Maryland Among ‘Most Moved From’ States In 2020, Study Says (North Beach: real estate, credit)

[BabyJuly]

They should stop taxing retirement income, thats a big reason why retirees leave! What benefits do retirees get except high taxes? Of note, I they don't tax social security payments.

[bufflove]

Originally Posted by BabyJuly

They should stop taxing retirement income, thats a big reason why retirees leave! What benefits do retirees get except high taxes? Of note, I they don't tax social security payments.

But why would they do that? Why would the state be interested in keeping retirees if their income isn't taxed, they don't work, and they require a high level of public services?

[RowingFiend]

Happy to say I'm one of the people that got away from all the lunatics that live in Maryland. Florida is a fantastic upgrade. Nicer people, less taxes, more freedom and great weather.

Feb. 2 will be one year since I left the People's Republic of Maryland and I could not be happier. Haven't been back and don't have any burning desire to return anytime soon. I just hope the liberals stay there and "enjoy" what they've done to what used to be a great place to live.

Oh, and I am not a boomer. I'm in my 40s and make over $100K. That's a lot of tax revenue that the state lost. I hope taxes go up even more as wealthy income earners flee the state. The Democrats that stay there deserve it.

[Digger 68]

Originally Posted by bufflove

But why would they do that? Why would the state be interested in keeping retirees if their income isn't taxed, they don't work, and they require a high level of public services?

I keep wondering why my Father, and his wife stay here, but they can afford it, and all the places they like would be more expensive. And the old man has been every where. Every state except Oregon more than once I believe. Most metros many times.

[North Beach Person]

Originally Posted by bufflove

But why would they do that? Why would the state be interested in keeping retirees if their income isn't taxed, they don't work, and they require a high level of public services?

Because, as a rule, retirees don't require a high level of public services. They don't have kids in school, which is the largest government expenditure, nor do they typically need police services.

And they spend money. Which ends up creating jobs.

If you look around developers that bring in an Over-55 project typically get breaks on fees, especially those used for schools. Retirees will also, if there's a critical mass of them in an area, cause professionals, especially medical ones, to locate in an area.

Maryland jurisdictions fall over themselves to attract retirees because of the typically high incomes of them in the state.

An older study but one that's guided local comprehensive plans since it was released:
https://www.ers.usda.gov/webdocs/pub...ib741c.pdf?v=0

[selhars]

But why would they do that? Why would the state be interested in keeping retirees if their income isn't taxed, they don't work, and they require a high level of public services?

Because, as a rule, retirees don't require a high level of public services. They don't have kids in school, which is the largest government expenditure, nor do they typically need police services.

And they spend money. Which ends up creating jobs.

Well, let's see about that.
-- Retirees may eventually need more medical care. That costs money. But how much of that is really state money....vs federal.
-- Retirees to tend to spend money, especially initially when they retire: move, buy/build a house, redecorate, but there retirement car. And they may travel more. But again how much of that activity and spending really goes into state coffers? The sales tax, what else. And they may move ONCE. A couple raising a family could move often.

And do retirees spend more than families? I don't know that a retiree couple will put more money INTO state funds than a couple raising 2 or three kids. Look at how much it costs -- how much people spend to raise a child -- JUST to get to 18. Last figure I saw was $284,570 -- PER KID!

How much of a financial plus is it to have retirees -- versus population at other stages of life? Don't know.

[North Beach Person]

Originally Posted by selhars

Well, let's see about that.
-- Retirees may eventually need more medical care. That costs money. But how much of that is really state money....vs federal.
-- Retirees to tend to spend money, especially initially when they retire: move, buy/build a house, redecorate, but there retirement car. And they may travel more. But again how much of that activity and spending really goes into state coffers? The sales tax, what else. And they may move ONCE. A couple raising a family could move often.

And do retirees spend more than families? I don't know that a retiree couple will put more money INTO state funds than a couple raising 2 or three kids. Look at how much it costs -- how much people spend to raise a child -- JUST to get to 18. Last figure I saw was $284,570 -- PER KID!

How much of a financial plus is it to have retirees -- versus population at other stages of life? Don't know.

It's not just what they spend, much of which will be locally for groceries, health care, general services, home repairs, restaurants, etc. but what isn't spent on them. It may be that a family spends $284K on a kid but then you have the $14K/year for schools. It works out to almost a wash.

It's been state policy since the mid-90s to encourage retirees to stay and move here. That continued even when one of Gov. O'Malley's aides called retirees "useless eaters".

[selhars]

"useless eaters".

Yeah, that's a way to encourage people to stay...call them names. -- Not!

I checked out the study. My state -- PA -- isn't on either top 10 -- or the balanced list.
Oh, well.

[bufflove]

Originally Posted by North Beach Person

Because, as a rule, retirees don't require a high level of public services. They don't have kids in school, which is the largest government expenditure, nor do they typically need police services.

And they spend money. Which ends up creating jobs.

If you look around developers that bring in an Over-55 project typically get breaks on fees, especially those used for schools. Retirees will also, if there's a critical mass of them in an area, cause professionals, especially medical ones, to locate in an area.

Maryland jurisdictions fall over themselves to attract retirees because of the typically high incomes of them in the state.

An older study but one that's guided local comprehensive plans since it was released:
https://www.ers.usda.gov/webdocs/pub...ib741c.pdf?v=0

You're certainly right about higher-income retirees. But anyone who is fretting over a few percentage points in tax rate is realistically not someone the state's going to bend over backwards to keep. Definitely not at the expense of all retiree income tax revenue.

[North Beach Person]

Originally Posted by bufflove

You're certainly right about higher-income retirees. But anyone who is fretting over a few percentage points in tax rate is realistically not someone the state's going to bend over backwards to keep. Definitely not at the expense of all retiree income tax revenue.

What's your income tax rate? If you're typical it's around 7.25%-7.5% (don't forget the County piggyback income tax).

That starts to look unattractive when compared to states like Pennsylvania (3.07%) or Virginia's of 5.75%. Then you start looking at generally lower housing costs.