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Estimated costs of a comfortable retirement in every state in the US

#5
Joeg26er said:
what is hard to believe?

Which state has the best tax structures for retired people?
Click to expand...
The ones who don't collect taxes from your paychecks. Ones who have lower costs if living like property taxes. Ones who aren't full of commie blue legislatures who make all kinds of bullshit social programs usually applied in giant cities run by liberal pieces of shit.


You're welcome
 
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#6
If you want to retire with the lifestyle you have now, take your gross income, subtract what you save annually, subtract what you pay in FICA, and subtract what you will get in SS benefit. Take this amount and divide it by .04. This is the approximate amount of savings you need to retire. So if you are spending $75k a year and will get a $25k SS benefit, you need about $1,250,000 to retire with a $75k income. Now if inflation really kicks off, you will need more than that. Of course there are a lot of variables that come into play including your risk tolerance to dying penniless, pensions, annuities, and investments. Pretty sad, isn't it.
 
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#7
Joeg26er said:
what is hard to believe?

Which state has the best tax structures for retired people?
Click to expand...
Wyoming by far.....

1626544696306.jpeg
 
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#8
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#12
Retirement is usually more expensive than most people realize because every day is a weekend

Instead of earning money 5 days a week you are spending money so you don’t spend the day on the couch

Add in 3% annual inflation over 20 years and watch your spending power vanish
 
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#19
7.62willdo said:
Wyoming by far.....

View attachment 7669851
Click to expand...

It’s far too many people here now, the weather is miserable summer and winter, very limited shopping except by internet, vehicle license plates are very expensive for vehicles less than 6 years old ( all of ours are well beyond 6 yo, and we’re still spending near $2K/year ......shall I continue! memtb
 
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#20
As a retiree, I can tell you that COL increases will never keep up with real world inflation. I think that what this and many other reports don't take into consideration is the cost of health care. Secondary insurance is expensive. It's draining on many families where both folks are retired. My retirement account has enough money for me to live well into my 90's (I won't make that, not even close).

My recommendation for anyone setting up some type of plan is to start young. Add at least 50% more to your plan than you think you will need. Once you do retire, don't take it as a time in your life that you are free by spending money on those extravagant thing you always wanted. Stay grounded and focused with your money. Don't stop investing. I've made a ton of money with my REIT fund since I retired.

#1 recommendation is once you and your spouse are both retired, move to a retirement friendly state. Maryland is killing me but the wife still has a number of years before she can retire, so I'm stuck here in Maryland.
 
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#21
Animal357 said:
Retirement is usually more expensive than most people realize because every day is a weekend

Instead of earning money 5 days a week you are spending money so you don’t spend the day on the couch

Add in 3% annual inflation over 20 years and watch your spending power vanish
Click to expand...
We were debt free 6 yrs before we retired. I figured I would spend 60% of what I did while working and I was close. If I didn't piss money away on new optics, and the latest gadgets, I would be at 40%. I adjust my income accordingly. I am pretty sure my wife bankrolls 60% of what she takes in, IRA distribution, SS and her pension. But she is a strange bird, she will eat a bowl of Ramen noodles, then hop in her toyota to drive 100 miles for a pound and a half of cheese that she likes.
We have lived within our means our whole lives, never over extending, so at times for us, it is hard to find ways to spend money.
There is no one size fits all come retirement.
 
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#25
Texas has no income taxes and locks your property tax home value once either spouse hits 65. With this recent housing value explosion it's actually pushed our property taxes down. I'm younger than my wife and would like to retire but can't because of healthcare costs and my wife would have to give up her unlimited monthly spending allowance, a.k.a. my paycheck.
 
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#26
Many more factor's to consider than just income tax. In some States, property tax can impact you just as much, or more than income tax if you are retired and/or on a fixed income.

Other things to consider;

Cost of fuel if you are highly mobile, or like to travel.

Climate or Weather factors like spending $400 a month on electricity keeping your house cool in Yuma Arizona, or the cost of heating your house if you live in a cold climate. I spend a considerable amount of time and money (equipment related cost) for snow removal, and then there's snow tires, higher vehicle cost by needing a larger 4x4 vehicle to get through the deep snow and seldom plowed roads vs. a cheap $20k Econobox.

I live in a remote mountain community, so have to drive 20+ miles to do my shopping, and the price is typically 20 to 50% higher than the big city for everything from food to fuel. Yes, I can order online to save money, but there are limits to what you can order.
 
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#28
Also, this article assumes you retire at 65, i.e. stop making income. It didn't say how long the person were projected to live. 81? 85?

Was this article for 1 person or for a retired couple?

For a good number of years, it's been pretty standard for financial planners to say you need anywhere between 1 to 2 million dollars to retire. This article basically says that with a shitload more words.
 
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#30
Huskydriver said:
Who cares but you boomers stay out of Utah and Wyoming....stay where you are at
Click to expand...

