What's the best place to move for semi retirement in Virginia? Couple in 50's wants to slow down
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Kaveman
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We are in late 50's and while we dread the thought of a boring retirement, we do daydream about moving to a less stressful and cheaper place in Virginia in semi-retirement mode. By semi-retirement, I mean still work, but not as many hours. We are self-employed so our business is portable and our income would be much less. After 30 years in the DC area, we are burnt out, stressed out and tapped out.
We have looked at Richmond or Williamsburg areas. We would like to pay cash for a house (not a condo) in the $400K-$500K range. We are thinking if we were 100% debt free we could afford to work less and have more fun. We would like some arts/shopping/culture in a city. Are we dreaming foolishly? Here are our stats: $700K in home equity $500K in 401K and IRAs One kid with 3 years left at a VA university No other debts Are we dreaming that we could make it work financially? What is the best location in Virginia to move for a pre retirement couple? |
Anonymous
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Williamsburg, no question. Bustling "active adult" community. Good weather, restaurants. Access to college shows and music performances.
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Anonymous
| Richmond, Va. |
Anonymous
| I'd say Richmond. We moved here 10 years ago from NOVA and love it here. We are your age and there is always something to do. With your budget you could live almost anywhere in the area. |
Anonymous
| Richmond. For 400-500k you could a new house practically anywhere outside the city or a historic home in the city. |
Anonymous
| Eek...late 50s and 500k in retirement accounts. You will be semi retired for a loooong time to choose wisely. |
Anonymous
Meh, 500k is enough for a retirement (without the "semi") by itself if you're frugal; moreso with social security. |
Anonymous
Agree. My inlaws live pretty nicely on 48k/year (4k month with a paid off house - most of that is SS and the rest is their retirement savings.) They go out to dinner regularly, see movies and plays, FIL golfs but not all the time. They take a Viking river cruise type vacation every year or two. |
Anonymous
This. Plus with 700k equity, they're looking to buy a 500k home in cash. So retirement savings are more like 700k with the cash that'll come out of the NOVA home. Plus they're looking at places like Richmond where the COL is lower -- not just housing but your food, utilities, car insurance etc. are all slightly (not hugely) cheaper. |
Anonymous
+1 |
Anonymous
+1. Money goes much farther when not directly in a big city. We're in a small town next to a big city in the Midwest and our nearly new house cost <100k. |
Anonymous
| Harrisonburg or Blacksburg. |
Anonymous
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Has anyone lived in Harrisonburg or Blacksburg?
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Anonymous
NP here. Too snowy for me. |
Anonymous
| Charlottesville is really nice. Abkemarle county part. |