Categories
Boomers Retirement Homes

Boomers Own Multiple Houses

Baby Boomers were to down size to a small home because they didn’t need as much space, supposedly because they are now empty nesters, but many have multiple homes.

We know a couple who got remarried and both keep their own homes. They stay in one for a while, then the other. Oh by the way, they have a lake house, a mountain condo and just bought another house in the foothills. I kidded him, who is 71,that he is a real estate tycoon.

Several other friends in their 70’s spend half the year or more in our Del Webb Community in North Georgia, and then head to Florida for the rest of the year. One of these lives on my street and actually has his primary residence in Florida, so he lives there 6 months and the rest here.

Some friends we know have a house in Big Canoe in the North Georgia Mountains and also a cluster home in Atlanta, then a condo in Sandy Springs. When they want a “city fix” they can spend some time in the city.

Many boomers were told to down size to a small home by the financial press, saying they could live cheaply and save money. I am not sure that is the case. Even moving to a small town in the suburbs is not that much cheaper than living in the suburbs, but there are other reasons to do so.

Many counties on the outskirts of large metro areas do offer a better property tax exemption for seniors and that will save you some money. It’s worth looking into when deciding where to live.

Why Do Boomers Own So Many Homes

Retired boomers like to have options and variety. Living in different locations during the year offers variety. Plus it’s nice way to offset harsher temperatures you often get in one location for part of the year.

Another reason boomers like to own homes, is that owning real estate has been a good investment to us over the years, dispute the big real estate downturn of 2007. Home prices have risen, especially in small towns that are growing and now have more to offer.

Some boomers just like to try out different homes and different areas.  Buying a retirement home and staying put is certainly not always the case. You may have bought a home that was too large.  Or maybe you found yourself in a home that is not large enough.  Selling and moving is not as hard to do once you already have downsized somewhat from that home you lived in for 30 years or more.

Don’t let the press tell you where to live and what size home you need in retirement.

It’s clear we baby boomers are not following the pattern of our parents in deciding where to live and what kind of house(s) we should have.

Discovering what living arrangement works for you is part of the fun we get to have in retirement.

Robert Fowler
Retired and loving it!

Originally posted 2020-09-01 07:43:44.

Categories
Canada

Retirement Areas in BC Canada

BC CanadaWhen I started thinking about where I was going to retire, the obvious came to mind first: The Sunbelt. Florida. Arizona. Texas. Southern California. In addition, every time I started seriously considering any of these alternatives, I started to sweat. I am really not an all-warm-weather kind of person. I enjoy seasonal changes, low humidity, and mild summers. I actually like snow – especially if I no longer have to go out in it to go to work. Therefore, I started looking into less-cliché retirement destinations, and happened upon an article about retiring to British Columbia, Canada. I was hooked.

British Columbia, the westernmost province in Canada, sits along the Pacific Coast. The coastline stretches over 17,000 miles, and boasts deep fjords, bays, and inlets, as well as thousands of tiny coastal islands. Alaska and the Yukon Territories are to the north of B.C., the province of Alberta is to the east, and the U.S. states of Washington, Idaho, and Montana border B.C. to the south. With its metropolitan areas of Victoria and Vancouver, British Columbia offers some choice urban retirement communities for those who enjoy the multiculturalism, nightlife, and easy access to amenities found in cities; but the real draw for me was the wonderful selection of active adult communities in B.C.’s many small towns and suburbs.

British Columbia offers a long list of benefits for seniors residing there. Canada’s solid economic position, the high demand in B.C. for older, experienced workers, and, of course, the Canadian health care system all create a very hospitable environment for retirees, be they Canadians or American expats. Add the strong banking system and low, predictable inflation rates, and you can see that there are many reasons why the financially savvy 55+ crowd may seriously consider a Northern migration. Consider, for example: The average retiree in the U.S. will incur approximately $250,000 worth of medical expenses during retirement. Canadians, on the other hand, who are fully insured through government-provided basic health care, need only worry about 30 percent of those costs – or roughly $75,000. On top of that, the B.C. labor market provides a wide range of opportunities for older workers who still want to work part-time after retirement..

But finances aside, the climate, landscape, and social aspects of retiring to British Columbia are what drew me. Summers are glorious, with temperatures usually in the high 60s and 70s and a distinct lack of humidity – perfect for outdoor activities like golf, fishing, hiking, bicycling, boating, and camping (but bring your DEET!). The fishing rivals that of Minnesota, with thousands of lakes, streams, and ponds as well as unparalleled salt-water fishing along the coast. And the scenic beauty and recreational opportunities make British Columbia seem like one giant national park, with old-growth forest, gorgeous ocean views, gemlike glacial lakes, and the commanding presence of its snow-topped Canadian Cascades mountain range.

