Hello, my wife and I are approaching 50. We both have a few health conditions. Nothing major (yet). Both of our children are about to enter college, so we have started thinking about our future, and how we'd like to live our 50s, into our early 60s, then retire. We live in a high cost (taxes, energy, maintenance, etc.) New England state with way more house than we'll need after the kids launch. The blueprint for most of my friends parents was to retire, then downsize to the south (mostly Florida, and some SC/NC). Some of them eventually became half-backers. Lately I've been thinking about what I've been calling "pre-retirement." It looks something like this: Stay where we are for the next 4-6 years to maintain in-state tuition for the kids' college.
When the kids have graduated college, we sell the house, and downsize to the south. Probably South Carolina, or possibly East Tennessee. Buy a 1,400sq ft 2/1.5 ranch that would be more appropriate to age in.
We are comfortable, but not financially independent, and would continue working in our new location for 8-10 years, then retire in our early 60s.
We both work in public education, so our employment is relatively portable. We'd have to be certain that wherever we move, we have time to become vested in the new retirement plan where we settle .
Random notes: we live in an area with severe winters. I don't see myself being able to maintain our home here when we are elderly. Health care here is challenging, and we regularly travel 30-60 for various appointments that often take months to schedule.
Has anyone done something similar, and if so, how did it work out? If not, what kept you from doing this? All thoughts are welcome. Thank you