Retirees in Albququerque (Albuquerque, Rio Rancho: how much, house, purchase)

[Jimrob1]

Has anyone relocated to Albuquerque for the purpose of retirement, especially younger retirees. If so has the area been appealing to you? Has the climate been colder than you may have thought it would be in winter. Has the state income tax on your pension been excessive compared to other states you may have researched. I am wondering for anyone retired from the Federal Gov't if your entire pension is taxed. I have found information on some of this, but Im not sure which is current info or not on taxes in that state.

[mortimer]

Jimrob1 asked:

> Has the climate been colder than you may have thought it would be in winter.

If that's the case, it would simply be a problem with inability to do the research. If the retiree thought it would be like Phoenix and didn't check then it's the retiree's fault for not checking.

> ... state income tax ... Federal Gov't ... pension is taxed. ...

Why wouldn't it be taxed? It's income. It's taxed.

There is no special treatment on a NM tax form. Your income for tax purposes is taken from the Federal AGI right at the top of the form.

OTOH, if you have a relatively 'thin' retirement and are just squeaking by, the combination of Federal and NM taxes won't be much of a burden. If you have a 'fat' retirement with a couple thousand a month from this and a couple thousand a month from that, investmen income, etc. your taxes will be higher, but you can afford it.

[nmnita]

Can't answer your tax questions except to say, yes, your pension will be taxed, it is income...

Climate, nothing like Phoenix, it is high desert, more mild summers and colder winters with some snow. We happen to think it is about the nicest climate in the world. I did have lots of alergy problems in the spring and the dryness does play hell with your skin...

We retired there 8 years ago, are now in NWA. I won't go into detail as to all the reasons we left (much being family related but not all) even though we choose to spend the rest of our years in NWA, we did love the ABQ area and miss lots of things. It is a good place to retire...

Nita

[karmathecat]

There are many states that either do not tax, or tax at a lower rate, retirement income. I asked my dad, retired number cruncher, and resident of NM, if he got any "breaks" and he said no, and the taxes they pay here are slightly higher than AZ. There are some tax breaks for low/lower income, so you'd want to check based on how much that retirement pays you.
They moved here from AZ, love the house they purchased ( which cost about 30% less than a similar property would have in AZ, the milder weather, and the activities. Both of my parents regularly do activities through the Rio Rancho senior center: yoga, art, etc.

[ABQSunseeker]

I've retired here from the Northeast and have found the winters to be generally mild and very tolerable. Dec. and Jan. are the coldest months, but lots of sunshine in the winter make up for the occasional cold weather. I enjoyed winters in Arizona more for mild weather, but the downside is that Arizona has brutal summers and Albuquerque has beautiful summers.

While some states do make state income tax exclusions on some pensions, New Mexico is not one of them and pensions are taxed.

[Poncho_NM]

Jimrob1:

I don't know what a "younger retiree" is. I semi retired at age 50.

I basically grew up in Miami and lived in the Caribbean for a brief period, so everything North of that is colder. The wind, the wind bothers me, not the humidity or temperature.

All pensions are taxed including Military and Federal retirements. Some disability pays, some Military disability pay is not taxed.

My first visit to this area was 1968. My wife and I have lived in this area for the last 10 years.

Yes, the area is appealing to me and the wife. We almost moved to AZ last year. We try to keep our options open. I could probably live on less money in Florida and I have relatives and reasons to move there.

Life is all a compromise.

If you have never been out to the Southwest you really need to pay a visit. You just may hate it, or you may love it.



Rich

[nmnita]

Originally Posted by Poncho_NM

Jimrob1:

I don't know what a "younger retiree" is. I semi retired at age 50.

I basically grew up in Miami and lived in the Caribbean for a brief period, so everything North of that is colder. The wind, the wind bothers me, not the humidity or temperature.

All pensions are taxed including Military and Federal retirements. Some disability pays, some Military disability pay is not taxed.

My first visit to this area was 1968. My wife and I have lived in this area for the last 10 years.

Yes, the area is appealing to me and the wife. We almost moved to AZ last year. We try to keep our options open. I could probably live on less money in Florida and I have relatives and reasons to move there.

Life is all a compromise.

If you have never been out to the Southwest you really need to pay a visit. You just may hate it, or you may love it.



Rich

Great advise; one needs to visit and do it more than once..maybe 3 or 4 times, investigate, research, get a realtor that is willing to spend a little time with you even if you decide not to purchase at the time.


We spent about 5 years researching before we decided what was the best for us..I can't tell you how many places we checked out, even, as I said visiting. We had one place picked out for sure, about the third visit we decided it would not work...Thank God we didn't jump right at the monent..

Nita

[Mike Horrell]

We're both retired, 60 and moved here semi-sight-unseen in September. We
live on the west side and so far are very happy here.

I'd lived here from 70-72 and I knew the SW area and the climate so for us it
was a question of evaluating what has changed in the last 40 years and was
the general situation acceptable.

[Jimrob1]

Thanks everyone for the information.