[hot ho]

Go to SC. It is still part of the US, unlike Florida these days.

[Charlie&Rose]

Originally Posted by PeachesNGolf

Since we have visited SCHH in April and August, we are wondering what it is like in that area in June/July and the beginning of August when most of the summer tourists are there. Is the Bluffton area since it is back off the island affected in that there is greater traffic and people in restaurants/shopping? We are headed back to SCHH next week to try to make a final decision. Good luck to you!

When we visited in June, it was 100 degrees every day. Warmer then usual, locals said. We didn`t think there was very much traffic, and no problems shopping or dining out . Please keep us updated, with your thoughts of the area. Good Luck!

[mary_228]

South Carolina is not tax-friendly to well-heeled retirees.
Retirement income from pensions, IRA distributions, public employee retirement plans and military retirement benefits is taxed at 7% on the amount over $15,000 single/$30,000 married once you are over 65. No inheritance or estate tax or tax on social security benefits.

[kyle19125]

Originally Posted by mary_228

South Carolina is not tax-friendly to well-heeled retirees.
Retirement income from pensions, IRA distributions, public employee retirement plans and military retirement benefits is taxed at 7% on the amount over $15,000 single/$30,000 married once you are over 65. No inheritance or estate tax or tax on social security benefits.

If you're "well-heeled" who gives a flip about a 7% tax??? Besides that other cost of living factors are lower which likely eliminate or narrow the gap. The allergy to taxes is pretty ridiculous in many instances if one sits down and calculates other associated costs in a tax-free environment.

[Arcenal813]

Originally Posted by kyle19125

If you're "well-heeled" who gives a flip about a 7% tax??? Besides that other cost of living factors are lower which likely eliminate or narrow the gap. The allergy to taxes is pretty ridiculous in many instances if one sits down and calculates other associated costs in a tax-free environment.

Thank you.

I love it when people use Florida's "No state tax" argument as a reason why the COL is cheaper...

[beach43ofus]

kyle19125 said "If you're "well-heeled" who gives a flip about a 7% tax??? Besides that other cost of living factors are lower which likely eliminate or narrow the gap. The allergy to taxes is pretty ridiculous in many instances if one sits down and calculates other associated costs in a tax-free environment."

We're well-heeled BECAUSE we minimized taxes (& all other costs as much as possible). We never made $500,000+/year, and never got any inheritance, or won any lottery's, so we had to watch every dime. We maxed out our 401K's & IRA's since our mid 20's (when we were finally able to start saving $) to avoid taxes, and it paid off big time.

Low taxes are a major reason we're here in Florida. The more we hear that the top 5% pays 60% of all taxes, it motivates us to pay as close to zero as we can legally get. I go to exotic car shows, and many high-end cars have Montana plates on them. These are Multi-Millionaires licensing their cars in Montana to avoid their local taxes and tag fees. Montana has the lowest auto related taxes in the U.S..

You mention a tax-free environment...where is it? I want to live there. Progressive tax rates make me puke. Why should any American have to pay a higher tax rate than any other American? We're supporting 12 freeloaders and don't even get thank-you cards.

My wife wanted to retire to Bluffton SC. I asked her to calculate how much more in taxes we'd pay over the last 30 years of our lives, and the opportunity cost of not having that money invested. Afterwards, she said "Florida here we come". For us, the difference was Hundreds of Thousands of Dollars. Our new Florida home is effectively free versus moving to SC!

Kyle, you can become well-heeled if you live way below your means, minimize taxes, save & invest for ~30 years. Then, you don't even have to work anymore, and you can live off the income your wealth generates.

[Marble cake]

Just curious beach43ofus. Where in Florida do you live that is so cheap? I live in south Florida and it's not cheap. But I'm open to moving to another area of Florida.

[beach43ofus]

South Florida is expensive. We just returned from Jupiter visiting family there. Their home costs 2x ours in ppsqft. They are 5 minutes to the beach, we're 15. Gas was 30 cents more a gallon, dining out cost more too. From Jupiter South to Miami is way too crowded for us to live anyway. Fun to visit though. They love Jupiter, so to each, his own.

We live in Southern Sarasota County, and the cost of living here is reasonable compared to S FL. Just South of us, it gets even cheaper. North Port has got to be amongst the least costly places to buy a home w/in 30 minutes of a beach. North Port's housing costs are like what Port St. Lucie was 15-20 years ago, but North Port has lower property taxes.

When I say our home here was free as compared to Bluffton I mean over a 30 year period, when everything is factored in. Not just the cost of the home, but all taxes, cost of living...the whole picture. When everything is calculated out over a 30 year time span, we'll save enough money in Florida versus Bluffton SC to nearly pay the entire cost of our home here.

If the Florida Governors race breaks bad, & Florida's tax climate changes, then we'll sell and move to Austin,TX or Brentwood,TN. We'll shift our residency from FL to a tax free state and then use the savings to visit FL 2-3 months each Winter instead of living here most of the year, as we do now. Florida will lose the money we spend here 9-10 months out of the year. You've heard of snow birds...we're tax birds!

[kyle19125]

Originally Posted by mary_228

South Carolina is not tax-friendly to well-heeled retirees.
Retirement income from pensions, IRA distributions, public employee retirement plans and military retirement benefits is taxed at 7% on the amount over $15,000 single/$30,000 married once you are over 65. No inheritance or estate tax or tax on social security benefits.

Originally Posted by beach43ofus

kyle19125 said "If you're "well-heeled" who gives a flip about a 7% tax??? Besides that other cost of living factors are lower which likely eliminate or narrow the gap. The allergy to taxes is pretty ridiculous in many instances if one sits down and calculates other associated costs in a tax-free environment."

We're well-heeled BECAUSE we minimized taxes (& all other costs as much as possible). We never made $500,000+/year, and never got any inheritance, or won any lottery's, so we had to watch every dime. We maxed out our 401K's & IRA's since our mid 20's (when we were finally able to start saving $) to avoid taxes, and it paid off big time.

Low taxes are a major reason we're here in Florida. The more we hear that the top 5% pays 60% of all taxes, it motivates us to pay as close to zero as we can legally get. I go to exotic car shows, and many high-end cars have Montana plates on them. These are Multi-Millionaires licensing their cars in Montana to avoid their local taxes and tag fees. Montana has the lowest auto related taxes in the U.S..

You mention a tax-free environment...where is it? I want to live there. Progressive tax rates make me puke. Why should any American have to pay a higher tax rate than any other American? We're supporting 12 freeloaders and don't even get thank-you cards.

My wife wanted to retire to Bluffton SC. I asked her to calculate how much more in taxes we'd pay over the last 30 years of our lives, and the opportunity cost of not having that money invested. Afterwards, she said "Florida here we come". For us, the difference was Hundreds of Thousands of Dollars. Our new Florida home is effectively free versus moving to SC!

Kyle, you can become well-heeled if you live way below your means, minimize taxes, save & invest for ~30 years. Then, you don't even have to work anymore, and you can live off the income your wealth generates.

Thanks, but I didn't need the diatribe about what "well heeled" means or how one gets there. I was responding to the earlier quote, which is why it's always a good idea to read through the thread before going off on one select post.

[beach43ofus]

Hopefully, the OP will learn from my "diatribe". SC has a 7% income tax rate and FL has 0. Over time, that becomes a key element in making the decision the OP is trying to make. We made the exact same decision.

You implied that well-heeled people don't, or shouldn't, look to save money, and my post clearly shows that they do.