The Benefits Of Choosing To Work In Retirement
Many of the clients we help relocate to the Southeast plan to continue working past retirement.
In fact, almost three quarters of workers over 50, say they will likely work in some form after they retire.
While some work in retirement because they have the financial need to work, many retirees do it for a variety of other reasons, including the opportunity to socialize with peers, the chance to stay mentally and physically active, and the feeling of accomplishment and relevance that comes from playing a meaningful role in a business or organization.
Given the recent economic disruption with Covid-19 virus, many of our clients will choose to delay retirement for these reasons -
1. They've experienced a financial setback with their investments.
2. They may need to give financial assistance to one of their children, or an aging parent.
3. Given the current economic environment, they do not want to let go of their career just yet, so are postponing retirement.
4. Due to their experience in their field, their employer would like them to stay on and not retire just yet. Their employer has offered to let them work remotely, allowing them to relocate and live where they desire to retire to. This is a win-win for many who are mature in the workforce.
If you're giving thought to working in retirement, here are five reasons to consider doing so:
#1: Social interaction and mental engagement. Your work in retirement may be paid or volunteer; either way, you'll get the benefits of social interaction and mental stimulation. Many studies point to the positive correlation between social connectivity and improved health and longevity, both mentally and physically. Working past retirement has also been shown to delay the onset of dementia. If you're doing something you enjoy that keeps you mentally stimulated, socially connected, and physically active, you'll reap the positive health benefits.
#2: The ability to pursue your dream job or career. Many retirees decide to double down on more gratifying opportunities once they retire. Now that they're no longer tied to a career path in a field they may have enjoyed, but didn't exactly set their hearts aflutter, they can discover, or invent work that brings them true joy and fulfillment. Some retirees decide now is the perfect time to start that business they've always dreamed of. If you're receiving adequate income from your investments, or a pension, you may not be concerned with earning a large income, and can pursue work solely based on your passions.
#3: Money. Sure, some retirees will need a job to pay bills. But for others, remaining employed is a choice. For those retirees, income earned in retirement is about giving more to their favorite charities, further building their nest egg, funding travel and other hobbies, and having disposable income to share with kids or grandchildren. Continued employment also means you will not have to dip into your savings for day-to-day living.
#4: Health Insurance. This is a big consideration for those who plan to retire before age 65, when Medicare coverage begins. Often retirees continue working to maintain employer paid health insurance to cover the gap.
#5: Identity and a sense of purpose. Retirees who leave highly accomplished and demanding careers often feel adrift and without purpose, which a new job can help alleviate. If you were once a key decision maker with lots of responsibility and a team to manage, it can feel disorienting to no longer be "needed" in the same way. Retirees who remain in the work force or begin a new career, say they enjoy a renewed or continued sense of purpose, along with enhanced confidence and feelings of self-worth.
Most of us can look forward to a longer lifespan these days, yet many of us don't want to spend our post-retirement years indulging in strictly leisure activities.
While our parents and grandparents may have seen retirement as more of a lengthy vacation, today's retiree wants to engage in purposeful and fulfilling pursuits that tap into their skills and talents in a way that contributes to society - and, that is often found through remaining in the workforce, embarking on a new career, or finding an engaging volunteer opportunity.
If you're giving thought to relocating to the Southeast region, Southeast Discovery is here to help. Since 2004, we have been guiding clients with this life step, so they get it right.
Feel free to fill out our online Questionnaire. There's no charge for this service, as we are always paid by the selling side of any real estate transaction. We'll review your input, then send you specific links to areas and communities in line with what you describe you're ideally looking for.
Contact us at firstname.lastname@example.org or call 847.367.8773. Be safe and stay healthy during this time.
Planning To Sell Your Home? Be Productive During Covid-19 “Time-Out”
If your 2020 year plans included looking southward at areas and communities to consider for full time retirement or part time second home, here's some things to think about while the country is taking a "time-out" with everyday life and business activity. Make the most of this time during the Covid-19 "time out".
