Tuesday, September 1, 2015

Should N.J. couple move down South?

0 comments

DEAR HARRY: We're thinking of moving to the South in the next few years, and I'd like your opinion. We live in New Jersey. I have a job that pays very well, and is "portable." I have a combined $330,000 in my retirement account, and I put 16 percent of my income into it. The company matches me with a 5 percent cash payment. Our house is worth about $250,000 with a $125,000 mortgage. Other debts are all for current items. We're also helping our son with his education costs. We live very comfortably. I'm not planning on retiring for seven more years. My wife earns no money. We have a friend in North Carolina who has shown us that living in the Carolinas is far less costly than up here. This would be a kind of prelude to retirement. We have no other connections down there. How does this sound to you?

WHAT HARRY SAYS: Your letter seems to indicate that your roots are in this area. You have made no social, religious or business contacts in the Carolinas. When people move for retirement, they usually go to be near a child or close friends. The weather is also quite different. My suggestion is that you go there for a kind of trial. Rent a small place for a couple of months to see just what living is like in the South. If you find it meets your needs and desires, then you can go for it.

 


Email Harry Gross at harrygrossDN@gmail.com, or write to him at Daily News, 801 Market St., Philadelphia, PA 19107. 

Harry urges all his readers to give blood. Contact the American Red Cross at 800-Red Cross.

Daily News Personal Finance Columnist
0 comments
We encourage respectful comments but reserve the right to delete anything that doesn't contribute to an engaging dialogue.
Help us moderate this thread by flagging comments that violate our guidelines.

Comment policy:

Philly.com comments are intended to be civil, friendly conversations. Please treat other participants with respect and in a way that you would want to be treated. You are responsible for what you say. And please, stay on topic. If you see an objectionable post, please report it to us using the "Report Abuse" option.

Please note that comments are monitored by Philly.com staff. We reserve the right at all times to remove any information or materials that are unlawful, threatening, abusive, libelous, defamatory, obscene, vulgar, pornographic, profane, indecent or otherwise objectionable. Personal attacks, especially on other participants, are not permitted. We reserve the right to permanently block any user who violates these terms and conditions.

Additionally comments that are long, have multiple paragraph breaks, include code, or include hyperlinks may not be posted.

Read 0 comments
 
comments powered by Disqus
Also on Philly.com:
letter icon Newsletter