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Old 04-25-2014, 10:54 AM
 
29,782 posts, read 34,871,258 times
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Quote:
Originally Posted by StressedOutNYer View Post
I looked into MD when I first began researching retirement locations, and discovered that in addition to the income limits, there is also an asset limit of $200K (not including the residence for which the credit/reduction is being claimed).

So if someone sells their house in, say, NY or MA, and comes to MD with $300K from the sale, planning to save or invest it for retirement income, they will not be able to get the property tax credit.

Some towns or counties also have their own low-income senior assistance programs but it's not statewide.
Maryland is more popular as a retire from than retire to place. Lots of folks stay in place when they retire but many leave. The Eastern Shore beach area along with high end towns like St Michaels are popular destinations for wealthy transplants. My guess is that we may see a decline in folks heading out of state from Maryland when retiring.
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Old 04-25-2014, 11:07 AM
 
Location: Waterville
332 posts, read 428,235 times
Reputation: 775
Quote:
Originally Posted by Listener2307 View Post
Mental health. Priceless, ain't it?

May 31st. You mean next week? Congratulations!
Thank you. It appears that you might have the same problem with numbers that I have.
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Old 04-25-2014, 11:07 AM
 
6,256 posts, read 4,734,369 times
Reputation: 12853
Quote:
Originally Posted by in_newengland View Post
...... If you are wealthy, fine. It doesn't necessarily mean you worked any harder or longer than anyone else and it doesn't necessarily mean that you saved and they didn't. ......
I am a long way from wealthy, but I am one of those who worked really hard to have a successful career, including making money. I spent years and years in poverty while going to school and in training. I moved myself and my family numerous times across the country trying to improve my career. We gave up lots of luxuries including years and years without vacations or unnecessary expenses. I had what I believe was more than my share of bad luck and I worked to find solutions and work arounds. Sometimes having some money for a comfortable retirement does mean working hard, saving and giving up a lot. Sorry but I don't have a lot of patience for those who complain about their lot in life and do little about it.
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Old 04-25-2014, 11:24 AM
 
Location: Waterville
332 posts, read 428,235 times
Reputation: 775
Quote:
Originally Posted by jrkliny View Post
I am a long way from wealthy, but I am one of those who worked really hard to have a successful career, including making money. I spent years and years in poverty while going to school and in training. I moved myself and my family numerous times across the country trying to improve my career. We gave up lots of luxuries including years and years without vacations or unnecessary expenses. I had what I believe was more than my share of bad luck and I worked to find solutions and work arounds. Sometimes having some money for a comfortable retirement does mean working hard, saving and giving up a lot. Sorry but I don't have a lot of patience for those who complain about their lot in life and do little about it.

Wow, you are just determined to misread people. I don't recall any post in this thread that would fill that description of woe-is-me.

If you want a pat on the back for talent, endurance, and persevering through hardship then you will not get it from me. Those are qualities that you either have or don't have. To pass judgment on those whose intellectual and emotional skills do not measure up to your own is a symptom of narcissistic solipsism.
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Old 04-25-2014, 11:26 AM
 
Location: Los Angeles area
14,018 posts, read 17,740,386 times
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Quote:
Originally Posted by Listener2307 View Post
Mental health. Priceless, ain't it?
It sure is! I only wish all City-Data posters had it!
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Old 04-25-2014, 11:33 AM
 
406 posts, read 370,363 times
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Quote:
Originally Posted by marcopolo View Post
I don't think that's right. In retirement:

1. No more 7.65% payroll taxes
2. No more $1,500 monthly 401(k) contributions (or whatever)
3. No more IRA deposits or pension plan contributions.
Bottom line, when you retire you can stop saving for retirement. For many, that means 75 or 80% of pre-retirement income is the SAME disposable income when retired.

Also, a newly retired 62 year old spends more than a 72 year old or an 82 year old, on average. Spending tends to decline in retirement, on average.

Also your formula totally ignores investment income; I say you can average 9% on a diversified portfolio, take 5% for income and still have some growth in capital AND income to offset inflation. So if you have capital of twenty times your annual net cash need after SS and pension, you can invest on a permanent endowment basis. But you have to do the investments right.

Also, if your spending is so restrained that SS takes care of most living expenses, you HAVE a big inflation hedge as SS is indexed above the COL.

My opinion, it is a free country, you can disagree.
In addition, you no longer have to pay for the gasoline, etc. to drive to and from work. You don't need to spend money on work clothes. There are various expenses that go along with working that you no longer have to pay.
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Old 04-25-2014, 11:37 AM
 
Location: Los Angeles area
14,018 posts, read 17,740,386 times
Reputation: 32304
Quote:
Originally Posted by jrkliny View Post
I am a long way from wealthy, but I am one of those who worked really hard to have a successful career, including making money. I spent years and years in poverty while going to school and in training. I moved myself and my family numerous times across the country trying to improve my career. We gave up lots of luxuries including years and years without vacations or unnecessary expenses. I had what I believe was more than my share of bad luck and I worked to find solutions and work arounds. Sometimes having some money for a comfortable retirement does mean working hard, saving and giving up a lot. Sorry but I don't have a lot of patience for those who complain about their lot in life and do little about it.
Quote:
Originally Posted by foglover View Post
Wow, you are just determined to misread people. I don't recall any post in this thread that would fill that description of woe-is-me.

If you want a pat on the back for talent, endurance, and persevering through hardship then you will not get it from me. Those are qualities that you either have or don't have. To pass judgment on those whose intellectual and emotional skills do not measure up to your own is a symptom of narcissistic solipsism.
Well, Jrkliny, you get a pat on the back from me, even if Foglover prefers to stay in her angry, name-calling mode. What you have achieved is not just the sum of inherited qualities such as eye color and hair color but is the sum of certain qualities PLUS the decision to work hard at it and the decision not to make excuses for yourself. It is largely a question of attitude.
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Old 04-25-2014, 11:40 AM
 
Location: Waterville
332 posts, read 428,235 times
Reputation: 775
Quote:
Originally Posted by lily4 View Post
In addition, you no longer have to pay for the gasoline, etc. to drive to and from work. You don't need to spend money on work clothes. There are various expenses that go along with working that you no longer have to pay.
Escort Rider already pointed out that, for him, gasoline consumption has increased since he stopped working. I think that I will also be among those who hit the road more often once I stop working. During the good weather months that is. The expense does concern me, but I am not going to let it stop me.
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Old 04-25-2014, 11:45 AM
 
Location: Waterville
332 posts, read 428,235 times
Reputation: 775
Quote:
Originally Posted by Escort Rider View Post
Well, Jrkliny, you get a pat on the back from me, even if Foglover prefers to stay in her angry, name-calling mode. What you have achieved is not just the sum of inherited qualities such as eye color and hair color but is the sum of certain qualities PLUS the decision to work hard at it and the decision not to make excuses for yourself. It is largely a question of attitude.
Oh fer cryin' out loud, if you think my comments are angry, then you have not much experience with anger.
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Old 04-25-2014, 11:56 AM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,932,507 times
Reputation: 6716
Quote:
Originally Posted by boogie'smom View Post
I don't worry about not being able to pay for long term care, at home or in an institution, should I live beyond my ability to manage my own life. And before anybody jumps in to say that their tax money will be used to pay for my care, you'll have to catch me first...
There are a few problems with this thinking. For example - government programs don't pay for all the kinds of help an older person might need (much less help in the form they'd prefer). Also - fewer and fewer places are accepting residents who rely on government assistance for payment. And those that are accepting residents who rely on government assistance often aren't the better ones. Robyn
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