You probably know of the social issues/challenges in Malaysia since you spent some time there. Tennessee (/ t n s i / TEN-ih-SEE, locally / t n s i / TEN-iss-ee), officially the State of Tennessee, is a landlocked state in the Southeastern region of the United States.Tennessee is the 36th-largest by area and the 15th-most populous of the 50 states. Moving To Tennessee: What You Need to Know - Bellhop Whats your take on retiring in VA or NC? Also, some of these so-called low tax states have very high sales tax and property tax (and all kinds of crazy fees, etc.). Im getting out as fast as possible! The Cape Fear Region of NC is a great place to retire to. 2) I would not have large income in retirement (my current spending is low) so I can stay under the draconian tax radar by spending just $40K annually Theres been a big uptick in people wanting to relocate to California and Hawaii for a better life actually. Additionally suburban real estate is cheap ($175k-250k for a 3 bedroom 2 bath house) and cost of goods are reasonable. These can offset the lack of an income tax. ShareThis. Access to quality healthcare is a crucial consideration for retirees. North Carolina is home to several top-ranked universities, including Duke University and the University of North Carolina at Chapel Hill. Alaska comes close. Choosing between Tennessee and North Carolina for retirement depends on personal preference. The secret about the weather is the summers may be a bit nasty, but winters cruise largely between mid 50s and low 70s, which is really pleasant. As a native, we are struggling to find jobs and our roads are unbearable. Why? 8. In Port St. Lucie? South Carolina vs. Tennessee I've owned property in both states and definitely have a preference. Middle Tennessee runs around $400,000. Oh please enlighten me how an uneducated and unemployed hill billy could *get ahead* by moving to NYC/SF/Boston/Austin/Houston/LA. As mentioned earlier, Tennessee has no state income tax, which can be a significant advantage for retirees. Pingback: Living In An Expensive City Can Make You Richer, Happier, And More Diplomatic | Financial Samurai. At that time, gas was about a quarter less in Florida but not any more since NJ increased their tax rate on gasoline. Its like the government has brainwashed the middle class into paying them more tax dollars now. Additionally, they offer either exemptions or credits for pensions and/or 401(k)s. As for citiesdepending on the type of lifestyle is desiredplaces like Coeur dAlene, Asheville, Louisville, and Columbus are a few places that could be appealing to a retirees lifestyle. Finally, there is a fantasticRetirement Planning Calculatorto help you manage your financial future. People are surprised when they move to other states like Texas that the property tax rates are more than double CA and they arent capped, so if someone trades a $500k prop. Lots of poverty in southern Utah and guess who has to pay for it all? Overall, the cost of living tends to be a lot more in cities where people would like to live and be by the coasts. Please don't live in a state with high taxes and a higher amount of crime and poverty. It doesn't impose a state sales tax. Pittsburgh, better class of people, dont have to fight traffic for 2 hours to get out of town and enjoy the country. Follow along with Falcon Report as we keep you up to date with all firings, hirings, and breaking news in the NFL 1) Most of the jobs are in Portland. I've been to a large majority of the 50 States and hav spent 10 years on the East Coast before moving out West in 2001. One more year and its early retirement for me. Additionally, Tennessee has no state income tax, which can be a major advantage for retirees on a fixed income. July 28, 2023. CA history: my average CA income tax (as % of AGI) ~3%; however, sales tax where I lived was 10% [Sold the CA house, renting it would mean filing CA taxes annuallyno thanks! This sounds like one of those imaginary tales that are just created to make a point. I *believe* rentals are more productive (in terms of rental price to purchase price ratio, rather than appreciation) than on the coasts. Here in San Francisco, everybody is talking about how much money they are making from their investments. Study shows Tennessee is top destination for out-of-state retirees - WJHL Are you wondering which states are best for retirement? America is amazing because we'refree to relocate anywhere in the country that suits ourdesires. These communities offer amenities such as golf courses, fitness centers, and social activities. North Carolina is also known for its mild climate, which makes it an attractive destination for retirees looking to escape harsh winters. But then, theres the Nevada side of Lake Tahoe as well. Both Tennessee and North Carolina have excellent healthcare systems, making