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Old 05-24-2014, 06:46 AM
 
2,626 posts, read 4,951,557 times
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Quote:
Originally Posted by golfingduo View Post
Per your request

INDIANA

Sales Taxes

State Sales Tax: 7% (food and prescription drugs exempt)
Gasoline Tax: 56.6 cents/gallon (Includes all taxes)
Diesel Fuel Tax: 74.6 cents/gallon (Includes all taxes)
Cigarette Tax: 99.5 cents/pack of 20
Personal Income Taxes

Tax Rate Range: Flat rate of 3.4% of federal adjusted gross income. See tax info. Also click here. Counties also have the authority for a local option income tax whose goal is to provide income for the counties instead of raising property taxes. Carroll, Clark, Clay, Madison and Wabash counties have adopted new county option income rates. For details, click here and here.
Personal Exemptions: Single – $1,000; Married – $2,000; Dependents – $1,500; $1,000 for taxpayer and/or spouse if age 65 or over; $1,000 for taxpayer and/or spouse if blind; $500 additional exemption for each individual age 65 or over if federal adjusted gross income is less than $40,000.
Standard Deduction: None
Medical/Dental Deduction: None
Federal Income Tax Deduction: None
Retirement Income Taxes: Social Security is exempt. Taxpayers 60 and older may exclude $2,000 from military pensions minus the amount of Social Security and Railroad Benefits received. Taxpayers age 62 and older may deduct from their adjusted gross income $2,000 from a federal civil service annuity. Out-of-state pensions are fully taxed. Homeowners can deduct up to $2,500 from their income taxes for property taxes on their residence. To view information for seniors, click here.
Retired Military Pay: Military retirees who are age 60 are entitled to deduct up to $5,000 of military or survivor benefits.
Active Duty or Reserve Military Pay: Military personnel (regardless of age) on active duty or in the reserves may deduct up to $5,000 of taxable military pay if it is not already excluded or deducted from their adjusted gross income.
Military Disability Retired Pay: Retirees who entered the military before Sept. 24, 1975, and members receiving disability retirements based on combat injuries or who could receive disability payments from the VA are covered by laws giving disability broad exemption from federal income tax. Most military retired pay based on service-related disabilities also is free from federal income tax, but there is no guarantee of total protection.
VA Disability Dependency and Indemnity Compensation: VA benefits are not taxable because they generally are for disabilities and are not subject to federal or state taxes.
Military SBP/SSBP/RCSBP/RSFPP: Generally subject to state taxes for those states with income tax. Check with state department of revenue office.
Property Taxes

Property taxes in Indiana are administered at the local level with oversight by the Indiana Department of Local Government Finance. They are imposed on both real and personal property. Property, which is assessed at 100% of its true value, is subject to taxation by a variety of taxing units (schools, counties, townships, cities and towns, libraries, etc.) making the total tax rate the sum of the tax rates imposed by all of the taxing units in which the property is located. Homeowners are eligible for a credit against the property taxes that they pay on their homestead. The amount of credit to which the individual is entitled equals 10% of the individual’s property tax liability, which is attributable to the homestead during the calendar year. A taxpayer entitled to receive a homestead credit is also entitled to a standard deduction from the assessed value of the homestead. The deduction is the lesser of one-half of the assessed value of the real property or $35,000. Homeowners 65 and older who earn $25,000 or less are eligible to receive a tax reduction on property with an assessed value of $182,430 or less and the individual received no other property tax deductions except for mortgage, standard, and fertilizer storage deductions. Click here for details. A surviving spouse is entitled to the deduction if they are at least 60 years old. The amount of the deduction is the lesser of one-half of the assessed value of the real property or $12,480. Call 317-232-3777 for details. Also click here.
A circuit breaker program is aimed at helping residents by ensuring they don’t pay more than 2% of their property value in taxes. The goal is to provide predictability in tax bills and equity among Hoosier taxpayers.
For more information on property tax deductions, click here .
Inheritance and Estate Taxes

The inheritance tax (Class A) ranges from 1% to 10% based on fair market value of property transferred at death. The estate tax is the amount by which federal credit exceeds inheritance taxes paid to all states. Click for details.
For further information, visit the Indiana Department of Revenue site.
*Includes local county taxes
Thank you!
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Old 05-24-2014, 08:01 AM
 
Location: Hiding from Antifa?
6,410 posts, read 4,176,382 times
Reputation: 5705
Quote:
Originally Posted by Escort Rider View Post
That's the whole beauty of the list, that it only takes into account the cost of living! That's all it was designed to do! It was neither designed nor presented as a guide for where people are going to want to move. Cost of living is one single parameter which may be important to many people. People can take that parameter, assign to it the importance which they want, and use it among many other parameters to make decisions.

