Why should you RETIRE in California?

[@howardtang1833]

I spent most of my adult life in CA but lived in TX, CO, VA, MA for work and traveled throughout the US. I decided to come back and stay in CA years ago and did not even realize a lot of these tax and financial benefits. Thank you Cunningham Legal for making me feel real good about my decision.

[@StressLessFinancial]

It’s great to hear that you’re feeling positive about your decision to return to California and that the financial benefits are a pleasant surprise! How have these benefits influenced your plans or goals for your retirement?

[@howardtang1833]

@@StressLessFinancial more reason for me to stay in Cali!

[@CunninghamLegal]

It's wonderful to hear that you've found your way back to California and are feeling positive about your decision!

[@drwho3863]

I lived in California for 40 years and I am retiring in CA. I have worked very hard to buy two income properties that will replace my current income when I retire at 62 in two more years, life is great. Work hard when you have plenty of youth and enjoy life when you don't have it anymore.

[@OldsmobileCutlassSupremeConver]

Ha ha. Good luck with the Leftist Rental laws.

[@CunninghamLegal]

Congratulations on choosing a retirement date! Thanks for sharing that it is possible.

[@torsten6777]

I have accumulated a lot of rentals here in CA and the governments tenant friendly laws help me to collect huge rents because nobody wants to be a landlord here with these laws. That means little competition = high rents.

[@Justaguywithtruth]

Your old it worked out, two young adults struggle in California while working..🧐🤔🤨

[@OldsmobileCutlassSupremeConver]

@@Justaguywithtruth actually it didn't work out, she got the house. I had to start over. I got the better deal.

[@timleets]

Thoroughly enjoyed the video. Native Californian nearing retirement. Thanks for getting to the real info versus the "move to a low cost state" mantra.

[@CunninghamLegal]

Glad you enjoyed it! There's a lot more to consider when it comes to where you live other than how much it costs.

[@camela8445Mar]

Retirement in Canada, it can be pricey, but there are definitely affordable areas outside the big cities. Plus, no state tax on Social Security!

[@V.stones]

True, that's a big perk. And the weather is unbeatable. Hiking, surfing, wine country...California has it all!

[@Robby767]

Don't forget the earthquakes! Nature's a double-edged sword there.

[@mariadrukker2557]

Earthquakes are a risk, but honestly, the fire season here in Arizona is getting out of control too. At least California has beaches to cool off at!

[@CunninghamLegal]

True! And California is very geographically diverse, so it really depends on where you're living. In some areas, earthquakes are a non-issue!

[@77space-vt8wi]

At present Canada is basically communist thanks to that French bozo recking the country

[@thelawnranger184]

I think what you're saying is- California is a good place to retire IF you already live here and own property in an area where property values have gone up and are valuable. I grew up in San Gabriel Valley. I couldn't afford to live there now without selling my current property. I now live in a valuable area of San Bernardino County where home prices (07/24) are higher than I would pay, but many rural areas in California are affordable still today, especially when you price in, as Cunninghamlegal has pointed out, the climate and AMAZING natural beauty California has. To me, it is pretty priceless. I've never lived anywhere else so I'm not one to compare, but waking up to the sun, beautiful mountains, weather that calls you outside, beaches, rivers... How much is that worth? I'm blessed where I am, not letting our crappy politics kick me out, and have no plans on leaving.

[@CunninghamLegal]

California is a great place to live! I'm happy you're here to stay.

[@richardlo4867]

Retired early in California, over 5 years now. Still thinking sometimes about going elsewhere. Like Phoenix, but friend said it was 119 F yesterday...I'm wimped out by our great weather.

[@Lights_Darks]

119! Not good if there is a blackout.

[@venk777]

Don't come to Phoenix. We don't need Californians here.

[@SloGoatsGrazingServices-bb4zn]

I live in California and Arizona. The heat in Arizona will only get worse. Arizona used to have inexpensive housing - not anymore.

[@CunninghamLegal]

California's weather is definitely hard to beat, especially when you hear about those scorching temperatures.

[@CameronFussner]

More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.

[@fadhshf]

The increasing prices have impacted my plan to retire at 55, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.

[@LucasBenjamin-hv7sk]

More reason I enjoy my day to day market decisions is that i'm being guided by a portfolio-coach, seeing that their entire skillset is built around going long and short at the same time, both employing profit-oriented strategy and laying off risk as a hedge against the inevitable downtrends, coupled with the exclusive information/analysis, it's quite impossible not to.

