Retiring in Wisconsin

[german300]

I've got six years to go until I can "pull the plug."  My wife and I enjoy the Sturgeon Bay/Door County, Wisconsin area a lot.  I have however heard horror stories about Wisconsin and its taxes.  Does anyone know what it's like to live on a pension and part time job in Wisconsin?

Thanks

 

[Mr._johngalt]

I've got six years to go until I can "pull the plug."  My wife and I enjoy the Sturgeon Bay/Door County, Wisconsin area a lot.  I have however heard horror stories about Wisconsin and its taxes.  Does anyone know what it's like to live on a pension and part time job in Wisconsin?

Thanks

The "horror" stories are overdone IMHO. But, I have not lived in Wiscconsin since 1993. Some of the most popular spots are priced way out of our
market. I'm betting that rural and way up north you can still do it.
Sturgeon Bay/Door County are pretty "touristy" though.

JG

 

[maddythebeagle]

They tax pensions. They are looking to stop taxing s.s. Land has gone up a lot (but I am near the twin cities). If you get farther out, things are more affordable. I wouldnt bother with lake property unless you got a lot to burn. You can always get a nice boat and go to any lake you want. My state tax rate is in the 4% range (of my gross) and property tax is 1500 per year on an older house worth in the 140k-160k range in the "country". Others at work on the lake have taxes 4-6k per year. I would also consider the U.P. of Michigan and Minnesota (I know that MN is higher, too).

 

[Martha]

Property taxes are quite high in Wisconsin, especially in urban areas.

State income tax ranges from 4.6% to 6.75%.

State sales tax is 5%. A number of counties add .5% on top of that.

 

[Mr._johngalt]

They tax pensions. They are looking to stop taxing s.s. Land has gone up a lot (but I am near the twin cities). If you get farther out, things are more affordable. I wouldnt bother with lake property unless you got a lot to burn. You can always get a nice boat and go to any lake you want. My state tax rate is in the 4% range (of my gross) and property tax is 1500 per year on an older house worth in the 140k-160k range in the "country". Others at work on the lake have taxes 4-6k per year. I would also consider the U.P. of Michigan and Minnesota (I know that MN is higher, too).

Re. "U.P. of Michigan". Good idea. Less people, lower COL and just as pretty.

JG

 

[greg]

Re. "U.P. of Michigan". Good idea. Less people, lower COL and just as pretty.

JG

More snow. Lots more snow.

--Greg

 

[Martha]

Nice piece of land, CT. My DH and his brother have hunting land in northern Wisconsin that isn't near so pretty, and people are coming out of the woodwork trying to buy it for nearly 4 times the amount it appraied for 3 or 4 years ago. Your land looks like a great investment.

Michigan: 3.95% income tax and 6% sales tax. Some cities impose an income tax. No local sales taxes. Property taxes are assessed on a local level. No good feeling for amounts.

 

[unclemick]

BIL - unloaded three snowmobiles - moving from Republic, MI to Paducah, KY. Bought a Bass boat.

Now in Kent, WA - dirt bikes - the petal kind - to ease up on jogging (knee's).

 

[Martha]

More snow. Lots more snow.

--Greg

I believe the average snowfall for leeward of the great lakes, including the UP, is over 118 inches a year. I have heard of years where there is over 15 feet of snow. On the windward side of lake superior, we have had several 11 foot years, one of which caused our garage roof to fall in from snow weight.

 

[JPatrick]

This link will show you the Wisconsin tax burden:
http://www.taxfoundation.org/research/topic/67.html
I caution you- - the news is not good
But hey, they have great cheese, a few decent local beers as I recall, and a pro football team that plays well every 20 years or so.

Seriously, I love Wisconsin  :

 

[Nords]

I live in the Twin Cities and have 40 acres in Wisconsin just across the border. It is only 25 miles from downtown St. Paul. It's got a couple spring fed ponds and is totally wooded with Oak, Maple and Birch trees. I bought it with the intention of building, but I think I will just hold it for an investment. It is the fastest growing county in Wisconsin. Here is a photo of the property.

I hate to be the one to tell you, Cut-Throat, but with my Hawaii experience it looks like your trees are dying. They're all brown & yucky... maybe it's something to do with all that trash floating in the water!

 

[Cut-Throat]

I hate to be the one to tell you, Cut-Throat, but with my Hawaii experience it looks like your trees are dying.  They're all brown & yucky... maybe it's something to do with all that trash floating in the water!

They die every year here! - We call it 'Fall Colors'.  - You ought to see them in the winter! - No leaves at all!

 

[spike]

Door County is very pricey. Northern Wisconsin was bought by Chicago at inflated prices. Now the locals want to move because of the property tax.

If you can get a small farm you can get some good tax relief, just talk to the local farmers, they know the system well.

Remember that's the snow belt up there

 

[JPatrick]

A friend of mine has an investment firm in your area, that among other things deals in investment land in the lakes area.  Far to cold for me. He also is going into Costa Rica.
Somehow that land he has looks just like yours.
http://www.stockbook.com/Newsletter/

 

[maddythebeagle]

I think the u.p. also doesnt tax pensions (at least that is something to look into for sure). That might be a substantially savings). Yes, lots of snow, but could be a good retirement business, snow plowing or small engine repair for snow blowers.

