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Old 09-19-2019, 09:53 PM   #41
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But if you were to go to Commander's Palace 2 or 3 times a month, the price would be about right
Well gee, then we'd have to dress up and all that.... hardly retiring comfortably.
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Old 09-20-2019, 01:53 AM   #42
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Pretty Close to where we live in Florida with home owned. Some places are even more expensive.

Florida:

A comfortable retirement costs: $61,246.30 a year

Although Florida isn’t among the states where a comfortable retirement costs the least, it’s one of the states with no income tax, meaning residents can hang onto more of their money. Florida’s healthcare costs are a bit below average, but most other expenses are right in line with national averages. A comfortable 20-year retirement can be had in Florida with $1,224,925.95.
Florida, like other states, has its expensive areas and less expensive areas.
Apparently they assume your investment returns equals the inflation rate. Pretty pessimistic?
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Old 09-20-2019, 04:00 AM   #43
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First thing that popped out at me was that Oregon ($81,249) was shown as much more expensive than Washington ($67,811). Maybe things have changed, but Oregon used to be less expensive by about 15%. (Note: After writing that I did a Portland vs. Seattle comparison on Numbeo, and it showed Portland as 14.95% cheaper, surprisingly close to my guesstimate.)

Here's the article's description for Washington:

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Costs are above average in Washington for groceries, housing and transportation, but the biggest expense is healthcare. Ranking third-highest in the nation, Washington residents pay $7,878 per year on average. A nest egg of $1,356,212.25 should be sufficient to give you a comfortable 20-year retirement.
I'd say those categories are about right. Healthcare costs here are ridiculous. I think it's hilarious that they're including cents in the nest egg number. Don't forget that last quarter or your retirement will fail!
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Old 09-20-2019, 08:57 AM   #44
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Spending more than that in my state, but so much of that is discretionary...one kid still in undergraduate...the other just graduated but is paying their own bills.

Some HCOL areas are a nightmare of taxes while you're working but a relative bargain once you've retired...e.g. low (Hawaii) or essentially fixed (California) property taxes, retirement income (SS & pensions) exempted from state income tax, etc.
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Old 09-20-2019, 07:31 PM   #45
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Really. Defining a portfolios down to the quarter? Any portfolio over $500k will possibly vary thousands a week. The amounts are useless, I was just looking at rank. I find it hard to believe it is much more expensive to retire in Maine than in Virginia. I’d like to think the numbers are good, as my fixed income with no portfolio withdrawals will exceed the most expensive.
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Old 09-20-2019, 08:41 PM   #46
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It's the very high toll fee on the PA Turnpike that sticks out.
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Old 09-21-2019, 06:45 AM   #47
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I wonder if these articles actually factor in variables concerning retirement-aged folks. As an example, in NJ, there are several age-specific financial benefits such as:

1. NJ never taxes social security nor military pensions.
2.Pension exclusion goes up to $100K next year for couples; $60K for singles. (although if you cross the threshold income level, the exclusion vanishes completely). This starts at 62.
3.NJ has a senior freeze property tax program that kicks in at 65 (only works for income below $90k). Basically, property taxes get frozen at a base amount and never goes up throughout the decades of retirement years.
4. NJ also has a homestead rebate of property taxes for those 65 or older who make under $150K.
5. There are plenty of other discounts/services https://www.state.nj.us/humanservice...nefit_2011.pdf


These types of 'best places' to retire articles seem mostly to be taking averages for residents of all ages.
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Old 09-21-2019, 07:16 AM   #48
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This is their "method"
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GOBankingRates looked at four factors in all 50 states and the District of Columbia: per capita spending on groceries, healthcare, housing and transportation.
So what they are actually telling you is the average income of people who live in each state (because income and spending are closely related).

This has nothing to do with the cost of comparable goods. In a low income state, people buy lower priced cars than in a high income state. But, that has nothing to do with the price I'll pay, because I'll buy the same car regardless of the state I live in.
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Old 09-21-2019, 09:21 PM   #49
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I just assume the estimated expenses is for husband & wife retiring together and no expenses for kids.
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Old 09-22-2019, 03:54 AM   #50
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Old 09-22-2019, 04:23 AM   #51
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"41. New Jersey

A comfortable retirement costs:*$75,861.19 a year

High housing costs make New Jersey one of the states where it costs most to live a comfortable retirement. Annual per capita spending on housing ranks 55% above the national average."
For areas north, that could be correct. In South Jersey, property costs will be less. As pointed out in well-documented reply above, there are now certain tax breaks that the article may not have considered.

