Posted on 10/11/2023 5:34:31 PM PDT by Libloather
I cannot imagine retiring to Oklahoma, Alabama, Kansas or Iowa.
Why is that, if I may ask?
I assume those are pre-tax dollars on the map.
Me:
property taxes - $1200/year (going to $0)
home repair - $2000/year on average (about $20,000 in next 12 months)
Medicare - $165/month
no Medicare supplemental
no car
bus - $30/month (going to $50/month)
dental - expensive stuff will be done in Mexico
electricity - $50/month on average (includes heat & AC)
lawn mowing - $120/month eventually
food - $200/month
phone & 10GB Internet - $30/month (going to $0 via Obamaphone come early 2024)
Internet hotspot - free from library
It’s frustrating to pay into retirement plans to the point of constraining current finances, and all the while, watch the balances of our 401k, 403b and 457 plans simply hover in place with this economic-illiterate, if not cognitively impaired octogenarian at the helm.
Biden aside, I’m putting money into post-tax Roth accounts and anything that can be used to minimize taxes during retirement; I’m about 13 years out from my target retirement.
The last thing I intend to be doing is taking out $5K for a nice vacation and have to pay 25% tax, or worse, on additional withdrawals that bump you into the next bracket.
I realize fully the cyclical nature of markets over time, but still. When you are working hard to save and you don’t see the growth over a period of years... Stay the course!
It’s only when the tide goes out that you know who’s been swimming naked - Warren Buffett
I retired in 1986 at age 53...
Applied for Social Security at 70 to supplement my pension...
Now, at 90 (this Nov), my principal DIS-comfort is wife & I living behind enemy lines in communist-controlled Maryland...
IAC, this is where all the children, grandchildren, and great grandchildren live, so it is worth it to remain here...
Make sure you own a mortgage-free house come age 65.
Try also to have at least $30,000 in retirement savings.
You can generally get by on Social Security then except if you live near NYC in property tax hell or in a high-value/high-tax waterfront property.
Thank you. I’m often glad to be living in a “forgotten” state.
It used to irk me, but now I kind of enjoy being thought of as backward. I’m anything but. Helps me see the weaknesses of others.
High to me as well...
I was just happy leaving California
and my savings account keeps growing.
Not by much but I’m on the right side.
Alabama is beautiful. If I weren’t already retired and if it weren’t so far away from my kids, I would definitely consider moving there. Several well-educated conservative friends have moved there and are extremely happy.
Based on what we’re seeing in our part of Central Texas, I would say the $60,353 state average is a bit low for us, particularly with what’s happening with real estate/housing costs. It could be as much as 10% more.
Note I live in Florida and do not have property insurance.
I don’t fry food, smoke or light my fireplace.
If the worst happens, I’d sell the lot and move to somewhere out-of-fashion.
Ok, maybe I am backwards. I didn’t care enough to try to click on the map.
I lived there for thirty years. PR and I both had good jobs and were pulling down a combined income of a solid six figures while living on my boat in the Ala Wai. We had it pretty good. Not like most people there. I'll refrain from listing all the negatives. It is a nice place to visit though.
In 2007 I retired, PR quit and we sailed away. Now moored in Alaska. Better in so many ways.
No matter how good the weather is...
I moved back home to Texas from California. I could never have retired on the left coast!
Those numbers are way out of whack. I live on a waterfront lot with ocean access, have my own dock, a nice offshore boat, and live very comfortably on much less than what is stated here.
Of course, not everyone aspires to live as I do...in a van, down by the river.
That’s about right. The panhandle of Florida and coastal Alabama are nearly the same.
The Republican controlled Iowa House, Senate and governor just signed into law no state income tax on retirement income. So I got that goin for me. Which is nice.
Me too!
I agree, a scare article. I live in Kansas (suburb of KC), have no debt (except CareCredit that I pay monthly with no interest for my dogs and dental), saved before retirement, Home paid off, car paid off, and am good to go. But, I don’t travel anymore and basically just hang out at home with my two pups so I don’t need a lot of money. Never been as relaxed, with absolutely no stress!
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