If you are planning to put your home on the market this spring or early summer, there are a number of things you can do now, in preparation, so you are ready to hit the ground running with a successful home sale plan when travel bans and shelters in place are lifted.
1. Organize and purge - clean out all closets, cabinets and drawers. Get rid of things you no longer need or use. Put everything back in an orderly fashion. When people tour your home, and open closets and drawers to evaluate storage space, it will be neat, look spacious, not cluttered and disorganized. Identify a spot in your home where you put all items you plan to get rid of. After you accumulate all items you identify through the clean out, look to see what you have accumulated and donate to charity, or have a garage sale.
2.Identify and do needed repairs - hardware stores are still open in most counties, so go room by room, and identify any repairs needed to be done. Make a list of the items you will want to purchase to do the repairs so you are not running back and forth to the store. If you or your spouse are handy - great. If not, given the current circumstances, you can save money by not hiring a handyman, and instead, watch a You Tube video on how to fix/repair the items instead. Today, there are You Tube videos for many DIY projects.
3.Easy improvements - what a big difference a fresh coat of paint can make to a room. Go on Houzz.com or other decor websites and you'll see what today's color trends are. Wall colors such as dark tans, cranberry, navy blue and other bright and bold colors have given way to lighter and softer hues such as all shades of white, ivory, light beige and grey, or "greige". Repainting a room or rooms, can be a cost-effective way of refreshing a home's appearance.
4.Declutter because "less is more" - when getting your home ready to put on the market, the less busy and cluttered your home's decor is, the better. The objective having your home on the market is for buyers not to be distracted by your personal things, so they can focus on the floor plan, the room sizes, the wall colors, the flooring, tile, light fixtures and such. It's always a good idea to walk through your home and "minimize". Think of your home being decorated like a model home. Few knick knacks, few family photos, keep it clean and simple, and "easy on the eye". Your rooms will appear larger and will leave a better impression for the prospective buyers and their agent.
5.Exterior refresh - when people pull up to your home, the exterior of the home is their first impression. It's important to make a good one to the prospective buyers and their agent. If their first impression of your home is not a good one, no matter how wonderful the interior looks, the exterior of your home will always be a "but". Make sure your landscape is tidy and neat. No overgrown bushes. Landscape beds should be cleaned out and have fresh ground cover. Flowers for color, are always a great touch. Your home's porches should be clean and swept. And this includes the front door. Bugs, spider webs and debris is not appealing to see on any porch. If your home needs power washing, do it. It will pay off to have the exterior of your home fresh and clean.
6.Wash the windows - this will add dividends to your home's appearance, both inside and out. Most of your home's tours will be during the day, and dirty windows and sills that haven't been cleaned - are a visible turn off to buyers, and a signal to them that your home may not be properly maintained on other fronts. This causes buyers to wonder what else may be neglected with your home's maintenance.
7.Consider having the home inspected - this is an item you may need to wait and have done once "shelter in place" orders have been lifted, but this can be an investment worth making, as the seller. And for two reasons... One, you will find out if there are mechanical or other issues with your home that need to be fixed, so you can go ahead and do them now. This may save you heartburn should you receive an offer on your home contingent to an inspection. Buyers will likely still want to pay for their own inspection, but now you will be ahead of this process by conducting your own, and have piece of mind on how their inspection will likely go. This is good money well spent as this will likely avoid you having to engage in further monetary negotiation - as you will have fixed any issues that could come up in the buyers' inspection. Two, you can furnish a copy of the inspection in plain view when buyers tour your home - for them to review. Again, it illustrates you are a responsible homeowner, on top of taking care of your home and its maintenance, and provides them the first layer of peace of mind, seeing that an inspector has done an overview on the home. Any items flagged by your inspector - have a licensed contractor fix and furnish along with the inspection report paid receipts for work performed for buyers and their agents to review while touring your home.
8.Do your own homework to see what homes in your area are selling for. You can measure homes that have recently sold, or homes currently on the market, by a price per square foot comparison. You can measure comps by school district, finish level of a home, lot size and location. Try to identify up to 5 or 6 homes to use as comparisons when pricing your home. This way, when you do talk with realtors, you have done your initial homework and they know you are informed as a seller and familiar with the current market place.
