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Old 11-11-2019, 10:53 AM   #1
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How Much to Retire

There was an interesting article in Howmuch.net which talked about how much one would need to have saved to comfortably retire in various states at the average retirement age for that state. The worst was Hawaii where folks on average retire at age 66 but they would need savings of $1.8 million to lead a comfortable lifestyle. Next was California, New York, Alaska, and Oregon all at $1.3-1.4 million needed to be saved.

At the other end of the spectrum were the cheapest states. Mississippi was the cheapest even though the average retirement age in Mississippi is 63 one would only need a little over $617,000 saved to lead a comfortable retirement. Ironic I suppose that in Mississippi one can retire three years sooner than the same person in Hawaii and live comfortably on a third of the savings. After Mississippi came Tennessee, Alabama, Oklahoma, and Arkansas.
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Old 11-11-2019, 11:19 AM   #2
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That's just a difference in the standard of living. It's not as big of a difference as it seems.
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Old 11-11-2019, 11:55 AM   #3
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Living in NY as we do, I would respectfully disagree. Our combined real estate and income taxes are pretty high. Real estate taxes alone can top $10,000 per year and with income tax rates that can top 8% it becomes much more than just a lifestyle issue. When I've looked at places to retire for clients there are certain states that jump out as being more tax and cost friendly than others. For the most part those states are in the South.
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Old 11-12-2019, 12:02 AM   #4
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Yes, that's what I mean. Median house cost in New York is about $670,000. Median house cost in Mississippi is about $130,000. That's more than a 5 fold difference. California's housing market looks like New York's. I bet California isn't a cheap place to retire. Alabama's housing market looks just like Mississippi's. I bet that's also a cheap place to retire.


The flip side of that is that you're not going to find a job earning you a million a year in Mississippi, but there's a few of those up in New York, or over in California. Places that cost more to live have higher average incomes than those that are cheaper to live. That's practically a necessity. Otherwise, the economy would fall apart.



You're a tax guy, of some sort. I'm sure you've noticed differences in cost of living between different areas of the US before. Figuring out how much someone needs to retire is just calculating the cost of living for that person over however long they are likely to live. If one can live comfortably on $10,000 a year, and they'll likely die in the next 10 years, they need $100,000 to retire. If they need $100,000 a year to live comfortably, they'll need $1,000,000 to retire. (Yes, I know that's incredibly simplified, and doesn't even take investments into account at all, but you know what I'm saying.) Places with a lower cost of living should result in lower retirement savings required. Higher cost of living translates into higher retirement savings required. Higher cost of living also translates into higher pay, so it's easier to save the same dollar amount as compared to lower cost of living areas.
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Old 11-12-2019, 04:10 AM   #5
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I moved to TN in 2006.....looks like I avoided the rush. I'll be retiring at the end of April next year.
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Old 11-12-2019, 04:41 AM   #6
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being retired, i have found you really cannot rely on what other's tell you is enough to retire........true, it costs more to live some places than others, but to come up with a number is up to each individual, and what that individual does in retirement that will dictate how much you need.......since we are on an rv forum, i can attest that if you choose this lifestyle, it is gonna cost you a decent about for repairs and maintenance to your "home on wheels"...........some years you might spend the cost of just routine maintenance, then there will be years where you need stuff like tires, repairs, etc that can run you in the thousands, tens of thousands ...............can you live a nice lifestyle on 50 grand per year, some do, some would say no..........can you live a nice lifestyle on 150 grand per year, some say yes, some say no..........it all depends on the individual.......and never forget, retired folks have lots of time on their hands to go out daily and spend $.................just my opinion............
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Old 11-12-2019, 05:24 AM   #7
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We moved from Southern California in 2004, Our Property tax that year in Ca. was 18,500 (goes up 2% a year no matter what) and Our Property insurance was $5,000 a year.... Auto Tags are based at 2% of the value of the vehicle when purchased and then, on a sliding scale



We now live in Tennessee (retired) on 25 acres a 5000sq ft house, barn and RV garage... our taxes just went to $4200 a year... Our Prp insurance dropped to less than 2000 and each care registration is $50.00 each year including wheel tax! That was a Major savings for us... not to mention, we paid cash for everything after selling our home in Ca.



The real issue is all the "millenniums" today have no retirement savings, spend their paychecks before they get them and expect everyone else to pay for their debt... ti's going to look pretty bad in the next 10 to 15 years when these folks wake up.... My bet is the average account these kids have is in the negative... Sad! Then they look at the Socialist Democrats to pull them out of ppverty.... even sadder!


If you have a link to that article you mentioned would you please post it.
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Old 11-12-2019, 06:44 AM   #8
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Can you post a link to the article.



I was lucky and moved to TN from Wis for a job when I graduated college, that was almost 40 years ago. I actually retired at 54, I kept crunching the numbers as to what I needed in savings to retire. We have been relatively frugal, which is a big plus when you are looking at long term cost of living in retirement. I ultimately pulled the trigger but am always monitoring investments, costs, etc.

I also read lots of articles on retirement and take all of the with a grain of salt but in this case I think the overall findings are right based on our current cost of retirement in TN. No income tax, property tax is low, vehicle registrations is $75/year, insurance seems to be low based on what I read.

