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Old 11-18-2018, 06:11 AM
 
1,137 posts, read 570,383 times
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Quote:
Originally Posted by marino760 View Post
Just a question if you don't mind. How does someone pay for heating a place, home, apartment, where it gets extremely cold for several months of the year and still have a low cost of living? I can only imagine what I think it must cost to heat a home in Maine, ND, or Minnesota. Please help me understand how it's done if you are on a budget.
I live in snow country. It is snowing outside right now. I just checked our heating costs: since April of this year, our total gas bill has been $894 for the entire year; averages $74 per month. Doesn't stretch our budget, and we have a large house.
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Old 11-18-2018, 06:17 AM
 
Location: The Ozone Layer, apparently...
1,906 posts, read 675,328 times
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Quote:
Originally Posted by ersatz View Post
I swear this topic comes up all the time but I couldn't find a thread with this title.


This clickbait article is interesting based on the statistics it provides
https://www.gobankingrates.com/makin...rest-retirees/



Arizona was the most popular state for senior retirees to move to, with Florida being number two. No surprises there. North Dakota was the least popular state to move to, with a net inflow of zero percent. I've been to North Dakota, so I was not surprised by that either.

I'm not sure about there being wisdom in crowds, but I do know and have worked with many people that have retired to Florida. There are some nice benefits to retiring to Florida but mostly the people I know that have retired there have not only retired to the same state, but also the same town in that state. This leads me to believe that there is also a benefit to being around people you already know, and having an established social circle (no matter how loose of a circle) when you arrive.
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Old 11-18-2018, 07:26 AM
 
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Quote:
Originally Posted by MichiganGreg View Post
I live in snow country. It is snowing outside right now. I just checked our heating costs: since April of this year, our total gas bill has been $894 for the entire year; averages $74 per month. Doesn't stretch our budget, and we have a large house.
I also live in the Midwest snow country and heating bills on natural gas are very similar to yours. 2000 Sq ft house with 6 inch walls and very well insulated. I find the cost very reasonable.
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Old 11-18-2018, 07:32 AM
 
11,996 posts, read 5,126,293 times
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Quote:
Originally Posted by jasperhobbs View Post
I also live in the Midwest snow country and heating bills on natural gas are very similar to yours. 2000 Sq ft house with 6 inch walls and very well insulated. I find the cost very reasonable.
That's really good to know. Living in SoCal with some of the highest utility costs in the country, i could spend more than that heating my 1100 sq ft home here when the temps are in the 20s to low 30s just at night.
Last winter I kept the thermostat at 64 and had a natural gas bill of about $120 for each the 3 coldest months, not combined.
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Old 11-18-2018, 07:41 AM
 
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Quote:
Originally Posted by marino760 View Post
That's really good to know. Living in SoCal with some of the highest utility costs in the country, i could spend more than that heating my 1100 sq ft home here when the temps are in the 20s to low 30s just at night.
During the summer with high humidity and the AC running full blast, the electric bill rises substantially.
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Old 11-18-2018, 07:41 AM
 
Location: Loudon, TN
5,785 posts, read 4,838,667 times
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Quote:
Originally Posted by ohio_peasant View Post
TN taxes dividends and capital gains. So, for a retiree with large taxable portfolio, TN would potentially impose a hefty tax penalty.



Again, for retirees with a large taxable account, there will be "income" in the form of dividends, even if the account-holder makes zero redemptions from the account, does no trading or rebalancing, and is too young for RMDs.




Note the stark difference in tax-brackets between single and married filers.