9.Identify up to three realtors who handle listings in your area - and call them. You can read up on realtors via their web page before contacting them. Most realtors have testimonials featured online of previous clients they have worked with. Arrange a teleconference call with the agents you would like to interview. Have a list of questions for them. This interviewing by phone can be just as effective in determining who you'd like to hire and partner with, for the sale of your home. Here are a list of questions to consider asking -
- How long have you been in the business?
- What percentage of your business is listing homes, and what percentage of your business is working with buyers? How many listings did you have in 2019, vs, how many buyer contracts did you put together in 2019?
- Do you work independently, or are you part of a team? If part of a team, how will we, as your clients, expect to communicate with you, and your team?
- How do you typically market the homes you list? Internet, social media, your company's website, mailers, broker open houses, public open houses?
- What does the brokerage company you work for, do, in terms of marketing - to help support its agents' listings?
- What would be your listing commission percentage?
- Bend their ear a bit, ask them questions that are helpful to you - "What do you see selling in this current market? What are marketing strategies you typically use, that you find effective?"
- Last, ask each agent what creative marketing ideas do they have given the current environment? How will they take precautions given the Coronavirus (Covid- 19) to protect you, as sellers, when agents and their buying prospects tour your home?
10. Price your home correctly and have a plan. This is very important. You do not want to overprice your home, because the next move you'll be making is reducing the price on the MLS. Price your home correctly, at the start. Can't stress the importance of this enough. Adhering to this, you will likely end up selling your home for more, than if you price it too high initially, only to have to reduce, and reduce again, to yield buyer interest. Second, if you do receive an offer, and it comes together, have a plan on where you will move to, even if it's a temporary move. Will it be to rent somewhere locally at first, or will you relocate out of state, and buy or rent initially? Be prepared, so when a contract does come together, you are not scrambling and stressed out on what to do next. Rather, you are prepared and confident, because you have already thought out your next steps, and have a plan.
If you are considering relocating to the Southeast region, we are here to help. Our firm, Southeast Discovery has been guiding folks who would like to relocate to FL, GA, TN, NC or SC since 2004. There is no cost for our service, as we are paid by the selling side of any real estate transaction. We have an assembled network of excellent colleagues throughout the region, which we have long term relationships with who stand ready to help our clients who are considering their respective area. Feel free to send us an email at email@example.com - or call 877.886.8388. Feel free to fill out our online Questionnaire. We will review, and then send you an email with specific links to information on areas, communities, and properties, that are relevant to your search.
Coronavirus – It’s Impact On Real Estate
Since 2004, Southeast Discovery has been helping readers, many who have become real estate clients, with their retirement relocation and second home search in the Southeast.
The last two weeks have been unprecedented. We'd like to offer some guidance to those who are navigating through these uncertain times. We are here to help you strategize - and provide perspective if you've been considering relocating in 2020 or 2021 to the Southeast region. And now, are wondering whether or not to buy real estate, and how to time it, given the Coronavirus outbreak.
First, let's take a step back ... and review the last 15 years of economic activity and its impact on real estate. We can learn from the past. Markets go down, they eventually stabilize, and once a solid foundation is established, and economic factors improve, so do real estate values.
From the early 2000's, until 2007, the real estate markets in many areas of the Southeast region were strong. And, while there was defined migration from the northern to the southern states, there was also a percentage of real estate buyers who were investment driven, buying real estate for future use. Many were buying a place holder, a home site to eventually build on, or a home they would initially rent out, to help cover the carrying costs, until they were ready to relocate and live in the home full-time. Many were buying in amenitized communities that were created throughout the Southeast region, designed to cater to the 'mature real estate buyer' - retirees, second home and vacation home buyers.
Real estate buyers prior to the downturn, were willing to pay dues and taxes on home sites they bought in advance of building on them in these communities to secure a desirable location - believing it would be a good investment, and that they were buying ahead of the curve coming down the pike. That demographic being the 78 million Baby Boomers, many who'd be looking to relocate to desirable areas at retirement.
