What makes more sense as to where to retire considering taxes, etc? Massachusetts, New York, or Connecticut?

[MrBojangles]

Agreed!

I don’t really want to consider much else, I like the northwest corner. But my parents live there and my wife and I like it there. I tell my parents of my possible intent, and my octogenarian father flies into a rage, says he’s only there because my mother likes it there, and a stupid reason to move somewhere is because you like it there. He says if it wasn’t for my mother, he would have moved to Montana a long time ago.
[mod edit]

 

[Gumby]

I don't know how to respond to someone who thinks it's stupid to move somewhere you like. I think it is essential to like the place you live.

Aside from that, he's just wrong about the income taxes continuing to go up. In 2024, the rates went down for the first two brackets, and more deductions were allowed for pension income and IRA withdrawals. See Client Alert - A Summary of the Tax Law Provisions of the 2024-2025 Connecticut Biannual Budget

 

[Diogenes]

I don't know how to respond to someone who thinks it's stupid to move somewhere you like. I think it is essential to like the place you live.

Within reason, of course. But for higher-income people, especially higher-income singles who are more tax-vulnerable, it's a dicey weighing of pros and cons.

I really like Southern California... the weather (of course), much of the culture, the topography, the food and variety of things and so on. But the taxes! I don't even mind the real estate costs... they're the result (largely) of market forces. But the taxes drive me absolutely apoplectic. To retire here, would be a heinous crime against my portfolio. Having spent a lifetime building the portfolio, committing a crime against in retirement, just because I happen to like the locale, feels wantonly irresponsible. I don't relish the prospect of moving, but as some point, I'll have to.

 

[MrBojangles]

I don't know how to respond to someone who thinks it's stupid to move somewhere you like. I think it is essential to like the place you live.

Aside from that, he's just wrong about the income taxes continuing to go up. In 2024, the rates went down for the first two brackets, and more deductions were allowed for pension income and IRA withdrawals. See Client Alert - A Summary of the Tax Law Provisions of the 2024-2025 Connecticut Biannual Budget

I think my father is probably referring to real estate taxes and an increasing mill rate annually.

[mod edit]

I will say in my father’s defense, all the old timers, the dairy farmers, working class folks, etc have been replaced by wealthy types who have second homes from NYC where my parents are and it just isn’t the same. It’s gotten so bad there that there’s talk or merging two elementary schools from two towns into one. No jobs for young couples anymore and a dwindling base of school age kids.

 

[Coaster4Now]

Things vary, I'm sure in all States.

Things change, schools merge, old ones torn down, then new schools are built for populations. It happens all around the country.
Wherever you end up, I hope you enjoy!

 

[marko]

Why not New Hampshire, just across the border from Massachusetts?

Massachusetts is having a heavy outmigration, ranking 4th in the US for net outflow. Most heading to New Hampshire, some to Florida. High housing costs and taxes being the main reason.

Young families, professionals and retirees the main drivers. Population remains steady however, fueled by an inflow of international immigration.

 

[Koolau]

No offense, but after reading about your home, your lifestyle and other posts you made you are definitely not middle class.

Middle class is pretty nebulous and spans quite a large range of incomes and life styles. Not looking for a major debate on this subject.

 

[Teacher Terry]

Middle class is pretty nebulous and spans quite a large range of incomes and life styles. Not looking for a major debate on this subject.

Yes, it varies specifically by state and even city. However if that poster’s income is middle class, then most of America is very poor.

 

[marko]

My first reaction to the question was "Why on earth would one want to retire in the three most expensive states in the country?".

But, like so many situations on this forum, "how much money ya got?" is the key question. If you're income consists of SS, a $10k pension and $200k in investments, these places likely aren't for you. It won't be fun.

Like every else however, if your income is high enough, you can live extremely well just about anywhere. It just doesn't matter.

I spent a lot of time in the third world. The wealthy few live incredibly well; better than most folks in this country. It boils down to income and how much you're willing to pay..

 

[MrBojangles]

My first reaction to the question was "Why on earth would one want to retire in the three most expensive states in the country?".

But, like so many situations on this forum, "how much money ya got?" is the key question. If you're income consists of SS, a $10k pension and $200k in investments, these places likely aren't for you. It won't be fun.

Like every else however, if your income is high enough, you can live extremely well just about anywhere. It just doesn't matter.

I spent a lot of time in the third world. The wealthy few live incredibly well; better than most folks in this country. It boils down to income and how much you're willing to pay..

That’s what I tell my parents. I’m saving so I can live there or anywhere I want within reason—I get it The Hamptons or Nantucket are probably not viable options—because I like it, and what it costs to live there is secondary. But, having said that, I created this thread to determine which of these three areas makes the most sense. That is, use a tri state area to my advantage, which is much better than wanting to live smack dab in the middle of a large state and not have these options.

With what I’m looking at in retirement, living in these areas might just make me average,,or even a bit below average, socioeconomically relative to the rest of the population, but, so what? I’m used to that in places I lived before, but at least it’s nice…there are amenities!

I suppose I could live in retirement in some impoverished town in Mississippi and probably be at least twice as wealthy as the next wealthiest person in town—but would I want this?

 

[MichaelB]

Partisan politics and second amendment are not suitable topics for discussion at ER. This is clearly spelled out in our community rules. Posts were removed and the thread is closed to further discussion.