[BuffaloTransplant]

Have you considered the NY side of the VT/NY line?

[arctichomesteader]

NY is worse than VT tax wise and law wise.

[wnsbuckley]

If you are looking to retire to VT and you are looking for somewhere close to the border Swanton is the place. It is a very quaint town. The elementary and high school is second to none and it could use an experience retired teacher like you who could give so much back to the community. The community (Parents, Teachers and students) are very close as they enjoy "Family Night" this is a time spent at the school once a month for a family movie night, Math night, Science nigt, etc. It is a lot of fun for the whole community. St. Albans is only 9 miles to the south and just got the approval to build a super Wal-mart and Lowe's. They have more restaurants and businesses. Burlington is only 45 miles to the south. Montreal is 60 miles to the north. If you have not moved here yet or if you have and have more questions please do not hesitate to email me. I have lived in VT most of my life and now my wife has received a transfer to Raleigh, NC. So we are in the process of trying to sell our house and find out about school systems down there. We have to move by July. wnsbuckley@msn.com

[jenberringer]

Rob..thsnkyou for your postingd..i am in the same position..now rethinking since your posts..jen

[jenberringer]

I live on Md ..trying to find a place to retire that is either Delaware, Vt ,Ma or NH.i have incomes ftom IRas, 504 and Msryland State..and regular investments...I will not have health insurance from a retirement..thanks in advance

[68vette]

Originally Posted by jenberringer

I live on Md ..trying to find a place to retire that is either Delaware, Vt ,Ma or NH.i have incomes ftom IRas, 504 and Msryland State..and regular investments...I will not have health insurance from a retirement..thanks in advance

All I will recommend is to do your homework well in making your decision. Vermont has unfortunately moved up to the number two slot in the least tax friendly states to retire. 10 Least Tax-Friendly States for Retirees-Kiplinger
Delaware by the way is ranked number 6 in the mosr friendly states to retire. 10 Most Tax-Friendly States for Retirees-Kiplinger

[VT_born]

This original post was started back in 2008, but I'm going to reply as more than income tax needs to be looked at.

I too hope to retire in 10 years, and have been looking at NC and Florida. Originally listening to all the hype that we Vermonters pay a high tax BUT if you look at all the cost of living - car insurance, home insurance, and gradated tax rates it provides another picture.

Vermont details =
Property tax = $6,000 on a $313,000 home
Car Insurance = $1,200 for three cars - two drivers
Home Insurance = $600
Income tax rate is graduated 3.5% up to $35,000 and 6.8% on the next $50,000

Florida -
Property tax = $5,000
Car Insurance = $2,400
Home Insurance = $3,000+
Income tax = zero

NC -
Income tax is 7% on first dollar you earn

Each person needs to look at numbers for themselves. Based on my personal calculations, we'd only save $500-$1000 a year to live in Florida. This is not what I was expecting.

[68vette]

Originally Posted by VT_born

This original post was started back in 2008, but I'm going to reply as more than income tax needs to be looked at.

I too hope to retire in 10 years, and have been looking at NC and Florida. Originally listening to all the hype that we Vermonters pay a high tax BUT if you look at all the cost of living - car insurance, home insurance, and gradated tax rates it provides another picture.

Vermont details =
Property tax = $6,000 on a $313,000 home
Car Insurance = $1,200 for three cars - two drivers
Home Insurance = $600
Income tax rate is graduated 3.5% up to $35,000 and 6.8% on the next $50,000

Florida -
Property tax = $5,000
Car Insurance = $2,400
Home Insurance = $3,000+
Income tax = zero

NC -
Income tax is 7% on first dollar you earn

Each person needs to look at numbers for themselves. Based on my personal calculations, we'd only save $500-$1000 a year to live in Florida. This is not what I was expecting.

This is an old thread, but jenberringer started it over with a similar question.
If you look at only the taxes you listed, you do have a small savings, but you have to look at the whole picture (and that means the total tax implication and COL). Vermont taxes all retirement income with the exception of railroad retirement benefits and some VA benefits. Vermont allows no exclusions for pension and other retirement income (including SS). The Tax Foundation lists Vermont with the 8th highest tax burden in the Country and this includes retirees.
The other issue is the cost of living in the Northeast. Vermont has the eighth highest cost of living in the country. Most people will not get by in the lowest tax bracket (3.55%) which is $0 to 35,500. the majority will be in the next bracket up (6.80%) or higher. There are several things that need to be seriously looked at, fiscal health (yourself and the state), property taxes, income taxes, cost of living, and climate. Even if the majority of these factors worked in your favor, can you picture yourself in your 70's-80's in a cold/snowy/icy climate for nearly 6 months? Some can and some can't.

[VT_born]

The premise of the original post was about cost not the weather. I do like the cold weather and am all smiles when it's snowing.

The fact that VT taxes all income isn't relevant to my post, as FL has no tax. But it will be hard pill to swallow a $3,000 plus insurance bill for my home and triple the cost for car insurance.

The cost of food isn't a big factor for me, as eating at the FL chain restaurants for $5.00 isn't real food and shouldn't count to a lower COL. VT has a huge eat local movement, which I pay a premium for.

[68vette]

Originally Posted by VT_born

The premise of the original post was about cost not the weather. I do like the cold weather and am all smiles when it's snowing.

The fact that VT taxes all income isn't relevant to my post, as FL has no tax. But it will be hard pill to swallow a $3,000 plus insurance bill for my home and triple the cost for car insurance.

The cost of food isn't a big factor for me, as eating at the FL chain restaurants for $5.00 isn't real food and shouldn't count to a lower COL. VT has a huge eat local movement, which I pay a premium for.

Cost of food factors into COL. COL is a major factor when you retire unless you have a large retirement package. In retirement most people are on a fixed income and have to watch every penny they spend.
Vermont has a large eat local food following, but it is far from economical. Most would think that anything grown locally would be cost effective, but this is not the case unless you grow it yourself (we have a short growing season). Because of overhead, taxes, etc., the farmers pass that down to the consumer. Even in our grocery stores, the cost of produce is higher than most states, everything is shipped here and the cost of sipping is passed to the consumer. This is why the Trader Joes that is being built in South Burlington is the biggest thing to happen since sliced bread. We get an option to buy organic goods at a cheaper price year round. So unless you have a nice retirement, you will spend way more than $3000 in food costs for local organic produce. If you eat out at all, that is taxed 9% and some communities add another 1% to that.
If Vermont is were you want to retire, that's your decision. I am not here to argue the point. It is well documented in every publication that deals with retirement and COL that Vermont is in the top 10 for least friendly places to settle in retirement. I love living in Vermont in my working years, but I do not think we will be here in retirement. I have lived in several states and between VT and what I call the tax you to death state (Connecticut), these two are by far the most expensive states to live in. Unfortunately it's not getting better. Between rising school costs, a separate healthcare system from the federal healthcare plan that is going to cost the state 1.61 billion dollars and the list adds up, it's fairly clear for the average state resident to see how expensive it is to live here not just in retirement, but as an average working Joe. jenberringer asked some questions about retirement in several states and the current state that person resides in is one of the best states to retire (which was an option). I was just pointing out the facts.