In 2007, the economic downturn hit, lasting until fall of 2012. During these five years, real estate everywhere, some places more than others, experienced pricing pressure, depreciation, and a challenging environment to sell. Homes were a challenge to sell, home sites were even more of a challenge to find a buyer for.
Some real estate markets in the Southeast were harder hit than others. Second home area markets fared the worst. Areas where the job markets were strong, real estate fared the best. Real estate buyers coming from other areas of the country, wanting to relocate during this downturn, their challenge was being able to successfully sell their current home, in order to relocate southward.
Not only did the real estate markets begin to improve in the fall of 2012, the quality of the real estate transactions improved as well. The buyer in the real estate market from 2012 on, has been an ‘end-user’- not an investor, such as in years past. The ‘end-user’ buys homes to immediately live in, and home sites with plans to build on and move into. As a result, the real estate buying of the last 8 years has literally turned master planned developments into socially active communities with plenty of full and part time residents living in the homes they buy and build.
It has been a steady consistent upward trajectory ever since. This trajectory accelerated further in 2016 - after the presidential election. However, it changed two weeks ago, when the Coronavirus became very real here in the United States.
News announcements started coming out of the White House about the Coronavirus. Stock market declines began to occur. Daily, and significant. Panic set in - for our nation's healthcare system, and, the economic impact that would follow suit. For most, this news came quick, and hit the financial markets hard and changed the state of the economy fast.
The last two weeks have been difficult. The significant and quick downturn in the stock market, along with the news of this virus' ability to spread, sicken and take lives around the globe, has been sobering.
Some points to think about, to give our readers guidance as it relates to the real estate markets, and how to plan and strategize going forward…
1. Real estate activity will be impacted over the coming 4-8 weeks.
2. Buyers have no urgency to buy real estate until they see how long the economy is interrupted and what the depth of the economic impact is from this pandemic.
3. Sellers, while they may be motivated to sell their home... some are apprehensive about strangers walking through their home, with agents, especially if this is a primary home the sellers currently live in. If the property is a second home or vacation property, then sellers are far less sensitive to that home being toured. Some sellers are temporarily removing their homes from being listed on the MLS for this reason.
4. Real estate such as home sites, are easy for agents and prospective buyers to tour - as all parties can be outside, and meters away from each other. Real estate agents are practicing 'social distancing' by driving in their own cars, where clients follow behind them in their own car, communicating blue tooth to blue tooth. Like all other industries, the real estate business can also be improvised.
5. NY, NJ, CT, IL, OH and CA are states currently ordered to ‘shelter in place’. These states happen to be some of the highest 'feeder states' that migrate to the Southeast region. We are now in the spring market when northern and west coast residents typically travel to the Southeast to look at real estate to purchase. This tour activity has all but stopped. The states listed are some of the highest property tax states in the country, and have a high overall cost of living. Many residents of the 6 states have steadily and consistently migrated to the Southeast for years.
6. This drastic interruption in the economy, will have an definite impact on real estate activity. Very likely, there will be softness in the housing market. Sellers will be more concerned about the number of buyers who are actively looking. Buyers will have the mindset they should be able to get a deal on what they want to purchase.
Perhaps, the silver linings...
1. There will be many people who live in densely populated areas, near major metropolitan cities, who have had a difficult time with ‘sheltering in place’. They are living in close quarters both inside and out, in colder climates, and in densely populated areas. All attributes which make it less enjoyable to shelter in place, while trying to distance themselves from people. It has occurred to many, especially those who are retired and don't have to continue to live where they are living for a job, to conclude perhaps it's time to make a change - and move to a warmer climate that's less populated, with a slower, more relaxed pace of life.
2. Remote work positions will be on the rise. This will be precipitated by both workers and employers. It's been a workplace trend more employees desire, and after this pandemic, where workers have had to stay home and work, this type of work set up, between employees and companies, will further grow and become more commonplace.
