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There is some good news for retirees who might want to stay in RI. There have been some recent tax changes in the last year which will encourage the senior population to stay in RI if they so desire. Although weather might be a big reason why RI'ers leaving, for a lot of us we just couldn't survive financially so we sold everything and headed south for more affordibilty in our elder years. Many of us leave our family behind and that is always the hardest part. In 2016 the RI GA approved a bill exempting state taxes on Social Security benefits if you make $80000 as a single filer and $100000 if you file as a couple. Also, as of January 1, 2017 additional pensions and income up to $15000 will also be exempt from state taxes. For many of us that are seniors this is huge. We left RI 7 years ago because the affordability of staying in RI was just not possible. Although I love where we are now, I do miss my family and friends and the idea of maybe coming back to RI is a distinct possibility now. It's sad when you live your whole life in RI and have to leave your life behind here and move to where you won't be a financial burden on your family.
My mother is in assisted living in Rhode Island. I manage her financial affairs. Every little bit helps. The $15K income exemption saves $562.50 in state income taxes for most retirees with less than $60K in income.
There is some good news for retirees who might want to stay in RI. There have been some recent tax changes in the last year which will encourage the senior population to stay in RI if they so desire. Although weather might be a big reason why RI'ers leaving, for a lot of us we just couldn't survive financially so we sold everything and headed south for more affordibilty in our elder years. Many of us leave our family behind and that is always the hardest part. In 2016 the RI GA approved a bill exempting state taxes on Social Security benefits if you make $80000 as a single filer and $100000 if you file as a couple. Also, as of January 1, 2017 additional pensions and income up to $15000 will also be exempt from state taxes. For many of us that are seniors this is huge. We left RI 7 years ago because the affordability of staying in RI was just not possible. Although I love where we are now, I do miss my family and friends and the idea of maybe coming back to RI is a distinct possibility now. It's sad when you live your whole life in RI and have to leave your life behind here and move to where you won't be a financial burden on your family.
Sorry you were forced to relocate from R.I. in retirement due to financial reasons. My husband and I were considering that also a few years back but I came realize I would miss the 4 seasons, family, friends, excellent healthcare, Caserta Pizza, etc.; all the quirky things that make up R.I. So to make retirement more financially comfortable for us it will require me to retire at 66.6 instead of 64 as I originally planned. Fortunately that is no big sacrifice as I have a great job that I love, and it's nice to hear I will get to keep a little more of my pension and social security checks. Hope you can make it happen if you want to come back.
One issue concerning retirement in RI is housing. Very few single level houses in walkable vibrant communities. What there is can be very expensive. Where I live on the East Side, there is zero availability in houses unless you like historic and multi-level (which I do, but not if I can't climb stairs).
If you don't need single level with attached garage, it will be easier to find a house. If you don't mind living out in the country or in a rural area or suburb you might find an older single level.
In town condos are available but often small, very expensive, with high property taxes, and not always with elevators. I find places built specifically for retirees in retirement communities too small (2 beds) and too isolated-- but it's a matter of personal needs and opinion.
Staying as a retiree is, sadly, still not a simple choice for many of us even though there is so much to love about living in this region. House prices in RI continue to rise as do property taxes, so returnees should first look carefully at housing situations, especially those still mobile and reasonably active.
One issue concerning retirement in RI is housing. Very few single level houses in walkable vibrant communities. What there is can be very expensive. Where I live on the East Side, there is zero availability in houses unless you like historic and multi-level (which I do, but not if I can't climb stairs).
If you don't need single level with attached garage, it will be easier to find a house. If you don't mind living out in the country or in a rural area or suburb you might find an older single level.
In town condos are available but often small, very expensive, with high property taxes, and not always with elevators. I find places built specifically for retirees in retirement communities too small (2 beds) and too isolated-- but it's a matter of personal needs and opinion.
Staying as a retiree is, sadly, still not a simple choice for many of us even though there is so much to love about living in this region. House prices in RI continue to rise as do property taxes, so returnees should first look carefully at housing situations, especially those still mobile and reasonably active.
What you say is very true, but we are fortunate enough to have a lot of equity in the current home we have. So even moving back to RI, we would only have a very small mortgage and even with the higher property taxes we could do it. We happen to live in Charleston SC now and this city has made the best place to live list for so many years that the influx of people moving here has caused property values to skyrocket here. In seven short years our house value has gone up about 30%. We are in great shape for making a huge profit when we sell. Unlike many other areas of the south, Charleston is not a cheap place to live. The sale tax is much higher here than RI and each municipality can add more taxes if needed and eating out adds an additional 10.5% tax to your bill..soon to go up to 11%. I am excited about the potential to go back to family, although I will have to sacrifice the good weather. I have learned that even the constant good weather here doesn't always mean you will be happy.
What you say is very true, but we are fortunate enough to have a lot of equity in the current home we have. So even moving back to RI, we would only have a very small mortgage and even with the higher property taxes we could do it. We happen to live in Charleston SC now and this city has made the best place to live list for so many years that the influx of people moving here has caused property values to skyrocket here. In seven short years our house value has gone up about 30%. We are in great shape for making a huge profit when we sell. Unlike many other areas of the south, Charleston is not a cheap place to live. The sale tax is much higher here than RI and each municipality can add more taxes if needed and eating out adds an additional 10.5% tax to your bill..soon to go up to 11%. I am excited about the potential to go back to family, although I will have to sacrifice the good weather. I have learned that even the constant good weather here doesn't always mean you will be happy.
Welcome home!
Yes, Charleston is not cheap nor is Savannah, but both among the more attractive southern cities- although "good weather" means mostly winter weather I assume- summer weather is a matter of endurance, especially 100+ degrees with high humidity. (I've lived in Charleston).
Out of curiosity, where in RI would you likely relocate and what would you be looking for in terms of housing in retirement?
Yes, Charleston is not cheap nor is Savannah, but both among the more attractive southern cities- although "good weather" means mostly winter weather I assume- summer weather is a matter of endurance, especially 100+ degrees with high humidity. (I've lived in Charleston).
Out of curiosity, where in RI would you likely relocate and what would you be looking for in terms of housing in retirement?
We have an Autistic adult son who lives with us so we would love a single family home with an in law with a separate entrance. He is semi independent but still needs us close by. If I could live near Wickford. I would love that, but with our specific needs we might have to choose the home over the location.
Sadly as noted- you did not mention any property tax savings for seniors- My in-laws had to move out of EP/ Riverside because they could not afford property taxes on the house my FIL built with his own hands in the 1950's.
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Hope you can make it happen if you want to come back.
