I was "retired" at age 58, with 1 year more than the minimum for the company I was working for....aka downsized, and could not find another job for a year, so I quit looking.
Money was not the problem, having something to do was the problem.
I am now 66, retired Navy Reserve, on social security, plus a small amount from the 2 civilian companies I worked for. I got an unexpected financial windfall, in the form of Parkinson's, which the VA connected to agent orange and Vietnam. They gave me 30% disability comp at first, since upgraded to 100%. Looking back, I had that long before the tremors started, but the doctors didn't consider it as the cause for my balance and manual dexterity issues until much later. My disability and Navy retirement is tax free.
Wife is retired AZ teacher, and on SS as well. She has a decent amount in her IRA, mine was mostly spent building the Utah house.
We are doing well, live in the 2 states where we have grandchildren.
I was born paranoid relative to financial issues, watched my parents do almost everything wrong, and did my best to avoid their mistakes.
I have questions about state residency/tax requirements. We file married, joint on the federal return, but with all but $25K of my retirement tax free, and the wife making about $70K, zero debt, etc., I am thinking it might be better for me to claim Utah for tax purposes and the wife claim AZ. Since we live in Utah half the year, have a home there, a truck registered there, and we have a house and car in AZ, it just seems like I should, but a tax advisor said pick the state that collects the least and both of us file there. If that isn't correct, we could end up in a bind.
With all the snowbirds in this country, it seems like there should be someone out there who understands this issue.
AZ is definitely a better state for retirees, they don't tax Social Security and give partial breaks on govt retirement pay which the wife qualifies for as a teacher. She should definitely stick with AZ.
But for me, the last thing I want is the state of Utah deciding years from now that we owe them money for the last decade or so...
Hoping to learn some good stuff here, and perhaps even sharing some good ideas for you younger folk. Times are getting weird, we worry about our kids and grandkids...
Money was not the problem, having something to do was the problem.
I am now 66, retired Navy Reserve, on social security, plus a small amount from the 2 civilian companies I worked for. I got an unexpected financial windfall, in the form of Parkinson's, which the VA connected to agent orange and Vietnam. They gave me 30% disability comp at first, since upgraded to 100%. Looking back, I had that long before the tremors started, but the doctors didn't consider it as the cause for my balance and manual dexterity issues until much later. My disability and Navy retirement is tax free.
Wife is retired AZ teacher, and on SS as well. She has a decent amount in her IRA, mine was mostly spent building the Utah house.
We are doing well, live in the 2 states where we have grandchildren.
I was born paranoid relative to financial issues, watched my parents do almost everything wrong, and did my best to avoid their mistakes.
I have questions about state residency/tax requirements. We file married, joint on the federal return, but with all but $25K of my retirement tax free, and the wife making about $70K, zero debt, etc., I am thinking it might be better for me to claim Utah for tax purposes and the wife claim AZ. Since we live in Utah half the year, have a home there, a truck registered there, and we have a house and car in AZ, it just seems like I should, but a tax advisor said pick the state that collects the least and both of us file there. If that isn't correct, we could end up in a bind.
With all the snowbirds in this country, it seems like there should be someone out there who understands this issue.
AZ is definitely a better state for retirees, they don't tax Social Security and give partial breaks on govt retirement pay which the wife qualifies for as a teacher. She should definitely stick with AZ.
But for me, the last thing I want is the state of Utah deciding years from now that we owe them money for the last decade or so...
Hoping to learn some good stuff here, and perhaps even sharing some good ideas for you younger folk. Times are getting weird, we worry about our kids and grandkids...