3. As more people work remote, more will also have the ability to choose where they want to live. This will result in more migration among the older work force. A percentage will trade in big city life, now that they've raised their family living in the north, living in high tax states to now choose a more relaxed area to live, one that is less populated, with a milder year round climate, offering a lower cost of living.
4. So, while there will be some slow down from this pandemic, there will also be a regional bump of real estate activity in the Southeast, eventually, as folks who have been sitting on the fence, trying to decide whether or not to relocate, this pandemic, the Coronavirus event, will spur them to make a final decision to move.
If we had to put a timetable on what's to come, between now and the end of May, it's going to be a wait and see approach for most real estate buyers. Those who decisively decide to buy, will likely get a better value on what they purchase now, vs what they would have paid just 3 months ago.
Come summer, we can only hope the Coronavirus spread will lessen due to the hotter weather nationally, and the successful slowing of the spread. Plus, the shock and awe of this pandemic dominating the news, will begin to subside. Fewer new cases, but cases nonetheless, will become the new normal.
Buyers will begin to come into the market, and real estate pricing, along with other asset classes, will level off and stabilize.
By the third quarter of 2020, unless the virus comes back when the nation experiences cooler temperatures, the U.S. economy should continue to find its ground, and all asset classes should further stabilize, which includes real estate.
People need a place to live. Retirees and Baby Boomers have led the migration to much of the Southeast region. Most buyers in this age group, prefer to own rather than rent. Home ownership among this demographic is not likely to change, especially if they can afford to own.
As the youngest 25% of the Baby Boomer generation decides to wind down on their career, retire, or phase into their 'second act' - a job that is less taxing than their first, many will migrate to different states, different areas of the country, rather than stay where they are currently living. The Southeast region will continue to draw a fair amount of these buyers.
As our country moves through this historic health and economic event, real estate buyers will focus more on their future, less on the past, and financially adjust with what they can and want to spend on a home to live in for their retirement. They will make real estate buying and selling decisions accordingly.
Over the past 16 years, we've helped real estate buyers navigate through this life step successfully, to choose the area, community and property that's right for them. Send us an email at firstname.lastname@example.org or call 877.886.8388. We are here to help you, and especially during these times of uncertainty.
Palmetto Bluff’s 2nd Annual Field + Fire – A Sold Out Success
As if you need another reason to consider a visit to Palmetto Bluff - or better yet, discover a special place to relocate for retirement or a great spot to have a second home....
Its 20,000 heavily treed acres and 32 miles of scenic waterways, its conservation efforts, its 173-acre horse farm, its 18-hole Jack Nicklaus Signature Course, its five-star-rated Montage hotel... are all reasons why Palmetto Bluff, in Bluffton, SC, continues to attract home buyers from everywhere.
A good excuse to visit is "Field + Fire," which is just as the name implies - it's a weekend filled with learning and experiencing fishing and shooting sports under the tutelage of the region's most knowledgeable experts, and enjoying the day's catch near an open fire.
In only its second year, Field + Fire (Feb. 1-3) was a sell-out soon after it was announced. And with good reason, when you consider it means spending a weekend feasting on meals prepared by Michelin-starred chefs, learning about birds of prey, browsing an endless array of works by Southern artisans, listening to some live "down home" music, and participating in discussions and field trips focused on nature conservancy...
Add to that, being able to experience first-hand how hunting, fishing and exploring has been a way of life in the Southeastern region for centuries.
And it's being held in a growing residential community that takes pride in its world-class shooting facility, marina, equestrian complex, extensive nature preserves, river access and miles of riding trails.
Many people say Palmetto Bluff feels more like a South Carolina town from years' past rather than a growing community with a Jack Nicklaus Signature Golf Course and one of the finer spa experiences in South Carolina to both Inn guests and residents. It's also home to the prestigious Montage Palmetto Bluff, managed by Montage Hotels & Resorts, which is co-hosting Field + Fire. Other on-site accommodations include spacious cottages, guest rooms, suites and village homes that all pay homage to the region's rich heritage.
