The Ice Fishing MA is board sponsored by:

Author Topic: Why I want to move  (Read 1362 times)

Offline Jack978

  • Team IceShanty Regular
  • ***
  • Posts: 163
Why I want to move
« on: Mar 03, 2018, 07:23 AM »
I am getting close to retiring and when I tell people I want to move back to Maine they think I am crazy.  I can think of a few good reasons to leave and go north but here is something that shows why life is better there

http://bangordailynews.com/2018/02/21/outdoors/gouldsboro-man-hauls-25-pound-togue-out-of-tunk-lake/

This place is only about 50 feet off the road and I took my son fishing there a few of years ago.  Its a beautiful place with room for all who come and nothing but trout and salmon.

Online moosehunter

  • Team IceShanty Maniac
  • **
  • Posts: 2,045
Re: Why I want to move
« Reply #1 on: Mar 03, 2018, 07:55 AM »
im with you. plenty of places up there just as nice and better. grew up fishin all those lakes and ponds off the black woods rd

Offline THE JIGGER

  • Team IceShanty Maniac
  • **
  • Posts: 3,205
  • Member of the GODS (Grumpy Old DudeS)
Re: Why I want to move
« Reply #2 on: Mar 03, 2018, 02:38 PM »
NH.
No state income tax on your retirement money. ;D
MA

Offline SkunkLuvver

  • Team IceShanty Regular
  • ***
  • Posts: 360
Re: Why I want to move
« Reply #3 on: Mar 03, 2018, 07:35 PM »
I am getting close to retiring and when I tell people I want to move back to Maine they think I am crazy.  I can think of a few good reasons to leave and go north but here is something that shows why life is better there

http://bangordailynews.com/2018/02/21/outdoors/gouldsboro-man-hauls-25-pound-togue-out-of-tunk-lake/

This place is only about 50 feet off the road and I took my son fishing there a few of years ago.  Its a beautiful place with room for all who come and nothing but trout and salmon.

Nope, not crazy. Really good idea.

Iíve been thinking it might be nice to get a small cabin somewhere interesting to rent out during the summer but mine all mine in the winter.

Iím still 25 years from retirement (if itís an option at all) but think Iíll be awesome at it  ;D
 

 

Offline BASSQUATCH

  • Team IceShanty Maniac
  • **
  • Posts: 4,646
  • Gone Fishing 🎣
Re: Why I want to move
« Reply #4 on: Mar 04, 2018, 02:38 AM »
Try Kalispell Montana for retirement 👍

Offline lowaccord66

  • Team IceShantyholic
  • ***
  • Posts: 7,226
Re: Why I want to move
« Reply #5 on: Mar 04, 2018, 07:10 AM »
Mass shocked a larger laker in quabbin this year! 

Offline Jack978

  • Team IceShanty Regular
  • ***
  • Posts: 163
Re: Why I want to move
« Reply #6 on: Mar 04, 2018, 11:37 AM »
Everybody has their own idea of what is right for them.  Taxes are a consideration but not the only one.  New Hampshire doesn't tax income but they have high property taxes as well as high use fees.  Property is expensive where it is a lot cheaper in rural Maine.  I've had to move around a lot for work and part of me always wanted to go home where my accent wasn't strange and people let you alone to be what you wanted to be.  If you like the outdoors and don't mind being isolated you can find a property for reasonable amounts that offers a lot of opportunity.  The wife and I look at real estate online and she set the criteria for has to have in no particular order 1.  More than and acre of land preferably multiples, 2. water access at the least and water front preferably,  3. Within an hour of some sort of major town and enough cleared land for a garden but has to have trees too.

We had our eye on a place half an hour from Bangor (6 acres of land, 300 feet of shore front and a small house (built in 2013) with two guest cabins)  The lake had a good reputation for trout and salmon  but someone else snapped it up..for $158000.  There seem to be a lot of deals like that available but only if you look further than Zillow to more local sights and are willing to drive a bit.  Anyway eventually I plan to get serious about actually retiring all the way and setting up shop next to some nice water. 

