FINANCIALLY Speaking in which state should you retire?

Discussion in 'Sails Call Lounge' started by jssailem, Dec 3, 2018. Add this thread to a FAQ

  1. Terry Cox

    Terry Cox

    Joined Dec 25, 2000
    3,731 posts, 530 likes
    Hunter Passage 42
    US Shelter Bay, WA
    It's all about your mind set state. Happiness is a function of state of mind. Worrying about money leads to unhappiness. Having a purpose to get up in the morning, doing something that gives you great joy, laughing and crying often, remaining close to family and friends, helps keep my life in balance, no matter the State I live. But I do love the PNW. Texas, no so much.:dancing:

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  2. DougM


    Joined Jul 24, 2005
    1,641 posts, 211 likes
    Beneteau 323
    US Manistee, MI
    I have property in Michigan and Virginia,
    As far as property taxes are concerned, the tax I pay on residences are vastly different. My Michigan residence is half the size of my Virginia house, the taxes on the Michigan residence are nearly double. Sales taxes are about the same except that Va charges on food and Mi doesn’t, etc.

    Owning a car in Virginia, unless its a beater, will cost dearly in terms of annual personal property tax.
    The same applies for boats at least in some counties. The cost of storage on the hard in Michigan is less, and manadatory in Michigan about 8 months out of the year.

    When it come down to the bottom line,some utilities cost more than others and some less depending on the state and the climate.

    So overall, I guess its a wash... unless you are, like me, crazy enough to own 2 places.

  3. rpludwig


    Joined May 23, 2016
    710 posts, 368 likes
    Catalina 22 #12502
    US BSC
    I'll jump in (a bit), being in the building materials distribution business my entire career...lumber isn't what it once was, no old growth available, whether you're in New England, FL or west coast, lumber is a commodities market, sharp buyers buy right, others not so much, however the sticks are the same, the price is not. I see plenty of European lumber being used (Swedish in particular), and great finger jointed stock as well.

    That being said the real issue is the building methods being utilized by the various trades. I've done business in OH, NY as well as NC & SC for many years...the type of materials, their specific applications AND construction methods drive the quality of the finished product. You will find shoddy construction and excellent construction no matter the region....and no petri dishes when done properly with today's materials and proper methods...the exception being the horrific water ingress following Florence & Michael, plenty of mold remediation going on in new, older and vintage structures.

    Keep the water out, keep your structure properly conditioned as designed and you won't have an issue. BTW, Charleston is a great market with quality construction ongoing, and building codes are in place for a reason.

    Last edited: Dec 4, 2018
  4. dlochner


    Joined Jan 11, 2014
    3,605 posts, 1,666 likes
    Sabre 362
    113 US Fair Haven, NY
    Thanks. The comment about sugar got my attention. While I understand the issues with mold and mildew and the causes, I think the sugar analogy stretches the science a bit. I'm pretty certain there is no sugar in the concrete block foundation of my house, yet I do get some mold growth.

  5. dlochner


    Joined Jan 11, 2014
    3,605 posts, 1,666 likes
    Sabre 362
    113 US Fair Haven, NY
    Yes, we're having thread drift, what else is new? :cowbell:

    My comment was about the sugar in wood being a bit of a stretch. Now that I have time to read more carefully, I find a footnote to the 2nd paragraph that was stretching things:

    Yeah, that was my point.

  6. TomY

    TomY Alden Forum Moderator

    Joined Jun 22, 2004
    1,705 posts, 1,631 likes
    Alden 38' Challenger yawl
    US Rockport Harbor
    I don't know where the sugar part comes in, but I'm a builder and we sure do have some problems with 'new' building ideas of the last several decades. It's the 10 to 20 year old buildings around the country that are just coming due for repair work. Sometimes what is just a bit of rot on the outside turns into a complete mess beneath the siding. 'New' windows start to go. When I'm asked by people what is the best window to buy, I say one that is at least 150 years old(that's not the answer they want). I've replaced many windows that I installed - new, in my lifetime.

    These windows are 150 years old in an old house I restored. I have older ones in mine.
    100% seal storm window; saves money and is quieter. .jpg

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  7. sailnoproblem


    Joined Oct 10, 2011
    500 posts, 150 likes
    Tartan 34C
    US Toms River, New Jersey
    I don't understand why no one mentions New Jersey for retirement!:biggrin:
    Shure hope you realize I am kidding!

  8. steve stark

    steve stark

    Joined May 10, 2004
    107 posts, 6 likes
    Hunter 340
    US Bremerton, WA up from Woodland
    John, to bring the thread back closer to your and my home.... we have just moved into a home we built in Southwest Washington. After 55 years in Oregon, a place I cherish dearly as one to grow up in, I just couldn't stand watching a beautiful state being torn asunder by the influx of those who would develop, exploit, take, and control. Needing to stay close to our large family in Northern Oregon, we found a great compromise in Cowlitz County. I'm waking up daily with a view off the hill of the Lewis River Valley, surrounded by a still relatively lower density of population, dealing with neighbors and a local government that value a rural, helping, and trusting way of life, and keeping 10 percent of my savings instead of sending them off to the public coffers of Oregon.
    Yes, I know that many states, including Washington, are building a great rural/urban divide into their politics, taxes, policies, etc. but, for the moment, this seems to be a great place and I'm an hour closer to my summer home on Starbright in the waters of BC and the PNW:waycool:

    jssailem likes this.
  9. Scott T-Bird

    Scott T-Bird

    Joined Oct 26, 2008
    3,903 posts, 895 likes
    Starwind 27
    US Barnegat, NJ
    Loved it! That's me … the smiling consultant!