Palmetto Bluff says that "Field sports are a dynamic part of its lifestyle", and have been for generations. Since the turn of the century, sportsmen and women have gathered on the land Palmetto Bluff sits on to shoot elegant shotguns over the finest pointers, cast lines into its salt and fresh waters, and rise its oak-lined trails on graceful steady mounts."
Field + Fire, Palmetto Bluff says, "is a celebration of our sporting life heritage" and "features an exciting mix of shooting, fishing, sporting art and sporting dog exhibitions, and of course, fine Southern cuisine."
In fact, Field + Fire is a return to its roots. Palmetto Bluff was established as a spectacular hunting retreat for an exclusive few over a century ago.
Throughout the three-day event will be the Field + Fire Market, described as "a curated collection of Southern artisans and makers offering sporting apparel, sporting art and jewelry, expert callers, specialty outdoor gear and high-end shotguns and saddles." In addition, there will be "well-known sporting personalities and some of the Bluff's favorite food traditions and live music."
FRIDAY, FEB 1, 2019 - FIELD + FIRE EVENTS
The first event - the Buffalo Blast Sporting Clays Tournament, which is Feb. 1, 1-3:30 p.m. - will field teams of four members each for a 100-target, 13-station sporting clays competition "for all levels of shooters," and it "benefits the Palmetto Bluff Conservancy." It will be followed by demonstrations of trick shooting, then the Buffalo Blast Beer 'n Brats dinner, during which awards will be given to the winning teams. There will also be an open-fire dinner prepared by James Beard and award-winning chef John Currence of Oxford, MI.
SATURDAY AND SUNDAY, FEB 2 & 3, 2019 - FIELD + FIRE EVENTS
Days 2 and 3, Feb. 2-3 - "go to the dogs" - literally. Handlers Adam Hein & Steve Hein will lead guests into the forests of the Bluff, along with trained dogs and a falcon, to hunt pheasant. Adam Hein is a co-owner of "On The Fly Outfitters" in Brunswick, GA, and Steve Hein is a master falconer and wildlife artist from Statesboro, GA.
Two other exhibitions highlight Day 2 - a retriever exhibition, when Brett Lawson of TBL Retrievers on the Village Green demonstrates how retrievers master their skills; and a birds of prey exhibition led by Steve Hein, who will educate attendees about local raptor habitats and more.
Day 2 also includes a "five-stand tournament," which is a condensed, quicker version of a traditional sporting clay course. Each participant shoots 25 targets from five different locations in individual competition.
Later that afternoon, and on Day 3 - Orvis-certified guides from Bay Street Outfitters will teach beginners how to cast a fly-rod, and veteran anglers how to tighten up their casts. For those who might prefer some "indoor fishing" on Day 2, there will be a "Suds & Bugs Fly Tying Lesson" in Montage's wine cellar. And those will be followed by what's being called "Talkin' to the Animals." Palmetto Bluff's Conservancy Director, Jay Walea will lead his team of naturalists in demonstrating how they make the right sounds to court hunting game of the Lowcountry.
Gourmands will follow the scents to Day 2's Bourbon + Birds dinner, featuring Michelin-Starred chef Mark Lundgaard-Nielsen of Restaurant Kong Hans Kælder in Denmark for what's being billed as "a once-in-a-lifetime dining experience." A five-course game dinner will be paired with Virgil Kaine Bourbon and the wines of Robert Foley Vineyards, all done al fresco in the field, along with tunes from singer/songwriter Drake White.
Day 3 promises to be as educational and enlightening as the first two days of Field + Fire. In the morning, Palmetto Bluff Conservancy Archaeologist Dr. Mary Socci will lead participants around the Village Green and surroundings to detail the history of Palmetto Bluff, the Wilson Family and all the interesting and unique sites around the Village Green, including a pet cemetery.
