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Reply to "Retirees living off their investments in expensive resort towns"
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[quote=Anonymous]Newport Beach is just a really weird example for this thread. If you knew the area, you would know that Orange County is very commercial. It's not like it's Carmel or an isolated beach town...it's all part of the Los Angeles Metropolitan area. PIMCO, which is a huge money manager, is headquartered in Newport Beach and there are dozens of large companies, P/E groups, big CA law firms, etc. within commuting distance. To try to give people some understanding...it's like saying I went to Potomac and saw all these wealthy old people having lunch on a Tuesday...and then assuming they made their $$$s elsewhere and moved to Potomac (which we all know is not what happened). Again, wealthy people like to live in warm, sunny climates. Well, if you get wealthy living in that climate...you don't leave. I do agree, that those people probably find a lower-tax state in which to get residency for 183 days per year. It's a no-brainer.[/quote]
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