Categories
Georgia

Georgia Income Tax Exemption for Seniors

State of Georgia Income Tax – Retirement Income Exclusion for 2020

*Currently in Georgia at age 62 citizens may exempt retirement income from state income tax.

You don’t have to be retired, just have retirement income which is defined as follows.

Taxpayers who are 62 or older, or permanently and totally disabled regardless of age, may be eligible for a retirement income adjustment on their Georgia tax return. Retirement income includes:

  • Income from pensions and annuities
  • Interest income
  • Dividend income
  • Net income from rental property
  • Capital gains income
  • Income from royalties
  • Up to $4,000 of earned income

For married couples filing joint returns with both members receiving retirement income, the maximum adjustment for that year may be up to twice the individual exclusion amount. Retirement income exceeding the maximum adjustable amount will be taxed at the normal rate.

For the purposes of this paragraph, retirement income shall include but not be limited to interest income, dividend income, net income from rental property, capital gains income, income from royalties, income from pensions and annuities. Up to $4,000 net business income earned by an individual from any trade or business carried on by such individual, wages, salaries, tips, and other employer compensation, shall be regarded as retirement income.

Here is a link to the State of Georgia Department of Revenue about the Retirement Income Exclusion.

This is a major benefit for the state of Georgia seniors and anyone considering relocating to Georgia.  We applauded the state of Georgia for passage of this benefit for the seniors of Georgia. This will be a boost over the long terms to the retirement communities of GA.

*This is our understanding of the Retirement Income Tax Exclusion for the State of Georgia Income Tax. Please check with your tax professional to verify and see how this effects your personal situation. This is not income tax advise.

Originally posted 2020-08-26 05:43:17.

Categories
Over 55 Communities

Move Before It’s Too Late

My wife and I were discussing her mother’s dilemma.  She is 88 years old and in a nursing center rehab program now for two months with her fate becoming increasingly clear; she will not be able to live by herself anymore.   She fell in her home and couldn’t get up.

Only a little over a year ago she turned down a chance to move to a nice little independent living community when her name came up on the list.  She said she was still not quite ready for that.

She had placed her name on the waiting list for this independent living community maybe 5 years ago.  But each time her name came up she wasn’t ready. My wife and I couldn’t understand her decision not to move to a better place, where she could socialize more and be near help if she needed it.  This last time in an interview meeting, the director of this community advised her not to wait too long – enjoy in while you are still able.

Now it appears she will be skipping the independent living stage, going straight to assisted living or to the nursing center.  She didn’t want to move when she had a say so, but now it looks like she will be moving with no say so.

We see parallels in our own lives.  When we sold a business five years ago we started looking around for places to retire.  This process helped me to start Retirement Media which has turned out to be an enjoyable retirement job and I am still learning and exploring the options.

However it is now five years later and at age 63 we are still “thinking” about our options in retirement.  We came close last year to buying a home in a 55 plus community (see Analysis of a Move to a 55 Plus Community) but with the uncertain economy and depressed real estate market, decided the time was not right.

The time was not right for us.  Where have we heard that before.  Are we doing the same thing as my mother in law.  Just not ready yet.   It is not like we are giving anything up.  To the contrary, this should improve our lifestyle.  So why are we reluctant.  It is really the real estate market or is it something else.

Last year when we told our neighbor of our plans to move to a 55+ community, she replied “so that’s where you are going to end up?”.  Humm.  Didn’t think of it that way.  Or did we?

Even a change for the better is hard to make.  You are giving up what you are familiar with for something new.  Maybe now I can understand the mother in law’s reluctance a little better.

Retirement CommunitiesAssisted Living FacilitiesSenior CommunitiesSenior Centers

Originally posted 2011-06-05 22:54:35.

Categories
Retirement Homes

Retirement Homes – Renting May be Better than Buying

retirement homeBefore signing on the dotted line to purchase a retirement home baby boomers should consider the benefits of renting, especially in a down economy. For some seniors buying a retirement home may not be a good fit despite all the pundits that decree buying is the only way to go. So if you are considering buying or renting read on to discover why renting a retirement home may be your best option.

