Loading ...Thousands of people who are retiring from high wage, high retirement states are moving to the southwest. They can replace 1.2 million dollar homes with $250,00 homes and their retirement pay is 3 times what working people here make. There are many places in rural Oklahoma, Texas and Louisiana where $3,000/mo is a very comfortable living. People sell their houses where they just get by every month to having a much larger house, new cars, boats, motorcycles, airplanes and other trappings of luxury they never had before. They also like the low crime and fewer drug problems.
These are the very same people who stand to lose everything they have if they have not started a second career. Those very same retirement systems that pay out huge sums must take huge risks to generate enough income to keep the plan solvent. Their only saving grace is that the smart ones are totally out of debt when they move to their new areas because of selling their old house and the high incomes from their retirement.
The “Grapes of Wrath” in return is seeing many California Okies moving back to where there grandparents originated. In some instances , the old home place was never sold and was rented out for decades. Some now have producing oil and gas wells generating thousands per month. The fickle finger of fate has indeed smiled on some while saddling others with insurmountable debts and hardship. The perfect storm keeps brewing with no end in sight. Nothing but a total reset is going to straighten this mess out.
rno