Business & Investment

We want to buy a house on 10 acres of vast land and live for $ 50,000 a year. Where should I retire?

I’m looking for advice on life after retirement.

I am a disabled veteran, my spouse is a retired / disabled soldier, and I have a total monthly income of $ 4,200. Eventually it could reach $ 5,400. There are no debt and you save about $ 75,000.

We are in our 40s and aim to live in a state that offers many veteran benefits without taxing military retirement. We want to buy more than 10 acres of home in the countryside within an hour of a big / small city full of health care, shopping, restaurants and colleges. We don’t own a home that sells right now. We also love traveling, so major airports within 3 hours drive are a bonus. I also want to be near some kind of water, big lakes and rivers.

Climate is a problem. We lived in Texas and hated the extreme heat, but we also looked down on the freezing winter in Wisconsin. We love the feel of dry areas, but the look of places where it rains a lot. Finally, as strange as this last request, it’s very important. It is a place with an open space overlooking the horizon. Claustrophobia (deep valleys, too many trees, etc.) makes me claustrophobic.

Ideally, west of the Mississippi River, but not required.

Any suggestions are welcome!

Thank you very much,

Megan

Dear Megan,

You have an interesting climate and geographical challenges.

But the bigger problem is the budget. Congratulations on not having debt — it’s huge. Beyond that, however, you can’t afford to buy those 10 acres and homes with a $ 50,000 income and a $ 75,000 savings. (Don’t rely on extra money until it happens.) Above all, it determines where you live. I cast a wide net in several states and searched Realtor.com (owned by News Corp. like MarketWatch) for sale by state rather than county, but the single-family method There is not much. Housing, a minimum of 10 acres, and a price limit of $ 180,000. And that’s before we think about the right kind of proximity to a town or city, or where the water is.

I know you didn’t give me a price tag, but given your finances it seems like a generous amount. Don’t just stretch your home and land budget and run out of cash.

You say you like the feel of dry areas, but you like the look of green areas. Since the humidity in the Pacific Northwest is low, I first thought about the Pacific Northwest. Unfortunately, it’s not inherently affordable to you. My search found 15 options in Washington, but almost all were in the woodlands (sounds no to you) and only 4 in Oregon. Adding a mobile home doesn’t do much better.

Of course, the housing market may change. However, based on today’s reality, you may need to increase the humidity or choose a desert brown. Or you may need to revisit the amount of land you need.

If this is a dream and you need it now, it’s a good idea to start with a fascinating state and do the same search. For example, we found more properties in eastern and southeastern Ohio that meet price and acreage criteria. Is it wide enough for you? Not west of the Mississippi River? And whether it’s Ohio or another state, you may have to compromise on the city and its comfort.

Or you might leave it for a while, look for ways to make more money, save additional income so that you have more options, and then decide to revisit. If you’re thinking 10 years ahead, a better understanding of how much your dreams will cost can reveal how much extra you need to save each year. You can spend some of your trip exploring your candidate list.The· MarketWatch Retirement Tool It may help you narrow down your options.

He also mentioned state income taxes, especially tax deductions for veterans. Not only do tax rates change, they are only part of the big picture. Don’t miss the cost of non-taxable services as well as property taxes. Not to mention upgrades, all repairs that do not need to be dealt with as a tenant are not cheap.

Still, you want to know.this SmartAsset retirement tax calculator You can see how much you will pay with state taxes.Here is another State-by-state views on military retirement and taxes..

If you plan to work remotely, ask about the quality (and price) of your internet access. Unfortunately, high-speed internet is not available in the American countryside.

That said, there are some cities that can be a starting point for finding more rural spots. I searched for someone who has or is near a Veterans Department medical center as well as an outpatient center or clinic. And thank you for your service. I’m sorry for the disability of the two of you. Thank you.

This is a choice for college sports and tailgating.

Getty Images

Columbia, Missouri

Between St. Louis and Kansas City, the city of 125,000 is home to the state’s leading public university, the University of Missouri, and 30,000 students. If large college sports are important to you, this is one of my three suggestions.