Reasons to Consider Renting Your Retirement Home:

1. Cannot Afford to Buy

What caused the housing market to crash in the first place were predatory lenders giving money to people who could not afford to pay their monthly mortgages. If you cannot afford to buy a home the fact of the matter is you should consider moving into one of the many 55+ rental apartments that are available.

If you are one of the seniors living on a fixed income it would behoove you to live below your means. Using too much of your income to go towards a house payment is a dangerous financial practice that will set you up for financial disaster.

2. Unsure of Where you Want to Live

Many seniors want to explore different areas of the country to see where they want to spend their retirement. There are several 55+ houses for rent in all areas of the country that seniors can live in temporarily.

3. Less Risk

The economy is in a shaky state so buying may put you at risk. Buying homes in a down economy may be good for young investors but not for seniors. Seniors should be looking for financial stability and ways to minimize risk. When you rent you put yourself in a much safer financial position thereby shielding yourself from potential risks associated with buying in an uncertain housing market.

4. Property Taxes

Some states have astronomical property tax rates that add hundreds to your monthly mortgage payment. When you rent you do not have to pay property tax and can use that money towards other expenses or savings.

5. Amenities

Many 55+ rental apartments and homes in 55 communities offer great amenities such as yard and home maintenance, organized social programs, clubhouse, transportation, pool, fitness center, and even on site medical care. If you purchase a home these amenities are typically not available leaving you to your own devices to meet those needs.

6. Less Responsibility

Owning a home is a huge responsibility. You have to do yard work and take care of any home repairs or hire someone to do it for you. Renting a retirement home alleviates most of this responsibility leaving you with more time to enjoy your golden years rather than fretting about home maintenance.

7. Social Life

Research shows that seniors who are actively involved in social programs and have relationship with their peers are happier and healthier. Renting a retirement home in a community gives you instant access to people the same age who have the same interests.

If you are considering purchasing or renting we hope you look at the pros and cons of each and do a thorough analysis to figure out what is right for you. If you need expert help see a financial adviser who has experience in helping seniors and baby boomers.

Originally posted 2011-07-26 22:05:03.

Categories
North Carolina

Best North Carolina Small Towns

North Carolina has some of the very best small towns to relocate to. Such a varied state is NC. You have the Western Mountains (blue ridge mountains) which are beautiful, the Beaches, the large metro areas and more.

We just visited Asheville NC and noticed many new retirement communities around the area. We took the Asheville Food Tour and enjoyed the eclectic downtown area as well.

Hendersonville NC is another area we visited and walked down their wonderful Main Street and visited the Visitors Center where they were very help. Lots of retirees moving to Hendersonville. But here is another town you may want to consider for NC.

Best Small Towns for Retirement in North Carolina

Charlotte Area – All around Charlotte metro area seems to be the place for Active Adult Communities: Trilogy Lake Norman up on the Nortwest side of Charlotte,  Lennar at Imagery at Mount Holly, Tree Tops also by  Lennar Homes on the Southside down by Sun City Lakes which is all resales by now, Cresswind Charlotte a 55+ community over on the East side next to the hospital, Carolina Orchards, a Del Webb Community down on the Southside at Fort Mill. These are the big five retirement communities near Charlotte NC.

Chapel Hill – If you are seeking the perfect small town retirement location, and are drawn to the moderate climate and Southern charm of North Carolina, the small city of Chapel Hill may be the place for you. Chapel Hill, located in North Carolina’s “Research Triangle” (home to three renowned universities, teaching hospitals, and one of the largest research parks in the nation), offers everything a retiree desires. Not only are there cultural activities, medical facilities, and other senior-friendly amenities galore, but the area’s four distinct seasons draw retirees from across the country.

Chapel Hill, situated in the hills of central North Carolina, enjoys close proximity to three thriving institutions of higher learning – the University of NC at Chapel Hill, North Carolina State, and Duke University. College towns in general are enriching and invigorating places to retire – with art, music, education, a wide variety of dining options, and a “young” atmosphere – and Chapel Hill offers these benefits threefold.