[@StressLessFinancial]

You’ve highlighted some critical challenges that many face in retirement planning. It’s crucial to address these issues proactively. What strategies or solutions do you think could help middle-class Americans better prepare for a secure retirement despite these hurdles?

[@1004bs]

We’re planning to retire in CA! Loved living there when we were younger and always planned to go back.

[@TexasTiffie]

Great video. I'm a 4th generation Californian who married another 4th generation Californian. He joined the Army and we lived out of state for 33 years. Due to smart money management and hard work most of our adult lives, we were fortunate to be able to move back and buy a home on the coast in 2019, and we love being back. I didn't realize how much I missed California and its diversity. I lived in Texas for 19 of the 33 years away, and while I loved it, I love California more. Texas is hot as hell about 7-9 months out of 12, not to mention hurricanes, tornadoes, hail & lightening storms, flooding, droughts - and that's just the climate! Don't get me started on the bugs, especially the mosquitos, roaches, and spiders. Texas has high property taxes and home & auto insurance too! I also lived in Tennessee for 5 years. Liked it sure, but I like California better! People who move away work hard to convince themselves that they don't miss California, but they are fooling themselves. My husband and I will be definitely be retiring here!

[@CunninghamLegal]

I'm happy to hear that. Thanks for sharing!

[@jamster7771]

I retired in Crescent City, CA from the military at age 38. I teach for a college in Oregon. I really love the beauty of this area but feel like an idiot for retiring here every time I do my income taxes, pay for my car registration, or have to deal with the tax assessor trying to reassess every time a contractor pulls a permit for something. And don’t get me started on the politics. I was a WA resident before I retired and got accustomed to no state income taxes and $200 car registrations (which are now $700). I frequently consider relocating, but haven’t been able to give up the natural beauty and great coastal climate yet. This video helped me feel less like a financial idiot for staying here, but I’m still interested in alternatives!

[@CunninghamLegal]

From my experience, California is really hard to beat! Oregon has an aggressive estate tax (10-16%) for any assets over $1 Million, so that is definitely something worth considering.

[@ROUTE_888]

I live in SF 165k/yr with 3 cats they’re my children $500+ for cat food and pet insurance and the rest go to bills rent food 10% for giving to others, fresh produce is a plus and great weather, minimalist lifestyle, its still paycheck to paycheck. I visited Oregon, Texas, NM I still came back to CA it’s so beautiful and the spiritual energy is amazing!

[@CunninghamLegal]

Thanks for sharing!

[@johncarlson6472]

I'm a lucky one. Live in Northern Calif. Decided decades ago after divorce to live way, way below my means and save and invest. The small city I live in is more affordable rent-wise and safe. Retired 4 years ago and living a level of freedom that can't be articulated, it has to be lived to be fully understood and appreciated. I answer to NOONE. No boss, no wife, no girlfriend. People ask how I've achieved my financial stability, and I reply, "I never re-married." Smiles!

[@meilingbao2481]

Which city please

[@CunninghamLegal]

Thanks for sharing!

[@mchristr]

We all answer to someone. Just ask Bob Dylan.

[@rockscrambler6700]

40 year Californian here. Gotta call BS on your great health care claim. Outside of OC county, the health care system has turned to shit. Hospitals are inundated with people and most them can't afford to pay. Consequently you only get good care if you can afford to pay out of pocket, and that's if you can get an appointment.

[@palace927]

UCSD Medical Center and Stanford University Medical Center are some of the best in the country.

[@rockscrambler6700]

Like I said if you can afford it... The rest of us have to fight for scraps.

[@rogerngu830]

You’re right, for this and other reasons I’m leaving California in 2025.

[@niecek.6473]

Loma Linda & Temecula Valley, come inland excellent health care 😊

[@southeastoriginal5668]

@@niecek.6473agreed. Temecula/Murrieta has great healthcare system.

[@seikocitizenwatches]

Great place to retire if you are very wealthy. A median house price is north of 1 million dollars meaning you will need at least $10,000 per month aside for mortgage, property tax, insurance, utilities, water and landscape care. You also need at least $6000 per month for foods, health care supplements, entertainment, transportation, travel funds, restaurants, entertainment drinks. To sum it up, one needs $16,000 per month ($192,000) per year to stay in California and this is considered Middle Class Blue Collar living.

