If you could pick one state to retire in

[hunts_with_stick]

I live in western pa. Don’t think I want to stay here when I retire. We own some land on Ohio that I really enjoy. I love the west, but it is so dang pricey (ut, wy, mt). It’s probably going to depend on where my boys live when they start working.

 

[swat1018]

I retired last week. Main home in Indiana, but have had a place in Florida for over 23 years. Weighing whether to leave Indiana residency or change to Florida. I will spend about 6 months in each. I have a higher value property in Indiana than Florida, so I hate to lose the homestead property tax exemption, but FL has no income tax. Going to leave things as is for a year and see how much state income tax costs me, I know how much I stand to lose with the homestead.

 

[Brian662]

I retired last week. Main home in Indiana, but have had a place in Florida for over 23 years. Weighing whether to leave Indiana residency or change to Florida. I will spend about 6 months in each. I have a higher value property in Indiana than Florida, so I hate to lose the homestead property tax exemption, but FL has no income tax. Going to leave things as is for a year and see how much state income tax costs me, I know how much I stand to lose with the homestead.

Congrats on retirement!

 

[DiSc0Rd]

I retired last week. Main home in Indiana, but have had a place in Florida for over 23 years. Weighing whether to leave Indiana residency or change to Florida. I will spend about 6 months in each. I have a higher value property in Indiana than Florida, so I hate to lose the homestead property tax exemption, but FL has no income tax. Going to leave things as is for a year and see how much state income tax costs me, I know how much I stand to lose with the homestead.

Just 15 more years for me

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[MadMadHoosier]

I retired last week. Main home in Indiana, but have had a place in Florida for over 23 years. Weighing whether to leave Indiana residency or change to Florida. I will spend about 6 months in each. I have a higher value property in Indiana than Florida, so I hate to lose the homestead property tax exemption, but FL has no income tax. Going to leave things as is for a year and see how much state income tax costs me, I know how much I stand to lose with the homestead.

This is stale from an old memory, but: We sold our Indiana business and retired to Florida in the early 2000s. Income tax on the sale of our business was the compelling reason to establish residency in Florida beforehand. (I think Tennessee would have had the same benefit). But I seem to remember the homestead exemption in Florida also being worth significantly more than the one in Indiana. Once retired, with little taxable income, I'm not sure the income tax difference between the two states means a lot.
I thought Florida's 6% general sales tax was a little high, but just looked up Indiana and it is showing 7% now - is that right??? I see Kentucky is also up to 6% and Tennessee to 7%. My how times change!

 

[Howboutthemdawgs]

This is stale from an old memory, but: We sold our Indiana business and retired to Florida in the early 2000s. Income tax on the sale of our business was the compelling reason to establish residency in Florida beforehand. (I think Tennessee would have had the same benefit). But I seem to remember the homestead exemption in Florida also being worth significantly more than the one in Indiana. Once retired, with little taxable income, I'm not sure the income tax difference between the two states means a lot.
I thought Florida's 6% general sales tax was a little high, but just looked up Indiana and it is showing 7% now - is that right??? I see Kentucky is also up to 6% and Tennessee to 7%. My how times change!

Where I live the combo of state and county is 9.75. Sure no income tax but don’t worry they will get theirs.

 

[omicron1792]

I retired last week. Main home in Indiana, but have had a place in Florida for over 23 years. Weighing whether to leave Indiana residency or change to Florida. I will spend about 6 months in each. I have a higher value property in Indiana than Florida, so I hate to lose the homestead property tax exemption, but FL has no income tax. Going to leave things as is for a year and see how much state income tax costs me, I know how much I stand to lose with the homestead.

What part of Florida my man? Congrats! Tell me about your career.

 

[Buckly]

This is stale from an old memory, but: We sold our Indiana business and retired to Florida in the early 2000s. Income tax on the sale of our business was the compelling reason to establish residency in Florida beforehand. (I think Tennessee would have had the same benefit). But I seem to remember the homestead exemption in Florida also being worth significantly more than the one in Indiana. Once retired, with little taxable income, I'm not sure the income tax difference between the two states means a lot.
I thought Florida's 6% general sales tax was a little high, but just looked up Indiana and it is showing 7% now - is that right??? I see Kentucky is also up to 6% and Tennessee to 7%. My how times change!

NY goes by County on sales tax but is between 8 and 8.89% so 6-7 is a deal. Then I look at property and School taxes. Most places I look in the South are about 50% less in property taxes. Then depending on income, even retirement income other than SS is taxed at NYS tax levels. Average for me is 8%. Florida or other low tax States are really a no brainer retirement States, However theres getting to be a lot of people in Florida.

 

[Bill]

I retired last week. Main home in Indiana, but have had a place in Florida for over 23 years. Weighing whether to leave Indiana residency or change to Florida. I will spend about 6 months in each. I have a higher value property in Indiana than Florida, so I hate to lose the homestead property tax exemption, but FL has no income tax. Going to leave things as is for a year and see how much state income tax costs me, I know how much I stand to lose with the homestead.

Congratulations!
Don't forget to factor in death taxes when deciding where to live and or die.....

 

[swat1018]

Just 15 more years for me

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You may laugh, but it goes faster than you think...

