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Old 11-15-2018, 09:40 AM
 
11,963 posts, read 5,102,113 times
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Quote:
Originally Posted by AlaskaErik View Post
That one surprised me. I never thought of KY as a state retirees were eager to leave.
I wasn't too surprised. It's climate in most of the state is similar to TN but TN has no state income tax so many people are flocking to TN but housing prices are going way up in much of TN and not in KY for the most part. KY fits me almost perfectly. I just got back from there about a month ago and can't wait to make it my home.

Last edited by marino760; 11-15-2018 at 09:54 AM..
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Old 11-15-2018, 09:46 AM
 
Location: Sierra Nevada Land, CA
8,387 posts, read 9,131,891 times
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Quote:
Originally Posted by ReachTheBeach View Post
I mostly agree but the extreme cases could be deal breakers for some people. State income tax in CA is 13.3% and they have a high COL. NY's combined sales and income tax is almost that high and their COL is very high. I think I could make it work to be where I want to be but I realize not everyone can.
That 13% tax rate only applies to high income households. We pay closer to 4%. If you’re paying 13.2% you can easily afford to live in the expensive parts of CA. I live in an area of CA popular with retirees. The COL is a third of what you’d face in LA or the Bay Area
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Old 11-15-2018, 09:57 AM
 
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Quote:
Originally Posted by marino760 View Post
I wasn't too surprised. It's climate in most of the state is similar to TN but TN has no income tax so many people are flocking to TN but housing prices are going way up in much of TN and not in KY for the most part. KY fits me almost perfectly. I just got back from there about a month ago and can't wait to make it my home.

Good for you, and I think that's true for many people -- when they find the right spot for them, they know it.

(It is for us and we are trading the Denver area for Wisconsin in about two or three years after my husband retires. We just bought a rural lot that was three times the size for one-third the money for a comparable lot at our second choice state, New Hampshire -- and our Wisconsin lot is bordered by paved roads and public sewer, and town trash pick-up -- all things we found to be rare in rural NH towns. Our lot is also only about a half-mile from the Green Bay waterfront and less than two miles to a large independent grocery store, other stores, and restaurants - plus the scenery there is GORGEOUS and the people seem to be very friendly -- so we are thrilled.)
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Old 11-15-2018, 11:10 AM
 
13,872 posts, read 7,381,208 times
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Quote:
Originally Posted by Nightengale212 View Post
As a life long Rhode Islander I will give you my opinion for what it's worth why this is. When you have a state the size of R.I. that has insufficient industry to help fund the economy, along with that R.I. is very generous with it's expanded welfare programs where a single non working mother of two can tap into all these programs that's cash value is equivalent to an income of $36,000/year, and then add to that relatively high property taxes, and lastly you can't walk but more than a few feet without bumping into someone who works for the State who gets paid well and will retire with a pension, the cost burden for all this falls squarely on the taxpayers shoulders which includes retirees.

When I retire I am shooting for 80% income replacement of what my working income will be at retirement which for me comes out to a $23,000/year reduction in income. With that reduction and as a single filer my State income tax will only drop by about $1,200/year, and my property taxes with the senior discount will drop by $500/year which for me is a drop in the bucket when I am already paying >$6,000/year. As you can see R.I. is definitely not a retiree friendly state and very difficult for those with modest retirement incomes to afford to remain here.

I looked at the Adamsville part of Little Compton, RI with my boat floating in Westport harbor as an option when I was shopping in 2009. The residential mill rate is $5.84. As a retiree age 65+, Rhode Island doesn't tax your first $15K of Social Security income and your first $15K of "Other" income. The bottom tax bracket is 3.75% up to $61,300. Most retirees are paying chicken feed for state income taxes. My mother was a RI resident until recently when I moved her to a memory care facility in another state. I've been doing her taxes for years so I'm pretty up on RI tax law.



Sure, you can pick a RI town with enormous property taxes but that's not all towns. I don't see that the state income tax is onerous, particularly once you hit age 65 and get to shield up to $30K of income.
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Old 11-15-2018, 12:42 PM
 
Location: NC Piedmont
3,911 posts, read 2,875,565 times
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Quote:
Originally Posted by Mr5150 View Post
That 13% tax rate only applies to high income households. We pay closer to 4%. If you’re paying 13.2% you can easily afford to live in the expensive parts of CA. I live in an area of CA popular with retirees. The COL is a third of what you’d face in LA or the Bay Area
My problem is I want warm and near the ocean. That's not cheap in CA.
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Old 11-15-2018, 01:42 PM
 
Location: Eastern Washington
14,216 posts, read 44,870,326 times
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Quote:
Originally Posted by ABQ2015 View Post
The two big surprises to me were:

1) More 65+ are leaving Colorado and Oregon than moving to these two states? I thought these were two of the most popular states these days. My cousin lives in a senior community north of Denver and many of her neighbors moved there from out of state to be closer to their children and grandchildren who had moved there previously. Maybe those moving out are cashing in on greatly appreciated home prices and moving to lower COL states?

2) New Mexico is #11 in retirement income? Who would have thought? We are usually ranked near the bottom on good things and near the top on the bad. Maybe the wealthy retirees in Santa Fe and Taos are pushing up the figure and the median is much less than the average.

To me, the "problem" with Oregon is that Washington has a similar climate (both sides of the mountains) but has a lower taxation structure. Likewise Colorado, which has been increasingly Californicated lately, you have Wyoming and parts of Idaho with similar physical climate and lower tax bite (for most).


