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I'm also looking at NC for retirement, and I haven't seen anything in the income taxes about an $8k write off on NC income taxes for seniors.
NC has a 5.499% flat income tax, and local, county and state sales taxes can add up to 7% in some areas of the state. Groceries (all basics like milk, fruit, veg, and bread) are taxed at 2%.
And the car taxes are annoying. However, the insurance on them in NC vs. Fl is a big difference. (An equal yearly figure between FL an NC netted me practically nada coverage in FL and good coverage in NC. However, I've opted for more coverage in NC.)
Utilities and insurance (home and car) are significantly cheaper from where I lived in FL to NC.
And yes, as I said, one must compare county to county on property taxes, not state to state.
And I won't miss the hurricanes either. The last one cost me $7000 (not including hotel costs and meals). Cost most of my neighbors about the same. The one before that, ... I've forgotten the year [10 years ago?]...ran people about the same amount. Though I suppose if you live on the NC coast, that can happen there too. As well as the extra costs of replacing HVAC every 5-10 years. Again, county to county costs. And moving inland will mean more in utilities because it's hotter inland, but your HVAC will probably last longer, and you won't have as much worry about Hurricanes. But if you live by the ocean, there's also the emotional price of evacuating your home and returning days later to balconies ripped off, trees down, shingles, vinyl and glass from houses around you in your yard, vinyl gone who knows where (try and match that color again), soffits gone (ditto), the salt water that landed in your yard and kills your grass for 6 months...on and on.
So, I'd factor in adding $700 a year to set aside for hurricanes, assuming a $7k price tag each decade, and about 1/2 that again for HVAC replacement you live near the coast.
Frankly, I didn't get down to groceries, nor tax thereon. Mostly because the insurance, utilities, property taxes for me from one FL county to another NC county were so significant that it didn't matter to me to get down to than minuate.
Lastly, money isn't the main reason I'm in NC. My grandchild is. So yes, I stopped the financial wranglings before groceries. I got a good idea, and the savings won't change my life, but they are savings.
It depends on your income tax exposure. FL has no income tax, but if your income is low and/or not taxable (only SS or SS plus small pension, Roth IRAs). We have high income taxes due to taxable pension and taxable withdrawals of substantial 401Ks, IRAs and 457 plans). We lived in AZ for first 10 years of retirement and averaged 6K a year in state income taxes. In FL, none. However, our insurance costs in FL are much higher due to hurricane threat (adds to both home and car insurance); we live 1 block from the water and have federal flood insurance, too. If you live more inland, out of flood zones, obviously you will not be hit with flood insurance.
Our property taxes are a bit higher in FL than they were in AZ. Our sales tax rate in FL is lower. We spend a lot, so sales tax is a big issue with us. Again YMMV, depending on your lifestyle.
Every state and especially localities need money to operate and balance their budgets. They get it though a variety of taxes; pick a state that suits your income and financial habits. We like warm weather, hate snow or even frosts, which limits us further when looking at non-income tax states or states that do not tax pensions or give big breaks on pensions. Georgia is a good example of an income tax state that gives tax breaks on pensions if you are 65 or older.
I've been looking for a web calculator for various states. Seems like there would be one but maybe I'm not searing the right terms
Pick a state, plug in $$ for SS, $$ for xyz type of pension, $$ other monies, hit click. IDK my understanding of taxes is pretty poor so maybe this idea is too simplistic?
Trying to figure out the details state by state by weeding through state websites is like swimming through mud.
I've been looking for a web calculator for various states. Seems like there would be one but maybe I'm not searing the right terms
Pick a state, plug in $$ for SS, $$ for xyz type of pension, $$ other monies, hit click. IDK my understanding of taxes is pretty poor so maybe this idea is too simplistic?
Trying to figure out the details state by state by weeding through state websites is like swimming through mud.
The U.S. State Dept. has put together a list of cost of living calculators and other useful resources their relocating employees that they've shared on their public website.
