Wyoming in Top 10 Tax friendly States for Retirees (Gillette, Jackson: sales, home builders)

[Tyster]

Wyoming has scored very well as one of the most tax friendly states for retirees. More details here:

Kiplinger - Interstitial

[ScottStielow]

I thank last year Wyoming was 4th or 5th if i recall the story correctly from Kiplinger.
Wyoming moved up this year.
Scott

[Wardendresden]

Originally Posted by ScottStielow

I thank last year Wyoming was 4th or 5th if i recall the story correctly from Kiplinger.
Wyoming moved up this year.
Scott

Although I think knowing the tax situation is beneficial, it is not the only factor for financial consideration. Alaska generally ranks first--no income tax, no sales tax, and a state government subsidy of about $1200 per year. But the cost of goods and services in Alaska is out of sight because so much has to be imported from the lower 48.

Although Wyoming's tax rate is great, the cost of housing is quite high and the median income, because of well-paid energy company workers, will leave much to be desired for retirees. I initially looked at Wyoming for retirement, but after reviewing in detail, determined that for a retiree SE Idaho (still close to Yellowstone and Jackson) even with their higher sales tax and income tax rates is much more "doable" for a retiree.

Wyoming remains my favorite state to visit.

[Tyster]

My wife and I retired here partly because of proximity to NE Colorado, where her family lives, but also because the taxes here are much more favorable than Colorado. Don't regret it for a minute.

[volosong]

Originally Posted by Wardendresden

Although I think knowing the tax situation is beneficial, it is not the only factor for financial consideration. Alaska generally ranks first--no income tax, no sales tax, and a state government subsidy of about $1200 per year. But the cost of goods and services in Alaska is out of sight because so much has to be imported from the lower 48.

Although Wyoming's tax rate is great, the cost of housing is quite high and the median income, because of well-paid energy company workers, will leave much to be desired for retirees. I initially looked at Wyoming for retirement, but after reviewing in detail, determined that for a retiree SE Idaho (still close to Yellowstone and Jackson) even with their higher sales tax and income tax rates is much more "doable" for a retiree.

Wyoming remains my favorite state to visit.

For your particular situation, was the cost of housing the primary factor in your determination of settling in ID instead of WY?

What do you mean when you say, "because of well-paid energy company workers, will leave much to be desired for retirees"?

[WyoNewk]

Originally Posted by volosong

What do you mean when you say, "because of well-paid energy company workers, will leave much to be desired for retirees"?

I think you read his statement wrong.

Originally Posted by Wardendresden

Although Wyoming's tax rate is great, the cost of housing is quite high and the median income, because of well-paid energy company workers, will leave much to be desired for retirees.

He's saying the median income is high because of well-paid energy workers. Higher median income means everything else is higher. Because the grocery store is competing with energy companies for workers, they have to pay their help more too, and that drives up the cost of groceries a bit. The same is true for all service providers, retailers, contractors, etc., etc., so retirement income won't go as far in most Wyoming communities as it would in, for example, Smalltown, Arkansas.

I was a business (newspaper) owner in Gillette before the big coal mines moved in, so I saw it happening. We had to pay our printers more so they'd stay with us rather than apply to the mines. Because our payroll costs went up, our income had to also -- higher advertising rates. Of course that meant our advertisers' expenses went up (including higher employee costs), so they had to raise their prices to stay ahead of higher costs. Home builders (and surveyors, road builders, electricians, plumbers) had to pay their employees more, so the price of homes went up.

[volosong]

Sorry. You're right. I took it out of context and only looking at that one part of his sentence, wondered what he meant.

Silly me.