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WBEN NewsRadio 930>Audio & Video on Demand>>5-6 Beach and Company Hour 3

5-6 Beach and Company Hour 3

May 6, 2014|

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Automatically Generated Transcript (may not be 100% accurate)

-- about -- Beijing company in case you did not catch the code word it is. Hill. As in the send me the all of that you dream on the IL OW there's only one way to pronounce that only -- long -- this ballot and that's it -- In case you missed that you know a bit ago it's follow up -- wanna get it in for everybody there pillow now. Okay when your working. And you grow up at a certain carrier -- came to a certain carrier for job. And that that's where you've spent most of your life. Then it's time to discuss retiring. It's something that most people think of it. Sometime in their lives and kind of make plans for if -- -- man. And you know army plans for where UB living in and that sort of thing -- to make plans of of the location. That you reliving besides a Vick kinda how shall be in whatever. And so there was a survey done best places the worst places to retire. Because at some places your money goes a lot further. Than others anecdotally. Because I've never seen any statistics on it but anecdotally. How many times -- we year. Teachers -- goal -- retire. And they go and take their retirement plans a pension plan to the state of Florida. Because it's it's it's beneficial to them -- whether about the other accommodations on the money situation. But they make their money here but they don't -- year. In so that says that -- a lot of up please state itself of the state of vote of New York was judged by Bankrate dot com. As the worst place to retire of all fifty states. Now via the best place the best place says. Might surprise you a little bit there it's in in the Dakotas but they took a lot of things in the consideration. You think about what you need after you work and as opposed to what -- what you needed while you're working. And I said it before when I stop earning. In New York I'm stopping living in New York, New York is hell hole. You don't really know English you worked in other places I've worked eleven states. And including California. Including Texas including Wisconsin. In Connecticut I've I've been around I've been you have a Gypsy -- radio Gypsy. So I've seen that it doesn't have to be this way. And at some stage liked some don't like some things that happened in the state but in this state. Lot of the people people are great in this state. And I don't mind the weather to be honest -- I think there's something exciting about a storm coming up or even a blizzard in your prepared for a but the bottom line is the the people who run the states. I can't say that enough. We get a blood drive every single every single year that they had they hang upside down. -- that last nickel and now with stuff like that New -- they've acted just. Further. Proves to you that maybe there's a better place to retire than here. So let me give you the information there. A new study by this is they WB story a new study by Bankrate dot com. Finds the empire state stands supreme as the worst state to retire in the study cites New York's -- property taxes. As well as the State's income tax as making it difficult for retirees because remember this. As you or working. Hopefully you're getting some kind of increase even if they were if it was a modest increase. On on a fairly consistent basis so that you have the same equilibrium. But once you stop working then you're going to have to rely on what you put aside and if you have Social Security Social Security whatever. But it's going to be fixed. Aaron because it's mixed. You don't have a lot of wiggle room there. For every dollar more costs and taxes and tax rates in this medium that beat. It's a dollar less you have because you don't have the opportunity to offset it -- wages. So when you when you look at it like this you'll understand. Why it came out like that the financial guys couldn't agreeable -- when it comes to being retired people are living on fixed incomes says Mike -- When you're looking at people paying 5000 dollars to a state. And zero dollars to a state. As a lot of money even that number 5000. Well around the office undergo easily. About 400 dollars a month. 400 dollars a month. That you buy food that could be a car payment for some cars agreed to a two car payments look at the difference. Of the state of Texas has no state taxes they don't vote Florida as states -- Why do you think they're doing so well because you have to make that dollar stretch in ways you never had to do it before and surely New York is not a place. Where you're gonna get any kind of a real break. One note when election time comes around they'll tell you how good they are to you. Until we get the vote and then suddenly things will be passive 3 AM original going to be happy about that impact your life. So Lomas says that when you're looking for that makes a big difference he also adds -- tougher new Yorker of New York State to compete with -- other states. That don't require residents to pay income tax out the next time you get paid no I don't know if you get paid. Once a week. Every other way once a month but the next time you get paid a logical look at this because you're probably. Look at the New York State income tax deduction. And then you can say to yourself assuming minutes at the right level and and you know are gonna have to pay them more in America the refund in my judgment. Okay you figure that out as dropping to the bottom line on a monthly basis. That would be huge race most of you would jump up in the sky you know like you just got up a motorcycle or you don't editorial a commercial they always jumping Butler commercials. Because you love to get a