Retirement thoughts Past Present Future

[Torvy]

Ah yes but if Florida is like Texas, they get their money from extremely high property taxes, $1000 auto registration, and many other user fees. You have to pay to drive on many urban roads in Texas.

In the end calculations, though, Texas and Florida have a much lower tax burden than New Mexico. Your state is 12th worst in the US.

Tax Burden by State in 2024

Tax Burden by State in 2024

wallethub.com

 

[Doughknob]

But that table does not take into account unearned income tax or intangibles tax……

 

[JasperFrank]

Driving through the ring road in Kansas City, on one of many cross country trips, there was a sign I will never forget. It said something to, "Driving on this road is not the responsibility of the municipality of Kansas City." And this road was seriously bad for a highway. The locals all knew where the bad spots were and doing better than the speed limit, but to the poor slobs like me, trying to get through, and not knowing about it, it was a challenge to get through with out breaking anything. So I was the idiot, going 40 miles an hour, and getting honked at.

 

[JasperFrank]

Don't die in Maryland if you don't have children or a wife. Retire and die any where else. They tack on a special tax of 10% to the estate for non-close relatives. Its only one of two states that do this.

 

[Username Taken]

Don't die in Maryland if you don't have children or a wife. Retire and die any where else. They tack on a special tax of 10% to the estate for non-close relatives. Its only one of two states that do this.

Another top tip...... Don't drive through Maryland if you have an out-of-State Concealed Carry Permit. They have License Plate Readers tied into their computer that tells them if you have one and they'll pull you over and check you out just for S's and G's.

Don't ask me how they know, but they do.

 

[Gale Hawkins]

One thing to consider about taking SS vs tapping into other savings if you are retired; assumptions made now may not be true later, as the work force reduces. IF I could retire now the first thing I would do is sign up, leaving savings and retirement fund to continue growing.

First I have a mortgage to pay off...

That sounds like a great plan. My wife is planning to work until the son finishes his Engineering degree if job and health stay good. Touching savings or retirement would be risky in our case.

 

[newbury]

Regarding places to settle following retirement, northern Wisconsin and adjacent UP of Michigan are terrible, horrid places. Nobody should move there!

And Northeast Mississippi is buggy, hot and humid!

 

[Mtsoxfan]

I was taught fiscal responsability by watching my parents. It wasn'tuntil I was in my 30's that I took action though. I live life, enjoy how I am proceeding, don't spend what I don't have (other than mortgage), save and invest wisely. I am 60 and retired. I have a small pension, waiting on SS, and spending liquid assets at a slow rate until then. All my 403B money was transfered to my retirement account and is invested in a safer investment which say earns 7%, and that will be my monthly payment when I deceid to take it. Princible lives on. Unless I want a second home...
I feel there are too many social programs that are pulling down the productivity of the nation. Yes, I do believe in unemployment, but not unlimited. 26 weeks should be plenty enough time to land a job. I also believe in a hand up, subsidizing those who are working but not making it work finacially. Hand outs do nothing more than making people lazy, if they aren't already.
Hand outs buy votes...

 

[jyoutz]

Florida rakes in a LOT of money from tourists and snowbirds.
Last I knew, property taxes were based on what you paid for your property...someone who's been there a long time pays much less in taxes than someone who owns similar house in the same neighborhood, but bought it recently. I believe there's also some sort of two-tier system where full-time residents get some sort of tax deduction.

Everywhere I’ve lived, property taxes are based on current valuations adjusted annually. The county assessor determines current value.

 

[jyoutz]

In the end calculations, though, Texas and Florida have a much lower tax burden than New Mexico. Your state is 12th worst in the US.

Tax Burden by State in 2024

Tax Burden by State in 2024

wallethub.com

Only because the state used to tax social security. That ended in January with new legislation. My son’s truck registration in Texas is almost $1000 annually, mine is about $100. Property taxes on the average home where he lives near Austin are close to $10k, mine are $3k on 20 acres with 3300 square foot house and 3000 square foot barn. My income taxes still don’t add up to the difference in property taxes.