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Old 02-06-2017, 01:57 PM
 
4 posts, read 8,780 times
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My husband and I will be retiring in a few years and are considering KY or TN. I am originally from KY and we lived there for many years before we had to leave due to a job change. We are in Indiana which is not very favorable tax-wise for retirees. I have read many articles comparing state taxes, but find in our moves that most articles' "averages" are not very helpful for planning purposes. For instance, to find a decent house where we live now we had to pay considerably more than the "average" for our area is supposed to be. Taxes can vary widely according to your sources of income and value of property. Also utilities (electricity and water) are much higher where we live now than where we lived in KY. For those who have retired to KY or TN (or have researched the possibility of such), have you been surprised by expenses or availability of basic amenities, doctors, etc.; either favorably or unfavorably? Are there factors you failed to consider before you retired that you would recommend others consider?
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Old 02-06-2017, 03:07 PM
 
Location: next up where ever I go
588 posts, read 344,283 times
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Retirement,

I feel your pain.

I too, live in Indiana, Fishers area. I too, hail from Cincinnati, lived in Northern Kentucky and got my degree from NKU when it was a little college on top of a very big hill! Not now!

I want to move back to where my Alma Mater is specifically since I have a few friends left there, NKY and all of Kentucky allows free classes at the universities for 65 and older and I would just love to go back and paint again in the classrooms that were then and now.

I realize that you "can't go home again" but to think Northern Kentucky would be the same as forty years ago would just be plain crazy. I hope the university has broadened the area.

Yes, the utilities and the prices of food and apartments, gas and such are at least 25% higher in Fishers, and the rentals are out of sight! I checked be just stopping in a Super Krogers in Fort Mitchell last summer and the organics were easily 25% or more cheaper as the same in a Krogers here in Fishers.

Taxes, here again, since SS is not taxed I should say I will pay much less than this very heavily taxed state of Indiana and Hamilton County and Fishers. I would say property taxes are also a bear here because of the schools. Since I do not have kids I am not one of the flock of people moving into this area because of the school system to name a few of Fishers perks.

I am not able to give you much info on other areas but I did consider Lexington, I think it has a beautiful area but the prices are higher, not so high as Fishers but still and there is not much work and the work is paid less. This is Kentucky, as you know. IMHO Fishers is not much better because it is all service jobs and one must commute terribly to get jobs for the most part.

I hear Berea is another area to consider in KY if you wish to deal with a small town atmosphere. I am looking for a larger city, hence Northern Ky for the amenities. If I were married I may think differently. There is always Louisville but I have been there many times and I just think it does not have a very cultural feel for me. But that is just me. Over the river in Cincinnati there are tons and I do not have to pay the taxes for that fair city. Ohio is just as tax heavy as Indiana.

That being said....if Obamacare gets gutted all those people in Kentucky are going to find they have no jobs AND no health care. Which I am looking into whether I can see docs at the University of Cinci. Northern Kentucky does not have a lot to offer in the category IMHO.

Paducah KY is very close to TN and has a pretty good medical and a pretty strong art vibe but it is still a small town.

Knoxville or close to it will give you better weather (not so much snow), has the tax incentives and better medical facilities, I lived close by there for a while when I was married. I would go there but I have no one and no SO. But I may still. I do not know. I have 7 months until my lease is up to make a decision.

Best of luck to you. Check out Sperling's Best Places for Retirement, they give an average on what things cost based on 100 being the average categories. Fishers is amazingly higher than the rest of Indy but then you have to deal with the crime if you move closer to the city. That is my take, just sayin.

Wish you luck...it is always a crap shoot when you take a big leap like relocating but it can be a calculated risk. And I want to be where there are Red Maples again, the constant wind and scrub brush here is not my kind of weather. Yuck. I think the constant wind is what gets to me the most!
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Old 02-06-2017, 06:54 PM
 
Location: Eastern Washington
14,217 posts, read 44,870,326 times
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Offhand since TN has no income tax, and I think generally lower electric rates, why go to KY when TN has about the same climate with a bit better financials?

Full disclosure, I have never lived in either state, but have visited TN from time to time (Oak Ridge).
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Old 02-06-2017, 07:07 PM
 
341 posts, read 170,697 times
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I posted this State by State Guide on another site. We live in Tennessee but plan to move to another city in Tennessee when we retire. In our situation, we have a large percent of our money in tax deferred accounts and no income tax is attractive to us. However, this is just a tool and you should click on the different states and open the tax guide to compare one to another. This guide shows Tennessee benefits us based on income tax but other states might be attractive too.

Also, like any place you live, houses and taxes can vary from county to county and city to city. You may find a house in Tennessee for 100,000. and you can pay 2.5 million for a house. Property taxes are based on the county you live and value of the house.

You really need to visit areas and cities in both states and see what you like.