As for Colombia itself, the cities were ranked 6th on the list of Livability of the best places to live in 2019 And 30 days in 2020 (by different standards)..Milken Institute puts it Fourth in a small metro for successful aging.. Cyclers will love it because it’s a silver-level bike-friendly community determined by the American Cycling Federation. MTK trails for you Katie Trail, 240-mile trail that runs through most of the state, Often near the Missouri River.

Colombia also has a medical center for the Department of Veterans Affairs, and the state Some tax deductions for disabled veterans.. Within an hour’s radius, there are many large open areas in the countryside. Again, supply and price can be an issue.

Colombia Regional Airport Is 12 miles away, but Kansas City and St. Louis airports are each about 2 hours away.

This is not the weather in Wisconsin. The average maximum temperature in January is about 40 degrees Celsius. The highest temperature in July is 89 degrees Celsius on average.

This is What Realtor.com shows is currently on the market throughout Missouri, using the criteria I have chosen... Of course, you can change the criteria and see how it affects your options.

The guardian of a steel sculptor on the plains of the Arkansas River in Wichita.

iStockphoto

Wichita, Kansas

Kansas is one of the states that does not tax military pensions and has a wide open view. However, there are nearly 400,000 people in Wichita. Is it too big, even if it’s an hour away?

Here’s why it’s fascinating:VA Medical Center in the city, Wichita State University (15,000 students), and Regional airport, The busiest in the state. Kansas City Airport on the Missouri side of the state border is 3 hours away.

Resident flag Wichita’s “trendy downtown”. There is also a thriving art scene, and given its size, there is a lot of shopping. For your water options, Lake Afton And Cheny Reservoir, Both to the west.

Winters are warmer than Colombia — the highest temperature in January is 45 degrees Celsius. However, the average temperature in July reaches 95 degrees Celsius and the humidity is high. Is it too close to the Texas weather you didn’t like? And the fact that Kansas is part of the “Tornado Alley” in the United States cannot be ignored.

This is Live list of National Association of Realtors members across Kansas, Use the parameters described here as well.

Crab Orchard National Wildlife Sanctuary near Carbondale, Illinois.

Courtesy Crab Orchard National Wildlife Sanctuary

Carbondale, Illinois

I saw an option east of the Mississippi River and landed here. The southern part of Illinois isn’t as flat as the northern farmlands, but it’s more affordable. However, I still need to get some open space. You will also feel more south.

Take taxes out of the way. Illinois also does not tax military retirement benefits.

Carbondale is home to 25,000 people and Southern Illinois University has more than 11,000 students. A little less than 60,000 people live throughout Jackson County. The town has a hospital, but you can also drive 25 minutes east to Marion, where the local VA medical center is located. Marion is smaller than Carbondale and has 17,500 inhabitants, while Williamson County has more than 66,000 inhabitants.

Seany National Forest ――And especially View from the garden of the gods — You may feel claustrophobic, but it’s appealing to many.You may like Crab Orchard National Wildlife Sanctuary, Between Carbondale and Marion.

Your best airport is probably In St. Louis, 2 hours ahead.

The temperature is the same as in Colombia, but there will be a little less snow.

Of my three suggestions, this is the cheapest home, according to Census Bureau data.This is What the National Association of Realtors members show is on the market in Illinois, Always within their price and area constraints.

Dear readers, where should Megan and her husband go? Please leave your suggestions in the comments section.

read: I’m a “young 68” with $ 3,200 a month in social security and I don’t want to be taxed. Where should I retire north or west of Colorado?

And: I want to live outdoors all year round — dry summers and no snow — $ 4,000 per month. Where should I retire?

plus: I want to leave New York State and retire to the countryside with four seasons. Where should I go?

Finally: We want clean air and an idyllic life — where should we retire with a budget of $ 40,000 a year?

We want to buy a house on 10 acres of vast land and live for $ 50,000 a year. Where should I retire?

http://www.marketwatch.com/news/story.asp?guid=%7B21005575-02D4-D4B5-4572-D215F84E3854%7D&siteid=rss&rss=1 We want to buy a house on 10 acres of vast land and live for $ 50,000 a year. Where should I retire?

Back to top button