them popular choices for retirees. !! You asked why Oregon residents in Portland dont live in Washington. As a retiree since 2012 let me share the best states for retirement based on taxes, weather, and lifestyle. On our visit to Grand Junction last year, the locals pointed us to their best pizza joint in town. To nobody's surprise, Hawaii has the most number of millionaires per 1,000 household in the country. New Hampshire taxes only dividend and interest income, so you can hold down a side job here without it costing you in taxes. Try Virginia, its a nice place to live, but the most expensive place to own a vehicle! Id argue that the property taxes are comparable in that a 500k house in California (probably a decent Townhome) is around a 150K house in Texas. I think that may be the direction for me to go unless the internet is totally screwed up there. Sexy latinas, minimal taxes and nice weather. State Comparison Report. Hey youre retired you can endure a 5 hour drive time is your friend! Fundrise has been around since 2012 and has consistently generated steady returns, no matter what the stock market is doing. (Image credit: Getty Images) By Rocky Mengle. Stacy, please reread my original comment. But I guess if we are talking about Full retirement, then yes, it makes sense to leave NY, NJ, and California. I actually like Pittsburgh, PA as a retirement destination (I know, not a state). After 13 years working on Wall Street and getting his MBA, Sam decided to negotiate a severance package in 2012 and retire early. However, Tennessee does have a sales tax of 7%, which is one of the highest in the country. Is Tennessee Or North Carolina Better For Retirement? My method for calculating the best states for retirement are objective and intuitive. All I care about is financial well-being. If youre not set on one state, one option that many people choose is to buy a house in a state with no income tax, live there 183 days a year, and then have another house in a different state. After spending 30 years working in finance, writing about finance, and studying finance, I'm certainBuy This, Not That will help you retire sooner than later. JH sounds great, but isnt real estate there outrageous since all the mega millionaires and billionaires buy there as a tax shelter? That way, you can avoid state income taxes while not tying yourself down to one area. By the time you finish BTNT you will gain at least 100X more value than its cost. This means that your retirement savings may go a bit further in Tennessee. Along, with that the state also houses some of the best hospitals and doctors, which can help you manage your health condition and that too at an affordable rate. Im certainly looking to expand my real estate investments outside of SF. 4 in weather. Growing up in the Midwest, Id rather suffer an indoor summer over an indoor winter any day. You need to spend time in your planned future retirement area long before you actually retire. The following chart below is the median household income by state. As a CT native I just assume CT and NY are pretty expensive to live. Sam, call me crazy but I would stay in CA after retirement. I agree with Sams point that 500 sqft per person (if I remember it correctly) is enough. It repealed its tax effective January 1, 2021. NJ is kinda surprising b/c NJ has huge property taxes, and isnt perceived to be a beautiful place to live, especially with the whether. I immediately feel less stressed every time I'm there because the culture is more laid back. Here are a few factors as to why: And some states are more tax-friendly than others. Tennessee Generally, states in the Northeast and the West tend to be more. But all 50 states offer some type of property tax relief program. North Dakota. For that I like Florida and Washington. Original music by . 45. With a deep passion for seniors and a keen understanding of the unique needs and experiences of older adults, Francis has made it their mission to provide a valuable resource for seniors and their families as they navigate the journey of aging. Its getting pricey out here. Might be more of a commodity in 30 years. . I concur with you on Henderson. Id choose Washington and Nevada as my top two from that list. Top 10 Best Places To Retire In Tennessee - SmartAsset This is great if you plan on incorporating some short consulting gigs or want to live internationally for part of the year (sweaty summer for example). Did you see the Tonya Harding ESPN 30 for 30 special? North Carolina also has a range of outdoor activities, including the Blue Ridge Mountains and the Outer Banks. By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. These benefits are exempt in many states. I really like the last table you made on best states for retirees based on both low taxes and great lifestyle. Now, through the