When I trekked up Interstate 5 to British Columbia to see for myself what retirement would be like there, I found some of the most pleasant, neighborly people and inclusive communities I have come across in my decades of travel. B.C.’s small towns offer the perfect combination of multiculturalism, open-mindedness, and isolation; you get a sense of belonging, acceptance, and mutual interdependence not found in many U.S. towns. The people are warm and welcoming. Neighbors help each other and engage each other at a personal level. I immediately felt at home, before I even decided where I wanted to live.

MoneySense magazine recently published their ranking of Canada’s 10 best retirement areas, with five of the top ten in British Columbia. This is likely because of the province’s relatively mild marine climate. The city of Victoria was at the top of the list, for its very cosmopolitan and international flavor and the fact that it sits within the Olympic “rain shadow” (getting less than a quarter the precipitation of Renfrew, just 80 miles away). The metropolitan area of Vancouver, B.C. and its many suburbs was next on the list. The smaller B.C. communities of Courtenay (on Vancouver Island), Salmon Arm (central B.C.), and Vernon (in the Okanagan region) also made the cut.

If you are looking for a retirement area with spectacular geography, beautiful seasonal changes, a mild climate, economic strength, an atmosphere of social unity, and vibrant multiculturalism, British Columbia, Canada may be the place for you.

Originally posted 2013-06-13 14:28:31.

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
Where to Live

Suburban Retirement

Baby Boomers are putting a lot of thought in to the question of where to retire.  Many people think about retiring to a small town and there are many advantages to living in a small town.  Some people even retire to city living and that is also becoming a popular idea.

But today I want to talk about retiring in the suburbs and the advantages of that from my personal observations. These many be enough reasons just to keep me in place, so let’s begin.


Definition of SUBURB

a : an outlying part of a city or town
b : a smaller community adjacent to or within commuting distance of a city

Advantages of Retiring in the Suburbs

1. Since many of us currently live in the suburbs, we can just age in place. Less stress in moving to a new area.  More comfortable with surroundings we know.

2. Closer to our friends, associates, organization we belong to and can maintain current relationships.

3. I have a Kroger, Publix and a Whole Foods within 3 miles of my house.  That is nice.

4. We have an Active Adult Center nearby.

5. I have Meetup groups I belong to in my community

6. I am a member of a fitness gym five minutes from my house.

7. We have some really top restaurants nearby (5 to 10 minutes).

8. We have two regional hospitals and all kinds of Doctors and medical groups nearby.  For the future home health services abound.

9. I can continue my part time consulting job if I don’t move away.  Starting a new retirement job in a new location may not be so easy.

10. Many other services are nearby like getting a massage, stopping by the bookstore, dry cleaners, all kinds of shopping, etc.

11. Entertainment is easily accessible.  In my community there are live music venues, concert halls, community theaters, Verizon Amphitheater, sports.  A trip in to the city can be made in 20 to 30 minutes for bigger venues.

12. Driving is not bad if I am not in rush hour times but things are so close that does not matter much.   If needed in the future, taxis, vans and other transportation are available.

So even compared to one of those wonderful Active Adult Communities in the exurbs, I have a better Fitness Center, better access to grocery shopping, better access to nice restaurants and better access to top medical services.

At first glance there is not as much opportunity to meet new friends; but it is also something to consider in keeping old friends.  Meetups, adult centers, volunteering, clubs, libraries and hobbies presents opportunities to meet friends.

As it turns out what I have been searching for may be right here at my doorstep.  What about you, are you going to move for retirement?

Originally posted 2012-10-13 14:18:13.

Categories
Colorado

Best Small Towns to Retire in Colorado

Did you recently retire and you are looking for a really great place to retire to?  Maybe you will be retiring soon and you are looking forward to some peace and quiet after a lifelong of working really hard.  For a lot of people, they opt to retire in places like Florida where it is warm and sunny all year round.  Still, it is good to be open to other options because there are many places in the United States that are definitely looking into.  Colorado happens to be one of them and before you start thinking that retirees generally do not like skiing, these are some things that you should know about the place. Here are nine of the best smalls towns to live in Colorado.

Originally posted 2020-09-01 08:54:00.