I see that you are from NJ. As someone who also moved here from NJ, I am a bit perplexed about your concern about moving here. Unless there are circumstance about your life in NJ that we are not aware of, I would think that the move to here would be a no brainer.
First, the price of houses in NJ tend to be much higher there than they are for comparable housing here, so immediately you should have excess capital from the sale of one house and the purchase of a cheaper one.
Second, the property taxes down here are CONSIDERABLY cheaper than in NJ.
Third, you will be saving on state income taxes since there are none down here.
Fourth, the cost for both auto and home owners insurance is cheaper down here (although the home owner advantage is starting to go away with increased sink-hole coverage costs).
Finally, your dining/entertainment costs are considerably lower down here than they are in NJ.
So, while I understand the angst of a sudden change to your financial future, I think when you look at the actual numbers, you will conclude that a move down here makes perfect sense and in fact may be mandatory. Perhaps your question should be, "Since a move to a low cost area like Central Florida is required, can I afford The Villages or should I look at something outside The Villages." The answer to this would depend on some of the issues brought up before: amount of SS, costs for medical, availability of savings, etc. - but don't forget, you probably will have excess equity in your home sale that will augment your savings.
The advice to look into the federal pension guaranty program is excellent - there may be some situations that I am not aware of, but your pensions should be covered by this program. My neighbor has his pension paid in this way and he didn't lose a dime because of it. Good luck!
|