Retirement thoughts Past Present Future

[Hay Dude]

I know it varies by location. But my point was that the states that don’t have income taxes get their revenues in other ways. Since one of my sons lives near Austin, I am familiar with all of the local taxes and fees they have there. I was shocked by the $1000 auto registration, high local sales taxes, and of course the property taxes. I’m also surprised at all of the fee highways they have in the urban areas in Texas. Yes, they have no income tax, but they still rake in the revenue from residents and non-residents.

But thats mostly isolated to Austin and other metro areas.
I would bet the average Texan is taxed less than that.

 

[lman]

I’m happy with my annual $100 auto registration and $3000 property taxes and my income tax isn’t that high because we have a lot of deductions on state taxes. We still get to claim many of the deductions that we can no longer for federal taxes after the 2018 congressional tax bill.

How many vehicles are registered for $100?

 

[drssg]

The social security question isn’t so simple. For example, if someone takes social security at age 62 and gets $20k per year or waits until age 67 and gets $30k per year. The person who started at 62 has already received $100k by age 67. The person who waited until 67 must wait until age 77 to break even with the payments that have been received by the early retiree. Not exact numbers of course, but the concept is the same. Nobody should be lured by higher payments for delaying retirement until they check on their own SS status and their “break even” age.

And another factor in the "break even" age is to account for the return on investments. By receiving the $100k in SS between 62 and 67, that's $100k that can remain in your investment portfolio and generate additional returns. After accounting for this return, my break-even age worked out to 86.

 

[Fuddy1952]

Here are my 2c retirement thoughts:
I never considered SS or factored that into what it costs being retired.
I never factored in the value of anything I own, home, property, cars, etc. as being worth anything. They're not liquid assets.
I don't want to owe anyone anything. Be debt-free.
Pencil & paper write down groceries, utilities, insurance, taxes, etc. Everything you can think of. Clothes, water heater, pet food, veterinarian bills, restaurants, travel. Add to that major expenses needed periodically, a roof, car or truck, renovations, etc.
Double that figure. There will be inflation!
Now you're in the ballpark.
My Mom lives at home and caregivers 24/7 alone cost over $100K/yr.

 

[JasperFrank]

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.

I've had that happen, when I wasn't carrying anything. Though I had a Conceal Carry Permit at the time from Oregon. And they were very upset that they didn't find any thing. They just WANTED to figure out some way to write me a fine/ticket. Which ultimately they could not do. To me it was amusing to see the frustration. I will never live in Maryland again. I will never drive through Maryland again. And I grew up in Annapolis.

 

[jyoutz]

How many vehicles are registered for $100?

Most vehicles are about $100. A new vehicle is close to $175, but the price goes down quickly as they age. I have an old 2008 Jeep that only costs $40 for annual vehicle license. My 3/4 ton truck is about $100 and our 2017 Subaru is about $80.

 

[jyoutz]

But thats mostly isolated to Austin and other metro areas.
I would bet the average Texan is taxed less than that.

From what I’ve heard, property taxes are high everywhere in Texas. Besides it’s my duty to keep up the time honored tradition of NM and TX good natured insults.

 

[jyoutz]

In Oregon, taxable property value is based on the 1993 assessment plus 3% a year maximum tax increase. True market value is appraised separately, and is much higher than the taxable value. New construction is taxed on the value at time of construction, which works out OK. A 40 or 50 year old house is a money sink as repair bills mount up.

In my state, taxable valuation is indeed lower than market value, but the taxable valuation does increase annually. It isn’t locked in based on the year of purchase.

 

[txdon]

I know it varies by location. But my point was that the states that don’t have income taxes get their revenues in other ways. Since one of my sons lives near Austin, I am familiar with all of the local taxes and fees they have there. I was shocked by the $1000 auto registration, high local sales taxes, and of course the property taxes. I’m also surprised at all of the fee highways they have in the urban areas in Texas. Yes, they have no income tax, but they still rake in the revenue from residents and non-residents.

10K taxes for property tax sounds about right near Austin, probably 1/2 mil $ home, and only homestead exemption. However $1000 auto registration is not the fee for a regular individual's auto or truck. Mine have always been less than $100. What type of vehicle does he have?
The tollways in the urban areas run parallel to busy roads and used to bypass the slow city traffic. (Example SH 130 toll road Austin) They are well worth it. The toll roads are only near the big cities. If you know of one that is not please state which one. Iv'e been on most toll roads in and near Austin.

 

[jyoutz]

10K taxes for property tax sounds about right near Austin, probably 1/2 mil $ home, and only homestead exemption. However $1000 auto registration is not the fee for a regular individuals auto or truck. Mine have always been less than $100. What type of vehicle does he have?

Just a late model F150. He just bought it. Maybe it included additional taxes besides registration?