Mid-day on Day 3, those attending will be able to watch as professional fox hunters re-live "the pomp and pageantry of a traditional hunt," as Palmetto Bluff describes it, from the Bluff's cross-country course on the Longfield Stables complex. As described by Palmetto Bluff, "Fox hunting is the only form of hunting that incorporates the complex relationship of three beings - that of human, horse and hound." It adds that "a representative from Lowcountry Hunt will speak about the history of fox hunting and give a few examples of some of the different horn blows that are used to communicate with the hounds and staff during the hunt." Afterwards, those attending will enjoy brunch while chatting with the hunters.
In the afternoon, another event unique to Day 3 will be the Schutzhound Exhibition, which promoters describe as a "temperament and performance evaluation that consists of three phases of canine training - tracking, obedience, and protection. It teaches advanced off-leash obedience like heeling, motion exercises and retrieving wooden dumbbells."
The final event on the last day will be the First Date Ladies' Shooting School. We're told the Palmetto Bluff Shooting Club has tailored a school just for women who are new to the world of shooting clays, or who are interested in trying it out for the first time. The school's certified instructor - Lynne Green from Syren - will provide everything for a comfortable and exciting "first date" with marksmanship.
Field + Fire is just one example of how the property owners at Palmetto Bluff balance exploration with conservancy.
For example, it has established the Palmetto Bluff Conservancy, which strives to increase understanding of the natural and cultural environment of the Lowcountry. And it does so through biological and archaeological studies by PhD-level scientists and its "citizen science" bluebird survey. It's also involved in a number of research initiatives, including surveys of alligator, turtle, white-tailed deer and bird populations, and analysis of artifacts from antebellum Pettigrew Plantation.
Palmetto Bluff's Recreation Team, based in the Carriage House by the River House, offers bicycle and golf cart rentals. And its Longfield Stables, on a 173-acre farm, includes a covered arena, an FEI regulation outdoor dressage arena, a 5-acre turf event field available for schooling horses and special events, and main barn and receiving barn, both featuring oversized stalls.
The 7,171-acre May River Golf Course - an 18-hole Jack Nicklaus Signature Course - includes century-old live oaks and native landscapes, woven throughout the May River Forest. All tee boxes and fairways feature Paspalum, the newest eco-friendly turf.
One of Palmetto Bluff's newest developments is Moreland Village, which is distinctly different from the community's first village, Wilson Village. In a natural setting designed to blend into the Lowcountry landscape, Moreland Village features home sites with marsh views or adjacent to the community's pristine nature preserve, with architecture designed to create seamless transitions between the indoors and outdoors.
Moreland Village also includes both modern rustic architecture and a more casual, relaxed feel. There are two outdoor pools, a fitness center with a spin classroom, a pottery and art studio, a casual/comfortable restaurant, a grab-and-go restaurant, and a unique, a state-of-the-art bowling alley, among other newly introduced amenities.
If you'd like to receive information on next year's Field + Fire Event, along with literature on Palmetto Bluff real estate, email us at email@example.com or call 877.886.8388.
Tax Law Changes Have Some Wondering: Should I Pay Off My Mortgage?
Now that the full impact of the 2017 Tax Cuts and Jobs Act is being scrutinized, a number of clients are asking whether it makes sense to pay cash for a home - or borrow, while borrowing costs remain relatively low by historical standards.
They are asking because of the new tax law's impact on itemized deductions. You could call it a "carrot-and-stick" impact.
The "carrot" was a dramatic increase in the standard deduction. The "stick" was an equally dramatic, but opposite, change in what qualifies for itemized deductions.
First, the "carrot"
Last year, when you (or your CPA) prepared your federal tax return for 2017, you were eligible for a $12,700 standard deduction (if married, filing jointly). This year, your 2018 return almost doubles that - the standard deduction will be $24,000. But gone is the $4,050 per-family member personal exemption.
Then, the "stick"
For the 2017 tax year, a number of itemized deductions and credits were either changed, added or eliminated, such as:
Mortgage Interest: Pre-tax act, there was a $1 million cap of debt on a primary or secondary home. The limit now is down to $750,000 for mortgages that closed after Dec. 14, 2017. According to the Wall Street Journal, 32 million tax filers got a mortgage-interest deduction for the 2017 tax year; for the 2018 tax year, that number will drop to 14 million. Put another way: the congressional Joint Committee on Taxation estimates that total savings will drop from $60 billion for 2017 to $25 billion for 2018.
