Maryland Among Worst States For Retirement

[sunglo1]

Originally Posted by phlinak

Just like Pennsylvania does, unfortunately.

Maryland/PA/VA are all about the same for retirement ; they all stink! Thanks to the Democratic Party, the ignorant stupid people that vote them in, and their addiction to raise taxes on everything including the rain.

[shrlyjo]

Originally Posted by sunglo1

They can have my spot in a few years.

They can have mine in less than a year...Tennessee bound!

[DaveinMtAiry]

Originally Posted by shrlyjo

They can have mine in less than a year...Tennessee bound!

Yep, that's our plan too. Maryville south of Knoxville to be exact, where will your new home be?

[selhars]

Maryland does not tax SS income, so, if the bulk of your income is SS, and your house is paid off, Maryland can be affordable. If you and/or your SO is over 61, you can get a reverse mortgage, and be mortgage free, and still live fairly well on SS alone, especially if both people are near the max SS amounts.

That's great, I guess.
1) I know people DO it, but who would PLAN to only live on Soc Sec alone.
2) Who wants to do a reverse mortgage as the PLANNED way to be mortgage free.

I'm not retirement age and I had other reasons for leaving MD for a state that happens to be much better for retiree finances and taxes....but every chance I get I remind friends that MD is not necessarily retiree income friendly.

Regardless, people will live where they want to -- or have to -- live.

[Cruzincat]

Originally Posted by selhars

That's great, I guess.
1) I know people DO it, but who would PLAN to only live on Soc Sec alone.
2) Who wants to do a reverse mortgage as the PLANNED way to be mortgage free.

I'm not retirement age and I had other reasons for leaving MD for a state that happens to be much better for retiree finances and taxes....but every chance I get I remind friends that MD is not necessarily retiree income friendly.

Regardless, people will live where they want to -- or have to -- live.

Well, when the wife says she won't move away from the Grandchildren and the main reason to leave is affordability, you have to get creative. Both of us are almost at the max SS payments, so that figures to be about $60k/yr. Add to that a small pension of $355/month. If we can't live with that, not having a mortgage, we are doing something wrong.

My CPA tells me I can earn almost $20k more and not have much, if any additional taxes to pay for both state and federal. This is the first full year, so we will find out next February when we see him again.

We pretty much prepaid our taxes during retirement by taking money out of our 401Ks to buy a house with a reverse mortgage. We won't be facing RMDs when we turn 70, for any appreciable amount. The only taxable income we will have is $355/month.