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Old 04-03-2011, 01:38 AM   #1
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Question What states are most friendly financially to retirees?

I’ve been working/living here in the Phoenix Metro area for 20 years. The land of fried eggs on the pavement and all of the jokes about “It is a Dry Heat”. I learned to adjust to the summer extremes while I was still in my late 40s and through my 50s and yep, right up to 65ish.

3 years ago, my “perfect health” and stamina took a side step to having a semi-truck make an unscheduled left turn in the freeway and try to go through the center median concrete barrier. That suddenly put a solid barrier between my big Goldwing motorcycle and making my way home.
I was in the HOV lane which is verboten territory for big trucks. The truck was in the next lane and made a 90 degree left..... The why’s of the accident I can’t reveal, it is in litigation.

Right in the middle of this, 2 years ago, my lifetime partner and mommy to our kids, looses her right leg and is medically forced to retire and went on disability. That put a huge crimp in our plans. Now she has to have wheelchair accessibility.

Here I am, at 68 and forced into retirement by not being able to do my job. I was not ready to go, but “it is what it is”.
Learn to adjust or you will never overcome it. So, I am trying.


That brings me up to the topic for the thread.

Severely reduced income is making me rethink my situation and where I want to live. I’m being advised by nearly everyone to just walk away from my home and let the bank have it. I have to down size and a lot. The litigation will provide enough to let me get a couple of smaller homes to use for winter and summer.

So, here is the question:

What is/are the most friendly (cheapest) states for retirees financially?

When we lived in Texas, I don’t recall any state income tax. Arizona loves me. But that doesn't catch it all. Other taxes can make up the difference or more.


So, it is beautiful here in the winter months, but I don’t think I can stay here anymore. Too expensive.

Opinions out there?
Oh, we thought about renting, but that is sort of ruled out by having to make things wheelchair accessible. Land lords hate it when you widen doors and build ramps.
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Old 04-03-2011, 05:54 AM   #2
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Old 04-03-2011, 08:56 AM   #3
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I lived in Ct where they have income tax, 6% sales tax and the property tax on my 1100 square foot condo is $5800 . My daughter has an 1800 square foot home four blocks from the water and pays over $9000.Would you like to buy a nice waterfront condo?
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Old 04-03-2011, 09:04 AM   #4
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Quote:
Originally Posted by AZgl1500 View Post
When we lived in Texas, I don’t recall any state income tax.
Texas has no state income tax, and no personal property tax. As a result, sales taxes are up to 8.25% (6.25% state and up to 2% local), and real property taxes are, well, judge for yourself - we pay ~$4,000/year for a 5 bedroom, 3.5 bath, 3 car garage 3,300 sq ft home in NW Harris county (northwest of Houston) - higher than some places, but lower than others, I guess. Having said that, they'll drop and then be frozen (sort of) once I turn 65 in less than 2 years. Yeah, we need to look at downsizing, too.

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Old 04-03-2011, 09:55 AM   #5
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Quote:
Originally Posted by AZgl1500 View Post
I’ve been working/living here in the Phoenix Metro area for 20 years. The land of fried eggs on the pavement and all of the jokes about “It is a Dry Heat”. I learned to adjust to the summer extremes while I was still in my late 40s and through my 50s and yep, right up to 65ish.

3 years ago, my “perfect health” and stamina took a side step to having a semi-truck make an unscheduled left turn in the freeway and try to go through the center median concrete barrier. That suddenly put a solid barrier between my big Goldwing motorcycle and making my way home.
I was in the HOV lane which is verboten territory for big trucks. The truck was in the next lane and made a 90 degree left..... The why’s of the accident I can’t reveal, it is in litigation.

Right in the middle of this, 2 years ago, my lifetime partner and mommy to our kids, looses her right leg and is medically forced to retire and went on disability. That put a huge crimp in our plans. Now she has to have wheelchair accessibility.

Here I am, at 68 and forced into retirement by not being able to do my job. I was not ready to go, but “it is what it is”.
Learn to adjust or you will never overcome it. So, I am trying.


That brings me up to the topic for the thread.

Severely reduced income is making me rethink my situation and where I want to live. I’m being advised by nearly everyone to just walk away from my home and let the bank have it. I have to down size and a lot. The litigation will provide enough to let me get a couple of smaller homes to use for winter and summer.

So, here is the question:

What is/are the most friendly (cheapest) states for retirees financially?

When we lived in Texas, I don’t recall any state income tax. Arizona loves me. But that doesn't catch it all. Other taxes can make up the difference or more.


So, it is beautiful here in the winter months, but I don’t think I can stay here anymore. Too expensive.

