Don't be misled by the fact that Tennessee has no "income tax". We have something called the Hall tax that taxes all investments outside the state. If you are living off your investments it will bite you. We also have a sales tax on EVERYTHING that is almost ten per cent when you count the city/county add-ons. I don't think it will be too long before we actually have an income tax as the sales tax has been pushed about as far as it can go, and collections are down because of the recession.
Otherwise, it is a great place to live if you stay out of Memphis and Nashville.
Thanks for the info on Wisconsin. I live in a hot, humid, part of the U.S. Summers are miserable. Humidity so thick you could cut it with a knife.
I have been very curious about Wisconsin and/or Minnesota. I thrive in our late fall/winter weather, so I think heading North is for me. Knowing there are affordable homes is even better news. How's the healthcare up there???????????
Wow. Great information.
I've always thought about a vacation in WIsconsin, now is a must do--maybe even looking for housing.
If you haven't checked out the thread I posted on this forum labeled "Tax friendly states for retirement", you should do so. It shows clearly that every state taxes very differently, and what you gain in no-income-tax states you may lose in high sales and property taxes. There is more to picking a place to live than a single tax issue, I'm afraid.
It's up to you to decide what your priorities are as you age. Do you want good local services that will help you age in place, or a variety of senior communities to choose from? Do you need to be nearby friends or family? Will it bother you to change everything from your auto mechanic to your bank and every doctor? Do you like the changing seasons, or do you want more clement weather? Are you into outdoor sports, or some other type of physical hobby where you want to indulge (golf, tennis, etc.)? Can you live in areas that have hilly neighborhoods, or do you want flatlands for easy walking?
People live so long now that perhaps we should look at retirement as a series of stages, just as we look at our younger years in levels (teenage, college, young adult, middle-age). It's a great mistake to pick an area based on how you feel at age 55 or 60, without considering how you will change physically as you get into your 70's and 80's. I say this because my 81-yr old MIL lives with us, and it's clear she has never considered these things, so she feels overwhelmed when trying to make decisions about life. It's as if she never really thought about what it would be like for her to get elderly, even though I know she lived in a multi-generational household for decades.
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