FINANCIALLY Speaking in which state should you retire?

Kermit

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Jul 31, 2010
5,657
AquaCat 12.5 17342 Wateree Lake, SC
Be careful Rich... Kermie has a damaged wing. It now sounds like it happened in South Carolina. Take care not to get sucked into the damaged wing vortex. That may be how South Carolina gets their recruits. They get you there with their sweet talk and smiles then keep you there like Kathy Bates did to James Caan in the movie Misery.
Oh snap! Where’s the Really Don’t Like button when you need it?
 
Oct 22, 2014
20,995
CAL 35 Cruiser #21 moored EVERETT WA
Not liking something only encourages the possibility that conjecture is true....
 
Oct 22, 2014
20,995
CAL 35 Cruiser #21 moored EVERETT WA
I think you can like something then Unlike it... Will that do it?
 
Jun 8, 2004
2,841
Catalina 320 Dana Point
I'd paid off the mortgage on the house in the mountains but income tax liability went from 10% to 17% without the interest deduction so I bought a beach house. I ain't rich and I hope my last dime falls from my hand as I pass.
BTW I wore a short sleeve blue shirt with name tag for 30 years, as a wise friend told me "It's not about how much you make but how much you keep."
 
Feb 26, 2004
22,760
Catalina 34 224 Maple Bay, BC, Canada
I also didn't see anyone talking about health care.
Then VOTE for your representatives who DON'T bloody well tell you that their ONLY plan is to take it away from you.

How can anyone do that?

Health care should be a right. Not a privilege.

Please, help me understand that level of stupidity that would deny that right?
 
May 23, 2016
1,024
Catalina 22 #12502 BSC
NC (or SC), just do your research....left NY State with no regrets, and don't miss the weather, attitudes, traffic, taxes, housing, utilities, taxes, taxes (did I mention taxes?!) Our property tax in NC per year is what we paid PER MONTH in NYS (on the same size home, same great neighborhood, etc.)....added plus, your vote counts here, unlike NYS (regardless of which side of the aisle you sit). Great sailing areas, leave your snow shovel/blower behind and keep your boat in the slip 365...and still enjoy the 4 seasons here, in the mountains, on the beaches, on the golf course, or on the water...or all the above within eze driving distance!

(yes, we have hurricanes, don't move into a flood zone, and pay your reasonable wind/hail insurance.)
 
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Oct 1, 2007
1,857
Boston Whaler Super Sport Pt. Judith
Then VOTE for your representatives who DON'T bloody well tell you that their ONLY plan is to take it away from you.

How can anyone do that?

Health care should be a right. Not a privilege.

Please, help me understand that level of stupidity that would deny that right?
Wow! You are really angry. What did I say to bring on such a rage?
 
Jan 11, 2014
11,323
Sabre 362 113 Fair Haven, NY
Wow! You are really angry. What did I say to bring on such a rage?
Well, your comment about healthcare can be interpreted in a couple of ways. What I think you meant was having physical access to decent healthcare by not living too far away from good facilities.

I think Stu interpreted it as having access to health care due to cost and the continued threats by one political party to eliminate or reduce benefits from the ACA and Medicare. That interpretation will stimulate powerful responses. Had I interpreted your comments in this light, I too might have responded the way Stu did.

While we're on the health care topic, nursing homes and paying for them should be considered. What benefits do different states offer for skilled nursing care? What quality care does the state medicaid benefit provide once the individual has run out of money? We're in to year 5 of paying for skilled nursing facilities. It ain't cheap! And care in an assisted living/memory care facility is only slightly less expensive.
 
Nov 6, 2006
9,885
Hunter 34 Mandeville Louisiana
Louisiana, for all the negative press, is fairly retirement friendly.. The North Shore of Lake Pontchartrain is inexpensive (away from the lake shore) and close to medical services.. only a hop/skip to New Orleans where there is good food and air travel.. The Oriental NC area is very nice too, having sailed there with friends a few times.. Hoping Kermie's wing gets better soon, but Louisiana is not a good place for a big frog.. someone will invite him home for supper!
 
Oct 22, 2014
20,995
CAL 35 Cruiser #21 moored EVERETT WA
I feel your pain Dave. My siblings and I took care of both my parents until they passed for about 2plus years. Both wanted to live in their home until the end. We made it happen by the grace of a couple of individuals whom I can only describe as angels. They provided live in care for our 24/7 need. I or one of my sisters would come in 2 days a week. We were very lucky. And still it took a toll on money, family relationships, jobs. It is just one of the parts of life no one talks about or prepares you for, The live in parent.

The Eskimo way is sometimes an interesting thing to contemplate. When grandma can no longer contribute to the family she leaves her warm coat of furs in the igloo and goes out onto the ice flow to return to nature. Sounds cruel.

