5 Keys to a Smart Retirement Move

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My DREAM USA

I want to live and working in usa but the matter is ihave not the money

Brahim of FL @ Oct 23, 2008 21:23:22 PM

Baby boomers moving

i agree with the previous poster about the Florida tax situation. Florida's taxes are in fact so protective of seniors that the state could be headed for difficulties in the years ahead. Not having an income tax can be a very big saving. With its Homestead protections, Florida's full-time residents over 65 have the security that their property taxes will not go up more than the rate of inflation. Many states are better "buys" from a tax perspective - and they are not always making it up on the other side. See the Tax Foundation website for more on that.

Another point I would differ on is the percentage of boomers who will move out of state. Traditionally the number of people who move out of state is very low - although many move nearby or within state. The MetLife Mature Market study that i read found that only about 25% of boomers will move out of state. Granted, still a huge number.

Lastly, although the article started off talking about the importance of non-financial issues, it quickly focussed on just those issues. As I point out in my book, "The Baby Boomers Guide to Selecting a Retirement Community", most people vastly underestimate the importance of family and friends in choosing where they will live. Particularly if you look a little farther into the future, those factors are so important that saving a few dollars could mean the difference between happiness and loneliness. John Brady, www.topretirements.com

John Brady of CT @ Jun 24, 2008 10:11:46 AM

Where to locate article by Kerry Hannon

In the article, the writer stated: "Florida, for example, imposes no income tax but makes up for that with sales and property taxes." That is true, but not the whole story from my perspective.

I moved from Upstate NY in the fall of 2005 to Gainesville, Fl. We now pay significantly less taxes to Florida than we did to NY state, including sales tax and property.

In NY the sales tax was 8.25%, in Florida we pay 6.25%-- about 25% less.

In NY state we paid almost $5,000 property taxes on a house that was fully assessed at $150,000. We purchased a home in Florida for about twice the price of the assessment in NY State and pay $4,000 property taxes.

In addition, of couse, Florida has no income taxe, that saves us about 5% a year on our income.

Don Obrist of FL @ Jun 06, 2008 09:50:39 AM

Retirement

Hil:

There may be something this article that may interest you.

Karen

Karen Wentz of VA @ Jun 03, 2008 12:53:15 PM

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