Full time timing

[FDchief]

We are in the same boat as you. I will be retiring Sept 1, 2012 but will be on the road by the middle of June. I am retiring from a FD and will receive a pension from CalPers which WILL NOT be subject to CA taxes as long as I no longer reside in the state. Therefore I will be setting up domicile in Florida to avoid personal income tax on my retirement money. I will receive a lump sum when I leave, that I will shelter in a 457 plan, therefore when I do withdrawal the funds, I will only owe Federal tax on it.

Most have given you the best advice on severing yourself from CA. I still have a house on the market which if doesn't sell will muddy the waters, but is not a deal breaker. I will get my post office box in May, and all of my DMV stuff will be handled as soon as I hit Florida. Probably October, as I will need to be there for my DL and vehicle inspections of both the motor home and the tow. I don't know about SD, but you need to have proof of insurance from Florida before registering there. Lots of hoops to jump through, but worth it. BTW I will be changing banks and setting up the account in Florida in May before I leave. Once again makes it cleaner. Good luck.

[Magic Bus]

Quote:

Originally Posted by FDchief I hit Florida. Probably October, as I will need to be there for my DL and vehicle inspections of both the motor home and the tow.

Is the vehicle inspections a requirement for bringing the vehicles in from out of state?
Florida residents have not had, or been required, to get vehicle inspections in many years.
More $$ that does not have to come out of your pocket.

[smack2020]

Thanks again for more info.

FDchief, I am also Calpers. I Will be cashing out some vacation time. Are you saying that my cash out can be put in a 457 and pulled out later(like after I leave Cali)? If so, this sounds like a good plan. Would there be a withdrawal penalty?

Also, congrats on your soon to be retirement.

To all those that escaped from Cali, how does it feel?

[FDchief]

As far as the vehicle inspections for Florida, once you are registered in the state you are not required to reinspect. Just when you register the first time from out of state.

Smack2020; yes, you can use the little utilized "catch up" plan with deferred comp which allows you to double your annual maximum contributions that you have underutilized. This comes to a total of $33000 for the last 3 years on the job. There is no penalty for withdrawing you monies at anytime as long as you are the age of 50 or greater and have separated from your government employer.