 

[german300]

Cold is not an issue as I have lived in west suburban Chicago my whole life.  I am finding some properties on line that are near but not into Door County.  A lot of nice wooded acreage in the suburban Green Bay area and the prices are better.  $6200 this year in property taxes on my current house which sits on 1/3 acre.  Seems like it may be a wash.

May have no choice at this point, my Chicago Bear friends know what I'm thinking about and I am no longer being invited to their parties

Ed

 

[uncledrz]

I think the u.p. also doesnt tax pensions (at least that is something to look into for sure). That might be a substantially savings). Yes, lots of snow, but could be a good retirement business, snow plowing or small engine repair for snow blowers.

you are correct about the pensions. sure is lots of snow. haven't heard too much in these posts about the cold. verrrrrrry cold. need to chop lots of wood to get through the winter. lots.
uncledrz

 

[OldAgePensioner]

Wow, just spotted this home and now I'm tempted.

http://www.upwaterfront.com/listings.php?listing_id=5085

 

[Mr._johngalt]

Wow, just spotted this home and now I'm tempted.

http://www.upwaterfront.com/listings.php?listing_id=5085

I have owned a lot of Michiagn UP property, plus I worked there for
10 years. Beautiful part of the country. But, unless you love winter
and cold, you would not want to be there year round. The area
where this house is located gets like 20 + ft. of snow a year.
I am not making this up.

JG

 

[OldAgePensioner]

JG, the place is pretty nice, huh? I don't think I could live with 20 ft of snow per year though.

As a military brat growing up and as an adult ex-pat, I've seen about every kind of weather, but 20 ft. of snow is outta the question.

Southern Florida (94 deg/95% humidity/tons of rain storms)
Desert Australia (120 deg/0% humidity/no rain most years)
Northern England (20 deg/60% humidity/8-10 inches snow)
SE Asia (95 deg/100% humidity/rain never stopped)

But 20 ft. of snow. Can't go there.

 

[unclemick]

Sunny - 90 F, 57% humidity, light breeze on the lake.

Not a waverider in sight.

 

[Mr._johngalt]

JG, the place is pretty nice, huh?  I don't think I could live with 20 ft of snow per year though.

As a military brat growing up and as an adult ex-pat, I've seen about every kind of weather, but 20 ft. of snow is outta the question.

Southern Florida (94 deg/95% humidity/tons of rain storms)
Desert Australia (120 deg/0% humidity/no rain most years)
Northern England (20 deg/60% humidity/8-10 inches snow)
SE Asia (95 deg/100% humidity/rain never stopped)

But 20 ft. of snow. Can't go there.

Me neither. It's awfully pretty in the summer though.

JG

 

[yakers]

You certainly can retire to Wisconsin. My mother grew up there and moved to Chicago in her teens. When my father died she moved back to the Wausau area If you look at everything it is manageable financially. There are income taxes, sales taxes and real estate taxes but they are not collectively more than she had in Chicago or I have in Los Angeles. And a lot of services and living costs are reasonable. There are some nice things about Wisconsin, including nice summers, grand autumns and a long, cold winter that supports ice fishing (done any of that Cut Throat?).
There is something about having four seasons that clicks with me and I expect to subject my Southern California wife to that some day.
Back to kayaks, one of the best paddles I ever had was the Apostle Islands at the very north of Wisconsin. Big caves and water as clear as Hawaii, just a little colder. On Memorial day we paddled into a cave and there was still some ice left.

 

[kz]

Hubby and I have lived in Wisconsin all our lives. (and we are retired at 50 & 53) Our home is valued at $240,000 and our property taxes are $3400 a yr.

Home prices are high for waterfront property but not so bad if you want to be out of town. The Door County area is gorgeous...we just visited Fish Creek last week for some shopping and sightseeing. (we're in central Wisconsin)

Our favorite seasons are fall and winter. Neither one of us like warm/hot weather so this suits us quite well. We love to snowshoe although most people we know opt to snowmobile.

I've heard that the Door County area is getting to be quite a mecca for early retirees but I can't confirm this. (Bayfield on Lake Superior is also)

The winters have been quite calm for years and years. We haven't seen the amounts of snow that we used to get when we were growing up here. Of course that could change with this coming year. Our county snowmobile trail was open for all of about 2 weeks last winter due to the lack of snow.

Good luck with whatever decision you make.

 

[Mr._johngalt]

Hubby and I have lived in Wisconsin all our lives. (and we are retired at 50 & 53) Our home is valued at $240,000 and our property taxes are $3400 a yr.

Home prices are high for waterfront property but not so bad if you want to be out of town. The Door County area is gorgeous...we just visited Fish Creek last week for some shopping and sightseeing. (we're in central Wisconsin)

Our favorite seasons are fall and winter. Neither one of us like warm/hot weather so this suits us quite well. We love to snowshoe although most people we know opt to snowmobile.

I've heard that the Door County area is getting to be quite a mecca for early retirees but I can't confirm this. (Bayfield on Lake Superior is also)

The winters have been quite calm for years and years. We haven't seen the amounts of snow that we used to get when we were growing up here. Of course that could change with this coming year. Our county snowmobile trail was open for all of about 2 weeks last winter due to the lack of snow.

Good luck with whatever decision you make.

Fish Creek, Door County, Lake Superior, etc............great memories.
I know the area well. It will always be part of my life.

JG