Plenty of Retirees Spend One Winter in Arizona and Never Move. One Reason Comes Up Every Time
Retirees who winter in Phoenix love what they see, but full-time residents face a season that snowbirds never pay for, and that one season changes the entire financial case for moving. Arizona's flat 2.5% income tax exempts Social Security benefits and charges less than half the national average property tax rate of 1.02%. A retired couple needs roughly $915,000 in invested assets plus a paid-off home to cover Phoenix's $76,870 annual budget at a 4% withdrawal rate. Summer electric bills in Phoenix routinely exceed $300 per month, and budgeting an escape costs $8,000 a year, requiring $200,000. Arizona also allows residents to subtract Social Security contributions from federal adjusted gross income under A.R.S. § 43-1022(10). The state's overall cost-of-living index is 100.677, which is close to the national and below Florida's 103.414. Fisher Investments has published a guide on 13 Retirement Mistakes and how to avoid them.
Publicado : hace 22 horas por David Beren en Finance
Arizona's flat 2.5% income tax exempts Social Security benefits and charges less than half the national average property tax rate of 1.02%.
• A retired couple needs roughly $915,000 in invested assets... [5759 symbols]
Temas: Real Estate