No one expects anyone else to move "to some hell hole to save money". Do you normally have this much trouble understanding the context of something?
What we need are many more lists like this where each looks at just one parameter. Then we can apply our own weighting to each list, pick one geographic location at a time and come up with a number that ranks each location according to our needs. That's where a software program that can use these lists would come in handy.

I would add to the software, over time, the ability to pump out numbers that reflect the same information over time. IOW, how did the same parameters com pare 5, 10, 15, 20 years ago. If a selected area keeps bouncing around over time, you would have to consider the volatility for the future.
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Old 05-24-2014, 08:08 AM
 
Location: Loudon, TN
5,781 posts, read 4,833,476 times
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Quote:
Originally Posted by Minervah View Post
Regarding numbers one and two, I think that many retirees don't tend to move where they think the grass will be greener or where there is a perceived nirvana but rather for more practical reasons. I admit I am going by my experience and those of the majority of what I read as well as my friends. What I see is that younger people might move for more idealistic reasons but older people tend to make a relocation choice for much more practical reasons such as the many already stated here: COL, taxes, weather, to be nearer to family from whom they may have moved away or have move away from them etc.

In my situation when I was in my thirties, I moved 2,000 miles from friends and family to a new city for the adventure and to begin a new life for various reasons. I didn't think the grass was greener or I was going to Nirvana. I just hoped that life would be different and maybe better. And that turned out to be true. Now I am relocating close to the area from where I came because it will just work out better for me in every way especially financially.

Anyway, there are so many factors as to why one relocates. These have been hashed out over and over again. There is only one truism and that is the reasons for relocation are different for different people. And those will probably be different at different times of people's lives. My first move was because I wanted to. My second is because I have to. I simply can no longer afford to live where I am. But that's okay, I have some great things waiting for me where I am going. It isn't Nirvana but it will do nicely.

There is no one size fits all. It's nice to have options but sometimes people don't. As the saying goes, you just have to bloom where you're planted. Sometimes you just have to replant yourself.
Our retirement move was the exact opposite of your situation. We lived where we lived because we "had to" for our jobs and now we move because we wanted to. We lived in the area we grew up through almost our whole adult lives. Now that we are retired and FREE to move away from our jobs, we moved 2500 miles away from friends and family. Partly (largely) because the lower COL allows us a better lifestyle here, but what we discovered is that lower cost and nirvana are not mutually exclusive.

You are so right that the factors in relocation are different for everyone. Good luck with your relocation.
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Old 05-24-2014, 08:58 AM
 
Location: Forests of Maine
30,680 posts, read 49,443,611 times
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Quote:
Originally Posted by TheShadow View Post
Our retirement move was the exact opposite of your situation. We lived where we lived because we "had to" for our jobs and now we move because we wanted to.
I hear you.

My employer dictated where we lived, it is nice to now be able to live where we want to live.



Quote:
... Now that we are retired and FREE to move away from our jobs, we moved 2500 miles away from friends and family. Partly (largely) because the lower COL allows us a better lifestyle here, but what we discovered is that lower cost and nirvana are not mutually exclusive.
You are right.

Moving after retirement can be a wonderful thing.

