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One of the biggest tax bills most people pay is the federal income tax calculated on IRS form 1040 each April. Three other major taxes come from your state or locality: state income taxes, sales taxes and property taxes. The way each type of tax is calculated is complicated; factors such as your income level, marital status and county of residence affect your tax rates.
New Mexico is neither the best nor the worst depending on various factors...
I'm already retired. Twice, plus SocSec. And I like working (part-time). But I'd rather move to NM and not work than stay someplace I don't like and get paid to do it.
Ha! For the past 50 years I have told people who want to come out to the Southwest we're just about to run out of ground water but nothing seems to slow the flow of U-hauls seen headed west on I-40. I can tell you that, since 1968, ground table water has been a subject of each and every gathering I have ever attended on an old screened back porch, at a back yard BBQ and every time we've stood warming our backsides around an old wood stove or gas heater. Without fail, the subject always comes up without any resolution.
Then too, New Mexico has aliens; . . . both kinds.
Please help spread the word!
Wonder where you are in NM, Here in Luna County the aquifer has been stable for as long as I have been here and I use a well!
In its fifth annual study, SmartAsset, a financial advisor website, analyzed Social Security income, cost of living data, and taxes across all counties to determine where people are getting the most out of Social Security.
The rankings of counties by annual cost of living and social security benefits are:
I spent a year in NM and really miss it. I would love to retire there, but I worry about the crime. I lived in Albuquerque so maybe that's why there was a lot of crime? Where in NM would a retired person be able to live safely? I know that all cities/states have crime, but I would like to live in a relatively safe area where I could walk around by myself. I don't mind living in a rural area. NM is such a beautiful state and has a slower pace than NY or CA (where I've lived most of my life traveling back and forth) I don't have a huge income to be able to afford buying a home, but do have a retirement and social security income.
I'm retired and moved from a small town in the midwest and the COL is about the same here as it was there even though the population here is more than 10-12 times greater and amenities and services are better. That's an OK bargain in my book.
I live in the northern part of Rio Rancho up near Bernalillo and Corrales and crime has not been a concern. On the other hand, it is a bit far from downtown, UNM, or the airport but almost everything I need is close at hand.
Thank you for the information. I will probably end up in Rio Rancho. I always went to the library there and never had a problem. NM is a beautiful state with very nice people.
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