raise that size. And the reason that out the street. Picketing against it is you don't see they take it before you get it. So that if you don't see it you'll miss it all these abstract late where every once in awhile. When you look at -- a campaign it's. And that when you go to another state his -- fine. When it comes time for cop will be a cop there. When it comes time for firemen there will be a firemen there when it comes time to have the road out if you're in a state that has snow. Will be -- wow. They'll be water when you turn on the tap all the things that we have a New York State. You can get everywhere else and it's a -- you get a lot better than we have here. And especially in New York State you're not paying for the open door imitation invitation by the New York City mayor is whether it Bloomberg of the blogs ago. For illegal immigration -- And because remember who pays the Balkans that it's not the feds it's that state. Okay so -- thinking about that true. I mean most people I guarantee -- don't give that much of a thought. But when we have such an open door policy to illegal immigration. -- guess where they're going mainly New York City and votes vote the money it's spent those dimes quarters -- dollars five stands twenties whatever. Doors. And they're -- come on and here is so and so was money well it's not the same in all states. So when you look at the difference in in a climate that might be one thing. But the social practices of New York State and I would also say perhaps California. Our -- are similar so you have to take that into consideration. And when it comes time to retire you want a place where the dollar that you have goals as far as that dollar Congo. And so hopefully it's a place that you -- out deal homework may be you vacationed there you might have relatives there and now that your job doesn't take you there you'll make another choice. So I'm asking you this. New York is the worst state in which to retire according to a survey will you retire here. Why would you retire here I would guess that most of you'll say because you have family here or you grew up here and so that's it that's all you know and that's all you wanna know. Why not but why not list. Will be long is a lot of reasons why you don't want to retire in new York and what would you look for when you do retire. I wanna be right next to a hardee's -- -- lives right next to a hardee's wherever it is so I can get the first sober. Got that good course we have our version of that down and Donna and Randolph it's called via well sure I give the book yeah -- And when you go around adamant about December's world saw against. All right we'll take a break who wanna hear from you. New York is the worst thing to retire and would you retire here why would you or why won't you. And what are you gonna look for when you retire 80309301806. -- 692 visits are nine there. His region governing yes you heard about this starting from yesterday's a newscast. Bankrate dot com and there were talking about it this morning on the morning news with Johnson isn't. Finds the empire state. Standing alone on top of the mountain as the worst states are retiring. And a lot of it has to do with finances -- property tax. The fact that there is a state income tax and a sales tax and is at. There's a lot of things that are taxes that are labeled fees. And they have them attached all over the place. But here's the problem people know it's -- -- tax day. But you don't really know how much unless you live somewhere else and his VO analogy of if you put a frog in tea. A pan of boiling water frog jumps out obviously going hey this is from eight. But if you put a frog in a panel of regular. Room temperature water and slowly turn up the heat the frog doesn't realize it's being clocked. And I think that in many instances. People who live in New York State including myself while I know I think I do realism in court I think a lot of people live in New York they don't realize they're being cooked. So as I said I take your your last pay stub or the next phase that you have and look simply at. The the state income tax just that. And put that down a piece of paper and -- homework and check some other things that might not be as apparent. Because you don't wanna get used to it because you are getting -- For instance when I came here I had been there a long time and I I came in and left to go to California and Texas. I came back and left are going in Wisconsin came back from Wisconsin sixteen years ago now if you look at the list of states. And how expensive they -- live in Wisconsin's. Really not much less. Then New York State. I'm most charts. But having lived in Wisconsin Italian tourism and having lived in Milwaukee witches. Just a larger version of buffalo its two thirds larger than buffalo is. So it's just the big version of what we have here I can tell you some things with certainty. Car insurance is about half of what it is here even if everybody driving record I have. Because I realize that one idea when I set up my car insurers like Ambac compared to the last policy I had in Wisconsin. And it was you know considerably. Larger almost double and some points so that's something you don't really think about it. And in the kind of things that have fees here. That may not have seized somewhere else. I think will be very interesting if you you prepare kinda like a book. On your on your -- retirement and start a few years out. And start writing down things. And the cost that things to live here and then do a little homework and check some other states and that you might be incident but I think one thing you'll find out. Is that it's a lot easier to retire in other states there's your dollar goes further now if you're in the position where it doesn't matter if your dollar goes further and out while congratulations there are