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No Social Security tax in Georgia. In addition the first $35,000 per person of pension and/or IRA/401K withdrawals are tax free after age 62. That amount increases to $65,000 at age 65. With Florida's homeowner insurance being so high, we are beginning to be the Florida alternative.
This is what I find interesting about what is happening in Oregon with the property taxes (on the ballot to vote to freeze at 65). Freezing at 65 is not massively generous; but, it does stop the bleeding.
Since Oregon has Washington right next door there might be an element of competing for residents. The way the document is worded it sounds like keeping people in their home and out of the system is more the motivation (if seniors are not in their homes they may need housing provided for them as they become more and more advanced age and their expenses have overwhelmed them).
Reno has plenty of water and it won’t be a problem in my lifetime. I wouldn’t move anywhere because of low taxes. I moved to Reno 26 years ago for my career and love it here. Plus I have wonderful friends and one of my sons. Plenty of people from California have moved here which has made real estate more expensive than Sacramento and our general COL higher.
Reno has plenty of water and it won’t be a problem in my lifetime. I wouldn’t move anywhere because of low taxes. I moved to Reno 26 years ago for my career and love it here. Plus I have wonderful friends and one of my sons. Plenty of people from California have moved here which has made real estate more expensive than Sacramento and our general COL higher.
Yes, I hear you. A lot of people do relocate for retirement to make retirement possible. I could move about 25 miles and be a more tax friendly state and not give up any friends that I regularly see.
Wow about Sacramento. That's probably only going to continue for the foreseeable future.
Reno has plenty of water and it won’t be a problem in my lifetime. I wouldn’t move anywhere because of low taxes. I moved to Reno 26 years ago for my career and love it here. Plus I have wonderful friends and one of my sons. Plenty of people from California have moved here which has made real estate more expensive than Sacramento and our general COL higher.
I lived in Reno for a short time 40 years ago when I was in my mid 20s. It was a great town in a beautiful setting just under the Sierra Nevada mountains. I loved that general area including Carson City and Virginia City.
Sorry this is OT.
Yes, I hear you. A lot of people do relocate for retirement to make retirement possible. I could move about 25 miles and be a more tax friendly state and not give up any friends that I regularly see.
Wow about Sacramento. That's probably only going to continue for the foreseeable future.
When I divorced my husband 3 years ago and sold the house I knew I immediately had to buy a condo because I couldn’t afford to rent. Some people said don’t buy for at least a year after a big change and I ignored them. I got into a bidding war and paid 40k over appraisal. Within a year they were selling for 50k over what I paid. I have lived in 5 states and this is the best especially if you like a mild 4 seasons which I do.
When I divorced my husband 3 years ago and sold the house I knew I immediately had to buy a condo because I couldn’t afford to rent. Some people said don’t buy for at least a year after a big change and I ignored them. I got into a bidding war and paid 40k over appraisal. Within a year they were selling for 50k over what I paid. I have lived in 5 states and this is the best especially if you like a mild 4 seasons which I do.
I lived in Carson City the last two years of high school. I spent way more time up at Tahoe and barely saw Reno. It's been a long time. But, I am well aware of my home State of Nevada being a place that draws retirees (and the weather is definitely part of that). I already live in a temperate climate that is between 45 and 85 degrees 85% of the time. It is slightly less 4 season because winter escapes "winter conditions" many years.
I think it would be really very difficult to reestablish myself in a different locality in my late 60's. However, I can move essentially within the metropolitan area and improve my tax scenario. I would need to crunch the numbers and I know that I should only consider it if I have already decided to downsize.
I wouldn’t consider moving in my 60’s because like you mentioned it’s so hard to develop a friend network and deep friendships take years to build.
New Mexico stopped taxing social security last year.
Not entirely. If your adjusted gross income including S/S if less than $100K single ($150K joint) then S/S is not taxed. If your adjusted gross income is one dollar or more over those amounts, than all of your S/S is taxed.
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