While some of the resources are pertinent to people who'll be looking for employment, many of the resources on the list are VERY helpful for retirees planning a move too.
The U.S. State Dept. has put together a list of cost of living calculators and other useful resources their relocating employees that they've shared on their public website.
While some of the resources are pertinent to people who'll be looking for employment, many of the resources on the list are VERY helpful for retirees planning a move too.
My state has the oldest average age of residents. Tourism is a huge industry here, so realtor websites are loaded with very expensive vacation homes.
There are $1 Million homes here just as there are $20k homes.
Whenever I have looked at sites that compare COL it seems that they all too often allow the tourist economy to influence their calculations for COL.
I get a weekly email from Zillow that usually lists 2 and 3 bdrm homes in my area that are asking somewhere in the $25k to $40k price range.
We have the highest percentage of retirees living here, and there are low priced homes, yet most COL websites will present this as if all homes here are the $Million homes.
My state has the oldest average age of residents. Tourism is a huge industry here, so realtor websites are loaded with very expensive vacation homes.
There are $1 Million homes here just as there are $20k homes.
Whenever I have looked at sites that compare COL it seems that they all too often allow the tourist economy to influence their calculations for COL.
I get a weekly email from Zillow that usually lists 2 and 3 bdrm homes in my area that are asking somewhere in the $25k to $40k price range.
We have the highest percentage of retirees living here, and there are low priced homes, yet most COL websites will present this as if all homes here are the $Million homes.
One more excellent example of why state-wide averages are meaningless in so many cases, not just for cost-of-living but for crime and other statistics.
I've been looking for a web calculator for various states. Seems like there would be one but maybe I'm not searing the right terms
Pick a state, plug in $$ for SS, $$ for xyz type of pension, $$ other monies, hit click. IDK my understanding of taxes is pretty poor so maybe this idea is too simplistic?
Trying to figure out the details state by state by weeding through state websites is like swimming through mud.
The Smart Asset web site has just the calculator you are looking for.
I've been looking for a web calculator for various states. Seems like there would be one but maybe I'm not searing the right terms
Pick a state, plug in $$ for SS, $$ for xyz type of pension, $$ other monies, hit click. IDK my understanding of taxes is pretty poor so maybe this idea is too simplistic?
Trying to figure out the details state by state by weeding through state websites is like swimming through mud.
My state has the oldest average age of residents. Tourism is a huge industry here, so realtor websites are loaded with very expensive vacation homes.
There are $1 Million homes here just as there are $20k homes.
Whenever I have looked at sites that compare COL it seems that they all too often allow the tourist economy to influence their calculations for COL.
I get a weekly email from Zillow that usually lists 2 and 3 bdrm homes in my area that are asking somewhere in the $25k to $40k price range.
We have the highest percentage of retirees living here, and there are low priced homes, yet most COL websites will present this as if all homes here are the $Million homes.
Maine was one of the 3 states we thought about because it's our vacation spot. But we were thinking along the coast like a lot of the recent retirees that have settled there. Down East magazine does the retiree issue I guess annually? They mentioned that the most popular house being sold in Maine right now is the 3BR, 2 bath home being bought by retirees, just the right size for 2 people but still big enough for the kids and grandkids to visit. See many homes like that being built in the Boothbay area
They mention that prices in Portland and Cape Elizabeth have gone up a lot and Zillow reflects that. We looked further up in the Mid-Coast area. We decided to stay in NY and continue to visit Maine, vacationing in and living in a place are 2 different lifestyles and mentalities.
And not that I went off topic, the other 2 places we looked at were NC and Florida. We've had several of our siblings and friends move to Cary and the NC Coast. The in-laws are in Florida. As visitors we like all 3 states, but none enough to leave NY. Bizarrely, with NY not taxing SS and certain pensions and retirement income we won't be getting hammered outside of the $8500 annual property tax bill. That's a price we can live with to avoid the heat and humidity and to stay close to the offspring and enjoy the lifestyle we're accustomed to.
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I got a good idea, and the savings won't change my life, but they are savings.
