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Hello I'm Tim
Old 02-21-2019, 06:41 PM   #1
Confused about dryer sheets
 
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Hello I'm Tim

I'm a 53 year old federal employee, and looking forward to retire
in less than 3 years. I'm looking to move to an income tax free state and then travel extensively, or find a good place to call home. Still deciding at this point.
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Old 02-21-2019, 07:17 PM   #2
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Welcome, Tim. We're glad you're here.
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Old 02-21-2019, 07:56 PM   #3
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Welcome. During the three years, I think this forum will provide you with a lot of good information to be prepared for retirement. Read on!
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Old 02-21-2019, 08:05 PM   #4
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Don’t focus on income taxes.
Property and sales taxes also count.
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Old 02-21-2019, 09:22 PM   #5
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Welcome, i vote Texas.
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Old 02-21-2019, 09:28 PM   #6
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Welcome Tim. I moved to an income tax free state because RMD taxess are going to be big for me.
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Old 02-22-2019, 12:50 AM   #7
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I'm in a similar situation. Trying to figure out where I want to live when I ER. I won't stay where I am, but as I think about where to move, I'm realizing that davebarnes is right and there's more than state income taxes or state and local taxes as a whole that determine the cost of living. I also don't want cost of living to be the only factor I consider, though it's obviously a very important factor. It's a bit overwhelming trying to figure out when and where to retire.
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Old 02-22-2019, 02:52 AM   #8
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Welcome and consider Florida!
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Old 02-22-2019, 04:58 AM   #9
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I was a 53 year old federal employee planning retirement at 57. I waited until 62 for the money. one tier of your FERS retirement is the SUPPLIMENT that will pay an amount equal to your social security. every dollar you earn, will be deducted from that supplement. Also, at 50 (I think) you can pay a 'catchup' ,amount into your TSP, to build your retirement nest egg. things to ponder....
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Old 02-22-2019, 09:06 AM   #10
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Quote:
Originally Posted by davebarnes View Post
Donít focus on income taxes.
Property and sales taxes also count.

Agree with Dave. Look at total cost of living picture. Yes, you can find states or locations with lower overall tax costs.


With three years until retirement, stick around here and you will be prepared for a successful retirement.
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Old 02-22-2019, 09:47 AM   #11
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Welcome!




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Old 02-22-2019, 01:05 PM   #12
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Welcome! I can't imagine moving to a state only because of its low taxation. I want to be happy where I live, and will pay the price to live there. You likely won't be travelling full-time, and if you are, then put your stuff in storage, and don't move somewhere just because it's cheap.

Do consider the cost of travel from your new home to the places you want to go. You'll likely want to be near a city with a major airport hub, and these are usually not the cheapest places to be. Overall cost (flying, property taxes, income taxes, taxes on retirement funds, etc.) is what matters, along with quality of living!

Good luck in your quest!
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Old 02-23-2019, 08:44 AM   #13
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Beat me to it. This was the first thing that popped into my head when I saw Tim in the topic.
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