On the income side, there are a fair number of retirees with public and private pensions. Getting 75k of retiree income may be an average in the state.
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Old 09-22-2019, 05:34 AM   #52
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"41. New Jersey

A comfortable retirement costs:*$75,861.19 a year

High housing costs make New Jersey one of the states where it costs most to live a comfortable retirement. Annual per capita spending on housing ranks 55% above the national average."
For areas north, that could be correct. In South Jersey, property costs will be less. As pointed out in well-documented reply above, there are now certain tax breaks that the article may not have considered.

On the income side, there are a fair number of retirees with public and private pensions. Getting 75k of retiree income may be an average in the state.
It's interesting that the Jersey average comes in a bit cheaper than Maryland. Having lived in Maryland all my life, for some reason we got it drilled into our heads, how expensive it is to live in Jersey. But, I guess it just goes to show, you have to take these state averages with a grain of salt.

Funny thing is, I never realized how "expensive" Maryland supposedly is, until I started reading these types of articles that rank the states according to cost averages. And, a few years back, I do remember hearing people say that "Nobody retires TO Maryland".
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Old 09-22-2019, 06:53 AM   #53
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It's interesting that the Jersey average comes in a bit cheaper than Maryland. Having lived in Maryland all my life, for some reason we got it drilled into our heads, how expensive it is to live in Jersey. But, I guess it just goes to show, you have to take these state averages with a grain of salt.

Funny thing is, I never realized how "expensive" Maryland supposedly is, until I started reading these types of articles that rank the states according to cost averages. And, a few years back, I do remember hearing people say that "Nobody retires TO Maryland".
Large difference between North Jersey (NYC) and South Jersey (Phila/DelMarVa). I know NJ residents who retired to Upper Chesapeake area. Yes, it was about boating!

To be honest, only tiny Delaware should be a destination, if you need lower tax situation.
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Old 09-22-2019, 11:08 AM   #54
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The numbers seem rather high to me.
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Old 09-22-2019, 07:43 PM   #55
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Saw this article. Agree or Disagree based on your State. Im in NC and that number is ok.

https://finance.yahoo.com/news/comfo...090000149.html
Seems in the ballpark for our states.
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Old 09-23-2019, 09:54 AM   #56
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This number must be for a couple but we are still living on less than half.
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Old 09-23-2019, 09:17 PM   #57
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This number must be for a couple but we are still living on less than half.

The article in the OP says, "to determine how much an individual would need to retire comfortably for one year and 20 years in each state."

But the other article https://www.marketwatch.com/story/th...ica-2019-06-19 that has the same costs for the states, says, "the average over-65 household will spend nearly $50,000 a year. "

So, we've got individual vs. household, and "need to retire comfortably" vs. "average will spend".
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Old 09-24-2019, 07:35 AM   #58
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The article in the OP says, "to determine how much an individual would need to retire comfortably for one year and 20 years in each state."

But the other article https://www.marketwatch.com/story/th...ica-2019-06-19 that has the same costs for the states, says, "the average over-65 household will spend nearly $50,000 a year. "

So, we've got individual vs. household, and "need to retire comfortably" vs. "average will spend".
The Median household income in the US is around 53.5k and these folks are not retired. I think these retirement numbers are off.
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Old 10-01-2019, 03:29 PM   #59
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The article is rubbish. Use the Fed Survey of Consumer Finances as a starting point.
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Old 10-01-2019, 03:52 PM   #60
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51. Hawaii - A comfortable retirement costs: $117,724.18 a year.

Hawaii has one of the lowest property tax rates. There are so many variables here...like health care, age, whether the house is paid off....

With a house paid off, a reasonable or no HOA (<$1K/mo), I could live very well in Hawaii for less than half that (and I do!). With a 20-year retirement timespan, the author must believe you're retiring at 65 or later, with a mortgage!
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