If you retire early, where have you considered moving to?

[Anonymous]

Moneywise it's hard to beat Florida. Will probably switch residency to Florida, Naples or Sarasota. Six months + 1 day in Florida and a second house in coastal New England for the other six months minus one day.

[Anonymous]

Anonymous wrote:We are thinking just stay here because we hate Florida, but we might buy a vacation home.

Delaware would be ok but the health care seems sub-par.

Wait till the "Big Disgusting Bill" is passed.

[Anonymous]

Anonymous wrote:Moneywise it's hard to beat Florida. Will probably switch residency to Florida, Naples or Sarasota. Six months + 1 day in Florida and a second house in coastal New England for the other six months minus one day.

sounds absolutely horrible

[Anonymous]

Anonymous wrote:DC cuts your property tax by 50 percent once you're 65, and its property taxes are already lower than the MD and VA suburbs to begin with. Our home in DC is assessed at close to $1.7 million and our taxes will be $6600 a year. There's no reason to move away for that.

You can’t make more than like $150k I thought.

[Anonymous]

Anonymous wrote:Moneywise it's hard to beat Florida. Will probably switch residency to Florida, Naples or Sarasota. Six months + 1 day in Florida and a second house in coastal New England for the other six months minus one day.

If you buy in New Hampshire then it’s irrelevant which state (NH or FL) is 181 days though have to pick one for residency.

[Anonymous]

Anonymous wrote:

Anonymous wrote:DC cuts your property tax by 50 percent once you're 65, and its property taxes are already lower than the MD and VA suburbs to begin with. Our home in DC is assessed at close to $1.7 million and our taxes will be $6600 a year. There's no reason to move away for that.

You can’t make more than like $150k I thought.

It's actually $160k AGI, yes. But lots of folks in retirement can work the numbers to meet that threshold. We have a net worth of $8.5 million and it works for us.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DC cuts your property tax by 50 percent once you're 65, and its property taxes are already lower than the MD and VA suburbs to begin with. Our home in DC is assessed at close to $1.7 million and our taxes will be $6600 a year. There's no reason to move away for that.

You can’t make more than like $150k I thought.

It's actually $160k AGI, yes. But lots of folks in retirement can work the numbers to meet that threshold. We have a net worth of $8.5 million and it works for us.

Aren’t RMDs part of AGI or are you not yet 70?

How are you working the numbers?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DC cuts your property tax by 50 percent once you're 65, and its property taxes are already lower than the MD and VA suburbs to begin with. Our home in DC is assessed at close to $1.7 million and our taxes will be $6600 a year. There's no reason to move away for that.

You can’t make more than like $150k I thought.

It's actually $160k AGI, yes. But lots of folks in retirement can work the numbers to meet that threshold. We have a net worth of $8.5 million and it works for us.

Aren’t RMDs part of AGI or are you not yet 70?

How are you working the numbers?

No, I'm early 60s. Early retired.

[Anonymous]

PP here. I should add that one of us just turned 65 and only one needs to be 65. Also, once the benefit attaches you don't reapply every year. You continue to be eligible for as long as DC remains your domicile and the property on which you claim the exemption is your primary residence. You don't lose the exemption once you have it just because your income in later years goes up.

[Anonymous]

Anonymous wrote:I've been looking at Cary, NC. It's diverse, near two biggish cities with a university and airport nearby. I'm not 100% about their taxes, though.

I struggle with where to retire. MoCo is too expensive, tax wise. But, MD has much better healthcare facilities. So, that's a big factor.

Cary is not diverse!!!

It is white white white vacation bible school white stupids.

NC has terrible politics and now that there will be no hurricane warnings good luck with that .. and no fema monies. Yes Cary gets hurricanes and it sucks.

[Anonymous]

I am happy here in Md. Best place for everything- moderate climate, the beach and the mountains, small towns and big towns, best Democratic leaders, events, theater, friends, shopping, and superb medical. Yes, taxes are higher, but why would I give that all up just to pay less taxes. Less taxes means less of the above.

[Anonymous]

We moved to MidCoast Maine. Heaven.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I've been looking at Cary, NC. It's diverse, near two biggish cities with a university and airport nearby. I'm not 100% about their taxes, though.

I struggle with where to retire. MoCo is too expensive, tax wise. But, MD has much better healthcare facilities. So, that's a big factor.

Cary is not diverse!!!

It is white white white vacation bible school white stupids.

NC has terrible politics and now that there will be no hurricane warnings good luck with that .. and no fema monies. Yes Cary gets hurricanes and it sucks.

Vacation Bible school or the jungle. Pick your poison!

[Anonymous]

Anonymous wrote:Moneywise it's hard to beat Florida. Will probably switch residency to Florida, Naples or Sarasota. Six months + 1 day in Florida and a second house in coastal New England for the other six months minus one day.

If you only have 2 locations, your main goal is to avoid over 6 months in the tax state, so yes, you would spend 6 months + 1 day in Florida like you described to avoid state income tax in the other state.

But this is not a Florida requirement thing. It is a good idea to do things to show your residency there, not because Florida cares so much, but because you want to avoid letting the other state claim you. Own or rent in Florida, receive your mail there, register to vote there, establish your medical care there, etc. The more you grow roots, the easier to keep other states from claiming you.

Our situation was we had residency in Florida (that we were selling), a retirement house in a tax state and we were RVing around the US for 5 months a year. So we weren't anywhere for 6 months + 1 day!

We did a lot of research and concluded we didn't so much need to physically be in Florida for 6months plus 1 day, as much as we needed to prove we were NOT in the tax state for that amount of time. And we kept all our mail/medical/voting in FL. We also lived in the RV in FL (rented a campsite) for 3 months each winter.

There were some legal cases I found where Northeast people tried to avoid official residency in a tax state by buying property in Florida, even living there for half the year, but it gets messy if the tax state decides to "claim" you and you have to fight it.

If you are new to Florida as a retiree and keeping your house in your previous residency tax state, you especially need to make as many ties to Florida as you can. IOW, don't go back to tax state for all your medical appointments. Don't keep all your bills and memberships with tax state address and forward mail to Florida - change everything to the Florida address to help show Florida is your main residence. Then temporarily forward your mail from Florida to tax state when you go back there during the warmer months.

[Anonymous]

Forgot to say, also change your driver's license, insurance and auto tags to Florida too.