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Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Quote:
Originally Posted by Ruth4Truth
Bear in mind that there's no capital gains tax in WA, ... Remember, there's no income tax on that rental income. A basement unit, a converted garage, a spare room with a separate entrance turned into a studio....? It could make your WA residency ideal for retirement.
I think you should spend part of a summer in AZ and FL first, before you decide to move there. The heat might be a shock. Did I mention--MONTHS of relentless heat? Forcing you to live indoors with A/C for 5 months or more? And in FL---mold issues, parasites, Zika virus, etc.
WA early retiree here... (exited employment pre age 50)
WA DOES have an estate tax (quite aggressive for those with wealth... (not me))
Prop tax ($43 / day) is a bit much.. used to be <$3 / day when this house was new (rather than now... all worn out)
We keep extra living qtrs at each of our USA residences, and the Main House is rented out (rural places with cabins / shops and apts / rv hookups). That way we can travel FT if desired, and someone is hanging around to feed the pets / livestock and pick up mail and mow... (Very important in WA!!! we_tside)
Keep CHEAP cars at each place and fly back and forth at will.
No AC required! (cars or house)
Healthcare: Was great before A(?)CA ~ $300 / month ... now = $2800 / month so... go without. Still more than a few yrs from age 65.
Move overseas to a country that accepts USA medical retiree refugees.
Travel FT and use travel insurance (does not like to be 'Primary')
Moved (3) WA retirees to AZ, The SE corner Cochise (summer highs in 90's); and the Prescott / Flagstaff / areas are favored, One friend moved to Tuscon (nice but can be pretty hot)
(3) WA retiree friends moved to TX (all to DFW, tho our places are near SAT / AUS) I'm not keen on tornadoes.
FL I have been many times, but I have decided it is too hot (muggy / sticky) and too worn out (getting very 'run-down' ) for my taste. I am not very comfortable in SE USA, tho NE corner of TN holds some hope. Probably will go there for a few yrs and do some rural home remodels for extra tax free cash.
I will not move there, but... My next Income Tax Free USA domicile will be SD... less rules much less expensive for legal stuff. (if I decide / am able to remain in USA... Supplemental HC AFTER Medicare age is also quite expensive) Up to $1k / month. I will have a MT LLC own my vehicles.
Bear in mind that there's no capital gains tax in WA, either. As to your property taxes, have you considered creating a rental unit of some kind, on your property, to cover your property taxes and maintenance costs? Remember, there's no income tax on that rental income. A basement unit, a converted garage, a spare room with a separate entrance turned into a studio....? It could make your WA residency ideal for retirement.
I think you should spend part of a summer in AZ and FL first, before you decide to move there. The heat might be a shock. Did I mention--MONTHS of relentless heat? Forcing you to live indoors with A/C for 5 months or more? And in FL---mold issues, parasites, Zika virus, etc.
Yes.. it is a living hell. Do not come here!
The heat is unbearable for 8 months of the year, the mosquitos are like dragonflies but at least the poisonous frogs control their numbers, the crime is so bad I have a carbine, a 9mm and am looking at a small wheelgun for 'fast-draw' or concealed carry.. and the roaches move your patio furniture in the night!
On the plus side the mold problems are so bad that it's killing the parasites and Zika viruses and the beaches are empty due to the algae blooms. Thank god the boa constrictors are isolated to the Everglades.. for now.
The heat is unbearable for 8 months of the year, the mosquitos are like dragonflies but at least the poisonous frogs control their numbers, the crime is so bad I have a carbine, a 9mm and am looking at a small wheelgun for 'fast-draw' or concealed carry.. and the roaches move your patio furniture in the night!
On the plus side the mold problems are so bad that it's killing the parasites and Zika viruses and the beaches are empty due to the algae blooms. Thank god the boa constrictors are isolated to the Everglades.. for now.
When it gets really hot, you do not need to kill and skin alligators for their hides. They self-dehydrate and turn to leather!
Yes, he must be thinking of some super duper kind of supplemental policy. We pay about $150/month between the two of us - we have one of the lower tier policies, figuring that since we're healthy we can afford to self-insure. So far it's worked so we're ahead of the game.
We currently live just outside Seattle and are looking for places to retire. Has anyone lived in AZ and FL and WA for any length of time that can advise me on the taxes, etc.? We are debt free and own a home in WA and only have 401ks to retire on and savings in the bank. Our home is worth $700K. No state income tax in WA but the other taxes kill us (property taxes $9k, sales tax, cola). Thinking of retiring early too, so would need to purchase health care. TIA
I have never understood people basing the decision of where it to live in retirement based on saving a few pennies in taxes. The savings is not worth it if you are unhappy. I do not care what people say, thoselow cost areas are cheap for a reason. You could be giving up services like being close to quality medical care or family. Or being far from great or interesting places. Base your decision on what place works best for you and your family. Keep in mind living far from family means you will have to travel back and forth to visit. And don’t expect them to give up precious vacation time or to drop everything when there is a minor problem. Is that really going to be worth it? Jay
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Please tell me that is ridiculous