Everyone is different. Something that would be seen as a big problem for one person, would not be noticed by another person. We are all different, and we all use different factors to determine where to relocate.
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Old 05-24-2014, 10:33 AM
 
Location: Central Massachusetts
4,800 posts, read 4,846,832 times
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Quote:
Originally Posted by Robyn55 View Post
WRT buying big ticket items out of state - and not paying your state's sales tax - most people who do this are breaking the law. Since most states have a "use tax" that you owe if you buy something out of state to use in state. Doubt most states will chase you when it comes to your fall wardrobe. But you'll definitely have issues if you're talking about something like a car. Or a boat (here in Florida - the tax people go around visiting marinas to make sure that Florida residents have paid Florida sales tax on their boats). Robyn

In our area MA has a sales tax. On big ticket items they still get you. You cannot buy a car in NH without the sales tax if you register the car in MA. On the other hand you are right that in essence it is against the law but border towns have it happen all the time. That is why we also pay a high property tax but NH residents pay an even higher property tax.
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Old 05-24-2014, 10:36 AM
 
Location: Central Massachusetts
4,800 posts, read 4,846,832 times
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Quote:
Originally Posted by TheShadow View Post
Our retirement move was the exact opposite of your situation. We lived where we lived because we "had to" for our jobs and now we move because we wanted to. We lived in the area we grew up through almost our whole adult lives. Now that we are retired and FREE to move away from our jobs, we moved 2500 miles away from friends and family. Partly (largely) because the lower COL allows us a better lifestyle here, but what we discovered is that lower cost and nirvana are not mutually exclusive.

You are so right that the factors in relocation are different for everyone. Good luck with your relocation.

Shadow that is like us as well. Did you find it a difficult adjustment? Moving away from family and friends as well as all the services you were used to. It had to take time to get a new set of support.
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Old 05-24-2014, 11:02 AM
mlb
 
Location: North Monterey County
3,179 posts, read 2,855,355 times
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Back a ways...

Quote:
In my situation when I was in my thirties, I moved 2,000 miles from friends and family to a new city for the adventure and to begin a new life for various reasons. I didn't think the grass was greener or I was going to Nirvana. I just hoped that life would be different and maybe better. And that turned out to be true. Now I am relocating close to the area from where I came because it will just work out better for me in every way especially financially.
Did this. Twice. Wisconsin to California. Then California to Utah - second time with a husband in tow.

Both times I knew needs were not being met..... from California we knew we didn't want to live life on the freeway - commuting - or being so house-poor we'd never save enough to retire.

We had no illusions about our second move..... other than things would be a mite more affordable. And they have been. So much so that we have been able to save - to return to California in about 5 or 6 years.

Once you take the risk - it gets easier every time thereafter.
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Old 05-24-2014, 11:47 AM
 
Location: Lakewood OH
21,699 posts, read 23,661,739 times
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Quote:
Originally Posted by mlb View Post
Back a ways...



Did this. Twice. Wisconsin to California. Then California to Utah - second time with a husband in tow.

Both times I knew needs were not being met..... from California we knew we didn't want to live life on the freeway - commuting - or being so house-poor we'd never save enough to retire.

We had no illusions about our second move..... other than things would be a mite more affordable. And they have been. So much so that we have been able to save - to return to California in about 5 or 6 years.

Once you take the risk - it gets easier every time thereafter.
True and you also become more realistic. Your head isn't in the clouds thinking you are going to solve all of your life's problems with the move but you take care of as many as you can. You learn the move should be made for many reasons not just one. You also realize that things change and that today's choices might not work necessarily work tomorrow so you are prepared to be flexible.

But most of all, I think a carefully thought out plan in seeking out your new location that appears to meet the majority of your needs that are not being met in your present location is key to a successful move.
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Old 05-25-2014, 12:00 AM
 
Location: Sacramento
13,784 posts, read 23,807,188 times
Reputation: 6195
We moved from 173 to 42 in retirement, going the opposite direction one should normally head when not required to report to a workplace.

Based on how the housing economy has tanked out here, I would guess at the time of my retirement it was likely in the 30 or so ranking. When we moved to Sacramento from Columbus we kept an equivalent home, but the price we paid was nearly double what we sold our home for in Ohio.

Oh well, my wife really wants to move to the place ranked 10th, so I guess 42 isn't so bad.
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Old 05-25-2014, 03:07 AM
 
Location: Menifee ca
75 posts, read 132,649 times
Reputation: 64
What about Raliegh Durham North Caroline. does anybody know if that is a nice place to retire?
I live in SO California. and my husband is a Disable Vet. we need to live close to a VA hospital.
how the weather. Don't want to live where there a lot of humid summers. really think the South is Beautiful. I was born In Georgia. Just want to fine a nice place to retire. tired of the ratrace in California. and need a change. thank you :]
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