Opinions out there?
Oh, we thought about renting, but that is sort of ruled out by having to make things wheelchair accessible. Land lords hate it when you widen doors and build ramps.
Move to Mississippi
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Old 04-03-2011, 10:02 AM   #6
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After a divorce & retiring on a fixed income 15 yrs. ago I also felt it necessary to downsize. Moved to NJ & altho in all honesty I can say living here is not my #1 choice, I own my own home in a Sr. co-op community & pay $328/mo. including real estate taxes, maintenance, lawn care, snow removal & more.

The reduced cost of living has enabled me to pursue the RV lifestyle, enjoy dining out, take in a show (season subscriber) & even save some 'bucks' each month. All in all, a good move on my (our) part. Life is good!! jodann
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Old 04-03-2011, 10:03 AM   #7
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Here in Minnesota we have both income tax and a sales tax (6+% with local addons). Property taxes (ours went down to around $1500 for 2011) are "OK". Lovely to visit during the warm months. Up here we have 6 months of winter and 6 months of road construction. I'd look closely at South Dakota for low taxes. You could have a house in the Black Hills and one in Mesa.
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Old 04-03-2011, 10:38 AM   #8
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Florida has no state income tax and real estate is going the same way here as it is in Az. Down. Taxes are based on the value of the home. You also have to consider home owners insurance which will be higher than your taxes. You can get into a 1st floor condo in south florida for 30 to $50,000 for you an your wife. Condo fees will be around $400 a month. Electricity and water tend to be more than AZ but everything else is the same. However, that said, you have to have a reason for living wherever you live. Don't move away from family or friends just to save money. I love Florida because my daughters live here and my DW and I will never get far away from them no matter how green the grass is on the next hill. If nothing is keeping you in place I would look at some of the RV resorts around Sebring and Lake Josephine.
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Old 04-03-2011, 11:44 AM   #9
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Come to California...we need your money...income tax 9%, sales tax 9.25%, property tax based on value 2100 sq ft $3800/yr, auto license MH $1900, but no personal property tax. LOL
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Old 04-03-2011, 11:50 AM   #10
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You'll need to keep in mind that most states are suffering financial problems at this point in time and many will have to reduce services meaning what you see now as a benefit in any particular state could change as states reduce expenses. Sorry that doesn't help with your decision but it is another thing to consider.
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Old 04-03-2011, 12:06 PM   #11
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Don't move to Denmark.

Income tax based on earnings - average about 50% or slightly below. Sales tax 25% on everything - nothing is exempt. Property tax based on value but it's no joke - I can tell you that much.

Tax on cars is 180% (yes - 180%) and gas is currently $8,25 per gallon.

Tax-wise anywhere is better than Denmark.
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Old 04-03-2011, 12:07 PM   #12
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Life Would Be OK, Were it Not For All Those Curveballs...

Quote:
Originally Posted by AZgl1500 View Post
my “perfect health” and stamina took a side step to having a semi-truck make an unscheduled ... my lifetime partner and mommy to our kids, loses her right leg and is medically forced to retire and went on disability. That put a huge crimp in our plans. Now she has to have wheelchair accessibility...
I gotta tell you about a buddy who'd just gotten a thumbs-up from wife, following in Ruidoso during Bike Week on her own bike. There was a flash, Ronnie thought it was sunlight reflecting off her mirror. A pickup driver had had a coronary event, hit Sue head-on at 40mph. The paramedics let him kiss her before he put her leg into the bag with the rest of her, zip it up. That sad culmination of 24 years' of sharing, dining together, traveling ect. was a while back, he's doing better; but, of course, it will never be the same.

Anyway, having our wives alongside us trumps all else, in the big scheme; that is from one barely put to the test, I admit. A terrible ordeal for both of you, but you're together. My buddy would give anything for that.

Texas is indeed income tax free, but they whack us with 6.25% sales tax, if you buy a new rig. Many owners pursue the Montana corporation shelter; but, my atty wife refused to do that on the grounds it could endanger her law license.

I would imagine more and more rental properties are wheelchair-friendly, given landlords' increasing compliance with ADA, even in the Lone Star State.

Best wishes, hug DW for all of us!!
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Old 04-03-2011, 12:35 PM   #13
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Old 04-03-2011, 12:42 PM   #14
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Anyway, having our wives alongside us trumps all else, in the big scheme; that is from one barely put to the test, I admit. A terrible ordeal for both of you, but you're together. My buddy would give anything for that.us!!
Thank you for this post. Having lost my husband to sudden death six years ago, I couldn't agree more. I would give up everything and live in the streets if he were by my side. Life changes, for all time, in a second. You're picked up turned over and emptied out.
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