So it depends on what people what to tolerate for living, what are you satisfied with. I am completely satisfied where I'm living. Doubt I'd move even if I did have much more money.
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Old 11-12-2019, 06:55 AM   #9
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I retired last June at the age of 66 debt free.

New steel roof on house will outlast me. All of the major house appliances were replaced.

Both vehicles have just over 100,000 miles on them. Kids will take our licenses away before the vehicles wear out.

Pension and Social Security is more than enough to provide a comfortable lifestyle for us. Untapped 401K and HSA are held in reserve.

I don't need the same income as I did to feed four with house mortage and car loans.
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Old 11-12-2019, 07:16 AM   #10
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In NY State, median home price is 306,000 (Zillow). We live in Saratoga County where the median price home is $268K and our town is $300K which is right near the state median. Our county is kind of an anomoly as we have no town taxes, only state, county and school. For us, the state tax is a moving target but the <$4K combined school and county taxes are hard to dislike, especially after comparing them to other states that may be lower in tose categories mentioned but nickle and dime you elsewhere - we looked and did a comparison.

You also need to add in the equation, health care. We were seriously looking outside of Roanoke, VA. If you want medical care, you, at the time had one choice. It may have changed, but we lost interest when we could buy less home for more dollars plus be highly taxed on our vehicles

Then there is the Upstate NY weather = 28F, drifting down to the single digets tonight and snowing as I write this. The leaves from the 13 huge oaks in our back yard just fell this week and I am now waiting a thaw

What I guess I'm saying is while NY State can be expensive in some areas, the entire state isn't all bad. Do your homework well. These magazine article for sure are not all inclusive of costs 'somewhere else', including the costs of just getting there and establishing a new home
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Old 11-12-2019, 07:33 AM   #11
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Quote:
Originally Posted by davidki View Post
We moved from Southern California in 2004, Our Property tax that year in Ca. was 18,500 (goes up 2% a year no matter what) and Our Property insurance was $5,000 a year.... Auto Tags are based at 2% of the value of the vehicle when purchased and then, on a sliding scale



We now live in Tennessee (retired) on 25 acres a 5000sq ft house, barn and RV garage... our taxes just went to $4200 a year... Our Prp insurance dropped to less than 2000 and each care registration is $50.00 each year including wheel tax! That was a Major savings for us... not to mention, we paid cash for everything after selling our home in Ca.
Living in TN and CA, CA has proposition 13 that was passed in the '70's to keep property taxes in check.

Our home in CA has now equaled our home taxes in TN and the CA house is 5 times the value (just paid city and county on both). We've owned the CA since '96 and the TN house since '89.

Safe travels,
Mark
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Old 11-12-2019, 07:36 AM   #12
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How Much to Retire

I think the ideal is someone on the east or west coast with high cost of living and higher wages, Retiring with a pension ( remember those) or large 401k based on that high wage . Then moving to the Midwest / south were the housing costs and food etc are tiny in comparison.
I think the issue becomes when someone retires from one of those low cost states with the commensurate low wages and wants to move .. good luck.
As far as the full time RVer who isn’t property bound .. It all depends on your retirement spending and that’s all over the place. Some love sitting and reading all day and walks/hikes and never eating out. Others are on the go driving to museums $ events and dining out. Same rig and same locations but totally different costs
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Old 11-12-2019, 07:39 AM   #13
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Useful Retirement info Forum

I think you can find this site informative. City-Data.com Forum: Relocation, Moving, General and Local City Discussions There's also pictures & other general info.

Lots of input from natives, you can drill down to get info on specific counties or towns. Course the info is worth what you're paying. But certainly you can get opinions to provide some guidance & ask questions.

As far as housing prices & taxes go, most every taxing jurisdiction has actual info if you insert the city/county/state GIS, e.g., Rock Hill, York County, SC GIS.

I'm reminded of the IBM decision to move to NC. Median home price in Charlotte was $62K (1980s). Realtors went to White Plains to see what the market was like. Came back to Charlotte, within 6 mos. the median price was $92K vs the normal 3-4% annual increase.

Those IBMers who moved south wound up buying the high end of the market (& still had money left over) or building in the new high-end neighborhoods that popped up as a result of observant developers.

For my 2¢, SC (York or Lancaster County) has positive attributes. 2.5 hours to the mountains (if you want skiing), 3.5 hours to the beach, lots of micro-breweries, wineries (French/native varietals) within an hour, lower taxes than Charlotte, ready access to college & pro sports + museums & the arts.

I would say "Y'all come," 'cept it's only gonna make traffic worse.
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Old 11-12-2019, 07:41 AM   #14
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My wife and I haven't exactly been Dave Ramsey stalwarts. We've probably done more wrong than right but we've done enough right to be able to retire next year. My wife retired at 51 several years ago and I'll be 56 next year and plan to retire.
Our plan was something like this;
Have a couple of modest rental homes paid for.
Invest 10-12% in TSP (index funds)
Have gov't pension with health care.
Beyond that we made a few mistakes that I won't mention.
We are following some FT'ing couples on youtube and 45k seems to be about the sweetspot for couples that have the MH paid for. We don't have a paid for MH but should have more than 45k annual income.
We keep waffling between buying a dream house and selling S&B and just having a MH.

My gut feeling is we'll keep a S&B and FT and see if we love it. We certainly will like it and love the time visiting family and having the g-kids with us.
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