich aunt or otherwise. I default to the prudent fiscal path.

 

Sound advice. In 16 years though my time may be up anyway, so maybe that's about right

 

Also consider the overall cost of living, i.e. taxes, gas, etc. Given the area you're looking at, how far would you have to travel to "get away"? What's local that would keep your interest week in and week out? ANY move is going cost you money, lots of it, period and will take a long time to recover from. How much of a cut in pay are you going to have to take? What's the job market like? Will it be a career change? Can't you telework permanently and travel back to WA as needed for work? Is the only reason you want to go back for nostalgia?

For me, I love living in SoCal as a photographer, but I detest living in CA because the state is run by lunatics that know nothing about fiscal responsibility and keep raising our taxes. I can't realistically move until I retire because of the financial benefits I'm pulling in, but I would love to retire to Flagstaff AZ, but my Mrs. was essentially born and raised in San Diego and most of her family, what's left of it, is here. In 14 years or so, that may change since the vast majority of her parent's generation will be gone, many of her cousins plan on bailing after retirement too, the nieces and nephews are spreading out across the country, etc. We'll be 1/2 through our mortgage, but I should have enough in retirement savings to pay off the balance when the time comes to decide. We'll have my gov't retirement, whatever Soc Sec we each have, and what's left of our retirement savings. I bought our house knowing that I might have to retire in it as we grew old and weary. The only thing that will keep me here after retirement is my wife's unwillingness to go.

I know you're on the fence, but creating a list of pros and cons for each place will help. Each of you should create a list of what's important to you ( then compare ) and see which place meets the majority of those needs.

Example... Flagstaff is a loooong one day drive back to San Diego if needed, it has it's own water table ( nothing imported ), it's a small big town, it's mountainish ( 6k feet ), above the tree line, smack dab in the middle of about 4 of the most iconic photography locations in the country, mild summers, mild winters, much lower cost of living, etc.

 

Great post, lots to chew on there. Pros and Cons lists shall be done, your'e right, I gotta get all this out of my head and onto paper so I can see it instead of constantly trying to build the puzzle in thin air.

 

I love the Oregon Coast, I think it is one of the most beautiful areas of the country. Unfortunately it is next to impossible to make a real living there. If it was me I would put as much money away as I could until retirement and move there when your financially more secure.