many people like that. You know it's weird I was just looking up on Forbes. Best and worst dates for retirement in California is actually tied with Texas for tenth. In the -- actually be in without California's economic woes got the. Advantage California has is they have systems where they can vote on things -- frequently we don't get that here and let's it's umbrage or something we wanna build. But California is not a -- state to -- and especially. If you're going into California. -- going some really remote part of California if you're going into any kind of metro area. Real estate is prohibitively expensive. I can tell you are right now. -- you're thinking of moving to San Francisco. Bring a truck filled with money with you pick as I live there are no it's very expensive LA's very expensive San Diego's very expensive. If you're if you wanna live somewhere where there's hardly any people. There're more wolves and mountain goats maybe that might make some sense but most people choose. But -- real estate alone is prohibitively expensive here like in buffalo if you're going in New York City obviously. Real -- expensive here buffalo real -- our biggest bargain. It's our biggest bragging point is that of the real estate here if you're buying. He is is the best deal now keep in mind you're already here and you're considering. Retiring so you have to put OK would it -- what would it cost me to buy my place somewhere else. And I think it's some states it's all it's cheaper and some states it's more expensive but would hear the the little things add up to big things and that's the point. And when as you heard how many times have you heard news story. With something that's going to effectively costly. Of people more money no matter what it might be. And you hear the people say I'm on a fixed income. I think that until you've bitten on a fixed income you can't really appreciate that. Where is not growing I mean Social Security. As a your cost of living. Agreement that shows up most of the time but it's not much it's some. But it's not much so if every dollar counts you've got to shop like your shopping with coupons. In -- one coupon -- the state tax the other coupon you have the income tax. Another coupon you have vote you have the cost of insurance the cost of gasoline. I mean does it ever wondered you wonder why. Buffalo. Gasoline costs at least like 25 cents more a gallon in other states why. Why I'd like to know line and that adds up that adds up big time so you should make a book. And it should be your retirement book and doing your homework. And find out what's nature interest in living now with the Internet you have the ability to look up almost anything. So added to a little homework sometime ago little time. And see the bottom line at the end of each year obviously one thing you're looking for his medical care now we have great medical care here. Absolutely but it's very expensive. As you know can you get great medical care somewhere else that isn't as expensive one would think that you might be able to -- it's all supply and demand. Because while our medical care is expensive. Of the rules and laws regarding what what can be sold here. -- what kind of hopes they have to run and throw most of its time we're not very competitive in lots and lots of things. I don't trailed Montreal 180606926. 930. New York is the worst date on -- to retire according to Bankrate dot com will you retire here. If so why and if not why not and what would you look for. When you do retire. It was all talked after the. You're hearing the voice of buffalo. WB EN that call us now an 8030930. Cell calls are free and -- 930 and our toll free line is 1806169236. Thursday he thought god to Asia are reminded me adding get a card for Gregory. You know I forgot last year Joseph I've got mark that down on my calendar I just have to on our -- to do list. It is regional company or finding out that Bankrate dot com says you while lists of the best -- states -- retire and we can tell you worst state and strangely enough. It's us. The the State of New York let's see if Vince agrees Revis Vince you're on WBM. Yeah I think any evidence the first thing I I understand you re retired teacher. Public schoolteacher at varied through years. And retirement the newest letter. Says bed and 78 I -- percent of their retired teachers. -- then the retirement check. They do that residents. Teacher residents who have not. Won't data out of this state 75%. I retired and they live in the. Well that's good so that means we only lost 25% of the population. Yeah yeah okay in the that I don't like you know I've gone -- have you -- -- -- shrinkage. Known okay because he's -- intelligent people that like and reduce it ebbs and senior retired years absolutely. Yeah now the and yesterday. Well. I do let me say this two and 32 years as a teacher. I had my life threaten -- That they were going to kill me I went down under the principle he said -- have the cap and pick them up. And that they -- and that they don't know me because I was out there always cheers and the cavs -- K or. That he knows he's in trouble. Should take away it would pivot to the principle again I said and the principle agreed. Well thank thicket in the opposite trans psych them out because they weren't capable of killing me okay. Which is not a good thing -- are gonna. Exactly. And that twice I have no idea why. The kid. Two separate incidents of boys. And they use me as a punching bag okay. They wanted to take out their frustration there anger. And I knew I was subjected to. Beating okay by two separate students. And so I teaching. Headed Japan and it's you know. Ups and downs. OK surely. He's parched in the lose their ago z.'s idea and high school -- -- so teaching is that is ups and downs view. Well mostly ups because I love the kid that's. They seemed