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Old 01-11-2009, 09:15 PM
 
Location: Tampa, FL
27,798 posts, read 24,893,712 times
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Quote:
Originally Posted by forest beekeeper View Post
I guess that I am missing part of this.

If your going to be retired military, then your income is low enough that you won't be paying income taxes anyway. So you can move anywhere.
How so? Using itemized deductions? Otherwise, you still have state and federal taxes. There are a handful of states that don't tax military pensions. There are some more that don't tax income whatsoever.
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Old 01-11-2009, 10:01 PM
 
6,351 posts, read 18,893,343 times
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I'll put in a plug for Ohio! The Dayton area has Wright-Patterson AFB, home of a large R&D operation and other USAF missions. The area has a lot of defense contractors, for those that want employment in that arena. Schools in the area are good and there are some really nice areas surrounding Dayton. OH taxes, IMHO, aren't any worse than anywhere else, housing costs are very reasonable and military pensions aren't taxed (as of this year) Much of OH has reasonable Winters, especially SW Ohio.
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Old 01-11-2009, 10:05 PM
 
Location: Forests of Maine
29,738 posts, read 47,532,009 times
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Quote:
Originally Posted by BucFan View Post
How so? Using itemized deductions? Otherwise, you still have state and federal taxes. There are a handful of states that don't tax military pensions. There are some more that don't tax income whatsoever.
Yes we have state and Federal income taxes, which we file.

However with both of them, we are well below the threshold to have a tax obligation.

To begin paying income taxes, you must first earn a high enough taxable income to get up into that bracket.

In my case: my Dw also works P/T, and we still own one apartment building [after all I was in the Navy so obviously I invested. When I retired I sold most of our West Coast and overseas apartment buildings so I had cash to buy my retirement home. But I still own one of our East coast apartment buildings, and have it's income], and I sell farm produce.

So we do have more income right now from various sources, though each of those income streams are businesses and after filing business expenses we still end up with a low AGI.

Just as if we were supporting ourselves using only my pension.

So you see by having a low AGI, we are tax exempt.

We own a lot of assets and our Net Worth is growing, but we do not have enough taxable income to be taxed on it.
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Old 02-27-2009, 07:29 AM
 
5 posts, read 18,134 times
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We have five years left before my husband retires and we too are trying to figure out where we want to live. We are leaning more towards, KY, GA or TX, maybe in WY. We have even came close to deciding yet though. Depends on what the economy looks like closer to the date.
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Old 02-27-2009, 08:45 AM
 
Location: Forests of Maine
29,738 posts, read 47,532,009 times
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Quote:
Originally Posted by tankerzwife View Post
We have five years left before my husband retires and we too are trying to figure out where we want to live. We are leaning more towards, KY, GA or TX, maybe in WY. We have even came close to deciding yet though. Depends on what the economy looks like closer to the date.
Are you considering 'retire' retiring?

Or a follow-on career?

My Dw wanted to be able to work at one place and try to climb above cashier. Years of moving so much made her resume look very choppy.

So we looked hard for a depressed local economy, low land prices, low taxes, low average household income. We figured that if we settled in an area where my pension about fit the average household income, then we would not 'feel' poor. We thought that when her career did kick in, it would then put us above the neighbor hood average income [assuming that we settled in a depressed area].

Bought over 40 acres at $900/acre, taxes <$50/year. Forest land with river frontage. And we have been building a farm house.

My pension is enough in this region to support a family of four. My Dw's part-time income helps for building, and now after 3 years, her 39 hour job looks to be ready to put her into lower management.

What I am suggesting, is that you might want to consider. That going to a depressed area, your pension will be the neighborhood average household income. Anything that you do earn in excess of that, puts you above.

Many areas where we had been stationed, had we settled there. We would have never been able to support ourselves on my pension. The cost-of-living was just way too high.
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Old 02-27-2009, 09:39 AM
 
Location: Back in the gym...Yo Adrian!
9,371 posts, read 17,502,109 times
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Try San Antonio Texas. Lot's of air force bases around, affordable housing and no sales tax, not sure about property taxes, but I don't think they are too bad.
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Old 02-27-2009, 12:02 PM
 
Location: Fly-over country.
1,765 posts, read 6,245,187 times
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I don't mean to visit the point again, but so very few retired military people can actually retire, as in work less than full time.

An enlisted man is likely to be retirment eligible by 40-48 years old.
An officer, in today's up or out system, is likely to be only a little older if he's checking out. I suppose if he hit 06, hung around a while, then retired to a low-cost area, he could really retire, but most don't. That's a small percentage anyway.

My point about going where the work is rings true for most of my peers, people retiring now as senior NCOs or officers at 06 and below. Both of my last Colonels are now working full time after about 26 years on the clock, one a contractor, one a GS employee.

If the conversation needs to be about finding a place where you can really "not work" or "not work full time" then I'm not qualified to comment. I'd go bonkers without working at least 40 hours a week until I'm in my 60s.
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Old 02-27-2009, 12:43 PM
 
Location: USA
153 posts, read 347,788 times
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You clearly aren't doing something right if you can't retire as an O6 w/ 26+ yrs in.

FL would be my vote. Retiring later this fall or early 2010, the wife too!
I too wanted to retire back in Hampton VA but the taxes are down right silly and housing is unreal. For the amount of money I spent down here vs what I'd get up there is no comparison. We're talking a shack vs custom built w/ land.

GL what ever you decide.
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Old 02-27-2009, 07:07 PM
 
Location: Fly-over country.
1,765 posts, read 6,245,187 times
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yeah it's still up or out for most of them, 06 or go home, depending on the situation
all of 'em that I knew well went right to work
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Old 02-27-2009, 09:33 PM
 
Location: Western Bexar County
3,823 posts, read 13,141,413 times
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Quote:
Originally Posted by Coolhand68 View Post
Try San Antonio Texas. Lot's of air force bases around, affordable housing and no sales tax, not sure about property taxes, but I don't think they are too bad.
I think you mean no state income tax as there is definitely an 8.25% sales tax. Property taxes range form 2-3%.
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