As for the how can you afford to retire part well no one can ever afford to do it. I spent 30 years in the Army/Reserve and retired from that and  then went into the civil service working for DOD.  I made way less than "successful" people do but someone had to do it so I did.  Now its time to relax a bit and chase fish preferably the ones that don't have someone else's name written on the side of them since a lot of people seem to think they own the spots and the fish too.   

Offline masshills

  • Team IceShanty Regular
  • ***
  • Posts: 323
Re: Why I want to move
« Reply #7 on: Mar 04, 2018, 06:51 PM »
NH.
No state income tax on your retirement money. ;D
I'm with you on that.

Offline teamtip-up

  • Team IceShanty Addict
  • *
  • Posts: 724
Re: Why I want to move
« Reply #8 on: Mar 04, 2018, 07:11 PM »
Best of luck.   A tough part for my relatives ( aunt and uncle) that are finishing the game in rural Maine is access to the medical needs that have arisen as they have aged.     

Offline lowaccord66

  • Team IceShantyholic
  • ***
  • Posts: 7,226
Re: Why I want to move
« Reply #9 on: Mar 05, 2018, 04:59 AM »
Retirement is a big gial of mine.  If the market doesnt tank considerably I'll have what I need at 47.  Ironically my daughter will be 18 at that point.  Was up 20% ytd this year.  That helped the cause a lot! 

Offline Jack978

  • Team IceShanty Regular
  • ***
  • Posts: 163
Re: Why I want to move
« Reply #10 on: Mar 05, 2018, 05:00 PM »
Medical care is a consideration but thankfully I am pretty healthy for an ancient guy.  My three best friends in high school all died in their mid to late 50's and they had nice "safe" occupations and one of them was a nurse married to a Doctor.  Either way when its your time I suspect you can extend your stay but what's the point? If I can't take care of myself I don't expect anyone else will.

I am happy for the guy who can retire with what he needs at 47 if he can.  That leaves plenty of time for another act and lots of time for whats important. Either way its a personal decision and not everyone gets to take it.  My father worked till he was 72 and got sick and left work at the end of the day for the hospital and died 5 days later.  My mother worked until she was 78 and decided she was a bit old to stand up for her shift in the store and told the manager her real age and he found her a job she could sit down in and she hung on till 80 then called it quits.  She died at almost 90 and was in poor health for the last two years of her life. That frustrated her a lot and she didn't like the idea of being dependant and not able to do things.  I hope to have some fun and enjoyment and not die worrying about one more unfinished assignment at work.



Offline BaitBucket

  • Team IceShantyholic
  • ***
  • Posts: 5,344
Re: Why I want to move
« Reply #11 on: Mar 06, 2018, 02:06 PM »
Retirement is a big gial of mine.  If the market doesnt tank considerably I'll have what I need at 47.  Ironically my daughter will be 18 at that point.  Was up 20% ytd this year.  That helped the cause a lot!

Is your retirement a 401k? I thought you couldnt withdraw from it without the 10% penalty till 55.  My 401k was doing great till the market dropped 1700 points since the end of Jan.. =/
Official Member of The G.I.T.s, Gods In Training 1/2014
The fishing was good; it was the catching that was bad.

Offline ronco

  • Team IceShanty Regular
  • ***
  • Posts: 224
Re: Why I want to move
« Reply #12 on: Mar 06, 2018, 02:14 PM »
Is your retirement a 401k? I thought you couldnt withdraw from it without the 10% penalty till 55.  My 401k was doing great till the market dropped 1700 points since the end of Jan.. =/

If you have a good CPA and financial investor, the penalty can be avoided.
You can use the 72t rule, there are some different rules that go with that.
https://www.cprp.com/education-center/irs-72t-rule/
The government put a law that the soonest you can withdraw from a 401k is 59 1/2.
I retired at 57 in 2014 and it has worked out good.
The secret to fishing.....fish where the fish are.