I like our way better. I got some memories of the experience that now I would not trade for anything.
 

SFS

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Aug 18, 2015
2,066
Currently Boatless Okinawa
We are phrasing the question a little differently: what country should we retire to? (We wish Canada was not so cold.)

Ecuador was very nice, very inexpensive and with good quality inexpensive health care. There are a few hoops to jump through to become a permanent resident, but nothing unreasonable or arbitrary. We will be looking at some areas in Europe next summer, places with low costs of living and nice coastlines.
 
Jul 12, 2011
1,165
Leopard 40 Jupiter, Florida
I've thought about this for a while, and without making specific suggestions, here are some considerations:
  • After you stop working / running a business, state income tax will not have the same impact as it once did, and property taxes may be your larger concern. US Federal tax will not change.
  • A non-income tax state (ex. Florida) costs as much to run as a taxed state (ex. Georgia), so state government gets its squeeze somehow.
  • Medicare only pays for health coverage to US companies, which is sometimes a surprise to expat retirees. On the other hand, medical expenses are a fraction of the US costs in the rest of the world, and often at a similar quality level. A few calls to doctors and pharmacies in prospective countries should be made.
  • There is much more to retirement happiness than money or healthcare - Social groups, similar interests, activities, family, etc.
My "example against" was that I've seen family members feel isolated as they moved to a low-cost rural setting, where no one wanted to visit (hours from nearest airport or attraction), and they had no common bond to the farming community. The extra thousand a year in tax savings were nothing compared to their travel costs to see people that they felt comfortable with.
 
Oct 19, 2017
7,733
O'Day 19 Littleton, NH
I can't really offer you much JS. I know my parents, who have some money, chose to move to NH from FL. NH has no state income tax, but they tax capital gains and corporate income. There are incentives to attract business and wealth because, power capita, there are a lot of wealthy companies and retiries here. NH has no sales tax except rooms and meals aimed at tourists. Property tax is controlled by the town, some are high some almost nonexistent. The state controls liquor sales so it is cheap and Massachusetts is a huge source of revenue for the state because of it.
We're have about 12 miles of coast, but it sells at a premium. There are places where large tracks of land can be had for cheap and places where a condo is expensive. I don't know what mooring or dock rates are, bur Maine is just down the road and that is a great place to keep a boat.
I also loved Puerto Rico. I think prices there are low and suspect retirement benefits are good. I'm considering all my options for where to retire. I'm mostly interested in living with beauty. I'll let the rest take care of itself and do what I gotta do to live with her.

-Will (Dragonfly)
 
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Oct 22, 2014
20,995
CAL 35 Cruiser #21 moored EVERETT WA
@Parsons you are correct. It is a complicated issue. I’ve seen friends decide they wanted to live near grand children down size there lives only to get newly setttled and the grandkids parents get a new job in a new location. There are many considerations to this phase of living.

@SFS. I understand Belize has the welcome mat open to retiring individuals. Takes a process to enter the country, but they relax the tax laws to enter the country (no tarrifs on qualified retiring individuals or there belongings) Still there are rules to live in a foreign country. You have to register as a legal alien and maintain a long term visa or get kicked out.
 
Jan 11, 2014
11,323
Sabre 362 113 Fair Haven, NY
A non-income tax state (ex. Florida) costs as much to run as a taxed state (ex. Georgia), so state government gets its squeeze somehow.
And some governments are simply more expensive to run. This is an issue in northern states. Because of the weather we have increased costs for snow removal and road repair. Our cities tend to be older and the infrastructure is getting old and deteriorating. Syracuse's water and sewer systems are about 100 years old and they are failing. Last I heard, Syracuse had 400-500 water main breaks a year. Costs money to repair them.

In younger cities that are still developing the newer buildings are subsidizing the repairs and maintenance on the older parts of the cities. Once the growth slows or stops, they will face the same issues older cities and areas face.

Another factor to consider are the services provided by the municipality. Town A may have lower taxes than Town B. However Town B may provide garbage service, have more parks and recreational opportunities, a better library, etc. etc.

Relocating in retirement is a complex issue.
 
Jan 5, 2017
2,263
Beneteau First 38 Lyall Harbour Saturna Island
We're in to year 5 of paying for skilled nursing facilities. It ain't cheap! And care in an assisted living/memory care facility is only slightly less expensive.
About year 10 here. No cost. Bev got a new heart valve a couple of years ago. Major cost was parking the truck while visiting ($4/day) otherwise it's just taxes at work. Mind you we pay a higher tax rate but the bill doesn't bite you all at once.
 
Jan 11, 2014
11,323
Sabre 362 113 Fair Haven, NY
Due to high sugar content of building materials, just 2 weeks without AC and the house is a mold petri dish, costing 10's of thousands of remediation.
Can you tell us more about this. Sugar content, diabetic houses?