New Mexico and Social Security (Albuquerque, Rio Rancho: sales, high income, quality of life)
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I am curious what you long time or even short time New Mexicans think about New Mexico being one of the few states that taxes Social Security?
Has it made an impact on your decision to retire in New Mexico or move somewhere else?
Combined with property taxes, personal property taxes and sales tax this seems to me that with New Mexico is not particularly tax friendly even though studies show it in the lower third.
I believe there are about 14 states which tax Social Security benefits. That one factor has made no impact to our possible decision to retire in New Mexico.
We have lived here in New Mexico for 11 years. My wife is employed, I am basically retired.
Quote:
Originally Posted by MG120
Combined with property taxes, personal property taxes and sales tax this seems to me that with New Mexico is not particularly tax friendly even though studies show it in the lower third.
That is not an accurate assessment in our case. But each person has to evaluate their own situation and desires. There is a high probablity that we will retire in New Mexico.
When we moved to NM we did get hit on taxes more than some places. It didn't kill us as we are not in a high income bracket, but we did pay more there than we do now. Some states also give property tax breaks to retirees or anyone over 65 whether completely retired or not. NM is one that does not.
It wasn't NM's taxes that took my by surprise, it was the huge amount of publicly-financed
bond issues and the "tax" burden that places on residents. The basic tax laws for the
state and localities are relatively easy to track down, but since the bond issues are
not easily located, they took us by surprise.
The wife and I are coming out to Albuquerque at Christmas to do some pre-retirement recon. We are both retiring early, early being her 50 me 52. A little background on us, I was born in Oregon, grew up in Oregon, Washington, Idaho, California and Wyoming. She is German. Have lived in Texas, Kansas and SC.
My Mom lives in Prescott, Az and our kids and grandkids live in Denver. Albuquerque seems the logical and perfect mid point location for us. We have lived in SC for 12 years now, but will move back west when we retire. We will be living off of savings and military retirement for now but have to consider the tax implications of this move.
I am leaning heavily towards the east mountains and would expect that property taxes are probably lower in that area. We spent 3 years in El Paso and loved every minute of it. Traveled NM extensively and can't wait to get back.
One other question, would you say that the lower cost of living overall helps to offset any additional tax issues?
It wasn't NM's taxes that took my by surprise, it was the huge amount of publicly-financed
bond issues and the "tax" burden that places on residents. The basic tax laws for the
state and localities are relatively easy to track down, but since the bond issues are
not easily located, they took us by surprise.
Live 'n' learn..
Mike,
I would assume that your refering to things like issuing a bond to build a stadium and paying for it with either increased sales or property taxes? As an example.
One other question, would you say that the lower cost of living overall helps to offset any additional tax issues?
I would say the overall "quality of life" for my family (Wife, Daughter, Grand Kids) is worth the costs we pay. We live in Rio Rancho. We lived in a less expensive area in rural south central PA prior to moving here.
I would assume that your refering to things like issuing a bond to build a stadium and paying for it with either increased sales or property taxes? As an example.
Yep. There were a LOT more bond issues than I was aware of and New Mexicans,
private and official, do not seem to grasp that these are not "free" money.
When in the midst of serious budget crises, a serious recession, falling state revenues,
educational cut-backs and all sorts of other problems idiots like APS go forward with
a gazillion dollar bond proposal to build a "lets feel good about ourselves" stadium and
the unthinking public approves it, I get worried...
Yep. There were a LOT more bond issues than I was aware of and New Mexicans,
private and official, do not seem to grasp that these are not "free" money.
When in the midst of serious budget crises, a serious recession, falling state revenues,
educational cut-backs and all sorts of other problems idiots like APS go forward with
a gazillion dollar bond proposal to build a "lets feel good about ourselves" stadium and
the unthinking public approves it, I get worried...
Agree completely,
Sort of like whinning about what we pay teachers, police and fire yet thinking nothing about somebody making 100 million to play a freaking game. Our societal priorities are so screwed up it's not even funny.
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