Will Maryland ever do enough to keep retirees from leaving the state?

[macalan]

Well, at least MD only partially taxes pensions, unlike some states where they are fully taxed.

[G1..]

Originally Posted by macalan

Well, at least MD only partially taxes pensions, unlike some states where they are fully taxed.

??? They tax all of mine.

[skeddy]

Maryland doesn't compare with Delaware, the state next door, for costs to retirees. Lower car insurance, much lower property taxes and no sales tax. Maryland will never compete with that.

[lenora]

Originally Posted by G1..

??? They tax all of mine.

https://www.marylandtaxes.gov/indivi...-exclusion.php
This should either go away or allow the average Joe who was never afforded access to a pension to claim the same exclusion for his IRA distributions. This is a huge pet peeve of mine. Meanwhile, I continue to move funds from my rollover IRA to the TSP so I can claim a greater exclusion when I am forced to take RMDs.

[marlinfshr]

Originally Posted by skeddy

Maryland doesn't compare with Delaware, the state next door, for costs to retirees. Lower car insurance, much lower property taxes and no sales tax. Maryland will never compete with that.

If comparing DE to counties which are not right next to DE. Here in Worcestor, Including the area near Ocean City, real estate is not that bad. OK, average homes for regular people are not that bad! DE actually can have higher costs of comparable real estate then here because (I think) the draw of lower taxes causes the demand to go up, therefore comparable housing can be more expensive. One of the main reasons I bought here in Ocean Pines back in 2011. I ended up buying used but even the new communities I priced at were cheaper here then in DE.

So with one comes the other! Like FL, cheaper for some things makes it more expensive for others. Again, it also all depends where one is coming from.

Of course I'm talking Worcestor county/Ocean City area. Salisbury area in Wicomico can also be reasonable priced as well.

Another thing I've noticed is that to many, once you cross that DE line everything is percieved to be cheaper so they start looking at housing, though those communities are quite rural. But they ignore the communities in MD surrounding Salisbury which one can find a ice house with a large yard for quite cheap, by housing standards. Go to the communities near Rehobeth and Fenwick Island and there is not much difference then those in Ocean City!

And there are lots of retirees coming here as taxes here are a lot cheaper then other states north of us. And the easy access to plenty of medical care has been growing for years now.

Now me personally, I am from MD, but have lived in much warmer climates but the fishing brought me back and my business is doing pretty good for what it is but my blood has thinned and I would much prefer returning to S. FL!