1 year into Early retirement

[mebden]

Well today marks my 1st whole year into early retirement started at 58 and so far, no surprises except for the ups and downs in the market haven't touched any of my IRA's yet as I saved enough cash to live off for a couple years. Finally got my house downsized enough so when I sell my property I can go fulltime traveling and look to where I finally want to setup my last destination to live which will probably be South Florida because of warm weather and no stupid STATE INCOME TAX. Well now I hope for even a better year of retirement by maybe winning the lottery LOL. I just will try to stay in good shape and have a healthy year doing what I want to do when I want to.

 

[Closet_Gamer]

Sounds like a fine start. Congrats!

 

[silvor]

Well today marks my 1st whole year into early retirement started at 58 and so far, no surprises except for the ups and downs in the market haven't touched any of my IRA's yet as I saved enough cash to live off for a couple years. Finally got my house downsized enough so when I sell my property I can go fulltime traveling and look to where I finally want to setup my last destination to live which will probably be South Florida because of warm weather and no stupid STATE INCOME TAX. Well now I hope for even a better year of retirement by maybe winning the lottery LOL. I just will try to stay in good shape and have a healthy year doing what I want to do when I want to.

Not sure where you’re from, but do a bit of research about the state income tax. My family moved there and they’re getting fee’d to death. Add in home and auto insurance and it’s not really a deal.

 

[mebden]

Not sure where you’re from, but do a bit of research about the state income tax. My family moved there and they’re getting fee’d to death. Add in home and auto insurance and it’s not really a deal.

I'm from Louisiana and my intentions of not owning any property in Florida just rent it like a lot for my motorhome and leave for the summer months

 

[Koolau]

Congratulations on your first year FIRE'd. Here is hoping for many more happy and healthy years.

 

[wrigley]

Those hurricane evacuation routes from South Florida can be a real b^tch!

 

[Alex The Great]

mebden, it sound like a great milestone!
As regarding states with no income tax, I would not chase it. Missing income tax revenues are typically replaced by other local sources. I would rather look into overall cost of living situation, if this is a goal for you.

 

[VanWinkle]

Try it here in Tennessee, less heat, no hurricanes, no state income tax, low property taxes in most areas, and 4 seasons although somewhat muted compared to the north. Sales tax is high, but it was almost as high in Illinois where I came from.

 

[38Chevy454]

Congrats on the first year. Spend some time figuring out what you want for living. State income tax is but one factor as suggested.

 

[Taco]

Try it here in Tennessee, less heat, no hurricanes, no state income tax, low property taxes in most areas, and 4 seasons although somewhat muted compared to the north. Sales tax is high, but it was almost as high in Illinois where I came from.

Shhhhhh.

 

[disneysteve]

Congrats on year one.

 

[kilgore]

Might consider renting for a year to experience the anticipated and unanticipated. Don't let the tax tail wag the dog, as the saying goes.

 

[inkpaw]

Well today marks my 1st whole year into early retirement started at 58 and so far, no surprises except for the ups and downs in the market haven't touched any of my IRA's yet as I saved enough cash to live off for a couple years. Finally got my house downsized enough so when I sell my property I can go fulltime traveling and look to where I finally want to setup my last destination to live which will probably be South Florida because of warm weather and no stupid STATE INCOME TAX. Well now I hope for even a better year of retirement by maybe winning the lottery LOL. I just will try to stay in good shape and have a healthy year doing what I want to do when I want to.

If you really want to go to South Forida, now is the time to buy. We just sold our place in Tampa. Many people are leaving Florida due to the increased population and insurance costs. Our mobile home park (and many others) has mostly Canadians who are also selling. This is leaving behind a flooded housing market, which is excellent for the consumer.

 

[kilgore]

The Canadians are smart.

 

[retbjwsjfl]

Not sure where you’re from, but do a bit of research about the state income tax. My family moved there and they’re getting fee’d to death. Add in home and auto insurance and it’s not really a deal.

Totally agree. County property tax, home owners insurance and auto insurance is off the chain. We are leaving FL once we get our youngest into college in two years, I would think twice before making the move here.

 

[ychuck46]

mebden, it sound like a great milestone!
As regarding states with no income tax, I would not chase it. Missing income tax revenues are typically replaced by other local sources. I would rather look into overall cost of living situation, if this is a goal for you.

I have found that not to be true, and also a fabrication based upon assertions by politicians in the states losing population. We moved 15 years ago from a high tax state and have saved a ton of money since then, especially when I still worked for 5 years after the move, but continuing nicely in retirement.

 

[JFFLA]

Well today marks my 1st whole year into early retirement started at 58 and so far, no surprises except for the ups and downs in the market haven't touched any of my IRA's yet as I saved enough cash to live off for a couple years. Finally got my house downsized enough so when I sell my property I can go fulltime traveling and look to where I finally want to setup my last destination to live which will probably be South Florida because of warm weather and no stupid STATE INCOME TAX. Well now I hope for even a better year of retirement by maybe winning the lottery LOL. I just will try to stay in good shape and have a healthy year doing what I want to do when I want to.

Yes, no state income tax but homeowners insurance can offsets that easily, we have a thing called hurricane insurance here. We also have some of the highest inflation in the country and we run ac units at least 350 days a year. Be careful with sofla. I currently pay $17,000/yr for hurricane coverage on a house with a market value approx 1m.

 

[pacergal]

Congrats on year one, with many more to come!

 

[GBcycling]

Congratulations on the success of your planning and year one under your belt.

As you look around to avoid taxes, I would also consider the quality of health care. There are definately some states better than others. Also, some state focus is different. Where I live, we seem to have a pretty unhealthy population, and their ongoing disease' seems the focus as opposed to keeping people healthy. Just my opinion.

 

[Koolau]

I have found that not to be true, and also a fabrication based upon assertions by politicians in the states losing population. We moved 15 years ago from a high tax state and have saved a ton of money since then, especially when I still worked for 5 years after the move, but continuing nicely in retirement.

Mentioned elsewhere our state taxes are theoretically quite high, but actual taxes due are so dependent upon one's mix of income. If one is empl*yed and in the throes of raising kids (buying lots of stuff) taxes paid can be horrendous. But if one's income is primarily from SS, pension and qualified sources, paid taxes can be relatively small.

As the saying goes, the devil is in the details. It's not always easy to figure these things out without speaking to professional tax people.

 

[Gumby]

Congratulations on you first FIRE anniversary. It is a great feeling when a plan comes together. I hope you find a great place in Florida that suits your needs.

 

[mebden]

Yes, no state income tax but homeowners insurance can offsets that easily, we have a thing called hurricane insurance here. We also have some of the highest inflation in the country and we run ac units at least 350 days a year. Be careful with sofla. I currently pay $17,000/yr for hurricane coverage on a house with a market value approx 1m.

Yes, JFFLA I don't plan on owning any property there. I'm hoping to find a lot for my motorhome and live there for 3 to 4 months then leave Florida and travel the rest of the country for the other 7 to 8 months only in Florida for winter months and if I do happen to buy something it would probably be in a 55 plus resort for something cheap and then I'll just self insure as right now I live in South Louisiana and I know how AC works I already have mine running here so not new to the AC thing.