As to New Mexico retirement income, maybe Los Alamos retirees are driving some of that. The NM population is pretty small, it only takes a few outliers to move the average quite a bit.
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Old 11-15-2018, 03:56 PM
 
6,523 posts, read 1,336,586 times
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Quote:
Originally Posted by ABQ2015 View Post
The two big surprises to me were:

1) More 65+ are leaving Colorado and Oregon than moving to these two states? I thought these were two of the most popular states these days. My cousin lives in a senior community north of Denver and many of her neighbors moved there from out of state to be closer to their children and grandchildren who had moved there previously. Maybe those moving out are cashing in on greatly appreciated home prices and moving to lower COL states?

2) New Mexico is #11 in retirement income? Who would have thought? We are usually ranked near the bottom on good things and near the top on the bad. Maybe the wealthy retirees in Santa Fe and Taos are pushing up the figure and the median is much less than the average.
I can only address #1 and only speak for myself.

We are leaving Colorado because:

1. I have never liked the long and mostly brown winters. (I like the New England-y type four seasons.)

2. It is becoming increasingly VERY liberal in the Denver area and suburbs. (I am a moderate who is liberal about many things, but not everything.) The small county to which we will be moving had a 49%/46% split between Trump and HRC compared to 42%/49% for Jefferson County, Colorado, where we currently live. (I figure in about ten years, the split in our future town will be very close to exactly 50/50, while Denver metro will probably be close to 60/40 with the Democrats solidly in charge of both Denver and state in general. I am only counting Democrats and Republicans because I doubt that a miracle will happen in the form of a GOOD third party candidate.)

3. We want to downsize, so we will be "exchanging" our 30-year-old 2,300 s.f. multi-level home for a to-be-built 1,500 s.f. custom home (single level). We will be exchanging what we no longer want for exactly what we do want, and because of the equity in our current home, we will also be much better off financially, too.

Again, those are just our reasons, however.

Last edited by katharsis; 11-15-2018 at 04:37 PM..
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Old 11-15-2018, 04:08 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,527 posts, read 39,903,732 times
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Quote:
Originally Posted by M3 Mitch View Post
To me, the "problem" with Oregon is that Washington has a similar climate (both sides of the mountains) but has a lower taxation structure. Likewise Colorado, which has been increasingly Californicated lately, you have Wyoming and parts of Idaho with similar physical climate and lower tax bite (for most).


As to New Mexico retirement income, maybe Los Alamos retirees are driving some of that. The NM population is pretty small, it only takes a few outliers to move the average quite a bit.
Besides Los Alamos, NM also has White Sands Missile Base and Sandia National Labs + much military and higher EDU retirees.

Ironically, NM is not tax friendly for retirees, but yet very popular. (If you have enough money, taxes can be covered to live wherever you want).

https://www.marketwatch.com/story/re...ico-2014-06-13
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Old 11-15-2018, 04:24 PM
 
Location: Forests of Maine
30,669 posts, read 49,416,421 times
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I can not get the OP link to open. Sometimes pages will time-out on slow connections like mine.

I settled in the 'oldest' state [Maine], which is supposed to have the highest percentage of retirees. It is considered a cold state, most of Maine is well North of the snow-belt region. [The region East of the Great Lakes, gets huge dumps of snow and rain. This region is basically "Grand Rapids-Detroit-Cleveland-Toronto-Buffalo-Rochester-Syracuse-Ithaca-Scranton-Albany-NYC-New Haven-Hartford-Springfield-Worcester-Providence-Manchester-Boston".]

Not very much of Maine dips down South into that region. Inside the snow belt they get over-night snow dumped on them, that will be multiple feet of snow in a single storm.

We may get that quantity of snow spread out over the course of the entire winter, a couple inches one week, a couple inches the next week, and so on.

Maine gets a lot of summer tourists from the snow belt. They think we are heroic for living here since we are North of them, they think we must get 10X more snow than they get. But they forget that we are not in the snow belt.

Wealthy tourists come up here all summer long, leaving their $400k homes to this region of $40k homes.

If you are still active and want to go hiking, hunting, fishing, kayaking, skiing, ATV'ing, and sledding. This is a great place. We have over 3,000 miles of ocean coast line and over 16,000 miles of groomed sled trails.

I came here to get away from droughts. To be an organic farmer, I knew that water-stress has become a huge issue for most of this continent.
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Old 11-15-2018, 04:42 PM
 
Location: Albuquerque NM
1,656 posts, read 1,521,066 times
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Quote:
Originally Posted by StealthRabbit View Post
Besides Los Alamos, NM also has White Sands Missile Base and Sandia National Labs + much military and higher EDU retirees.

Ironically, NM is not tax friendly for retirees, but yet very popular. (If you have enough money, taxes can be covered to live wherever you want).

https://www.marketwatch.com/story/re...ico-2014-06-13
I'm one of those retirees but did not think our numbers would compensate for all the seniors in poverty throughout the state that one reads about. I consider NM a hidden gem for those who can afford to overcome some of the issues (e.g., just found out yesterday that my PCP left the state and I have to start looking for a new doctor) and distance themselves from the higher crime areas and are willing to accept a culture that is not the Americana mainstream. If it was not for the heat and desire to be closer to relatives and experience a new part of the country, I'd stay but retire within the state at a higher elevation. But skimming a Bankrate listing of 65+ family median income by state, NM is closer to #35.
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