Great Americans, Where should I retire?

[maggie321]

I have done 20 plus years and I am wondering where I should retire. I expect to get at least 10% VA disability but probably not 100%.

I do not have any jobs or school plans lined up, and due to health concerns, I would like to be near a major US hospital and a military base that has a pharmacy. The copays for over 10 medications really add up and using the commissary might save me up to $1500 a year.

I would like to finally buy a home after being a renter for all these years, something small as I can’t do yard work anymore. It would be nice to live somewhere that is safe, has a moderate climate, and a low cost of living (concerned about home owners insurance…hurricanes, state income tax from investments, and property tax). I am aware Florida and Texas may reduce my property tax bill a little for a partial disability: https://www.veteransunited.com/futurehomeowners/veteran-property-tax-exemptions-by-state/

I have been considering the following cities with military bases close by: 1) Clarksville TN, 2) San Antonio TX, 3) Corpus Christi TX, 4) Fort Worth TX, 5) Melbourne FL, 6) Jacksonville FL, 7) Pensacola FL, 8) Panama City FL, 9) Tampa FL, 10) Las Vegas NV, 11) Tacoma WA.

Appreciate any thoughts!

 

[bygrace76]

@maggie321 Don’t be drawn in by the no income tax in Texas, property taxes a stupid high and a lot of people in N. Texas complain about home and auto insurance rates. If you get rated 100% you are exempt from property taxes which would make it worth considering.

 

[maggie321]

@bygrace76 Thanks, looking at the Texas property tax it looks like I will pay approximately double that of Florida: https://wallethub.com/edu/states-with-the-highest-and-lowest-property-taxes/11585.

 

[bygrace76]

@maggie321 I have heard home insurance in FL is becoming an issue. I am only a couple years behind you so I am interested in the recommendations as well. Good luck.

 

[joanibird]

@bygrace76 Don’t live in a flood zone and you should be better off.

 

[maggie321]

@joanibird Thanks, apparently everyone on Citizens Insurance will be required to have flood insurance. I am looking at new homes to hopefully reduce my insurance bill due to the Florida Building Code: https://www.floridabuilding.org/fbc...lysis_of_Changes_8th_Ed-2023_FBC-EB-Final.pdf

Southern Florida...is at a high risk of flooding: https://hazards.fema.gov/nri/map

https://msc.fema.gov/portal/

I started using the Realtor.com and Trulia App as they have flood Map overlays.

 

[abfarn]

@maggie321 These "effective rates" are nonsense and not reflective of reality. They are showing .82% for FL, but I'm paying over 1.5x that. You have to look at the specific county that you're interested in buying. Average in Brevard County (home of Patrick SFB, Melbourne, Cocoa Beach, Cape Canaveral, etc) is 1.15%. I am personally paying 1.32%

And as stated, insurance costs are ridiculous all over the state for both home and car. Call your current provider and get a quote for the new places that you'd potentially live. I'm not exaggerating when I say that my car insurance here in FL is double what I paid in California...

And finally, you are about to be the beneficiary of the VA system, so keep that in mind when looking at places too. You can order your pharmacy meds online and the VA will mail them to your house with zero copays. VERY convenient.

Good luck on your search!

 

[maggie321]

@abfarn Thanks, I checked out the tax rates for Brevard County: https://www.bcpao.us/TaxRoll.aspx?t=3.1. How is VA Health care there? Any thoughts on Palm Bay? There are a few new subdivisions going up and I hear that home insurance can be cheaper for new construction. If I bundle with my auto insurance maybe that will help. It looks like 50% disability is the threshold for $0.00 copay from the VA. Do you also use Tricare?

 

[mia2781]

@bygrace76 Wonder why home and auto is so high in N Texas?

 

[bygrace76]

@mia2781 Because any time it hails people want to replace their entire roof and people drive like assholes.

 

[921]

@bygrace76 The auto is mostly uninsured drivers, like 50% of the state. Home is bc there’s no income tax so they have to make their money somehow

 

[mia2781]

@bygrace76 Oh dang I gotcha. I heard about like tens of thousands of cars getting totaled from hail in San Antonio years ago

 

[bygrace76]

@mia2781 Yeah it happens…it hailed here last week (I am in Fort Worth).

 

[blizzardwild]

@mia2781 Not just N Texas, it's much of the state these days. I'm in Austin, tons of uninsured drivers and people can't drive. Also had a hail storm in September that did an estimated $600 million in damage. Every single roof of the houses in my neighborhood have been replaced now - most of them were replaced after a hail storm just under 2 years before that. My house also had 5 broken windows, and my truck had $11,000 in hail damage. Not exclusive to Austin, I'm sure.

 

[anonymous316]

@bygrace76 I live in San Antonio and the ONLY reason to retire here is if you hit 100%. Home inventory is low compared to years past and property costs are highly inflated. Someone already brought up high Home and auto insurance…completely true and USAA does not care even though their HQ is down the road. Healthcare in the area is great but tons of retired military here so expect long lines at the pharmacy.

 

[prayer_warriorinprogress]

@maggie321 I am at 70% in Texas and the property tax reduction is not worth including in your math.

 

[snw]

@maggie321 That's a solid list, I'd personally lean towards Tampa, FL. If you want to expand your list outside of states with no income tax keep in mind that there are plenty of states like Mississippi that have low or flat state income taxes and don't tax military retirement at all. Biloxi, MS is relatively nice and is home to Keesler AFB.

Additionally, while some states will give property tax reductions for disability rating there are some states with extremely low property taxes in general. You may end up living for less in a state like NC that doesn't tax military pension and has considerably lower property taxes than Florida.

Just some food for thought but you seem to be headed in the right direction already, best of luck!

 

[mercedesduran]

@snw Biloxi being "nice" is a very subjective statement. This coming from someone who owns a house in Ocean Springs.

I hate the weather 70% of the year. April and November are the only good months.

 

[snw]

@mercedesduran Yeah it's not my cup of tea but I'm sure for some folks it may be nice!

 

[dubschanging]

@mercedesduran I’ll say that the food in Biloxi and the surrounding region is fantastic and is only getting better. I’ve always enjoyed my times returning to the area.