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Analysis of States for Retirement Location
Old 11-16-2013, 03:33 PM   #1
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Analysis of States for Retirement Location

Hi All,

Have done the usual basic analysis based on my circumstances and while it is clear there are advantages and disadvantages of various states, my analysis is a bit rough edged.

Does anyone know of a "plug and chug" calculator where you can enter various info like pensions and pension types, average purchases subject to sales tax, income from non-pension, etc?

Thanks!
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Old 11-16-2013, 04:12 PM   #2
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Not really a calculator but Kiplingers has a state by state guide

State-by-State Guide to Taxes on Retirees-Kiplinger
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Old 11-16-2013, 04:24 PM   #3
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https://www.retirementliving.com/taxes-by-state

Again, not a calculator, but the site takes into considerations income tax, sales tax, gasoline tax, property tax and estate tax. It provides the most comprehensive and informative comparison in my opinion.
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Old 11-16-2013, 08:23 PM   #4
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Originally Posted by bondi688 View Post
https://www.retirementliving.com/taxes-by-state

Again, not a calculator, but the site takes into considerations income tax, sales tax, gasoline tax, property tax and estate tax. It provides the most comprehensive and informative comparison in my opinion.
Interesting. I sighed to see that my county is in the top 6% of tax rates by value of property. On the other hand the county we lived in before was in the top 1%. Ouch. (No state income tax though).
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Old 11-18-2013, 07:14 AM   #5
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Well, will have to think about it manually :-)

We're considering two houses in different states to play the weather angle, and had initially thought to have one home base and one beach/lake. Have been trying out the lake with an early purchase to see if we liked it ...the answer has been yes, but ...it's kinda too quiet, too remote. So, we're rethinking ...again.

Visited friends in Delaware beaches and their real estate tax situation sort of shocked me ...waaaaay lower rates. So, now considering home base at the Delaware beach where would spend summers and another beach or lake place further south for winter. Delaware close enough to major transportation hubs to enable travel and lots of buzz during summer.

Would love some opinions!
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Old 11-18-2013, 07:26 AM   #6
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This is not all about money. IMHO quality of life is probably more important. I would take Florida's sun, beaches and odd hurricane alert to Yearly tornados and hail storms in the mid west any day.
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Old 11-18-2013, 08:33 AM   #7
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Cost of living, crime, weather, people, amenities... all go into the equation
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Old 11-18-2013, 11:29 AM   #8
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Don't forget to look at the fiscal health of a locality when comparing overall taxes. Some areas are in such poor financial straights (e.g. unfunded pension liabilities, infrastructure projects, etc.) that future likely holds big tax hikes &/or cuts in services.
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Old 11-18-2013, 11:29 AM   #9
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Delaware close enough to major transportation hubs to enable travel and lots of buzz during summer.
What do you consider "close enough"? During the summer, traffic to and from the DE and MD beaches is legendary. I live half-way between DC and Ocean City and starting in May and through at least September, we avoid Rt 50 from Friday to Monday. The DE routes are even worse.

Mid-week is doable to BWI but you still have to deal with the bridge.
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Old 11-18-2013, 12:25 PM   #10
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You might've noticed that Fido's RIP will adjust its tax estimates based on the state you choose on the income tab.
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Old 11-18-2013, 12:52 PM   #11
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Cost of living, crime, weather, people, amenities... all go into the equation
+1

Some other factors for me are good medical facilities, shopping nearby, laid back lifestyle, high speed internet, reliable electricity, and city water/sewage. Some people need good airports, too. I guess some of these fall in the category of amenities.
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Old 11-18-2013, 02:48 PM   #12
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Cost of living, crime, weather, people, amenities... all go into the equation
yes, taxes doesn't even hit my top 5 in terms of criteria
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Old 11-18-2013, 11:46 PM   #13
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In addition to the criteria mentioned by jetpack and W2R, I'd also add the following (these are things that are important to me in deciding where to move, although I'm analyzing more in terms of cities than states):

- opportunity for classes and adult education
- good social opportunities (e.g., lots of meetup groups in areas of interest)
- availability of part-time work in my profession, should I want it
- education level of the populace
- crowdedness
- pollution level
- political/cultural mix
- racial/ethnic mix
- proximity to family
- proximity to hills and woods
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