years I have done my fair share of b..ing about this states issues however after searching for a place to retire in the southwest, it not so cut and dry after all. Quite a few states that may seem undesirable on the surface have one or two trendy cities that could make a desirable home for a retiree. Good health care? Yes No. Georgia was determined the best state to retire in, ranking No. Even more relevant since you want to go more passive and a little closer to passive retirement. I moved from CA to Reno, NV ten months ago. Follow along with Falcon Report as we keep you up to date with breaking news in the NFL 4. Now we dont. Texas and Florida should be neck and neck. However, it's time to get objective for the greater good of all Americans. Yes property taxes are high but Illinois is rather tax friendly to retirees. Tax laws vary greatly state to state, but Ill use North Dakota as an example (based on information I believe to be accurate). When it comes to housing costs, both states offer a range of options, from affordable small towns to more expensive urban areas. Were currently located in Houston and like it quite a bit (as well as Austin). Boy do I know how crazy California is with taxes. Also, I work part time in sales (health care) and I would make probably 50% less if I moved to Florida, North Carolina, etc etc. Instead, I decided to work on Financial Samurai. Surprisingly, Massachusetts was listed among the top 5 best states for retirement with the No. Colorado , North Carolina, and Florida (in that order) are my dream locations. Such an intelligent person, yet you dont see through propaganda and you dont think it through or do your own research. Grand Solar Minimum is continuing mini ice age. The current volcanic activity far eclipses any human activity. Tennessee vs North Carolina: Which State is Better? Washington native. Hundreds of commenters believe they will make MORE in retirement than they will while working to justify paying taxes now! Every day, you'd love to go outside and enjoy nature. I focused on taxes, weather, and where the wealthiest people want to live. Mine now is 2000 sqft per person. Marc Santora, who . Thirteen states exempt pension income for qualified retirees as of the tax year 2021: An additional 24 states exempt or provide a credit for a portion of pension income: A few states are less kind to retirees. Three seasons no boiling summers water baches very low RE tax. You can get a lot more house for your money by living in NJ or Connecticut. Asheville. That rate continues to drop from what . Also, miles and miles of beautiful beaches, and awesome autumn colors! ", AARP. The state is known for its warm hospitality, low cost of living, and lack of state income tax. However, we had a four bathroom, four bed (two of which were suites) and a full finished basement with inground pool just 10 minutes from the Jersey Shore when we bought a beautiful new concrete block home just 10 minutes from Florida beaches. As we can see the grey states represent those with no state income tax and the lighter the purple, the less overall income tax for the top brackets. We want to retire somewhere in North Carolina or South Carolina on $3,400 a month in Social Security where should we go? Therefore, it is logical to conclude thatstates with more millionaires provide better lifestyles. Learning to treasure the simple things in life and to be happy by choice :). Buy This, Not Thatis a #1 new release and #1 best seller onAmazon. This move to NYC has definitely sped up my accumulation phase of my wealth building, but it is by no means a permanent move. Tennessee: #5 Best State to Retire in 2018 | Kiplinger Depending on the state, the cost of a comfortable retirement varies from as little as $858,000 to as much as $1.5 million. But when you can take a plane anywhere in the continental US in under six hours, telecommute from home, and FaceTime with people you care about, why wouldn't you at least give moving to a nicer place a shot? The same goes for home prices. Nevadas closest drive for me is Reno, 4.5 hours away, so Ive got to pass. Florida No income tax, low cost of living, and warm weather. Florida potentially. Following Georgia, the next best states to retire in are Florida, Tennessee, Missouri, and Massachusetts. Texas may actually win. All in all, we still plan on moving and Nevada is high on our list. North Carolina is also known for its world-class healthcare systems, including the Duke University Health System and the University of North Carolina Hospitals. South Dakota If freezing temperatures and being in the middle of the U.S. don'tbother you,in similar fashion to Wyoming, this is one of the best states for retirement. But I wouldn't count out Nevada, since Nevada also has no state income taxes. "From a financial perspective, there are a lot of things to consider." A lot of people left, including me! The state also has several geriatric centers and clinics that specialize in senior care. 3 in overall affordability and No. At least Hawaii's sales tax is only 4-4.5% and pensions are state tax-free. Ultimately, both states offer exceptional healthcare options for retirees. If they ever build high speed rail from LA to Vegas youll have that too. These include those that have no income tax, those that exempt pensions and Social Security income, and states that also have low property and sales taxes. 