Ya know of a good real estate agent in your area. I never considered Utah or Wyoming until your post.

It must be good living if you're willing to fight for your state like that. BTW, I foster refugees from South American counties. I now have 14 living with me. They share 1 bedroom and 1 bathroom. We make them sleep in shifts.

BTW, are there any mandates that would prevent me from pitching a few dozen tents so that we can up the count from 14 to 35?
 
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#31
BullGear said:
Ya know of a good real estate agent in your area. I never considered Utah or Wyoming until your post.

It must be good living if you're willing to fight for your state like that. BTW, I foster refugees from South American counties. I now have 14 living with me. They share 1 bedroom and 1 bathroom. We make them sleep in shifts.

BTW, are there any mandates that would prevent me from pitching a few dozen tents so that we can up the count from 14 to 35?
Click to expand...

There are no sizzlers here and they tax your retirement.... Stay the F driving 15 under the limit wherever you are at
 
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#33
Alpine 338 said:
Many more factor's to consider than just income tax. In some States, property tax can impact you just as much, or more than income tax if you are retired and/or on a fixed income.

Other things to consider;

Cost of fuel if you are highly mobile, or like to travel.

Climate or Weather factors like spending $400 a month on electricity keeping your house cool in Yuma Arizona, or the cost of heating your house if you live in a cold climate. I spend a considerable amount of time and money (equipment related cost) for snow removal, and then there's snow tires, higher vehicle cost by needing a larger 4x4 vehicle to get through the deep snow and seldom plowed roads vs. a cheap $20k Econobox.

I live in a remote mountain community, so have to drive 20+ miles to do my shopping, and the price is typically 20 to 50% higher than the big city for everything from food to fuel. Yes, I can order online to save money, but there are limits to what you can order.
Click to expand...
Good points. There are some really neat small towns in WY, especially west of the bighorns, no clue what land values are, but be prepared to drive for things such as fresh groceries. Driving extended distances is a way of life in WY though. Everything costs more in remote areas, and in WY, even towns with a hwy though them for the most part are remote when it comes to basic services.
 
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#35
MarshallDodge said:
Utah is getting ridiculous. Income tax is high and my property taxes have skyrocketed over the last 10 years.
Click to expand...
I was stationed in Utah back in the late 70’s. I had to pay state income tax even though my state of residence had no tax. I paid it and wrote “Paid under protest” on the check.

It’s a beautiful state. Folks are a little on the weird side for me.

I actually volunteered for an assignment in Turkey so I could get out of there.

I’m retired in Colorado, and spend time in Florida (only a few months a year). I have no plans on spending anytime or money in Utah. I figure any state that treats military members that way because they want to add to the tax base is some place I have no need to visit.
 
#36
Sleddog30 said:
I was stationed in Utah back in the late 70’s. I had to pay state income tax even though my state of residence had no tax. I paid it and wrote “Paid under protest” on the check.

It’s a beautiful state. Folks are a little on the weird side for me.

I actually volunteered for an assignment in Turkey so I could get out of there.

I’m retired in Colorado, and spend time in Florida (only a few months a year). I have no plans on spending anytime or money in Utah. I figure any state that treats military members that way because they want to add to the tax base is some place I have no need to visit.
Click to expand...

Exactly Utah is terrible stay away
 
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#40
theLBC said:
yeah, old boss bought the inn on the lake years ago.
anyways, i was just trying to scare you. i probably won't move someplace cold.
Click to expand...

Yea I thought that was the unspoken rule for I'm over 45 now and must tuck my t-shirt into my jean shorts with a belt that you must move to Phoenix or Florida? I was about to report you to the AARP 🤣

 
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#41
7.62willdo said:
Wyoming by far.....
Click to expand...

Great map of income tax states, but only part of the picture. Illinois ranks #13 by that metric, but then one must figure property tax. I’m paying $10,200/year property tax on a 1052 sf two bedroom home with an estimated value of $380,000 In a suburb of Chicago 9 miles west of downtown. And believe me, I’ve lived in 5 different states and the services provided by paying that much in property tax are no different than in states where the property taxes are a third of that. Where the money goes, I have no idea, but it’s not to make your life any better. What we need is a overall tax impact chart, not just property tax. The last real human leaving Chicago, please turn out the lights.
 
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#42
My “plan” is to garden/livestock/hunt/fish for most of my food. To hell with utilities as well. Not sure how well it will work but if you are busy raising your next meal, you wont be spending money cause you are sitting around. Not to mention a rolling stone gathers no moss. I believe i can live on $400 a month if i include a cell plan. Spending for other things(reloading supplies, occasionally feed for bad years, things that go wrong, vehicle repair and trips) so maybe another $200-$400 a month. Place is paid for and will be built to last with little maintenance. I know what i am doing when building a place, so maintenance will be easy barring my health(i am super heathy now). I could live well on social security because my cost of living would be ultra low. Course life loves throwing curve balls and ill prob end up a working slave till the day i die. Retirement may never come!
 
