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By Mr. Free Spirit
What is straight talk-no chaser?
I have researched all facets of retirement for two years to make sure the decision I would made had merit and I am now living the fruits of my labor. Straight talk-no chaser. First, downsizing is not what you may think. I spent more time looking at items then necessary. Just think, you have items that were passed down through the family, they have sentimental value. Your parents or grandparents left something and it is now time to make a decision to keep it or not keep it. This is not easy. When I purchased my latest home 14 years ago I made sure each and every item fit a room. Just think 14 years to place things and a moving company loading the truck in 5 hours and the house was bare. That is both emotional, stressful and draining. The closing on the house you sold is another emotional time, just THINK you planned to stay in your house until you leave, but the date for leaving a house or an area is not planned as it relates to a day, month or year. The passion of your items related to a move is very emotional.
Many people you know are the authority on everything, however until you experience it for yourself it tends to be words that others are spouting. For those of you who know me, you know I am changing geographical locations, below are the things I have encountered during my transition.
This article will reflect both the good and the bad.
Real-estate agents for the sale of your current house. This is tricky, finding the right agent that has the patience’s to match your personality is hard. Agents often are driven by money and want you to hurry an accept an offer (WRONG). Find the right agent that has your best interest in mind. The world of selling any product is very interesting. Agents that don’t know you as a person or take the time to know you can make your life hell. They become motivated by dollars and not you the person. If you are not knowledgeable about the house market place of your area, you are at a disadvantage. Have your agent check the “comps” (comparable sales) in your area, the determination of the price of your house will be based on those “comps” in the area. It’s a hard pill to swallow but it’s real. I was lucky. I found an agent that learned who I was first, then spent time explaining no matter what I think my house was worth the “comps” in the area would play a major role in my selling price. She also explained her theory about what I should and should not repair.
Utilities
Utilities play in the sale of your house. Please tell me why if you tell the electric company when moving date is going to occur they shut off your electric the same day (Morning) the truck is coming, how do you vacuum the floors after the furniture is out or how do you operate the garage doors if you have a garage, if it is raining the movers can’t see to wrap your china. This is plain Dumb!!!
Additionally, my local water company had the title company hold $500.00 at closing. For my area the water bill is every quarter and being in the house alone my average was less than $100.00 per quarter, please do the math, a $500.00 on hold for 10 days after the next meter reading. This is just plain dumb!
United States Post Office
Changing your address online with the USPS. You would think this is a one-day process, It’s not!!!
It is suggested by the Post Office that you make the change online. I did just that, it cost $1.50 and is very cumbersome.
The USPS sends you a change of address Kit to your old address after you have moved out, how much sense does that make.
Hotel Living During The Transition
Currently I am living in a hotel during the transition. This is a relief based on years of making my bed, cooking and house cleaning. This is only temporary based on tidying up the open bills, i.e. electric, gas, cable, phone and etc.
Taxes
Did you know some states charge you a Tax to move out the State?
Your real estate agent should be knowledgeable enough to explain all aspects of the sale of your house. However, if you live in an apartment it will not be a concern.
Taxation of Social Security & Pension/Retirement Income
The majority of baby boomers won’t have the resources to sustain the lifestyle we had in our working days once we retire. So it makes a great deal of sense to look for a place to live where our scarce dollars go further. The states below are some of the worse states to consider for retirement based on various taxes:
New Jersey
Illinois
Wisconsin
Nebraska
Michigan
Vermont
Ohio
Connecticut
Rhode Island
New York
Iowa.
Kansas
New Hampshire
Texas
California
10 States That Are Attractive to Retirees and Why
This list includes most of the states that have no income tax, with two exceptions. We excluded Washington (high estate taxes on relative small estates), and Alaska (an expensive place to live and very cold in winter).
– Florida. No income or estate tax. A top notch program to protect homeowners from property tax increases. Not to mention a warm winter climate.
– Nevada. No income tax, no income or estate tax
– South Dakota. No income tax, no income or estate tax
– Texas. No income, estate or inheritance taxes.
– Wyoming. No income tax, no estate or inheritance taxes
– Louisiana. No estate or inheritance taxes
– Mississippi. Some of the lowest property taxes in the nation, no estate or inheritance taxes
– North Carolina. No estate or inheritance taxes. Out of state retirement income is generally taxed
– Tennessee. No no estate or inheritance taxes
– West Virginia. No estate or inheritance taxes. Social Security is taxed, however, so that is a potential negative.
Finding the best place to retire is a little bit like looking for a mate. There are lots of attractive ones out there. But for you which state has the most appealing features and a minimum of not so desirable attributes. Contrary to what you may think, one size will not fit all.
Stay tuned for Part 2
Always stay tuned to www.blackmeninamerica.com to keep you abreast of what is going on in America.
Mr. Free Spirit I have enjoyed ALL your articles thus far. However for those of us who are retired should be aware of a situation regarding SSD. If you can research why SSD will decline an individual’s right to receive their disability because the individual was told “YOU ARE TO OLD” is ridiculous, unfair more importantly very offensive. I know this to be factual. An agent from SSA, and a legal advisor pretty much said the exact same words to me. Why tell retirees this insane news. Especially when an individual has a MAJOR HEALTH issue such as Cancer. Mr. Free Spirit you already know who I am so know need to say my name. Hopefully you can share some light on this serious issue. Thank you in advance and continue writing such awesome articles.