State-by-State Guide to Taxes on Retirees

Last edited by littlebebe; 02-06-2017 at 07:17 PM..
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Old 02-06-2017, 07:55 PM
 
6,552 posts, read 13,746,127 times
Reputation: 3025
Quote:
Originally Posted by TMKSarah View Post
Retirement,

I feel your pain.

I too, live in Indiana, Fishers area. I too, hail from Cincinnati, lived in Northern Kentucky and got my degree from NKU when it was a little college on top of a very big hill! Not now!

I want to move back to where my Alma Mater is specifically since I have a few friends left there, NKY and all of Kentucky allows free classes at the universities for 65 and older and I would just love to go back and paint again in the classrooms that were then and now.

I realize that you "can't go home again" but to think Northern Kentucky would be the same as forty years ago would just be plain crazy. I hope the university has broadened the area.

Yes, the utilities and the prices of food and apartments, gas and such are at least 25% higher in Fishers, and the rentals are out of sight! I checked be just stopping in a Super Krogers in Fort Mitchell last summer and the organics were easily 25% or more cheaper as the same in a Krogers here in Fishers.

Taxes, here again, since SS is not taxed I should say I will pay much less than this very heavily taxed state of Indiana and Hamilton County and Fishers. I would say property taxes are also a bear here because of the schools. Since I do not have kids I am not one of the flock of people moving into this area because of the school system to name a few of Fishers perks.

I am not able to give you much info on other areas but I did consider Lexington, I think it has a beautiful area but the prices are higher, not so high as Fishers but still and there is not much work and the work is paid less. This is Kentucky, as you know. IMHO Fishers is not much better because it is all service jobs and one must commute terribly to get jobs for the most part.

I hear Berea is another area to consider in KY if you wish to deal with a small town atmosphere. I am looking for a larger city, hence Northern Ky for the amenities. If I were married I may think differently. There is always Louisville but I have been there many times and I just think it does not have a very cultural feel for me. But that is just me. Over the river in Cincinnati there are tons and I do not have to pay the taxes for that fair city. Ohio is just as tax heavy as Indiana.

That being said....if Obamacare gets gutted all those people in Kentucky are going to find they have no jobs AND no health care. Which I am looking into whether I can see docs at the University of Cinci. Northern Kentucky does not have a lot to offer in the category IMHO.

Paducah KY is very close to TN and has a pretty good medical and a pretty strong art vibe but it is still a small town.

Knoxville or close to it will give you better weather (not so much snow), has the tax incentives and better medical facilities, I lived close by there for a while when I was married. I would go there but I have no one and no SO. But I may still. I do not know. I have 7 months until my lease is up to make a decision.

Best of luck to you. Check out Sperling's Best Places for Retirement, they give an average on what things cost based on 100 being the average categories. Fishers is amazingly higher than the rest of Indy but then you have to deal with the crime if you move closer to the city. That is my take, just sayin.

Wish you luck...it is always a crap shoot when you take a big leap like relocating but it can be a calculated risk. And I want to be where there are Red Maples again, the constant wind and scrub brush here is not my kind of weather. Yuck. I think the constant wind is what gets to me the most!


TMK...what about Louisville is not cultured? Its an extremely high cultured city and well known for this in its size range.


Louisville was ranked NO. 1 this year for a city to retire early to:

Louisville, Lexington ranked nation's top two cities for early retirement

It has consistently been on alot of retirement rankings the last 5 years....a very nice city if you know where to go and when the festivals, arts, and restaurants are.
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Old 02-06-2017, 09:57 PM
 
Location: New Mexico U.S.A.
25,310 posts, read 41,385,436 times
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Quote:
Originally Posted by littlebebe View Post
You really need to visit areas and cities in both states and see what you like.

State-by-State Guide to Taxes on Retirees
Good advice. I agree...
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Old 02-07-2017, 07:53 AM
 
Location: Tennessee
23,541 posts, read 17,525,434 times
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As someone who actually lived in Hamilton County for three years and now lives in east TN, I don't agree with the above posters at all.

First, yes, the tax situation in TN at least is going to be significantly better than IN. The combined state and local income tax rate in IN is somewhere between 4.3%-4.5%, depending on how much IN has dropped its state income tax, and TN has none. Vehicle registration is far cheaper in TN - in my county, any car is $31.50 to register. In IN, I paid nearly $500 to register my 2013 Elantra, and it was at least $200 the next two years - the registration fees are tied to the value of the car. It goes down over time, but will likely never get as cheap as TN. Property tax rates in TN are generally less than IN - in my county, expect to pay 0.5%-0.7% of the market value of the house annually. In Hamilton County, it ends up being about 1%. City limits and metro Nashville will have property tax rates approaching that of Hamilton County. Sales tax is 9.5% vs. the 7% or so in Hamilton County.

