U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 11-14-2007, 09:08 AM
 
Location: Connecticut
55 posts, read 193,032 times
Reputation: 53

Advertisements

Some great links here, thanks.

Your original question is one a lot of people have and it is obviously important. If you have the freedom to move anywhere you want and you can find two similar situations but one is significantly tax advantaged - take it!

Mississippi for example is very kindly to retirees from a tax standpoint.
Retirement in Mississippi

But there is another side of this too. My 94 year old mother has pretty much refused to move to from FL to CT (where 4 of her children live)and one of her chief reasons was taxes. When we met with her attorney to discuss their move into a FL assisted living facility, her lawyer was the first person to get her attention on the matter. He likened it to the tax tail waving the dog - something you shouldn't do. First find out where you want to live, and if that is important to you - do it! Living somewhere just for the taxes just isn't smart living (unless paragraph one applies).
Reply With Quote Quick reply to this message

 
Old 11-14-2007, 09:10 AM
 
29,788 posts, read 34,889,516 times
Reputation: 11715
The table is only a beginning point and gives you a snap shot. As you say the devil is in the details but helps you to know which areas you might want to know more about. It helps you to know a little about the affordability of a given area.
Reply With Quote Quick reply to this message
 
Old 11-14-2007, 11:20 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,638 posts, read 40,010,157 times
Reputation: 23801
Quote:
Originally Posted by Tesaje View Post
Tables like that give a summary of income taxes. ... It is really hard to get all the information and foolish to just rely on tables with only one form of taxation to make your decision.
yes, do get a bigger picture...

for me income taxes = zero in my state; but I have no income... so that is not too beneficial.

property taxes = $11,000. That is ridiculous, and a fixed cost that climbs every year.

Sales tax = 8.2% and that includes services, and prepared food.. (Dr., Hospitals, attorneys, ), + excise tax on selling your home

All this stuff adds up !
Reply With Quote Quick reply to this message
 
Old 11-14-2007, 11:35 AM
 
Location: Forests of Maine
30,692 posts, read 49,482,998 times
Reputation: 19136
Quote:
Originally Posted by janb View Post
...

property taxes = $11,000. That is ridiculous, and a fixed cost that climbs every year.
Wow, that is high!



Do you have a lot of acreage?

Our property taxes on our home here is less than 1/10 of that.

We have an apartment building in Ct, it's property taxes are around 1/3 of your taxes.
Reply With Quote Quick reply to this message
 
Old 11-14-2007, 12:08 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,638 posts, read 40,010,157 times
Reputation: 23801
Quote:
Originally Posted by forest beekeeper View Post
Wow, that is high!



Do you have a lot of acreage?

Our property taxes on our home here is less than 1/10 of that.

We have an apartment building in Ct, it's property taxes are around 1/3 of your taxes.
6 acres each on separate parcels (12), one nice home we built as a homeschool project with kids, one trashed mobile home (my only residential rental) Very nice view... in National Scenic Area, kinda like a national park, no more homes allowed... (drives up the price of comparables, but also makes not want to sell)
cost basis ~ 10 yrs ago = $200k for both places
assessed Value today = ~ $850k x 0.148 mil levy

My commercial props WERE a lot less last year, but... the assessor got a burr in his saddle... everything went up ~ 70 to 150% last year. I gave my $80k career of 32 yrs away to China the year before (w/o pension or retirement or health care) .... now... waiting 8 yrs to be able to get to my "qualified" savings, (IRA, 401k) could be a 'long-dry-spell', especially if Wendy's goes broke (no more $0.99 chili for a daily meal)

We still get by on $10/week discretionary income, + $100/month in groceries and get 50 mpg on free grease in our 35 yr old car. It's the $1000/month in medical ins, and same in prop taxes that is killing me. (+ $47 in LTC, since both my dad & M-i-L 'checked out' of life and into managed care @ 50 till age 85)
Reply With Quote Quick reply to this message
 
Old 11-14-2007, 06:37 PM
 
26,591 posts, read 52,344,141 times
Reputation: 20438
Default Beware of High property tax States

janb... keep posting, I like to keep current on your research.

I know what you mean regarding WA taxes... NO INCOME TAX is only relevent to those with income.

Everyone has to live somewhere and WA property taxes border on obscene. 80% assessment increase in one year... just where to they think the money comes from?

The assessor told me that property is appreciating... so, I guess that would mean something if I did not need a house... anyway, I would have to sell to realize any gain... sort of defeats the purpose.

I think unrestrained property tax increases are the single greatest threat to quality retirement after health issues...
Reply With Quote Quick reply to this message
 
Old 11-19-2007, 08:10 AM
 
Location: Blue Ridge Mtns of NC
5,661 posts, read 24,684,232 times
Reputation: 3808
I've requested that City-Data delete my post. I'll respond to the poster #1 (teebopop) privately.

Last edited by mm34b; 11-19-2007 at 08:20 AM..
Reply With Quote Quick reply to this message
 
Old 11-19-2007, 10:52 AM
 
53 posts, read 167,492 times
Reputation: 66
I believe Florida is the same if you are 100% military disabled
Reply With Quote Quick reply to this message
 
Old 11-23-2007, 11:49 AM
 
61 posts, read 182,604 times
Reputation: 52
Default Tax Charts

In my search for least expensive places to retire, I came across several websites that I found helpful. As someone else stated, income tax is only relevant if you have income. Many states do not tax retirement money. What you really have to look at is all the other taxes, with the biggest ones being sales taxes and property taxes.

Here's a state by state comparison of state and local sales taxes:
theSTC - State Sales Tax Rates

Here's another chart (2003 data) that shows what the tax burden is by state. It is based on a family of four with $75,000 income, but it is still a nice comparison chart. It shows the biggest city in each state since tax rates vary from city to city, county to county. But you can get a good idea of how tax burdens differ across the country.
CNNMoney.com: Big city taxes 2005, by rank

I for one am seriously looking at retiring to Tennessee. Even though they have one of the highest sales tax rates in the country, the overall burden is one of the lowest. Mix in nice climate, beautiful views, and nice people and you have a great area for living.
Reply With Quote Quick reply to this message
 
Old 12-10-2007, 08:15 PM
 
Location: Cumberland Cove, Monterey, TN
1,284 posts, read 4,084,625 times
Reputation: 866
Quote:
Originally Posted by teebopop View Post
Is there a link somewhere that will tell me which States tax SSec. and/or annuities? We don't want to retire somewhere that will tax us on our SSec. and pensions. We're in PA right now and don't pay taxes on these two items. But we're definitely moving. At first we thought NY, but someone told me that they tax the heck out of our SSec. and pensions!

Thanks in advance.
The state of Tennessee will not tax your retirement pension or social security, but they will tax dividends and interest. My wife and I will be retiring in Tennessee in about 6 years.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top