# Some factors to consider before retirement



## Son_of_Perdition (Jul 24, 2014)

Deciding whether to relocate or to stay rooted in your own hometown involves a host of lifestyle and cost-of-living issues that you will need to weigh carefully.
Your values -- such as family, health, and quality of life -- are the elements that you'll want to incorporate into your retirement lifestyle choices.
Cost of living is another big factor to consider when researching a retirement location -- particularly for retirees who rely on a fixed monthly income.
States with no income taxes often make up the difference with higher property and sales taxes.



7 States with no income tax:                    Alaska, Florida, Nevada, South Dakota, Texas, Washington, Wyoming 
12 States that DON'T tax SS or pension income:    Alabama, Alaska, Florida, Mississippi, Nevada, New Hampshire, Pennsylvania, South Dakota, Tennessee, Texas, Washington, Wyoming. 
States with the highest property taxes:            Pennsylvania, Vermont, Rhode Island, Maryland, Minnesota, Wisconsin, California, Connecticut, New Jersey, New York. 
States with the lowest property taxes:            Alabama, South Carolina, Nevada, New Hampshire, Tennessee, Louisanna, Texas, South Dakota, Alaska, Wyoming. 
Common Plus State Entries:                        Alaska (3), Nevada (3), South Dakota (3), Texas (3), Wyoming (3). 
*Coldest > Warmest* Temp for Plus States:            Alaska, Wyoming (tie), South Dakota (tie), Nevada, Texas. 

Looks to me like Nevada comes off smelling pretty good.  I made an earlier post about my choice to do the I-15 retirement plan and establish residence in either Montana or Nevada.  I guess I was wrong so Montana is OUT!

Other factors I looked at:  I pay no sales whatsoever in my home state, but pay $1,200 state income tax on my pension.  If I claim Nevada as my home state I will be moving into a state that has one of the highest sales tax burdens #13 on the charts.  One then has to take into account that food is not taxed in Nevada.  I have estimated that my total discrectionary expenses equal $15,000 per year excluding rent, of that I estimate I spend $12,000 on food and food related costs.  If I factor in my gain from no state income tax of which I gain $100 monthly, I will lose $33 per month from the additional sales tax for a net gain of $67.  Albeit not much but when you are plotting your budget items you try to cut corners at every turn.   It's not the $100 payments that hurt you it's the many $10 payments you never pay attention to.  

I used to obsess about work and what everyone was up too, now being retired and still OCD I have to focus on the mundane.


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## Capt Lightning (Aug 8, 2014)

As a Brit, at first it seems odd that different states have different taxes etc...  Then again, the UK is made up of 4 very different countries but at least the tax,  state pension etc. is currently the same in them all.  (It is quite possible that Scotland might get additional tax raising powers. )  The main difference  seems to be in the fringe benefits that people receive.  England lags behind the others in most of these.


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