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Reply to "Are people still moving to Florida?"
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[quote=Anonymous]It is almost free to live in Florida. I say that as my empty Nestor brother who WFH moved there. He makes 500k a year. In NY with 8 percent tax he saved 40k. Plus saves another 12k a year on property tax. He has around 5 million in 401k. He is 62 and did max since 22. His wife did 15 years in 401k. That is 55 years of 401ks! By time he does RMDs NY taxes would kill him. He has to start then at 73 which is around a 25 year life expectancy. He might be at 10 million by ten. Which is $400k RMD. 50k SS between him and wife and he already has around 5 -7 million after tax paying close to $500k a year on interest and dividends. He will be at one million a year income at 74! That’s 80k a year. Why old folks in Florida [/quote]
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