State and local income or sales and property taxes (known as SALT): There's now a cap on deducting more than $10,000 - per tax return, not per person.
Home equity loan interest: In the past, such borrowers could claim a deduction of the interest on $100,000 of debt. Now, unless the loan was used to buy, build or what the IRS labels "substantially improve the taxpayer's main home and second home" - and not for such expenses as tuition or credit card debt - it's gone.
Moving expenses: In the past, costs associated with moving more than 50 miles for a new job were deductible; for the 2018 tax year, that's been eliminated.
Other expenses: The IRS says that, prior to the new tax law, when taxpayers "itemized, they could deduct the amount of their miscellaneous itemized deductions that exceeded 2 percent of their adjusted gross income. These expenses are no longer deductible." The IRS defines "miscellaneous" as unreimbursed employee expenses such as uniforms, union dues and the deduction for business-related meals, entertainment and travel... deductions for tax preparation fees and investment expenses, such as investment management fees, safe deposit box fees and investment expenses from pass-through entities."
What didn't change are deductions for 401(k)s, traditional IRAs and health savings accounts (HSAs); investment interest; capital gains rules for the sale of a primary residence, credit for the purchase of an electric car; deductions for student loan interest, treatment of tuition waivers; adoption assistance and teachers’ out-of-pocket expenses.
So, before rushing to the mortgage holder with a fistful of dollars, look first at your complete financial status.
It's important to pay off whatever debt has the highest interest rate first, which is usually credit card debt, says Kevin O'Leary, a Canadian businessman and a veteran of the popular TV show, "Shark Tank," which features aspiring entrepreneurs making business presentations to a panel of five investors ("sharks"), who then choose whether to invest as business partners.
"Life is unpredictable. What happens if you're laid off or incur unexpected expenses elsewhere? Your once-manageable mortgage is suddenly going to seem not-so-manageable," O'Leary said during a 2018 episode of "CNBC Make It."
O'Leary, a known advocate for being as debt-free as possible (he even once declared that debt is evil), summarized his philosophy in a January news item on CNBC's website: "The top of my hit parade list advice on debt is this: Don't get any... In other words, don't spend more than you have."
Suggesting another payoff target, O'Leary says mortgages and student debt "are the two big ones. You want to pay off that student loan, and you don't want to get stuck in too big of a mortgage because you have to pay that one off too. Pay those off as fast as you can, and your savings will start,"
The Wall Street Journal recently spun it another way: "Is the after-tax return on an ultra-low-risk investment lower than your after-tax mortgage rate? If it is, consider paying down the mortgage if you can."
Allan Roth, a financial planner with Wealth Logic, told the The Journal that, "The changes to the mortgage deduction strengthen the arguments for paying down - or off a mortgage."
Now, back to itemizing deductions... The higher standard deduction and the $10,000 cap on deducting more than $10,000 of state and local income or sales and property taxes (per return, not per person) will be a double-whammy for many married couples, because "they'll need more than $14,000 in other write-offs of mortgage interest, charity donations, and the like to benefit from using Schedule A," the Journal reports.
And all of the experts agree on one thing: Keep liquidity intact. "Even if paying down a mortgage makes financial sense, it means restricting access to funds. So, consider whether the funds will be needed in an emergency, and what the rate on a (non-deductible) personal loan would be. You need to be able to sleep at night," the Wall Street Journal report said.
If looking for more detail about the changes in itemizing deductions, visit the IRS website; one page in particular seems to sum it all up pretty well: https://www.irs.gov/newsroom/tax-reform-affects-if-and-how-taxpayers-itemize-their-deductions
If you are considering a move to the Southeast region, feel free to reach out to us at Southeast Discovery. Email firstname.lastname@example.org or call 877.886.8388.