Reply to If you're moving out of the DMV area because of the HCOL

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]So many people moving to Florida![/quote]

Florida is not so much cost of living but no state income tax. My brother is one of the few people o know who max his 401k contribution his whole career. He is retiring this year. 1983 to 2021. Max every year all equities. It is multi millions. He also has like five million in stocks and stuff.

He is not touching 401k till forced to buy withdrawal rate will be massive. All subject to NY tax but now will Florida tax

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Is he married [/quote]

Yes. His wife stopped working in 1996. He has been making between 500k and 700k for 20 years. He has been in his Florida home most of time since Pandemic. They only has one kid and she is out of grad school no loans. He also is mortgage free both homes. He is actually pretty cheap. I recall he had 50 percent of paycheck auto invested at vanguard pretty much since 2003 plus max in 401k. It is wild as it moved 700k to 800k in value in a month and regularly swings 100k a day. Pure luck of getting a highly paid job in 1984 (he graduated 1982) and holding on to high pay. You may laugh now but in 1988 he was earning 50k base and with bonus 70k. That was really high pay!! A new car was like 8k and a suburban house like 180k. He told me he only owns one stock. All rest muni funds the chase he owned since late 1980s is on drip and worth a lot . I think he bought it at $20 a share!!

Very rare keep a high paid job for almost 40 years and a company with generous 401k match 40 years. Some luck involved . Plus need good health [/quote]

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