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Old 02-29-2016, 11:16 AM
 
Location: Chapel Hill, NC, formerly DC and Phila
8,574 posts, read 12,675,338 times
Reputation: 8334

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Quote:
Originally Posted by Nausikaa View Post
I'm not resentful of anyone, I live in a lake access community on a beautiful recreational lake. There are six houses with a shared dock, where everyone owns a boat slip, We live in a large brick home that is paid for. My husband retired from a large telephone company, and I have a retirement also. We took five vacations last year, two to the Caribbean one to Canada, one in the US, and one in England. We have a very good income, enjoy ourselves immensely, but live in a poor southern state.

Our homeowners for the dock and upkeep of a private road is $350 a year, our property taxes are $1000, and we have the third cheapest gasoline in the country. The lake is ringed by very expensive houses. So is the coastline.

Loads of companies have relocated here, I.e. Michelin, Pirelli, BMW, Amazon, Boeing, and now Volvo. No, I'm not resentful, It's going to be about 70 deg F here today, and we don't shovel snow.

I would not normally go on about who owns what, but you need to know that everyone in the south is not poor. So condescending!
Yet even with the lower cost of living, the poverty rate in South Carolina (18%) is higher than the poverty rate in Massachusetts (11.6%), so a greater percentage of people are struggling there and in most of the southern states compared to most of the northeastern states.

American FactFinder - Results

BTW, it's going to be 64 deg F in Boston today.
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Old 02-29-2016, 11:17 AM
 
673 posts, read 2,028,978 times
Reputation: 875
Quote:
Originally Posted by golfingduo View Post
There are poor folks everywhere.


It does sound great where you live. All I want when I move is decent weather, the ability to leave a boat docked so that I can get in it and go fishing. Places to golf and places to eat that are nice and the ability to live safely in my old age.
A house in my neighborhood has just gone on the market - owner transferred. Not many people leave from here. Brick, 4 beds. 3.5 baths, pool, and boat slip. Lake is just a one minute stroll from the house.
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Old 02-29-2016, 11:25 AM
 
673 posts, read 2,028,978 times
Reputation: 875
Quote:
Originally Posted by michgc View Post
Yet even with the lower cost of living, the poverty rate in South Carolina (18%) is higher than the poverty rate in Massachusetts (11.6%), so a greater percentage of people are struggling there and in most of the southern states compared to most of the northeastern states.

American FactFinder - Results

BTW, it's going to be 64 deg F in Boston today.
There is probably more poverty in Boston and Worcester than the whole state of SC. Have you ever been to LA? Yes, there is poverty everywhere. Great weather for Boston! I'm not knocking Boston BTW, as I know there is no perfect state. Charleston is beautiful, just as is Boston, but both have pockets of poverty.
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Old 02-29-2016, 12:51 PM
 
2,630 posts, read 1,936,489 times
Reputation: 4597
With regard to SS, people in their 50's (up to 59 ) should not consider themselves "grandfathered in." They make changes to SS overnight these days. They couldn't care less whether you have 20 years of earnings to plan for that change or not. Don't assume anything, at least until you're collecting. The Feds are major in debt!


I'd also worry about what taxes will be on withdrawals from tax deferred things like IRA's. They have repeatedly been trying to increase that. You need to realize that they consider that IRA money "theirs" since you were never taxed on that income. You also need to be cognizant of how high income taxes were at one time; in the 1960's and 70's. So nothing is out of the question, there. I'm emptying down my IRA's these days, stepwise but sharply and paying the tax while the gettin's good. 5 - 10 years from now they may tax that money double - or more; and "means testing" that tax rate, to boot. [got IRA's worth 700K? .. they'll not think twice to tax your withdrawals at 65%, for example]
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Old 02-29-2016, 03:14 PM
 
Location: Central Massachusetts
4,800 posts, read 4,848,939 times
Reputation: 6379
Quote:
Originally Posted by Nausikaa View Post
A house in my neighborhood has just gone on the market - owner transferred. Not many people leave from here. Brick, 4 beds. 3.5 baths, pool, and boat slip. Lake is just a one minute stroll from the house.
Thanks sorry too big. I probably should have stipulated that too. I will be in the market for something under 1900 sf. If I have a place to park the boat I do not mind if I have to drive there or not. I am not going to be able to keep moving the boat in and out of the water so I will rent a space if I have to. Also prefer something on a small foot print as well.