532 out of 678 rated this useful - Was this guide useful? After all, if you're a millionaire, you'll want to use your resources to live the best life possible. Her response was and I quote, there arent any alligators in this water! ), That is interesting Larry, I definitely didnt know that. 2) The commute to/from Vancouver to Oregon is absolute hell. Very on par. Friends and family will come to you to visit Vegas. If you dont mind the climate, I think most people would really enjoy it here. 1. Glad you like it. Nice beaches. This first-generation US citizen single empty-nester with two kids in the Army often feels living on a planet with no humans. Your financial outlook and what matters to you in a community will determine your unique fit in a retirement destination. But . ET First Published: July 8,. According to recent data, Tennessee has a slightly lower cost of living than North Carolina. From a previous post regarding our polled incomes(2,400+ votes), the vast majority of readers here are going to be taxed at the 25%-33% rate federally. Hey FS Man I miss KL too! A friend bought 3 houses there in 2012 and is probably killing it. I didn't go back to a traditional day job. I think it'll be fun to explore this great state while my baby daughter gets stronger. Im a lifelong resident too, and I cant wrap my head around how you can POSSIBLY call Illinois tax-friendly. Related: States With No State Tax Or Inheritance Tax. Median monthly rent: $953. I currently reside in Manhattan and get hit with NY state income tax and NYC residency tax. As a retiree since 2012 let me share the best states for retirement based on taxes, weather, and lifestyle. Theres a softer side to her we didnt see. 1. NH? Im sure there are other states where the same analysis proves a very different result than the generalist approach the Tax Foundation takes. They might have steep property or sales taxes. Now let's look at the states where there are the most millionaires. NJ shouldnt be surprising. Original . As someone who has visited every section of the United States (and almost every U.S. county), I can give you a thorough answer. Lived in southern Utah for 16 years. :-) Living in Vancouver is probably like living in a lot of suburbs but it doesnt offer the same things Portland does. Social security is exempt from state taxes in Georgia and up to $35,000 of most types of retirement income for those between 62 and 64, and up to $65,000 per taxpayer 65 and older ($130,000 per couple). See: The Best Places to Retire in 2022. Someone who withdraws $1.5 million per year could save 13.3% by moving from California to a state without an income tax, like Wyoming. Im not sure Id actually want to live near Vegas (summers are so hot! Knoxville, TN vs. Asheville, NC: Which is Better for Your Retirement? According to Tax-Rates.org, people living in Louisiana, Hawaii, Alabama, Delaware, the District of Columbia, and West Virginia paid the least property taxes compared to their home's value. Well. IRA conversions count as ordinary income so to obtain completely tax-free conversions, I would convert an amount equal to my deductions and exemptions (assuming I have no other ordinary income). But my city tax covers sanitation, subsidized public transportation, etc. Im thinking there arent too many retirees with retirement INCOME of over $400K. Weather is irrelevant. After out first bite we realized if they ever got a Lou Malnatis, theyd think theyd died and went to heaven. Texans Sign Vet Starting Tackle George Fant: NFL Tracker Nevada's property tax is based on a mere 35% of the fair market value of the property. Of course, taxes, weather, and where the richest people want to live arent the only factors that determine the best states to retire. Anyway, Im hearing the new Florida is Tennessee. Ive tracked my income/AGI/deductions/taxable income/taxes paid and calculated % tax to fed & state since 1989. New Jersey and Connecticut have a lot of millionaires given a lot of residents make their money from NYC. Therefore, it costs an arm and a leg to live around these metros. Brian, Financial Samurai doesnt date their articles, but this was originally published in 2015. To measure wellness, Bankrate used the Sharecare Community Well-Being Index, which factors in access to health