Are all the people retiring to Oregon dragging the economy down?

[Minervah]

You mean all those young people coming here to retire?

[whirnot]

Originally Posted by Larry Caldwell

Social Security is exempt, pensions, interest income, dividends and 401k distributions are not. Capital gains are taxed like ordinary income, so it can be a big whack if you sell stock or real estate. Oregon also has an estate tax. No way is Oregon a tax haven for seniors, except for the ones who don't have anything to tax anyway.

Oregon is actually one of the least friendly tax states for retirees. So it would seem that they are a benefit to the state economy as they bring tax money but do not compete for jobs.

[willy_mays]

Well, they bring limited tax money (as stated, only the ones with nothing to tax really move in so...) Then, they organize and continue to cut taxes in their county even lower...chasing away young families that might sustain the county past the Boomer Bubble.

Thus, Southern Oregon?

What do I know? , I live in Texas! lol. (For now...)

"Oregon's fast aging rural population hinders economic growth, state economist says"

You can Google the article yourself if ya want. Don't kill the messenger here...:shock: ...(j/k!)

Sent from my Nexus 4 using Tapatalk

[PNW-type-gal]

You mean this article.

Oregon's fast-aging rural population hinders economic growth, state economist says | OregonLive.com

based on this blog post and paper presentation:
Migration | Oregon Office of Economic Analysis

It isn't that many poor retirees are moving IN to rural areas, changing the age balance, it is that young people and young families are moving OUT of rural areas looking for jobs. Other articles have pointed out that a higher percentage of retirees own homes than younger people, hence the retirees pay property taxes, which, along with income taxes, are the basis of the state's tax system (there are some property tax breaks for very low income retirees).

[Tulippsy]

If my husband and I retire to Oregon next year, we will bring enough to pay cash for our retirement home. We'll buy a car, furniture, and basically put dollars into the economy. We won't be taking jobs away from any locals. What's so bad about that?

[Larry Caldwell]

I think Roseburg would dry up and blow away if it were not for the retirees. Most of the timber jobs have gone away, either legislated out of existence or automated out of existence. The VA regional hospital makes the area attractive for vets, and low property prices make the area attractive for California equity retirement. California equity has been about the only thing supporting the home building industry in the area. A few years ago I saw a stat that about 40% of the population over age 65 lives in some sort of assisted living situation, which creates a huge job base for the community. All those nurses UCC cranks out are getting jobs somewhere. The retired codgers I hang out with at the Rod and Gun Club are about half from California, and you have to be pretty affluent to pursue shooting sports.

I didn't count property taxes, because in Oregon you can defer your property taxes for the rest of your life after age 65. I think having a reverse mortgage makes you ineligible for that program.

[sugarsugar]

Originally Posted by Larry Caldwell

I think Roseburg would dry up and blow away if it were not for the retirees. Most of the timber jobs have gone away, either legislated out of existence or automated out of existence. The VA regional hospital makes the area attractive for vets, and low property prices make the area attractive for California equity retirement. California equity has been about the only thing supporting the home building industry in the area. A few years ago I saw a stat that about 40% of the population over age 65 lives in some sort of assisted living situation, which creates a huge job base for the community. All those nurses UCC cranks out are getting jobs somewhere. The retired codgers I hang out with at the Rod and Gun Club are about half from California, and you have to be pretty affluent to pursue shooting sports.

I didn't count property taxes, because in Oregon you can defer your property taxes for the rest of your life after age 65. I think having a reverse mortgage makes you ineligible for that program.

Did not know about the deferral program here in Oregon. I just googled it and if the following is what you were referring to, it looks like the age is 62 (or no age requirement for the disabled; and having either a reverse mortgage or a net worth >500k are disqualifying events):

Who qualifies?
By April 15th of the year you apply, you must meet all of the following requirements.
1. Be either:
• 62 years old, or
• A disabled citizen, who’s receiving or is eligibile to receive federal Social Security Disability benefits

http://www.oregon.gov/dor/PTD/docs/d...or_490-015.pdf

[Billy_J]

Originally Posted by Tulippsy

If my husband and I retire to Oregon next year, we will bring enough to pay cash for our retirement home. We'll buy a car, furniture, and basically put dollars into the economy. We won't be taking jobs away from any locals. What's so bad about that?

That is good! Welcome to Oregon!

[ccjarider]

I would think a lot pf people with means would and do leave Oregon at the time of retirement.
It does NOT seem to be an income tax friendly place.

Not sure yet if we will hang around PNW when we retire (about 10-12 yrs).
If we do though, I am almost sure we would move across river to WA.
Based on some calculation, the tax savings are just too great not to consider.