to really very well to me. Now yesterday. I -- summary. Of opinions and that senator picnic Gallup analyst seeking. And and tech is there. I said to lie and I AM I've written and two alumni assemblyman some of their rent and operated might send their. And I'm at a press 2000. So I sent that in yesterday too -- gallant. We've talked to him personally he's there. Reachable and we were at a function and relay has totally of and do a day game night spend the command over and we got there and yeah I had a report. And he will listen evidently because he has listened as two of us. And the survey I'd say don't cut to those are program. Then it's something that his money back kind of at this -- as the you know. Reduction and Robert their children. Yeah and but today -- bit survey is entirely right because I can't I've been political all my life and I'm usually I think -- informed. And where they will listen to remain assemblyman and senators I bring it up about the taxes. Now the fact that bank. That this state -- -- seventeen million dollars as -- crop. To refund -- very setback for the city of buffalo and so they got him their black grant programs. And one of the retired. Buffalo council members it was time. TV and he said he would always -- it like up by. Anytime that we had that black grant money that they won that and so they got a good in their home districts. And mayor brown. Has said over the years easily get these derelict buildings drop in the operations rat infested but we don't have them on it it Terri the step down now the seventeen million. I don't know that would be -- go to reach to return some of that money that taxpayers are cut -- rates and an. This survey is intact Kelly right I mean. Where is citizens and boy am on the money just doesn't go that far and not having anyone use that we get a raise every single year isn't it. Now there are no I didn't say guys said the cola. Cost of living raises. Four -- Social Security. I didn't mention teaching -- Well there were years when and how is the union representative elected for eighteen years that you were union rep remember that there. And that's so you know the system. And the school district said we absolutely cannot give you any kind of an increment this year. So that didn't happen as every call a lot over the years. Sorghum both agree and we can both agree with -- bank rate in that one of the primary reasons that this isn't as attractive to retire. Is the is that tax rate thank you events were budget statement thank you very much. Let me give you an example of things that don't appear on stories like this or charge or anything like that to Sharia I'll piggy New York State is. Every time they have a choice to make a decision. They'll go for piggy every single time and this isn't a common thing that I'm gonna tell you now. But it happened to me just so that you don't know. When you lease a car there's a thing called a residual. Value of the car. That means at the end of the -- whether it's through 34 years what are releases that's well what they estimate the car's worth. Also at the end goalies if you say I love this car. I'm going to buy it they will sell it to you for the residual value so you say okay. I've had enough -- -- -- turning -- and given the keys you walk away or I want the car. I'll buy the car at the residual value to me so far party's right. Well I had a Porsche. Which is a very trying car. And I had a for three years and I loved it but I decide I'm gonna come and goes something else so I'm not going to buy it. At the end of Miley -- however somebody who works are gonna come was -- car fanatic probably is bigger car fanatic as I am said to me. Your Porsche is going among police what's the reason and on that ice that what is he said I'd like to -- I said great because he knew kind of -- -- -- a red mark on -- car was it came here almost every -- so -- wanted to -- it. So I called the leasing company. And I say OK at the end -- which was going up zone. The car will be purchased but not by me. But by a friend of mine so here I'll give you the name and number I'm about to give information and the person says you live in New York State. This idea that we can't do that in New York State. I said why is so well what we have to do in New York State is we have to sell you the car. Visual on the -- then you consult a car to your to your friend. While you know why that is is because when I buy the car from the leasing company or from the company that made made the car in this case Porsche financial. Okay they get the sales tax. And then I have to sell it to my friend and they get the sales tax again. So once. The doing the decent thing. And getting one sales tax which is dollar really as. I never would I never took possession of the car as an owner I was -- yeah that was me okay. They gonna have to -- sales taxes. Just damn PG. And there's not a lot of states that do that but the ones that are are pigs. So that's and so what happened so we didn't -- the car and I don't blame home because suddenly it wasn't that good a deal if two sales taxes had to be paid on. And it was a Porsche so -- reason was not -- It's a great car I had my fill of -- I enjoyed it totally and I was gonna get the -- to the next guy that would do the same thing instead now. -- -- -- -- So they -- either sales tax but that's the way New York operates. Will be back after this on -- and I'm thirty W via Bankrate dot com compiled a variety of statistics scored all fifty states on factors such as crime rates. Whether health care tax rates and overall cost eleven. The top five states for retirees. South Dakota. According to be personal finance site South Dakota was the best followed by Colorado. Beautiful -- -- ago. You talk North Dakota and Wyoming the five states at the bottom of the list as as far as places to retire New York