COST OF LIVING consists of housing costs (mortgage or rent); total tax burden; total insurance burden; utilities (electricity, gas, water) transportation (automobile: payments, fuel and maintenance); food and incidentals (clothing, detergent, etc.).
DISCLAIMER: for LEGAL ADVICE on taxes, consult a TAX ATTORNEY. The information below is meant to open your eyes to the total tax burden, along with average insurance and real state prices.
NO STATE INCOME TAX! Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming. New Hampshire doesn’t tax earned wages. Tennessee joined the NO STATE INCOME TAX group on January 1st 2021.
ESTATE AND INHERITANCE TAXES: These vary from state to state. In fact some states don’t have one or the other or either. Estate tax is what is levied on everything which you own; Inheritance taxes are levied against those who inherit all or part of your wealth.
NO STATE SALES TAX! Alaska, Delaware, Montana, New Hampshire, and Oregon.
WARM WEATHER: Florida, southern Texas, southern New Mexico, southern Arizona, southern Nevada and southern California provide refuge from fierce winters in northern states, but require air conditioning during the hottest part of the year.
CRIME: To investigate crime by region, zip code or street address you can utilize the free website CrimeReports (crimereports.com) or https://www.areavibes.com/
HEALTHCARE: Do research on the state of health care professionals and health care facilities. For a hospital rating consult American Hospital Association’s annual rating and / or Joint Commission certification. Find out in advance which Doctors, Hospitals, Specialty Health Clinics, Urgent Care Facilities, etc. will accept YOUR COMPANY OR PRIVATE HEALTH CARE COMPANY INSURANCE or MEDICARE.
AMENITIES / INFRASTRUCTURE refers to social amenities like community center, parks, walking and / or bike trails, well-developed social clubs, free concerts, etc.? Does the area have lakes, forests, etc. nearby? Does the place have convenient access to major highways, airports, seaports, hospitals, clinics, shopping, etc.?
Phil's Retirement Tips 