Okay, so you are thinking and contemplating of selling, maybe even renting; maybe potentially turning your primary residence into a 1031 Deferred Tax Exchange?
You are now perplexed, stressing out and confused as to what direction to go and really not sure what the heck to do!!!! Have no FEAR (Fantasized Expectations Appearing Real) Philly is Here!
First figure what you are going to do with your home, sell, rent, 1031 Tax Deferred Exchange (after two years and one day, as long as you are receiving rental income consistently), leave it to your kids to deal with, etc.
Now once you have figured that momentous feat out, where ya gonna go? Stay in the U.S.of A.?
Something more exotic? Maybe
Mexico, Costa Rica, South America, Hawaii, Europe, (France, Italy, Spain, Portugal) Asia, Australia and so many more places to choose from.
Do you have enough green to have a decent lifestyle wherever you do decide to move? Did you save enough in your 401K, Roth Ira, Sepp or Keogh Plan or wherever you squirreled away your money, oh yeah, that great but risky stock market? Real estate investments? Do you or should you cash out some of your equity? Any tax consequences? Lots of ?
To ask you, your wife, significant other, accountant and financial planner!
Once you have figured out the money and the locations you might consider; you should plan vacations in all the places that you think you might retire to or have as a second home or retreat. Getting away from the snow and frigid temperatures that will soon be upon us on
Long Island is what we all are starting to think about right now. (and yeah, that snowblower, which you had better tune up right now what about the ice melt and snow shovels you will almost assuredly need!
No, better idea, call your snowplow service for that yearly contract that you hate to pay,especially when it doesn’t snow enough!).
Don’t worry, according to the “Old Farmers Almanac, (https://www.almanac.com/weather/longrange/region/us/2) this winter will be a doozy, supposedly worse than the last two!
You may now also want to consider a time share (Last on my list of real estate Investments!), which today, you can purchase a week or two for bupkus, very inexpensive as long as you will enjoy going to that place year in and year out? However, you can do an exchange through RCI, the largest time share company in the world! (https://www.rci.com/) and go anywhere on the Globe; but I advise you to book at least one to two years in advance for the most exotic destinations.
Go their site and it will explain all about time shares and exchanges.
My advice if you are going to purchase is go with the Major Hotel Chains, like Ritz Carlton, Hilton or the like, because you know they will be around for a few years so you won’t lose your time share to bankruptcy, like so many have gone down in years past!
You may like Vanilla and others like chocolate, butter pecan or pistachio, whatever floats your boat, it’s your choice.
Moving out of the states can be a challenging path if you don’t do your homework!
After vacationing in those places that you might consider retiring to or buying or renting as a second domicile to retreat to, make sure you know the customs of the area, the dollar exchange rate (is it up, volatile or stable).
The Euro has retreated tremendously over the past few years as has the Canadian dollar; so right now, the dollar does extremely well against those currencies and even better against the Mexican peso.
Do you speak the language of the country you are moving to?
English is still pretty worldly and is spoken all over; but it is still smart to know where you are going and the local language and cultures.
Will you be looking for a quiet and serene spot off the beaten path or a place that has a lot to do, art and cultural stuff to visit, beaches, lakes, nightlife, dancing restaurants, etc.
Understand your current lifestyle and what you like and don’t like about it and either change some things or keep doing what you like to do and create an enjoyable retirement and keep yourself busy.
Busy is good and statistically those who keep busy whether it be retirement or to continue to work and be active and have a purpose and a game plan, will live longer and happier.
Read this article and you should be convinced:
Even if you do retire, make sure you have plenty of things to keep you occupied and hobbies too; they should be fulfilling and keep the brain working; as they say, “If you don’t use it, you’ll lose it!”
Add a little bit of exercise and healthy eating to your schedule too! Less carbs and a bit more protein and don’t forget your vitamins too! LOL!
Retiring and staying in place, going to another state or country can be an amazing and exciting moment and a new segment in your life’s journey.
But you must have a plan. “If you fail to plan, you just might plan to fail”
Enjoy, be happy, do some volunteer work (I have driven cancer patients to their therapy and it is very therapeutic, better than a shrink too!
Keeps you really planted and you realize you really have no problems like your patients do! LG. Life is Good!
Next week I will continue to talk about more places to move to in and out of the U.S.A.
Stay tuned and I hope you are enjoying this burst of warm weather this week after the chill of last weekend!
Enjoy a More Healthier, More Happier, & Hopefully More Prosperous 2015!
Philip A. Raices, Pres, G.R.I.
(Graduate Realtor Institute)
Licensed Real Estate
Past President of the
Rotary Club Of Great Neck
Turn Key Real Estate
7 Bond St
Great Neck, N. Y.
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