Move or stay in retirement

C

Candi1

Member
Hi, I''m new to this forum and look forward to sharing postings with others here. Even though I'm 80, I'm still working part-time and live in Queens, New York. I'm researching other places to retire to but have not yet made up my mind.
I live in a rent-stabilized apartment in NYC but am wondering if I should buy a co-op or condo in a less expensive area. The only drawback to that idea is that with apartment ownership, HOA fees and special assessments can increase at any time and for any reason. At least with a rent stabilized apt. I know the rent can only be increased by a certain percentage every two year. Also, I don't drive so if I did make a move, it would have to be in a walkable city. I was looking into Lancaster, Pa. as the downtown area does appear walkable and it would be cheaper than living in NYC.
 

Welcome,, from NW PA.

My son & his family live on the out skirts of Lancaster.

We haven't visited there in some time.

I read the Lancaster news paper online . (LancasterOnline.com)
It appears there is a lot of new construction going on.
I think some is for apartments /condos for the elderly.

Its lovely county down there ,, hardly any snow.
I think the temperature there today is in the 90s.

From the newspaper seems like there is always something going on.
 
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Welcome to the Forums!

If you are thinking of moving - I would like to recommend that you make sure you do your homework before you go! We moved around a lot during our married life, for work. Once retirement loomed, we knew we could make our own choice, finally!! We were not comfortable living in Tenn. and made plans to move back to New England. We looked at house prices, taxes (check out city-data.com ), medical services and things that we like to do. If you belong to any groups online - reach out and see if there are any members in that area. Perhaps they can answer questions about local in-person groups, supplies, activities, etc. Make a new friend or two, in that area and you will already know people before you go.

A trip or two to visit is a good idea. I even took a list and we checked out prices in the local grocery store (prices for things I bought were CHEAPER in Maine - go figure!). We toured a Medical Gym, we went to the library and parks. A wonderful couple took us to lunch and toured us through the city to show us all the good things to do. They even recommended the BEST Realtor who set up us in an amazing spot.

We knew taxes would be higher (sometimes you get what you pay for) and it turned out to be less of an impact that we thought. Make sure your "income" is more than your expenses with some back up for future. From experience, I know that Penn. can be hard on your final estate. My father died in PA and the state made a big fuss over the Estate Tax - even with a Trust - and took a hefty chunk. (you get a discount if you pay an "estimate" right away) So, check that out too. Good luck!! Lancaster is pretty but make sure it has what YOU want.
 
Welcome. Last year my oldest sister departed Queens to live w her daughter, s-i-l, and now 2 grands down in VA as our entire family ages out of NY metro area. Her move made sense for all concerned. In your case I would not give up the holy grail of reasonable and predictable housing expenses, nor go through the effort to get all your medical care switched over to a new crew. Buying a place not only brings up the opportunity for unexpected expenses as you mention, but you'll also have tied up your capitol when you might need for health care.

Sometimes expenses can appear to be cheaper in the outlying areas but it's not always true, and it's not for every item. As for the crime I bet if you looked at the stats from the precincts where you live and work they've actually gone down in the last couple years.

NYC crime stats by precinct and borough
 
againstthegrain said:
Welcome. Last year my oldest sister departed Queens to live w her daughter, s-i-l, and now 2 grands down in VA as our entire family ages out of NY metro area. Her move made sense for all concerned. In your case I would not give up the holy grail of reasonable and predictable housing expenses, nor go through the effort to get all your medical care switched over to a new crew. Buying a place not only brings up the opportunity for unexpected expenses as you mention, but you'll also have tied up your capitol when you might need for health care.

Sometimes expenses can appear to be cheaper in the outlying areas but it's not always true, and it's not for every item. As for the crime I bet if you looked at the stats from the precincts where you live and work they've actually gone down in the last couple years.