The proximity of the universities also means that stellar medical care is available only minutes away from downtown Chapel Hill. Both the University of North Carolina and Duke University have large, modern teaching hospitals, and the large number of seniors moving to the area have drawn even more world-class health facilities into the region.

As a popular retirement destination, the Chapel Hill area boasts a number of 55+ communities that offer resort retirement living, although the cost of housing here is higher than in many small town retirement locations. There are golf communities, mixed-generation neighborhoods with a senior-friendly focus, and assisted living facilities. Closer to downtown, retirement condominiums and apartments are also available. Active retirees can enjoy the vibrant cultural scene in and around the city, or pursue recreational activities among the nearby mountains and beaches, both just a couple of hours’ drive away. With many social activities and dining establishments in town, meeting other retirees and making new friends can be easier than in smaller or more rural settings.

If you are considering North Carolina as a retirement destination, this charming small city with a cosmopolitan atmosphere may appeal to you. You may want to look into the city of Chapel Hill proper, or one of the many 55+ communities nestled among surrounding towns such as Carrboro and Durham.

NC Small Towns 
Great Small Town Main Streets NC

Asheville NC
Asheville NC

Originally posted 2020-09-02 09:47:51.

Categories
Gainesville Hoschton

Two Interesting Small Towns with Retirement Communities in Georgia

Interesting Georgia Small Towns with Retirement Communities

Retirement communities and small towns go together anywhere and Georgia is no exception.

Maybe it is the idea that folks want to slow down and get out of the rat race. Maybe some folks remember growing up in a small town and would like to return to the days not so complicated by traffic and businesses everywhere.  Some want the natural scenery and being close to many outdoors attractions. Some say the land is cheaper for the big track of land to be developed into a large retirement community.

What ever the reasons, many of the retirement communities in Georgia are located in small towns, albeit many are in close proximity to the large Atlanta metro area.

So what are some of the small towns with retirement communities in Georgia?

Fall Festival in Hoschton GA
Fall Festival in Hoschton GA

1.  Hoschton, GA – Is home to Village at Deaton Creek, a Del Webb community of over 1,000 homes. By the way a new hospital with 100 beds is under contruction adjacent to this community.  The City of Hoschton is a small community located just off Interstate  I-85 in Jackson Country in North Georgia.  This area where Deaton Creek is located is the convergence of three or four counties and most of the homes are actually located in Hall County but have a Hoschton mailing address.  This area is a small community but close enough to be at Mall of Georgia in about 20 minutes.  This mixes the advantage of small town living and the convenience of being less that 45 minutes from cities like Athens, Gainesville and Atlanta metro.

Lake Lanier GA
Lake Lanier GA

2.  Gainesville, GA – ia home to  Cresswind at Lake Lanier, a wonderful retirement community on Lake Lanier while still in the city of Gainesville, which is the country seat of Hall County. Downtown Gainesville has a mixture of shops and first class restaurants. Also there are like 4 or 5 theaters and playhouses in Gainesville. At the foothills of the North Georgia mountains and easy access to Metro Atlanta from both I-985 and GA 400, Gainesville is a highly rated town for retirement with excellent hospital, shopping, Lake Lanier and more.

Other Georgia towns with nice retirement communities are Griffin, Canton and Greensboro.

Originally posted 2014-02-25 22:06:39.

Categories
Florida

Best Small Town for Retirement in Florida

Best Small Town for Retirement in Florida

Do you want to retire to the Sunshine State, but want to skip the crowded streets, high housing prices, and worrisome crime rates of big cities like Miami and Jacksonville? Small town Florida living offers all of the benefits you seek – great climate, senior-friendly tax laws, proximity to beaches, great healthcare facilities – without the nuisances of urban retirement. Although the “best” place to retire is a very subjective question, but several  Florida small towns really stands out. Here are some of our favorites.

Originally posted 2020-09-01 11:00:30.