FINANCIALLY Speaking in which state should you retire?

[DougM]

I am fortunate enough to have a financially comfortable retirement. Lets start with that.

Last year happened to be the first year that I had to file as “single” on my federal income tax, and it meant writing a bigger check to the IRS. Couple that with the Social Security “raise” I am getting in 2019 which amounts to a net reduction of $150 per month. I can hardly wait to file my 2018 income tax so that I can realize the benefits of the recent tax reform law...

Its all putting a dent in my boat budget. Otherwise, I don’t have much to complain about.
End of rant.

 

[Meriachee]

There’s been a lot of discussion from people here on the frozen prairie about buying a largish boat and keeping it at the coast. With the costs involved, and the overhead of a barely fixed asset (it is restrained with ropes) for the pleasure of saying “I have that”, compared to the commentary here about travel, does it not make more sense to keep your existing boat, hopefully locally, and entertain a lower grade category charter company as a better alternative to a hotel?

 

[Rick486]

How true. Old habits sometimes die hard. I had the same experience. As for buy it now, once you retire you are more aware of your expiration date. Why wait for 2 more years for that new mainsail. Get it now and enjoy for the next 2 years.

I sometimes measure the cost in "nursing home days" i.e, how many days sooner will I go on medicaid when I'm in the nursing home.

My consultants, Smith & Wesson, have advised against nursing home stays and have offered a much preferable course of action.

 

[dlochner]

There’s been a lot of discussion from people here on the frozen prairie about buying a largish boat and keeping it at the coast. With the costs involved, and the overhead of a barely fixed asset (it is restrained with ropes) for the pleasure of saying “I have that”, compared to the commentary here about travel, does it not make more sense to keep your existing boat, hopefully locally, and entertain a lower grade category charter company as a better alternative to a hotel?

In this part of the frozen north, many people simply rent a condo in Florida for a month or six weeks. They give up sailing during that time but also give up shoveling snow. Not a bad option and perhaps more cost effective than moving south.

 

[dlochner]

My consultants, Smith & Wesson, have advised against nursing home stays and have offered a much preferable course of action.

My recent experiences with elder care is that by the time any one realizes more care is needed, the patient is no longer cognizant enough to exercise the S&W option.

I'm on my second trip down the dementia care road. It is not a pretty trip. In both cases there was never a period of time in which either party was aware enough to understand what was happening to their mental abilities. If there is any bright side to dementia patients in a nursing home, it is that they are not really aware of there surroundings and have no sense of time, past or present. The saddest cases were those in the SNF who were not cognitively impaired but had serious physical health issues. They knew where they were, they knew the outcome, and they were surrounded by seriously impaired individuals.