Offline BaitBucket

  • Team IceShantyholic
  • ***
  • Posts: 5,344
Re: Why I want to move
« Reply #13 on: Mar 06, 2018, 02:22 PM »
If you have a good CPA and financial investor, the penalty can be avoided.
You can use the 72t rule, there are some different rules that go with that.
https://www.cprp.com/education-center/irs-72t-rule/
The government put a law that the soonest you can withdraw from a 401k is 59 1/2.
I retired at 57 in 2014 and it has worked out good.

You can technically withdraw penalty free IF you retire the year you turn 55. If you retire before that, you have to wait till 59 1/2 to withdraw penalty free.

Official Member of The G.I.T.s, Gods In Training 1/2014
The fishing was good; it was the catching that was bad.

Offline ronco

  • Team IceShanty Regular
  • ***
  • Posts: 224
Re: Why I want to move
« Reply #14 on: Mar 06, 2018, 02:33 PM »
You can technically withdraw penalty free IF you retire the year you turn 55. If you retire before that, you have to wait till 59 1/2 to withdraw penalty free.

I went off of what the company that I worked for told me. If I retired at 55 they had to take Federal and state tax and the 10% penalty. I'm wasn't real sure then, that's why I hired the CPA. I drove truck for 33 years, not a bookkeeper. Damn government will get their share no matter what.
The secret to fishing.....fish where the fish are.

Offline elevatorman

  • Team IceShanty Addict
  • *
  • Posts: 849
  • Killem all and let God sortem out
Re: Why I want to move
« Reply #15 on: Mar 06, 2018, 02:44 PM »
You can technically withdraw penalty free IF you retire the year you turn 55. If you retire before that, you have to wait till 59 1/2 to withdraw penalty free.
I agree . 47 seems a bit young . But all the power to who can
A Country boy can Survive.

Offline Mr.Seaguar

  • Iceshanty Militia
  • Team IceShanty Maniac
  • *
  • Posts: 1,886
Re: Why I want to move
« Reply #16 on: Mar 06, 2018, 03:10 PM »
Here's my reason: so I can fish more. I can live with high taxes or poor medical care or high property costs. Where I live there are no fish.
Every plastics manufacturer claims plastics outfish livebait. So now I use livebait just for the increased challenge.

Offline lowaccord66

  • Team IceShantyholic
  • ***
  • Posts: 7,226
Re: Why I want to move
« Reply #17 on: Mar 06, 2018, 03:52 PM »
Is your retirement a 401k? I thought you couldnt withdraw from it without the 10% penalty till 55.  My 401k was doing great till the market dropped 1700 points since the end of Jan.. =/

Some of it is (Roth IRA and Traditional 401k) but a majority of it is in a Vanguard 500 account because I didn't wanted to be held captive by those government mandates. Also I back up those investments with physical assets from monex to protect against a weakening dollar. 

What is too young? Too young to me would be running out of assets before I die...I am not alive to work.  The Vanguard earnings would get me from 47 to 59 no problem at all, the IRA and 401 will do the remainder of the lifting from 59 to lights out.



Online moosehunter

  • Team IceShanty Maniac
  • **
  • Posts: 2,045
Re: Why I want to move
« Reply #18 on: Mar 06, 2018, 04:25 PM »
good luck too you. im 70 and still working. I was stupid when I was younger. blew my hard earned money on other things. you younger guys take some advice from me. if you can put as much as you can afford and put it away. i'll survive but will have too sell everything too do it.my land, boat, truck, tractor, etc.

Online Rugburn

  • Team IceShanty Addict
  • *
  • Posts: 856
  • Carpeted boat + rough water = RUGBURN
Re: Why I want to move
« Reply #19 on: Mar 06, 2018, 04:47 PM »
good luck too you. im 70 and still working. I was stupid when I was younger. blew my hard earned money on other things. you younger guys take some advice from me. if you can put as much as you can afford and put it away. i'll survive but will have too sell everything too do it.my land, boat, truck, tractor, etc.

