Son_of_Perdition
Senior Member
Deciding whether to relocate or to stay rooted in your own hometown involves a host of lifestyle and cost-of-living issues that you will need to weigh carefully.
Your values -- such as family, health, and quality of life -- are the elements that you'll want to incorporate into your retirement lifestyle choices.
Cost of living is another big factor to consider when researching a retirement location -- particularly for retirees who rely on a fixed monthly income.
States with no income taxes often make up the difference with higher property and sales taxes.
Looks to me like Nevada comes off smelling pretty good. I made an earlier post about my choice to do the I-15 retirement plan and establish residence in either Montana or Nevada. I guess I was wrong so Montana is OUT!
Other factors I looked at: I pay no sales whatsoever in my home state, but pay $1,200 state income tax on my pension. If I claim Nevada as my home state I will be moving into a state that has one of the highest sales tax burdens #13 on the charts. One then has to take into account that food is not taxed in Nevada. I have estimated that my total discrectionary expenses equal $15,000 per year excluding rent, of that I estimate I spend $12,000 on food and food related costs. If I factor in my gain from no state income tax of which I gain $100 monthly, I will lose $33 per month from the additional sales tax for a net gain of $67. Albeit not much but when you are plotting your budget items you try to cut corners at every turn. It's not the $100 payments that hurt you it's the many $10 payments you never pay attention to.
I used to obsess about work and what everyone was up too, now being retired and still OCD I have to focus on the mundane.
Your values -- such as family, health, and quality of life -- are the elements that you'll want to incorporate into your retirement lifestyle choices.
Cost of living is another big factor to consider when researching a retirement location -- particularly for retirees who rely on a fixed monthly income.
States with no income taxes often make up the difference with higher property and sales taxes.
- 7 States with no income tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington, Wyoming
- 12 States that DON'T tax SS or pension income: Alabama, Alaska, Florida, Mississippi, Nevada, New Hampshire, Pennsylvania, South Dakota, Tennessee, Texas, Washington, Wyoming.
- States with the highest property taxes: Pennsylvania, Vermont, Rhode Island, Maryland, Minnesota, Wisconsin, California, Connecticut, New Jersey, New York.
- States with the lowest property taxes: Alabama, South Carolina, Nevada, New Hampshire, Tennessee, Louisanna, Texas, South Dakota, Alaska, Wyoming.
- Common Plus State Entries: Alaska (3), Nevada (3), South Dakota (3), Texas (3), Wyoming (3).
- Coldest > Warmest Temp for Plus States: Alaska, Wyoming (tie), South Dakota (tie), Nevada, Texas.
Looks to me like Nevada comes off smelling pretty good. I made an earlier post about my choice to do the I-15 retirement plan and establish residence in either Montana or Nevada. I guess I was wrong so Montana is OUT!
Other factors I looked at: I pay no sales whatsoever in my home state, but pay $1,200 state income tax on my pension. If I claim Nevada as my home state I will be moving into a state that has one of the highest sales tax burdens #13 on the charts. One then has to take into account that food is not taxed in Nevada. I have estimated that my total discrectionary expenses equal $15,000 per year excluding rent, of that I estimate I spend $12,000 on food and food related costs. If I factor in my gain from no state income tax of which I gain $100 monthly, I will lose $33 per month from the additional sales tax for a net gain of $67. Albeit not much but when you are plotting your budget items you try to cut corners at every turn. It's not the $100 payments that hurt you it's the many $10 payments you never pay attention to.
I used to obsess about work and what everyone was up too, now being retired and still OCD I have to focus on the mundane.
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