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Thread: RFI: Retiring In Tennessee? (No State Tax In 2021)

  1. #1
    Chasing the Horizon RJ's Avatar
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    Jan 2014

    RFI: Retiring In Tennessee? (No State Tax In 2021)

    Somehow this week I was musing on future locations for retirement, when I leave the work force for good in 1-2 years.

    There are currently 7 states with no State tax, including Florida, where I live. It seems in 2021 that list will add Tennessee:

    https://www.fool.com/taxes/2018/06/0...ncome-tax.aspx

    We toured the country for a couple years sabbatical between my first career, and my current shorter term job. We ended up settling on the West Coast of Florida, chiefly because we could not, really, find anywhere better. It’s not called the Gunshine State for no reason. 0 State income tax is a huge financial break. Major medical facilities and an acceptable climate are a big plus.

    But of course we have year round sweltering humidity, and the temperatures range from “kinda warm” nine months of the year, to levels in June July and August that would melt Tolkien’s The One Ring.


    One scenario we are kicking around is keeping a base of operations (TBD; condo, more likely house or cottage) in FL and invest in a ‘Summer’ home Somewhere Else.

    Or; the other way around: Become a resident elsewhere and spend “Winter” in Florida.

    Hence: Tennessee?

    I admit I’ve not traveled to the Volunteer State, except briefly in and through over the years. My impressions are fleeting. An enjoyable weekend bar hopping in Nashville. Hickok45 videos. Beretta moving production there (I think?).

    So: any thoughts of Tennessee as a residence? Places to avoid? Places to consider?

    We like (ok, my wife likes) urban settings. We eat out (a lot). We’d need to generally have access to good medical care. We would like either to be near water, or the mountains. Ideally with a climate that is nether extremely cold or extremely hot: but without the damnable humidity we get here in FL.

    Would appreciate your thoughts.

    Rich

  2. #2
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    Please buy this house before I do.... It's a bit far for groceries, otherwise, want.

    https://www.zillow.com/homedetails/1...80385874_zpid/
    "No free man shall ever be debarred the use of arms." - Thomas Jefferson, Virginia Constitution, Draft 1, 1776

  3. #3
    Chasing the Horizon RJ's Avatar
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    Jan 2014
    Quote Originally Posted by RoyGBiv View Post
    Please buy this house before I do.... It's a bit far for groceries, otherwise, want.

    https://www.zillow.com/homedetails/1...80385874_zpid/
    Thanks. That area is a bit remote lol. I appreciate the location though.

    I like the house. Might be above our price point for a two-home scenario. But the three car garage - nice. I'll pass it along to The Boss.

    Actually I just realized I am in Dahlonaga GA in April 2020 for a class, and looking at the map it is not a million miles from Copper Hill. I didn't realize that was so close to the Cherokee National Forest, along the southern side of I75 between Chatanooga and Knoxville, until looking at the map. I've been up and down I-75 in TN many times, just didn't connect the dots. Maybe I can talk Mrs. Rich about coming along for the class that weekend and then spending a few days in TN afterwards, looking around the area, then return to Tampa by way of I-75. I also found that Gatlinburg and Pigeon Forge are not too far, either. Which is someplace we'd thought about visiting, as we both quite like country music (hence enjoyable weekend in Nashville.)

  4. #4
    Site Supporter 41magfan's Avatar
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    Check around the mountains and foothills in eastern TN near Knoxville.
    The path of least resistance will seldom get you where you need to be.

  5. #5
    Member Tennessee Jed's Avatar
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    Music City USA
    I, personally, love living in TN. I might not have been born here, but I got here as fast as I could.

    I would be careful about moving here to avoid hot muggy summers, though. I'm sure it's not as rough as it is in FL, but today in Nashville, for example, we've got a high of 96 degrees, dew points in the low 70's, and a heat index of 104. August is usually that way here, but summers here can be pretty warm, and it will stay pretty warm from June through September. Once October gets here, things start cooling off a bit.

    Nashville has a lot to see and do, no doubt about it. There's always a show somewhere, and all types of music, from classical, to indie rock, country, bluegrass, etc.

    There are a number of other things to see and do, as well. Professional football is here, minor league baseball, professional hockey, etc. A fair number of interesting state parks are close by (many with interesting waterfalls). Generally, I've found Nashvillians to be friendly.

    Although we don't have state income taxes, we do have high sales tax (I think it's around 9.25%). Also, the housing market is a bit out of whack. There's been a lot of people moving here recently, which has driven up house prices, and rush hour traffic can also be difficult.

    All things considered, I would never leave this state.
    Ordinary guy

  6. #6
    Site Supporter farscott's Avatar
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    We live in northern Alabama, and my wife uses the Vanderbilt University medical system in Nashville. It is a bit over 75 miles one way, but the medical care has been superb. Nashville also offers, as mentioned above, great food, great music, and decent access to Atlanta, Knoxville, and Louisville.

  7. #7
    Site Supporter hufnagel's Avatar
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    NJ 07922
    I've been thinking TN as well, since I can get a metric f*** ton of land for cheap.
    Rules to live by: 1. Eat meat, 2. Shoot guns, 3. Fire, 4. Gasoline, 5. Make juniors
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  8. #8
    Site Supporter miller_man's Avatar
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    Been loving living in TN since I moved here in '08.

    I started the first several years in Chattanooga - one cool little city, if it wasn't for family and such I would have been content to never leave that town. Nashville is really cool too but the city is growing super fast and will continue to have some growing pains for the near future. But there is a TON to do and things going on, all the time.

    Plus it is one gun friendly state - lots and lots people here have and shoot guns, even some somewhat liberal folks. Of course, here in Nashville there are tons of California, Chicago and New York transplants who would love to change that.

    But, the summers are pretty warm and muggy and long. It gets warm about late May and stays that way until about late September, even mid October sometimes. Fall and spring are always too short - usually feels like a good 3-5 weeks of decent weather then right into cold or hot.
    The stupidity of some people never ceases to amaze me.

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  9. #9
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    Rich, suggest you look at total taxation - not just state income tax - as you look at locations. Property taxes, gas taxes, and other taxes have impacts too. I think TN is a fine choice. We may stay in northern Georgia as the total taxation is actually pretty good in GA. We have talked about staying where we are in NW GA or retiring in northern AL, northern MS, or TN.

    Maybe we can meet when you are in Dahlonega.

  10. #10
    At our last meeting with our financial advisor he asked us what state we were retiring to -- the idea of retiring in WA was never considered -- and immediately called up TN. (My folks live in Crossville, halfway between Nash' and Knox'.)

    Our tax dollars will go about half again as far in the Volunteer State.

    For years my parents wintered in FL, eventually they decided it wasn't worth it, having grown up in MI, TN winters are a joke. (TN drivers dealing with snow are a bigger concern than the snow itself, and there are so many retirees from the Great Lakes region that the drivers aren't really a concern...)
    Recovering Gun Store Commando. My Blog: The Clue Meter
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