#44
Milo 2.5 said:
Good points. There are some really neat small towns in WY, especially west of the bighorns, no clue what land values are, but be prepared to drive for things such as fresh groceries. Driving extended distances is a way of life in WY though. Everything costs more in remote areas, and in WY, even towns with a hwy though them for the most part are remote when it comes to basic services.
Click to expand...

Divorces are quite expensive, everywhere......Wyoming seems to cause plenty of divorces for those not accustomed to rural living, harsh winters, ect. For example, our closest WalMart is 90+ miles, city of 50+K people .... 150+ miles, nearest interstate is 100 miles. Many wives do not see this as appealing! memtb
 
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#45
BullGear said:
What do you mean you don't want to live somewhere cold? Doesn't Orange County have temps in the 50s in the Winter? That's bitter cold for them Californians....
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haha, it gets into the 40s pretty often with the occasional frost.
worst thing to happen around here since the civil war!


i live yards from the ocean, so there is a moderating factor where i live.
it is 84 (feels like 96) in los angeles, but 77 (feels like 84) at my place.
 
#46
Wife hits 20 years of AD in 4 years, not sure if she's staying in past 20. But we've been Florida residents since day one of being married over the last 16 years, which is a real nice big middle finger to all the states with obscene state income tax, especially the one we currently live in (California 🤡 🌏 🖕🖕).

We always saw ourselves going back to FL initially if she got out at 20 given we still own a rental property there, still have homestead, and we liked NE FL in general.

As we consider potentially other areas outside of FL as our next post-navy stop, @Alpine 338 hits the nail on the head. Have to balance local county sales tax, property tax, military retirement income tax (if applicable), daily commutes, airport access (if thats important to you), the type of healthcare you'll need (VA, commercial, etc), and the COL consumables.
 
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#47
clcustom1911 said:
Also, this article assumes you retire at 65, i.e. stop making income. It didn't say how long the person were projected to live. 81? 85?

Was this article for 1 person or for a retired couple?

For a good number of years, it's been pretty standard for financial planners to say you need anywhere between 1 to 2 million dollars to retire. This article basically says that with a shitload more words.
Click to expand...
My financial planner said the same but also said 4 to 5 million would be better. At $5M I can take 8% and live on $6K/week. At 6% I should be able to clear $4500/week and not touch any principal. Option 2 is retire early, take whatever the hell I need, and leave nothing to no one! :LOL: Looking at a small place in Texas and the no income taxes is nice but trust me.... They get it in other ways!
 
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#48
BullGear said:
What do you mean you don't want to live somewhere cold? Doesn't Orange County have temps in the 50s in the Winter? That's bitter cold for them Californians....
Click to expand...
Yes, yes it does... Went to Costa Mesa in April to paint the GFs new house and liked to froze my ass off! Then we would go back to Riverside and I would burn up. Fuck CAs bi-polar weather!
Memtb said:
Divorces are quite expensive, everywhere......Wyoming seems to cause plenty of divorces for those not accustomed to rural living, harsh winters, ect. For example, our closest WalMart is 90+ miles, city of 50+K people .... 150+ miles, nearest interstate is 100 miles. Many wives do not see this as appealing! memtb
Click to expand...
No they dont! Same GF is never impressed with the places I show her in Texas. I'm an Arkie country boy and prefer cows mooing to sirens and horns. She doesn't get the appeal AT ALL! Easy fix is to get a new girlfriend and thank GOD the current one isn't a wife!
 
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#49
KYAggie said:
Great map of income tax states, but only part of the picture. Illinois ranks #13 by that metric, but then one must figure property tax. I’m paying $10,200/year property tax on a 1052 sf two bedroom home with an estimated value of $380,000 In a suburb of Chicago 9 miles west of downtown. And believe me, I’ve lived in 5 different states and the services provided by paying that much in property tax are no different than in states where the property taxes are a third of that. Where the money goes, I have no idea, but it’s not to make your life any better. What we need is a overall tax impact chart, not just property tax. The last real human leaving Chicago, please turn out the lights.
Click to expand...
The picture was more for the tax benefits, as someone who’s estate will be in excess of 2m. Wyoming is very attractive tax wise.
 
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#50
nikonNUT said:
My financial planner said the same but also said 4 to 5 million would be better. At $5M I can take 8% and live on $6K/week. At 6% I should be able to clear $4500/week and not touch any principal. Option 2 is retire early, take whatever the hell I need, and leave nothing to no one! :LOL: Looking at a small place in Texas and the no income taxes is nice but trust me.... They get it in other ways!
Click to expand...


Its all about that "Fuck You" money.

 
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