However, my car insurance was roughly $900/six months in TN in 2013, and dropped to roughly $300/six months in Hamilton County, with the same insurer and coverage level. This more than offset the difference in registration costs. Groceries here in east TN are much, much higher than in greater Indianapolis - a basic gallon of milk is $4 at the local Walmart vs. $1.50 in Carmel last August. Some frozen chicken tenders I like were $6.99 at the Fishers Meijer, and they are $9.99 here for the same package. Virtually any food item is 25%-50% higher here in Tennessee. In the summer, IN has great farmers market - around here, not so much. Not only is food much more expensive, but selection is limited.

In Fishers, there is a Meijer (regional big box like a Super Walmart), Walmart, Sam's Club, Aldi, Kroger, Marsh (regional mainline grocer), Super Target, Fresh Thyme (regional organic/natural chain). Within ten minutes there is a Costco, Whole Foods, Earthfare, and Trader Joe's. In my city, there is an Aldi, Walmart, regular Target, one dumpy Kroger, and a couple stores of a regional chain called Food City. Anything organic is difficult to find and expensive - even seemingly common items, like a horseradish root for mashed potatoes and roast, are often unavailable here. I order a lot of condiments and nonperishables from Amazon because they are not available here. The more rural you get, the more expensive food gets and the worse the selection is.

Louisville is an excellent city with a lot of good urban offerings. It is much more urban than Indianapolis, with a better dining and countercultural scene. Lexington is smaller, but picturesque, incredibly clean, and the horse culture is not really found outside KY. Much of east TN and middle TN is picturesque with a lot to offer for a retiree, but aside from affluent communities in Knoxville and Nashville, the quality of life is not going to be as high as it is in Hamilton County.

Keep in mind that outside of the affluent suburbs of Indianapolis, property is often quite a bit cheaper in IN than in TN. If someone is looking for a high end suburban retirement, Fishers and Carmel are far better values than Brentwood and Franklin. People think of the South as "dirt cheap," but the Midwest is often cheaper apples to apples.
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Old 02-07-2017, 08:25 AM
 
13,313 posts, read 25,542,533 times
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A lifetime New Englander friend of mine retired outside of Lexington. (Disclosure- he and wife came into significant inheritances). He has always viewed himself as a conservative Republican, especially on the matter of guns. He finds everything in KY extremely cheap (well, after Massachusetts...) but his major surprise was the degree to which people are church-going and Christian focused. Not a problem, just a surprise, and a real change from the generally secular environment of eastern Mass. It does seem that the community (and his wife) are very focused on one particular church and it seems to be a very positive community for them.
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Old 02-07-2017, 08:36 AM
 
Location: Tennessee
23,541 posts, read 17,525,434 times
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Quote:
Originally Posted by brightdoglover View Post
A lifetime New Englander friend of mine retired outside of Lexington. (Disclosure- he and wife came into significant inheritances). He has always viewed himself as a conservative Republican, especially on the matter of guns. He finds everything in KY extremely cheap (well, after Massachusetts...) but his major surprise was the degree to which people are church-going and Christian focused. Not a problem, just a surprise, and a real change from the generally secular environment of eastern Mass. It does seem that the community (and his wife) are very focused on one particular church and it seems to be a very positive community for them.
It can also be avoided as well. I am not religious and do not attend church. Yes, many people are religious, and many will talk about what they did at church Monday at work, etc. I've not been invited to church in the six months I've been back - the times I have been in the past, I politely declined and that was usually the end of it. You will occasionally get someone who is pushy, but that could be anywhere.

Keep in mind that Fishers basically has a church on every corner as well. It is more diverse than east TN (large Muslim population in Fishers), but it's also pretty religious and Indiana is far from eastern MA culturally.
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Old 02-07-2017, 09:12 AM
 
4 posts, read 8,780 times
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Great posts all! Financial considerations are just part of an over-all picture, but a necessary evil. I am more familiar with Western and Central Kentucky, but have visited parts of Tennessee over the years. But visiting is a lot different than living there. Of course, it would be unwise to not factor in changes that could take place in future, both personally and in the area to which one is considering moving. Impossible to know how health care and taxes (both federal and state) could change in the future. Some of the areas around Nashville had a small-town feel in the past, but now are almost like being in Nashville. I appreciate everyone's input.
Just as an example of what doesn't usually come up: Library systems. Have lived where the library system was great, and where it was awful. People often mention winters, but when the occasional snow hits, some areas are quick to clear the roads, and some places you have to wait for a thaw!
Couple of interesting websites for comparison: Moderator cut: link removed, linking to competitor sites is not ok Any others besides the Kiplinger one mentioned earlier?

Last edited by Yac; 02-17-2017 at 05:55 AM..
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