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Reply to "Retirement in Florida...recommendations"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][b][quote=Anonymous][quote=Anonymous]In a word: don't. Retiring in Florida is so cliche. And Florida sucks.[/quote] But sun, sand and [b]most importantly no state taxes.[/b][/quote] First, you get what you pay for. [b]Second, if not state taxes is that important to you, then I feel sorry for you. You must be broke.[/b][/quote] actually it's the opposite, moving to no tax states is very common for rich people. https://www.bostonherald.com/2021/02/01/taxes-driving-wealth-out-of-massachusetts-and-into-florida-new-hampshire-report/[/quote] Talking specifically about moving for retirement: If you're a high earner then you'll presumably have a good amount of wealth by the time you retire. State and local tax on the income from your wealth won't have a big impact on your financial situation, relative to total assets. For people without a lot of savings, who have to live on Social Security and pensions that may be taxed, state and local tax can make a big difference.[/quote] I'm so confused. I'm a fed on a special pay scale with a healthy TSP balance, and my understanding is that I will be taxed on both. So yes, the tax rate matters. And the PP who hates FL and keeps posting incessantly is sick in the head. Maybe their SO ran away with someone else to FL, otherwise I can't explain this amount of hate on a state. [/quote]
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