NYC crime stats by precinct and borough
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You make a very good point. I made a very extensive pro and con list last night and you are right. The money I would pay elsewhere to buy a co-op or condo plus moving expenses can instead be invested in CD's and go towards being able to continue to pay rent where I currently live. I was attracted to some of the low HOA monthly fees but I know those fees can go up drastically with very little notice.
My biggest worry was whether or not my assets will last long enough to be able to afford my rent. Conversely, if I do have to spend down my assets, I can then apply for low-income housing (hopefully I won't need to do that). It basically comes down to: I know what I have, I don't know what I'd be getting. As long as I'm working, I'll be OK but my boss is close to retirement and I can foresee my employment eventually coming to an end.
 
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Where do you think you can actually get low-income housing in NYC? The waiting list is decades long, and only just re-opened to accept more names after being shut for over a decade? The only low income you will get is in Far Rockaway, in the nursing facility.

Life is better in NYC with a car. Much better. Parking is hard, yes, but the convenience is worth it, if you drive that is.
 
Welcome to the Forum! It's a great place to enjoy!

I'm also 80, and for different reasons, I "feel your pain".

One huge consideration to keep in mind is medical access and facilities. Typically at our age this is a big deal, for we have built a history with our docs (and dentists). Will there be the medicos we need at the new place?
 
Candi1 said:
No, I'm not unhappy in Queens. I just worry about how bad crime is getting here. As a matter of fact, I love my apartment here but the day may come when I'm no longer able to afford to stay here.
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Maybe try and stop living in fear. Crime is getting bad everywhere. If you love your apartment, then stay. Moving at 80 is a BIG deal. Maybe put more effort into changing your attitude than trying to run away.
 
PeppermintPatty said:
Maybe try and stop living in fear. Crime is getting bad everywhere. If you love your apartment, then stay. Moving at 80 is a BIG deal. Maybe put more effort into changing your attitude than trying to run away.
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You're right, Peppermint Patty: after going over pros and cons of relocating, I've decided to stay where I am. It's the old saying: I know what I have; I don't know what I'd be getting. I know my neighborhood, my neighbors and local shopkeepers and I feel comfortable here. This is home and I don't really want to start over somewhere else.
 
Candi1 said:
You're right, Peppermint Patty: after going over pros and cons of relocating, I've decided to stay where I am. It's the old saying: I know what I have; I don't know what I'd be getting. I know my neighborhood, my neighbors and local shopkeepers and I feel comfortable here. This is home and I don't really want to start over somewhere else.
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Iā€™m REALLY glad you came to this conclusion / decision. Sometimes we take things for granted. I think we ALL fear the future to some extent and I canā€™t help think of that phrase, ā€˜Better the Devil you Know Than the One You Donā€™t.ā€™ Embrace yourself with the familiar.

You Do know your neighbours. Maybe try and get to know them even better. You might be able to exchange some things in your life. Perhaps they could do your grocery shopping and you could do something for them in exchange. A lot of places offer grocery shopping. You fill out an online form and the date you want your groceries and the groceries get delivered right to your door. It might not be something you need at the moment but is certainly something to look forward to.

If you are worried about money being an issue later on, you could start stashing some money away for later. $40 dollars a week is over $2,000 a year.

Iā€™m REALLY glad you came to this decision. I was actually quite concerned for you.
Try and live your life with love instead of fear.
Your friends and neighbours CAN help you in many ways. Put good thoughts into the universe. Like attracts like.

I sincerely wish you the best.
 
Candi1 said:
Hi, I''m new to this forum and look forward to sharing postings with others here. Even though I'm 80, I'm still working part-time and live in Queens, New York. I'm researching other places to retire to but have not yet made up my mind.
I live in a rent-stabilized apartment in NYC but am wondering if I should buy a co-op or condo in a less expensive area. The only drawback to that idea is that with apartment ownership, HOA fees and special assessments can increase at any time and for any reason. At least with a rent stabilized apt. I know the rent can only be increased by a certain percentage every two year. Also, I don't drive so if I did make a move, it would have to be in a walkable city. I was looking into Lancaster, Pa. as the downtown area does appear walkable and it would be cheaper than living in NYC.
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Hi Candi

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My advice is to stay where you are.
Taking on ownership at your age is not a good idea ......like..... been there, done that !!
Your present set up sounds ideal.
 

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