Another thing to note, is that tax-bills can be quite different for "traditional" retirees (65+) and early retirees. Imagine the case of a young attorney who finally scores a superstar case, gets an 8-figure payout, and decides to retire. This is the example of a single guy or gal, decades and decades younger than that magical 65 - with a large taxable portfolio. The cost-effective place to retire is a place with no state/local income tax (including tax on investments!), even if houses cost millions.
The Hall income tax is a Tennessee state tax on interest and dividend income from investments.[1] It is the only tax on personal income in Tennessee, which does not levy a general state income tax. The tax rate prior to 2016 was 6 percent, applied to all taxable interest and dividend income over $1250 per person ($2500 for married couples filing jointly). Revenues are shared with the government of the municipality or county where the taxpayer resides. In 2016, the state reduced the Hall income tax to 5% with intention to eliminate it completely.[2] On April 26, 2017 Governor Haslam signed the IMPROVE Act into law, which implements the following timeline for phase out of the Hall Tax:[3][4]

Effective Dates for Tax Rates
4% for tax years beginning January 1, 2017, and prior to January 1, 2018
3% for tax years beginning January 1, 2018, and prior to January 1, 2019
2% for tax years beginning January 1, 2019, and prior to January 1, 2020
1% for tax years beginning January 1, 2020, and prior to January 1, 2021
Full repeal for tax years beginning January 1, 2021

Check this map showing the combined federal and state top marginal tax rates across the country. https://taxfoundation.org/how-high-a...es-your-state/

Last edited by TheShadow; 11-18-2018 at 07:55 AM..
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Old 11-18-2018, 07:48 AM
 
2,443 posts, read 2,072,308 times
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Quote:
Originally Posted by TheShadow View Post
The Hall income tax is a Tennessee state tax on interest and dividend income from investments.[1] It is the only tax on personal income in Tennessee, which does not levy a general state income tax. The tax rate prior to 2016 was 6 percent, applied to all taxable interest and dividend income over $1250 per person ($2500 for married couples filing jointly). Revenues are shared with the government of the municipality or county where the taxpayer resides. In 2016, the state reduced the Hall income tax to 5% with intention to eliminate it completely.[2] On April 26, 2017 Governor Haslam signed the IMPROVE Act into law, which implements the following timeline for phase out of the Hall Tax:[3][4]

Effective Dates for Tax Rates
4% for tax years beginning January 1, 2017, and prior to January 1, 2018
3% for tax years beginning January 1, 2018, and prior to January 1, 2019
2% for tax years beginning January 1, 2019, and prior to January 1, 2020
1% for tax years beginning January 1, 2020, and prior to January 1, 2021
Full repeal for tax years beginning January 1, 2021
While vacationing in Tennessee Gatlinburg/Pigeon Forge area, we looked at houses as a possible retirement location. Property taxes are low but what I found interesting is when I bought some alcohol the checkout price was a lot higher than the purchase price. I asked why and the lady at the counter said there is 28% tax on alcohol.

Property taxes in Sevier county are probably low due to the alcohol sales tax and tourist industry taxes collected. Great area for property taxes but a terrible place to be an alcoholic
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Old 11-18-2018, 09:10 AM
 
Location: SoCal
13,232 posts, read 6,335,450 times
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Quote:
Originally Posted by marino760 View Post
That's really good to know. Living in SoCal with some of the highest utility costs in the country, i could spend more than that heating my 1100 sq ft home here when the temps are in the 20s to low 30s just at night.
Last winter I kept the thermostat at 64 and had a natural gas bill of about $120 for each the 3 coldest months, not combined.
Our gas bill has never been this high, at most it’s about $20. In the summer month it’s even lower like $12. We have 3000 sq ft home. We keep our house at 74 temperature.
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Old 11-18-2018, 02:25 PM
 
Location: North Alabama
767 posts, read 1,847,465 times
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And where do you live, pray tell?
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Old 11-18-2018, 03:10 PM
 
Location: Midwest
4,267 posts, read 7,149,019 times
Reputation: 7217
I'd use a combination of tax burden, government corruption, gun rights, and common sense. So that leaves CA, NY, NJ, et al out. If you get my drift.

Quote:
Originally Posted by Frihed89 View Post
I guess you can cross Paradise, CA off the list.
Paradise Lost. Never fear, plenty of resources allocated to unlawful aliens. Not sure about productive California/US citizens.
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