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October 07, 2009

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One big part of moving to a lower cost locale is not only moving to a place with a lower cost of living but also moving to a state with no personal income tax.

As a guy making money and living in San Francisco I'm excited to amass my nut, and retire elsewhere. Everywhere else is so cheap!

Nevada and Washington are two great states with no state income tax i'm considering.

The flip side is eliminate debt and reduce monthly expenses. I can't count the number of people I know who are either planning for/are currently in retirement with a mortgage, HELOC, car payments, credit card balances, etc. If you can't save the hundreds of thousands to millions most need to retire comfortably, then reduce your overhead as much as possible; you won't need a million or two if your monthly expenses are less than $1,000.

Just my quarter. (A quarter is now needed to buy what 2 cents used to buy, FYI.)

One big part of moving to a lower cost locale is not only moving to a place with a lower cost of living. I know who are either planning for/are currently in retirement with a mortgage, HELOC, car payments, credit card balances, etc.

Retirement is a big lifestyle change that can bring some amount of anxiety about your financial future. To reduce your apprehension, you have to learn how to assess your spending needs and to calculate if your planned income will be enough to meet them. So to boost this saving one has to be debt free and using a budget.

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