 

[swat1018]

This is stale from an old memory, but: We sold our Indiana business and retired to Florida in the early 2000s. Income tax on the sale of our business was the compelling reason to establish residency in Florida beforehand. (I think Tennessee would have had the same benefit). But I seem to remember the homestead exemption in Florida also being worth significantly more than the one in Indiana. Once retired, with little taxable income, I'm not sure the income tax difference between the two states means a lot.
I thought Florida's 6% general sales tax was a little high, but just looked up Indiana and it is showing 7% now - is that right??? I see Kentucky is also up to 6% and Tennessee to 7%. My how times change!

Indiana property taxes are ridiculous. I have a home and 29 acres, the taxes are about $2500. If I lose the homestead it's $5900. I bought a mobile home in FL in 2003 when I was 35. Taxes are only $600, so the homestead doesn't mean much. Indiana isn't the low tax mecca people think. Gas tax on the rise, property tax, income tax, road tax, excise tax.

 

[swat1018]

What part of Florida my man? Congrats! Tell me about your career.

I'm in Okeechobee. Graduated college in 1991 from Purdue. My parents died when I was 20, and I had a hard time taking college seriously. I got out and became a cop. I also started a business. I worked my lawn / landscape business all day, then worked 2nd shift at the PD. Made enough money landscaping to bank my payroll and the wife's for many years, until I sold the business after it became too big for a full time cop to manage. She also just retired after 31 years as a dental hygienist. When we saved enough cash to put a down payment on a farm we would and at the prices in the 90s, cash rent would pay the note. Kept flipping farms, doing 1031s, being a cop for 32 years, investing heavily in the market, etc. I retired with a descent pension, and a nice nest egg at 55, wife is 54.

 

[swat1018]

Congratulations!
Don't forget to factor in death taxes when deciding where to live and or die.....

Yea. FL beats Indiana there, too. The only real benefit for me staying an IN resident is the homestead on my house there. I also have a lifetime hunting license in Indiana, so even if I become a FL resident I still have life long hunting privilege in Indiana.

 

[Howboutthemdawgs]

I'm in Okeechobee. Graduated college in 1991 from Purdue. My parents died when I was 20, and I had a hard time taking college seriously. I got out and became a cop. I also started a business. I worked my lawn / landscape business all day, then worked 2nd shift at the PD. Made enough money landscaping to bank my payroll and the wife's for many years, until I sold the business after it became too big for a full time cop to manage. She also just retired after 31 years as a dental hygienist. When we saved enough cash to put a down payment on a farm we would and at the prices in the 90s, cash rent would pay the note. Kept flipping farms, doing 1031s, being a cop for 32 years, investing heavily in the market, etc. I retired with a descent pension, and a nice nest egg at 55, wife is 54.

Man congrats. At 55 I’ll still be grinding with an 11 year old!

 

[DiSc0Rd]

You may laugh, but it goes faster than you think...

I know, it's crazy. We are empty nesters this year, too. Been quite the adjustment, even just learning how to cook for 2

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[omicron1792]

I'm in Okeechobee. Graduated college in 1991 from Purdue. My parents died when I was 20, and I had a hard time taking college seriously. I got out and became a cop. I also started a business. I worked my lawn / landscape business all day, then worked 2nd shift at the PD. Made enough money landscaping to bank my payroll and the wife's for many years, until I sold the business after it became too big for a full time cop to manage. She also just retired after 31 years as a dental hygienist. When we saved enough cash to put a down payment on a farm we would and at the prices in the 90s, cash rent would pay the note. Kept flipping farms, doing 1031s, being a cop for 32 years, investing heavily in the market, etc. I retired with a descent pension, and a nice nest egg at 55, wife is 54.

Well done.

 

[cbw]

I'm in Okeechobee. Graduated college in 1991 from Purdue. My parents died when I was 20, and I had a hard time taking college seriously. I got out and became a cop. I also started a business. I worked my lawn / landscape business all day, then worked 2nd shift at the PD. Made enough money landscaping to bank my payroll and the wife's for many years, until I sold the business after it became too big for a full time cop to manage. She also just retired after 31 years as a dental hygienist. When we saved enough cash to put a down payment on a farm we would and at the prices in the 90s, cash rent would pay the note. Kept flipping farms, doing 1031s, being a cop for 32 years, investing heavily in the market, etc. I retired with a descent pension, and a nice nest egg at 55, wife is 54.

Well done, Swat! That’s a great story. Shows what hard work and delayed gratification can do.


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[Telemark]

Congratulations!
Don't forget to factor in death taxes when deciding where to live and or die.....

Can you put the estate in a trust and avoid death tax?

 

[gjs4]

NY goes by County on sales tax but is between 8 and 8.89% so 6-7 is a deal. Then I look at property and School taxes. Most places I look in the South are about 50% less in property taxes. Then depending on income, even retirement income other than SS is taxed at NYS tax levels. Average for me is 8%. Florida or other low tax States are really a no brainer retirement States, However theres getting to be a lot of people in Florida.

I hate our state more and more everyday...if it weren't for the taxes, people, politics, now two seasons (drought and mud, though both lack sun)....it might be worth staying. Ohio seems to be the future but its not without concerns.

 

[Maddog66]

We’ll be in position to retire in mid-2025.

With 9 million+ illegals already here and untold millions more to come with me and you paying the freight, I personally think some of you folks retiring in the southern states might be in for a ride.

How in the world are you going to pay to educate, medicate, and integrate them without a State income Tax?