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You have a choice of 9 states IIRC + USA protectorates... = climates from near the north pole to near the Equator. Only 6 states are income tax free. (with a wide choice of climates)
AK will often utilize Air Evac for your medical needs.
FL... you may be stuck in traffic (or a hurricane)
Again, "medical needs" is not my number-one priority in choosing a retirement destination.
But I thought there were eleven tax-free states? Will have to research that again.
Again, "medical needs" is not my number-one priority in choosing a retirement destination.
But I thought there were eleven tax-free states? Will have to research that again.
One of the 'missing' states is probably TN. There is a "Hall Tax" that is in the process of being repealed, but TN is not totally income free currently. The Hall income tax is a Tennessee state tax on interest and dividend income from investments- https://en.wikipedia.org/wiki/Hall_income_tax
Many talk about moving upon retirement, as though it was an automatic right of passage that was easily accomplished. We moved within Florida about 5-years ago to get nearer the grandkids. We enjoy them, but, re-establishing an new support network and circle of friends at this age is not as easy as when we were younger and had established links to others our age. (Church has provided some of this, but, 26-years in our prior town is difficult to replace).
IMO, many on CD focus on weather, housing costs and healthcare services, but, overlook the more important 'people cost.'
I'm a loner. As long as i can keep in touch with family via computer and phone i'm fine. My long-time best friend moved from Jersey to NY State where they bought a cottage in the mountains. They have acreage and live away from people also. I don't care about going out with friends or seeing anyone. I love books.
I go outside a lot, but can do it alone if needed. (If anything happens to my partner.) I also have a dog.
But I thought there were eleven tax-free states? Will have to research that again.
Seven U.S. states currently don't have an income tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. And residents of New Hampshire and Tennessee are also spared from handing over an extra chunk of their paycheck on April 15, though they do pay tax on dividends and income from investments.Jan 13, 2015
States With No Income Tax: Better Or Worse To Live There? States With No Income Tax: Better Or Worse To Live There?
In all, 45 states and the District of Columbia have sales tax. The only states without statewide sales and use taxes are Alaska, Delaware, Montana, New Hampshire, and Oregon. Every state with a sales tax has a use tax too. Mar 4, 2014
Aren’t the states without income taxes, generally more expensive to live in? For instance Washington state in Seattle sales tax is almost 10%. Property taxes Include school and road taxes. Which makes the property taxes much higher. Yet they do not have a state income tax. So how do you really figure out where it’s cheaper,? Check the city data comparison between two cities. That’s what will really assist you not whether or not it has a state income tax many things are needed to take into accountability for that.
States with no sales tax means all the freeloaders, deadbeats, lazy get a free ride while the responsible people income and property tax is higher to make up the difference.
And I am one who hates taxes but the burden shouldn't be all on people who try.
I moved from Texas to the mountains east of Albuquerque, NM. Couldn't be happier. Texas didn't have an income tax, but New Mexico's property tax and low homeowners insurance makes up for it. I loved Texas, but fit in much better in New Mexico (politically). I can't see myself ever leaving New Mexico. It feels like home.
Aren’t the states without income taxes, generally more expensive to live in? For instance Washington state in Seattle sales tax is almost 10%. Property taxes Include school and road taxes. Which makes the property taxes much higher. Yet they do not have a state income tax. So how do you really figure out where it’s cheaper,? Check the city data comparison between two cities. That’s what will really assist you not whether or not it has a state income tax many things are needed to take into accountability for that.
I live in nowhere Tennessee. DubbleT lives in the same area. Property taxes are 0.5%-0.7% of the fair market value of the house, as rough napkin math. A $100,000 house, which is common around here, will have $500-$700 of annual property taxes, in general. There is no tax on earned income. Sales tax is like 9.5%, but my office is about half an hour from a Sam's in Virginia. Tobacco and alcohol are cheaper in VA than TN, even before accounting for sales taxes. Sales tax is in VA is 5%ish. I go to VA around once a week to do most of my shopping.
Have two paid for homes. One in N. Scottsdale (property taxes of $4k annual) and one in the remote White Mtns of AZ at 8200 feet (taxes $1400 annual). Our plan is to winter in Scottsdale and summer in the mountains.
But the kids. Where will they end up? One is currently in Tucson, but he may end up elsewhere and the other is in Flagstaff and will definitely end up in the Midwest. Once they make those moves, I would think we would alter our 2 homes in AZ plan.
I looked into downsizing in our current Scottsdale area, and it doesn’t make much financial sense as turnkey townhomes with their association fees bring a 1700 sf townhome to about same price as what we would get for selling our 2800 sf single family home. So for now, we plan to retire in place (on one year glide path).
Last edited by canoesmith; 12-09-2017 at 08:14 AM..
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Probably not - but we’re open to it!
