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Three-fourths of affluent to retire in San Diego

Those planning to move seek lower cost of living

According to a survey of 200 San Diegans by discount brokerage Charles Schwab & Co., 73% of the so-called affluent plan to retire in the county, while 24% plan to move -- almost half to achieve lower living costs. For the survey, "affluent" is defined as having at least $250,000 in investable assets and retirement funds. (I'm not sure that sum qualifies one as affluent, but nobody asked me.) More than half of those planning retirement say that their primary concern is unexpected expenses, such as medical or healthcare costs. Those polled say they will need an average $67,000 in annual income, down from their current income of $120,000.

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According to a survey of 200 San Diegans by discount brokerage Charles Schwab & Co., 73% of the so-called affluent plan to retire in the county, while 24% plan to move -- almost half to achieve lower living costs. For the survey, "affluent" is defined as having at least $250,000 in investable assets and retirement funds. (I'm not sure that sum qualifies one as affluent, but nobody asked me.) More than half of those planning retirement say that their primary concern is unexpected expenses, such as medical or healthcare costs. Those polled say they will need an average $67,000 in annual income, down from their current income of $120,000.

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8

Anyone who retires with $250K in assets isn't going to have much of a retirement. I wouldn't be comfortable with $1 million. I expect to have to work well into my 60s to be able to actually afford to retire.

March 6, 2013

jnojr: It's $250,000 in investable assets and retirement funds, not simply $250,000. But to me, $250,000 in investable assets and retirement funds isn't sufficient. Best, Don Bauder

March 6, 2013

All those retirees who move away from San Diego County will save on dental costs as they will have fewer reasons to gnash their teeth over entrenched political chicanery with public money.

March 6, 2013

monaghan: That's a percipient observation, except for those who move to, say, Chicago, or Youngstown, Ohio. (Housing prices in Youngstown are about as low as anyplace in the U.S., but the city is a dump and corrupt as hell.) When I was with Business Week in Cleveland, my counterpart in Pittsburgh covered everything in Youngstown related to steel and left the rest to me. That left me with 300 brothels, 2000 saloons and a couple of drug stores. (Incidentally, Youngstown Sheet & Tube has been dead for decades.) Best, Don Bauder

March 6, 2013

Nobody asked me either. That level of financial assets will not buy much retirement security. I'd be more curious to know what the truly affluent, and I hesitate to define that other than to say that it should require a rock-bottom minimum of $1 million of financial assets, are planning to do. The picture could be different. Or not. It would also be good to know what the true rich--those with assets in the range up past $10 million--are planning. With enough to support their lifestyle, they can leave the state and yet keep a second home here, getting the best of both worlds.

I also question how folks earning $120K a year can be ready to drop down to $67K a year. With a bunch of time on their hands, they will want to do things and go places that they cannot afford on that sum.

March 6, 2013

Visduh: You are asking good questions. Perhaps these people's homes are paid for. Perhaps they plan to stay at home and spend their money getting by in San Diego, rather than traveling. Best, Don Bauder

March 6, 2013

I hope so. If they think that they can "live large" on $67K here, they are going to be very disappointed.

March 6, 2013

Visduh: Yes, it is hard to live on $67K in San Diego County. Now consider this: the median household income in the county (2007-2011) is $63,857. And the per capita income is $28,363. This is what is called a squeeze. Best, Don Bauder

March 7, 2013

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