Might want to look into a reverse mortgage? Just a thought, lots of variables depending on the person.

Offline TRT

  • Team IceShanty Addict
  • *
  • Posts: 908
  • Trout/Salmon
Re: Why I want to move
« Reply #20 on: Mar 06, 2018, 04:51 PM »
Rural VT is also inexpensive NEK area.

Offline bootstrap

  • Team IceShanty Maniac
  • **
  • Posts: 1,049
Re: Why I want to move
« Reply #21 on: Mar 06, 2018, 04:59 PM »
dont move here, this is the land of the non-native liberal elite.

Offline lowaccord66

  • Team IceShantyholic
  • ***
  • Posts: 7,226
Re: Why I want to move
« Reply #22 on: Mar 06, 2018, 07:23 PM »
good luck too you. im 70 and still working. I was stupid when I was younger. blew my hard earned money on other things. you younger guys take some advice from me. if you can put as much as you can afford and put it away. i'll survive but will have too sell everything too do it.my land, boat, truck, tractor, etc.

Luck is a key component to this Bill and I am far from out of the woods so I appreciate the well wishes.  In 09 I lost half of what I had in and a 6 digit job at the same time.  Only good that came from it was I fished almost daily for 2 years while I was unemployed.  At least I don't have to worry about obama trying to tax my kids college savings fund to pay for someone elses education...at least for now.

Offline THE JIGGER

  • Team IceShanty Maniac
  • **
  • Posts: 3,205
  • Member of the GODS (Grumpy Old DudeS)
Re: Why I want to move
« Reply #23 on: Mar 06, 2018, 08:54 PM »
Is your retirement a 401k? I thought you couldnt withdraw from it without the 10% penalty till 55.  My 401k was doing great till the market dropped 1700 points since the end of Jan.. =/
I thought if you were using it  without penalty before 59 1/2 if you use it for:

 1 First home purchase
 2 If you are disabled
 3 Medical bills
4 Medical Insurance.
5 If you die.
6 If you set up an Annuity
7 Roll it to a 401K
8 In the Military reserves if you have served at least 179days since 2001
9 If you have had money in a Roth IRA for 5 years or more.
10 College tuition for you ,your spouse , child , grandchild.
MA

Offline Jack978

  • Team IceShanty Regular
  • ***
  • Posts: 163
Re: Why I want to move
« Reply #24 on: Mar 07, 2018, 04:29 PM »
This thread got lively in a good way.  Hopefully everybody learned something and its good when everyone gets along.  I did get an message about Maine being cold as hell but that is relative.  My father always thought the climate was pretty mild in Maine considering when he was a boy in the "old country" temps could hit -40 and stay that way for weeks.  He always though of America as being in the tropics.

Offline ronco

  • Team IceShanty Regular
  • ***
  • Posts: 224
Re: Why I want to move
« Reply #25 on: Mar 07, 2018, 05:48 PM »
I thought if you were using it  without penalty before 59 1/2 if you use it for:

 1 First home purchase
 2 If you are disabled
 3 Medical bills
4 Medical Insurance.
5 If you die.
6 If you set up an Annuity
7 Roll it to a 401K
8 In the Military reserves if you have served at least 179days since 2001
9 If you have had money in a Roth IRA for 5 years or more.
10 College tuition for you ,your spouse , child , grandchild.



Your right, I forgot about the Hardship Withdrawal;

http://www.401khelpcenter.com/401k_education/hardship_withdrawal_article.html#.WqB5buzwaM9



.
The secret to fishing.....fish where the fish are.

 



Follow Iceshanty at Twitter Iceshanty Facebook Page Iceshanty Youtube Channel
Iceshanty | MyFishFinder | MyHuntingForum
Contact | Disclaimer | Privacypolicy | Sponsor
© 1996- Iceshanty.com
All Rights Reserved.