  10. dlochner


    Joined Jan 11, 2014
    3,605 posts, 1,666 likes
    Sabre 362
    113 US Fair Haven, NY
    You have to ask? :waycool:

  11. dLj


    Joined Mar 23, 2017
    341 posts, 140 likes
    Hunter 30
    US Snug Harbor, Lake Champlain
    Just came back from Colombia where I went with friends of mine to check out retiring there. Medellin is quite a lovely location, although not ocean front. There are several towns on the coast that have excellent sailing. Excellent health care, cost of living is low, easy to retire there and the people are very nice. My friends are moving there next year or as soon as they sell their house.

    I'd also vote for Uruguay. I'll be heading there likely next year to check it out. It's a bit further away than Colombia but supposed to have some advantages over Colombia.

    If you don't mind distances, the Philippines is retirement friendly. Excellent health care, in fact one of their business focuses is the create excellent elder Care systems. Too far away for me. I have a high school buddy that retired to Thailand. He loves it there. Retired in his 50's because he could afford to live in Thailand...

    I honestly haven't found anything in the states that compares to living outside the US. But of course, family and friends can make a huge decision point for some.. I've always said I never want to be a burden to my children... I do hope they visit often though. So I'm not heading to the other side of the world...


  12. sailnoproblem


    Joined Oct 10, 2011
    500 posts, 150 likes
    Tartan 34C
    US Toms River, New Jersey
    You maybe right about upstate, My wife has family there in Syracuse. But the weather is for S#&T. You have at least 8 months of crummy weather. I will keep searching for points south.

  13. uncledom


    Joined Jun 11, 2011
    1,152 posts, 257 likes
    Hunter 41
    US Lewes
    Register yourself in DE. Get a bigger boat and follow the sun.

    Will Gilmore likes this.
  14. JetLaggedChef


    Joined Jul 9, 2018
    65 posts, 23 likes
    Catalina 25
    US Lake Monroe
    I think Parsons hit the nail on the head with his thoughts. I would add that it depends on how you've invested your retirement For example, if it's in 401K, remember that you'll be paying taxes as you withdraw the money since it wasn't taxed going in, so the income tax does matter. (The theory with a 401K pre-tax is that when you retire, your car, house, etc should be paid off so you would be withdrawing only small amounts of money for expenses which would keep that money taxed in a lower tax bracket. Also, since you wouldn't be taxed as money went in, you'd have more funds to accumulate interest on.)

  15. Benny17441


    Joined May 24, 2004
    5,747 posts, 416 likes
    CC 30
    US South Florida
    None of those mega rich examples apply to regular people. They can live wherever is cheaper for them and keep a Jet plane to take them to their yacht in the Florida Keys or the Mediterranean. Once you retire your needs and priorities will change. The big house for full time living, entertainment or appearance of prosperity to promote business may no longer be needed. A smaller place can be cozier, easier to maintain and overall cheaper with savings in insurance, property taxes, lesser utilities and perhaps free of mortgage payments . Neighborhoods change and as we age we tend to loose common interests with our current neighbors so moving to a 55+ community where you will meet like minded people might be desirable. Many of these places have amenities like a Club House, swimming pools, golf courses and enhanced security. Get the boat out of your backyard and keep at a nearby marina. If senior living is not your cup of tea you can downsize to a Condo in your downtown area. If you like to travel having a place you can easily lock up and leave without worries is a huge plus. Don't set your goals on the place to best hoard money, set your goals on what you would like to do and find a place where your finances would allow you to do it. The rest is just noise.

  16. Meriachee


    Joined Aug 1, 2011
    3,244 posts, 1,097 likes
    Catalina 270
    CA Wabamun - on the orange ball
    I hear Texas or anywhere on the southern extremes of the east gulf coast is a great place to move to. :) Not the gulf islands. That's an awful place. Rain, wind, foreign invaders. Terrible. Don't go there. Lousy beer too.. :)

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  17. LeslieTroyer


    Joined May 20, 2016
    2,577 posts, 1,197 likes
    Catalina 36 MK1
    US Everett, WA
    @Meriachee you know you stock the Blue for those southern pests.

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  18. nightowle


    Joined Aug 28, 2006
    300 posts, 53 likes
    Bavaria 35E
    US seattle

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  19. Sailm8


    Joined Feb 21, 2008
    1,605 posts, 263 likes
    Hunter 29.5
    US Punta Gorda
    Not to brag but my town has just been named to the top 100 places to retire. And we have sailing too.

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  20. Rick486


    Joined Oct 1, 2007
    1,252 posts, 325 likes
    Hunter 44DS
    US Pt. Judith
    You also have alligators...

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