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Old 02-29-2016, 03:51 PM
 
Location: Columbia SC
8,969 posts, read 7,745,489 times
Reputation: 12182
Quote:
Originally Posted by Nausikaa View Post
A house in my neighborhood has just gone on the market - owner transferred. Not many people leave from here. Brick, 4 beds. 3.5 baths, pool, and boat slip. Lake is just a one minute stroll from the house.
Link the listing.

Thanks
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Old 02-29-2016, 04:15 PM
 
Location: Los Angeles area
14,018 posts, read 17,740,386 times
Reputation: 32304
Quote:
Originally Posted by Nausikaa View Post
There is probably more poverty in Boston and Worcester than the whole state of SC. Have you ever been to LA? Yes, there is poverty everywhere. Great weather for Boston! I'm not knocking Boston BTW, as I know there is no perfect state. Charleston is beautiful, just as is Boston, but both have pockets of poverty.
Sure, there is poverty everywhere, but what is your source of information for the first sentence (the one I bolded)? Sounds to me like you are overly defensive about South Carolina.

Disclaimer: I have no knowledge or opinion about the amount of poverty in MA as compared to South Carolina. I am just questioning an unsupported statement.
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Old 02-29-2016, 09:26 PM
 
39,262 posts, read 20,365,893 times
Reputation: 12751
Quote:
Originally Posted by Nausikaa View Post
Have you ever been to LA? Yes, there is poverty everywhere.
Funny LA.... Liberal land, the land of the uber rich and the poor, like socialism.
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Old 02-29-2016, 10:09 PM
 
13,915 posts, read 7,411,228 times
Reputation: 25408
Quote:
Originally Posted by Escort Rider View Post
Sure, there is poverty everywhere, but what is your source of information for the first sentence (the one I bolded)? Sounds to me like you are overly defensive about South Carolina.

Disclaimer: I have no knowledge or opinion about the amount of poverty in MA as compared to South Carolina. I am just questioning an unsupported statement.
That's because those statements are unsupported. Massachusetts has a 10.1% poverty rate. South Carolina has a 15% poverty rate. Even worse, South Carolina is an ACA opt-out state so it has an enormous number of people without health coverage. South Carolina has 13% uninsured. Massachusetts is 4%. Massachusetts median household income is about $66K. South Carolina is $42K. Pick any economic category. South Carolina is invariably in the bottom 10 states.

When you look at the wealthiest people, the gap is even wider. Top-5% household income starts at $266,000 in Massachusetts. It's below $150K in South Carolina. If you make any kind of income, you also pay far more state income tax in South Carolina. Massachusetts has a flat 5.15% state income tax. South Carolina is 7% for anything over $14,401.

Because nobody makes any money in South Carolina, property prices are cheaper. That's the only advantage. I suppose if you live in an affluent white people enclave like over the line from Charlotte or around Hilton Head, it's fine if you work for a monster bank in Charlotte, have a medical job that pays well anywhere in the country, or are a Hilton Head retiree from somewhere else.

Massachusetts certainly has some very depressed areas. New Bedford, Fall River, Lawrence, Brockton, Springfield, Holyoke spring to mind. Metro-Boston is one of the most affluent places in the country but the city proper has a 20% poverty rate with the usual single mother, immigrant, and African American demographics. That's inflated a bit by college students but it's still a big problem. Worcester has a median household income of $64,556. That's wealthier than anywhere in South Carolina. Charlestown, SC is less than half that.
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Old 02-29-2016, 10:22 PM
 
Location: Washington State
18,539 posts, read 9,586,076 times
Reputation: 15785
Quote:
Originally Posted by TwinbrookNine View Post
With regard to SS, people in their 50's (up to 59 ) should not consider themselves "grandfathered in." They make changes to SS overnight these days. They couldn't care less whether you have 20 years of earnings to plan for that change or not. Don't assume anything, at least until you're collecting. The Feds are major in debt!


I'd also worry about what taxes will be on withdrawals from tax deferred things like IRA's. They have repeatedly been trying to increase that. You need to realize that they consider that IRA money "theirs" since you were never taxed on that income. You also need to be cognizant of how high income taxes were at one time; in the 1960's and 70's. So nothing is out of the question, there. I'm emptying down my IRA's these days, stepwise but sharply and paying the tax while the gettin's good. 5 - 10 years from now they may tax that money double - or more; and "means testing" that tax rate, to boot. [got IRA's worth 700K? .. they'll not think twice to tax your withdrawals at 65%, for example]
Why 59, can't they change that as well even if you're 59 or 61?

That's why I have stopped working still in my 50's to draw down some of my IRA/401K before I reach SS age. When I start getting SS, stop the withdrawal until forced at 70.5.
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