Reply to How much do people have saved for retirement?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]This is a dumb question.  On dcum, it turns into a pissing match and everyone on here seems to have $1+ million by late 20s/30s, which is an absolute farce.

Median numbers are easily searchable.  Your avg American has way less than $200k by their 40s.[/quote]

Not in this area. OP will struggle with what she has. [/quote]

Except you'd have to be a moron to stay in this area during retirement. [/quote]
Why?  If your house is already paid for when you retire, your housing expense will be limited to taxes + utilities.  Not much different than anywhere else, considering there are many parts of the country with property tax rates higher than DC metro.  Most retirees aren't heading out to the pricey trendy bars and restaurants.  If you can afford it, DC is a great place to be a retiree - tons of free cultural activities that you can take advantage of when you have time on your hands.[/quote]

There are states where there are 0% taxes on retirement account withdrawals or 0% income taxes. Plus done states have other perks like reduced property taxes, lower rates for insurance on basically everything, and much lower cost of living overall.  Paying 0% income tax on 401k income is huge amounts of money to consider.  It isn't worth it at all to stay in this region in retirement to pay 3x sticker price on everything just to have access to amenities and a job market you no longer need.[/quote]

Where is that? [/quote]

Here you go:  https://www.kiplinger.com/slideshow/retirement/t054-s001-taxes-in-retirement-how-all-50-states-tax-retirees/index.html[/quote]

Well, there's 0 state tax occasionally, often made up by higher sales or income taxes in places, but of course there's still federal which is the far bigger tax issue.[/quote]

The best states for retirees have special rules for retirement income & property tax for seniors.  States like Texas, with zero income tax for everyone, but high property taxes, are not good for retirees.  However, a state that, for example, does not tax pensions, waives state property tax for seniors and has very low property tax, would be really good. You need to read the fine print. [/quote]

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