care, access to food, physical health, and economic security. Two of the largest Southeastern cities are Nashville, TN and Charlotte, NC. As a lifelong Illinois residence, in some ways I have to agree with what you said. Property taxes in North Carolina vary by county, but they are generally higher than in Tennessee. A study by Bankrate.com ranked Georgia the best state to retire in, followed by Florida, Tennessee, Missouri, and Massachusetts. North Carolina does have a state income tax, which can be unappealing to some retirees and sets it back from a financial perspective from popular retirement states like Florida, which doesn't have tax income at all. Which States Tax Social Security Benefits? (Kinda like me.) Florida sounds good too. consider west michigan for easy access to large amounts of fresh water. The study ranked Maryland as the worst state to retire in, scoring low in the culture, weather, affordability, and crime categories. That would certainly increase your flexibility to relocate in the case of your retirement home not working out. However, North Carolina has a more extensive public transportation system, including bus and rail options in many of the larger cities. Question? 51. Proximity to the West Coast. Overall, we didnt see much difference other than the fact that we didnt have the bitter cold winters and that was what made our decision. 6) Is it deed restricted, 7) Ask to see and review the annual budget so you can physically see the monthly expenses that the HOA has and how much it will cost you out of your monthly budget. If you're over 65, you can exempt up to $35,000 of your retirement income from state taxes. Were buying in Seattle, Portland, Lake Tahoe, Reno, Vegas, Texas and Florida. They like cockroaches, trash their state and move to our state and trash that. No not overrated Florida, or a cesspool like the whole State of California, but will take Pittsburgh over many places anyday. Which States Are the Most Tax-Friendly for Retirees? Pittsburgh has a rediculuously low housing cost, and they have big city cultural venue (performance arts, great museums, universities, and a great plant conservatory)! Based on expert analysis, this is how these two states compare to the other 48. . Too cold. It could also provide a retiree with some needed liquidity; avoiding sinking so much cash into a house. But its. Seniors (I hate the term but will take the benefits) get other little perks, like half-price rides on the very expensive Long Island Railroad and half-price on NYC subways and busses. People are seriously too type-A ambitious here. Tennessee vs. North Carolina - State Comparison - IndexMundi No parking and there is no train for an alternative. Vegas gets cold at night during the winter, but the day time temps are very similar to SF. But it does allow cities and counties to levy sales taxes at an average rate of 1.76%. There's a non-stop hustle culture which I want to escape. Thirteen states exempt pension income for qualified retirees as of the tax year 2021: Alabama Alaska Florida Illinois Mississippi Nevada New Hampshire Pennsylvania South Dakota Tennessee Texas Depends how big your property tax bill is. Now if we are talking about making money and geting ahead (not retired) you are pretty much forced into the hubs. But most people won't withdraw more than a million dollars every year in retirement, so their tax brackets (and potential savings by moving to a low-tax state) are much lower. The top 10 range from $237k-471k and include (cheapest to most expensive): Oregon, Maryland, Colorado, Washington, New Jersey, Virginia, New York, California, Hawaii, and Washington D.C. Inspired by their resilience and zest for life, Francis decided to dedicate their career to uplifting and empowering the senior community. As for the roommates pretty soon. It would be nice to have no state income tax, though. The Retirement Savings Contributions Credit, Understanding Your Individual Retirement Account (IRA). It took one income to buy houses then, now its imperative to have two incomes. 2023's Best & Worst States for Military Retirees - WalletHub I live in VA now, but thinking of moving to NC. We relocated from New Jersey to South Florida in 2012. Time to move to a better state! As American states rush to curb the surging death toll from fentanyl, the supercharged opioid swirling through the US's illicit drug supply, they are increasingly reaching for laws and tactics . 89,429 Views. I second Northern Nevada too (Reno, Sparks, etc.). Doesnt seem like its worth it. I bought my property in 1998 when CA was seen as being done for by most of the national media. Given how slow Nevada was in counting the ballots during the 2020 presidential election, its extremely slow pace of life might be exactly what retirees want!
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