Thank you all for the responses, these are extremely helpful!
It appears to me that you’d be much better off staying where you are.
Allergies are awful, but you might be able to modify your house to reduce heat, humidity and allergies. I moved state because of my allergies, and haven’t regretted it, but you’ve got a lot of goodness where you are, and I didn’t. And because I react very badly to smoke, I needed to seal my new house because I live in an area where we get wildfires, and there are fire reduction burns during spring and autumn. I’d already lived in the new state for six months (over the period when my allergies are worst) when I moved here, so I knew it was a much better environment for me. How do you know that the new place you’re thinking of going to won’t be as bad?
In researching areas with low allergens, it appears Colorado in general is a great pick overall in this regard, and we all feel generally better from an upper respiratory point of view when we're there for extended trips. I could see wildfires being a potential issue, which I hadn't given full thought to before.
I would stay for a while as well, especially since you are close to family and have good schools. What does your teenager think? I moved as a teen. I knew we had to, but I lost all my friends that I had known all my life and had trouble breaking into new groups at my new high school.
Yes, we love the community and schools here and is worthy of consideration in staying for sure. Our middle child is probably the only one that's
mostly up for moving, but even she has reservations about leaving. The oldest is probably most resistant to leaving for same reasons you listed, and being away from grandparents, aunts and uncles she's close to.
I'm also skeptical that this move makes financial sense. If it costs more but offers better value, that's fine if the value is worth it to you, but you also list some pretty significant things you'd be losing (proximity to family and kids' friends, much less time off).
I wonder what solutions can be found that are less extreme than moving. Can you spend entire summers away from the TX heat? I'm not sure how much time 20 shifts off adds up to but it sounds like at least 3-4 weeks? I don't know the situation well enough to brainstorm in more detail, but the point is: what targeted interventions could address the problems with where you live now? (Like house sealing that deborah talked about.) It appears that staying put will save you quite a lot of money; can you put a fraction of that money toward addressing the parts you hate?
This is great insight, and I do agree about the financial side of things. My wife is ready to just jump ship to get out of south Texas and figure out the financials of the future, but I'm quite a bit more wary of the implications it would have on our ability to retire early and be free, which is a huge concern for me, as this job definitely takes its toll on your mind and body over the years. 20 shifts actually works out to about 2 months of total time off. I keep some shifts here and there for things like holidays, kids' sports competitions, etc., but the last 3 years we have indeed been doing 4-5 week vacations, which has helped take the edge off the brutal summers down here. I am also able to trade shifts with other firefighters, so maybe I could stack up a few more shifts to add on to that to extend the trip.
It's clear the financials are against the move. That leaves the other issues to consider.
Weather: how much of the year in the part of Colorado you want to move to is outside weather? I'm a bit concerned that at the moment you might only see it at the good times. If your winter activity is skiing that can be expensive. On the other hand, the heat in Texas is probably going to get worse over time and may end up being unliveable.
Allergies: how certain are you that everyone in your family will be allergy-free all year round in Colorado? I'm guessing you have aircon in Texas, how good are the filters and how often are they cleaned? Have you checked the air quality in your house and how it might be improved? If you are spending a lot of time indoors and still have bad allergies then improving the air quality in your house is the first line of defence.
Community/Family/Schools/Happy kids: that's a lot to give up on top of the financials, and not easily replicated.
All very true for sure. I really appreciate everyone echoing the financial concerns I have, as it helps to make sure I'm not looking at things with one set of eyes. We frequently visit CO Springs, Durango, Loveland and Fort Collins... areas that are more on the temperate side than places like Breckenridge (which we also love... in the summer!) or Woodland Park that are a bit more extreme with cold temps and elevation. We've gone at all times of the year and enjoy each of their seasons for their own rights, but obviously love escaping the heat in summer. We definitely fare much better with allergies than in Texas, and you bring up a good point that I definitely should look into an indoor air quality test just to see where we stand. We live in a 1967 ranch that we've fixed up over the years, but is definitely not airtight because the original single pane windows are still in place and it does not have house wrap under the siding. I
do change the air filters regularly and keep up with general house maintenance quite well. Thanks for the advice.
Find a great allergist for the wife.
Give it 5 years and take a look at everything again at that time. To give up that pension is mucho dinero. Just not worth it at all.
If the opportunity should arise and if mortgage rates go down, consider selling your rental and purchasing your eventual CO home in the next 5 years.
Best of luck!
JGS
Thanks for echoing my concern. I've told her giving up that 20 year pension would be equivalent to giving up a $1mil+ investment portfolio, as it would generate about the same monthly income based on 4% rule. I just can't see myself leaving that on the table with just 5 years to go. I have thought the same thing about getting a CO home at some point. We've absolutely talked about using the Ruidoso condo as a nest egg for a future home purchase when we retire.
I would not take the financial hit to move away from family whom I love. In fact, we did the opposite--passed up financially superior opportunities for the sake of staying near family. We don't regret the decision, and the older I get, the more i value being near family. Being able to help aging parents, and having adult kids around who can help us, is a huge benefit. Even more important is the casual, everyday socializing and hanging out.
Also a great insight I agree with, especially since we are so close with our family and actually enjoy being around them, which I realize is a huge blessing not everyone has. My parents are in their mid 70s and in great overall health, but I have put thought into the fact that the soonest I'd retire in CO (if we were to move) is 15 years, which would put them at 90 or not around at all. I would miss that time greatly, if not just for the quality healthy time right now, but also if their health deteriorates being able to be close to help in their last years. I appreciate you sharing your experience!
This should really be a Case Study.
Your claimed spend is about $5k/month but that seems low. With an income of ~$135k (+ rental income from the condo?), where does all the money go?
$135K - taxes - pension contributions - Roth = $60k?
Examine your spending, reduce your expenses, save more, and retire with your pension and investments at age 47 (and move to Colorado at age 49 when the youngest graduates?).
We actually usually end up negative on the condo. I have to put about $5k per year to cover what the rental income doesn't. $5k / per mo. are our standard, anticipated expenses (mortgage, utilities, gas, groceries, cell phones, etc.) but does not include incidentals (kids' broken arms, field trips, birthday parties, travel, home repairs, car repairs, etc.). Pension contributions are relatively high at 12.5%, Roth IRA's are $10-14k after-tax money depending on how much we can afford that year, and I also pay both current health insurance and pre-funded retiree health insurance premiums every month, so there's quite a few deductions before I get to my take home pay. We use a budgeting app and keep our discretionary, miscellaneous spending such as clothing, eat out, and random purchases as controlled as possible.