right there. West Virginia. Alaska. Arkansas which surprises me Arkansas to be honest -- you when Bill Clinton ran for president he was governor of Arkansas I was making 45000 wells a year okay. So but in Hawaii. So the five states the bottom. New York West Virginia Alaska. Arkansas and Hawaii. Not saying these states wouldn't be nice to -- and -- -- saying that as far as the choices of getting most bang for your box. That's -- laid out. Let's go to my friend Don in Pennsylvania -- we both come from Massachusetts which is a much better than New York. You'll probably correct on that. I can't really say too much. Many good things about Massachusetts but what I can give you that the comparison between new York and Pennsylvania yeah. Circuit jurist -- companion state they're go ahead. Okay. Quote my wife and I combined. Are. And Tom is a little north of 60000. A year and I'm retired. And my state income taxes. Are exactly zero. 00 OK -- that's a good thing. About property tax. Property taxes -- other issue. That is. Is it not in fact. To get the exact figure. Between property tax federal income tax local income taxes state income tax. And I lose the property I own is assessed at less than the average. Home in this school district. My property tax exceed 75%. Of my total taxes for all that come. Line while you got here at the school taxes the biggest part of the property tax. And that's where the big expenses -- you know you can notice a difference when you and I were growing up in Massachusetts outside of Boston fifty miles west all right. We it was a reasonable community. Reasonably priced houses and whatever. Then I had a housing boom that started in Boston and when its way west. All of a sudden we found out that houses that we grew up in and around. Where prohibitively. Expensive since then they've come down a little bit but there's still super expensive if you look at any real estate -- -- Groenenberg now you'll find out it costs a lot more than it did when we were there. I'm sure -- your correct I'm not sure as to why you are correct with that. But. I think I'm -- acquitted because being only fifty miles outside of Boston. Everything in Boston became so expensive that people willing to commute -- though we have train service and things are going to boss and I think that's part of. Yeah I know a couple of people that lived in my neighborhood back then. That didn't work in Boston and and Andy have real state of -- -- because at that time it was a lot cheaper. You -- a matter of fact I went to radio school I -- in my first your on the train. I'm alarmist or and that was the best way to do it when the housing boom came in the Boston and it really rocked though all of Massachusetts. But so some states have more. -- reasonable spending habits and some are go for broke all the time so I'm glad -- -- your basically happy with -- your status in Pennsylvania. Yes site I have no complaints about my state income tax and and you know -- overall I have no complaints about. Anytime except for that. Property tax which a lot of it is based on teacher pensions. Not a lot of hours are obviously a school costume well I'm glad you're happy with Pennsylvania -- remember -- still haven't fixed McCracken the liberty -- so get on that -- What do it ended about my ability and about it. -- we we are -- grew up -- a modest house I grew up in a modest house very modest very modest but if you look at the prices they're not modest prices anymore. I'm look at some prices to -- online the beautiful part as you go online and find out what the tax rate is and all that stuff and you see. How expensive certain states are and how inexpensive other states are well aware they mentioned as the best places. I've traveled in every one of these states so the -- Colorado Utah North Dakota everyone of them. They're beautiful they're very nice. Know some states a lot of people gravitate toward an -- I wouldn't be that interested in Florida forget why my -- loser is beyond me. A I don't like the storms and I don't like alligators eating your -- when he ought to get the mail. -- things like that. In a lot of people say OK about not going to Florida I'll go to Arizona. Well I think Arizona be better choice for me in Florida because desert that's the way it is have you given any thought to any states that are being nice eleven. Yeah I am Fet Cheaney -- conversations. And it's very difficult to pick because. We don't know what our criteria is going to be in the future will partners -- regard to okay -- right and I'm always a debate whether driven is to be financial driven. Is it just because we won't -- somewhere where where this scenery is really nice it's so hard to choose. So in the Bob winters how many guys that we set a lot of that today. But we got to go to work and so that's different than a whole lot of terrible day but I can put copy -- look out the window because I'm retired. I mean that's holed it from Bosnia. And I think that's a whole different criteria. So. I hope people do their homework. And find out that it's more than what just appears easily to you as to where you're you get the most bang for your -- -- and it's not going to be New York I can tell you that that's never gonna change. One surprise was New Mexico think OK you know that's a nice day I've driven through that. But then you do more research their crime rate is through the roof. The outlook where they are. A New Mexico where. And that'll tell you something about the primary. Our -- at the crime we're gonna -- news. As I said -- How professional bowlers -- professional I really am. Pocket hasn't thought about retiring although world urging -- think that way yes. We'll see you tomorrow at nine under Israeli and I've certainly are WB yeah. The -- moves they never had to music piece.

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