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Yeah, that's too bad. You can't sell your house for what your city says it's worth for a long time. Locking in lower future taxes not a bad idea. There are a lot of really great buys out there right now. Wish I was 10 years younger and still working. I'd be a buyer.
The social safety nets in the low-tax states are poor. Unemployment benefits Now the high tax states with the better safety nets attract the poorer people. Catch22.
And unfortunately, when the poorer people move into these areas, crime increases as well. Look at upstate NY, for example, if you want to see what happens in an expensive state with lots of breaks for low income people. They move out of the NYC area due to high housing costs, migrate to the cheaper upstate areas, north of Albany, for example, and parts of some cities have become trashed and crime-ridden, as have entire towns. Upstate NY 20-30 years ago was thriving, and it's been downhill ever since, for several reasons, among them the instate migration of the poor and loss of manufacturing jobs. Not that all poverty = crime, but there can be correlations.
Did you happen to see the movie Super 8 ? that's the town. It is an old Steel town in the upper Panhandle of WV if I go a couple miles to one side I am in PA, if I go a couple miles the opposite direction and over the river I am in OH. about a half hour drive to Pitsburgh. Walking distance to Grocery store, Post office, bank, library and town offices, fire dept. police dept. Excellent medical care in close distance. Bigger Mall and other shopping about 10 min drive.
While it is a depressed town, they are working hard to make a comeback, The movie helped with that some, The Deerhunter was made there years ago too.
I find it to be a great retirement area where your income does not have to be local.
When I said the house was cheap, it was 36K and the taxes are under 300 a year.
I did see the Deerhunter, but not Super8. It sounds like a scenic place and a good location for your retirement. You are close enough to amenities if you want them. I like the walkability aspect. Thanks for the info.
With regards to the house situation, I just bought a BIG house to hold all the stuff I have accumulated over the years. I do NOT understand the downsize get rid of all the things you spent your life getting, Not junk but things that mean something to you or Good furniture etc.
I went from a 900 sq ft house to as 2560 sq ft house, 5 bedrooms 2.5 bath house.
One reason was to have my things another was to have room for family to visit but also to live with and care for me and or husband if need be. It is in a very inexpensive part of the country to live, the house was very inexpensive taxes very low.
That was another reason I bought this house, cheap to live in retirement on very little income.
My Mom lost her job, due to taking care of her Mother. So, here is an unemployed 60 year old woman. Not a lot of job prospects. She did not plan her retirement very well at all. She has a home, miles from public transportation. She can't afford a new car, or to keep the one she has running. She has lots of problems...I try to help her out, but I have a child in college.
She has made many poor choices, which is why she is in poverty. My goal is to not make those same mistakes. I currently save 20% of my pre-taxable income in a 401K. I will have two separate pensions, plus social security.
Now that's my kind of property tax! May I ask where you live?
Well that is where I am going to live, in retirement. I currently live on Cape Cod which is where I am from. and I have a 900 sf. house here taxes on that are 3K a year.
My Mom lost her job, due to taking care of her Mother. So, here is an unemployed 60 year old woman. Not a lot of job prospects. She did not plan her retirement very well at all. She has a home, miles from public transportation. She can't afford a new car, or to keep the one she has running. She has lots of problems...I try to help her out, but I have a child in college.
She has made many poor choices, which is why she is in poverty. My goal is to not make those same mistakes. I currently save 20% of my pre-taxable income in a 401K. I will have two separate pensions, plus social security.
No one in my family has ever retired... we just work till we can't.
I was going to be the first with a pension... you know what they say about the best laid plans?
After a succession of mergers and buy-outs over the last 20 years... there is no 401k, profit sharing, stock plan, etc... all long gone...
It does give me pause to stop and think about people I went to High School with that retired around age 50 and started collecting pensions of 100 to 180k plus lifetime medical as retired law enforcement...
No one in my family has ever retired... we just work till we can't.
I was going to be the first with a pension... you know what they say about the best laid plans?
After a succession of mergers and buy-outs over the last 20 years... there is no 401k, profit sharing, stock plan, etc... all long gone...
It does give me pause to stop and think about people I went to High School with that retired around age 50 and started collecting pensions of 100 to 180k plus lifetime medical as retired law enforcement...
Ultrarunner, how come you have a yellow star after your name?
Just noticed it.
Are you close to retirement and if so, will you stay in CA?
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