[@CunninghamLegal]

Using your data points, the median house price in California is $786,938. (even though the median home price in Tehema County is only $355K and it's even less in Lassen County @$224K). Per month, you'll only need about $5,759 to maintain the $786K (putting 20% down). And living a lifestyle where you were spending $6K a month on food, entertainment, and travel sounds great!

[@jadebrady5760]

If you can make it in California. Don't leave because when you want to come back, you'll be priced out.

[@aprildice5486]

I live on a lot less than that in CA. I live well on around $4 to 5,000 a month. My house is paid for.

[@torsten6777]

You’re not a good retirement planner if you plan on having a full blown mortgage during retirement! I have no mortgage already before retirement and I love the cap on property taxes here in CA, meaning low property tax when I retire.

[@Lee-up4bz]

What? You don't need $16k per month to live in CA.

[@kenster865]

I'm a native Californian but have been considering a move to Prescott Valley or Kingman in Arizona. I can take the heat much better than cold weather! As I'm 72 currently, health care is a real concern. My medical is Kaiser Permanente and, frankly, they've been great. My out-of-pocket medical costs are ridiculously low. K-P doesn't operate in AZ., so I'd lose my medical for a time and that's a real concern. My biggest concern are the politics of CA which literally scares me. Anytime you have one-party rule you're eventually going to have issues. I'm convinced that our state legislature really hate the populace and are unconcerned with our well-being. Some of the newer laws they pass up there makes my head swim!! If the legislature's pendulum doesn't start swinging back toward the center soon, that may be the one thing that forces me to eventually get out. That may be made even more difficult as they are considering an exit-tax! Good Grief!! 😮

[@mapoune1]

Kingman is a hole in the wall, Prescott Valley is much more desirable, so much to do , explore and make new friends, beautiful lakes and surrounding nature. I have property there. Kaiser is in Phoenix but maybe too far for you. Don’t sell your Ca property until you have rented for a year in AZ , this will give you time to experience the 4 seasons ( snow in winter in PV and warm summers in the 90s. Good luck 😊

[@SloGoatsGrazingServices-bb4zn]

Kingman is trash. Prescott is now little California. Consequently, housing is not inexpensive. Quality medical care outside the major metro areas will be difficult to locate.

[@CunninghamLegal]

Thanks for sharing your thoughts and concerns. It's understandable to weigh the pros and cons of moving, especially when health care and politics play such significant roles. While Arizona's climate might suit you, losing Kaiser and dealing with California's political climate are tough considerations. It's important to carefully evaluate what's best for your health and peace of mind.

[@joeholloway4558]

I, too, am considering leaving because of the stupid government policies. Born and raised here. I love the weather, but Newsom and Bonta have this place, so screwed up.

[@ryanretirement6662]

I live in California for 26 years i move to Neveda last year to retired. Because California have too many crimes and homeless people everywhere. Neveda don't have state income tax when i sell my investment. Neveda don't have health insurance panelty fine when i don't buy health insurance.

[@CunninghamLegal]

The taxes in Nevada can be very advantageous. Because you are in the retirement period of your life, health insurance may prove to be necessary, and I'd like to encourage you to check out this video: kzbin.info/www/bejne/fZmbe3mgmr-Mr6M

[@aerisgainsborough110]

The Health Insurance Mandate should be a reason why people SHOULD NOT be moving to these states (it's not just California,) because said "you must have this, or be taxed," type of policy, is just bad policy. If biteme (or any democrat) wins in 2024, the Health Insurance Mandate will sadly return, at the Federal Level, which means that no matter where one lives in the USA, a living human being MUST have terrible Heath Insurance, or be taxed. Nevada dodged a big danger, by not having Sisolak as governor, unlike California.

[@derekmarlowe522]

20 years ago we moved to San Diego and it was heaven. Low crime, clean, good roads, good police protection. We recently bought a home in Utah because we have homeless living in front of our Condo building (million dollar plus per condo) and the police will do nothing. We even hired a private guard service to help and they were worthless. Crazy people wander the streets downtown that were formerly virtually crime free. The city roads are full of holes and the city claims they are out of money. We recently had a double murder out front. The Gas Lamp District was so much fun in the past but now has boarded up stores and clubs with homeless insane drug addicts and criminals living the good life while we suffer. I will keep my San Diego property for now (surprisingly the values continue to go up) for now and spend most of my time in Utah where things are much better in most ways.

[@pointreyes4272]

Well done! The rural California coast has roughly the same cost of living as most states as long as you bought your house decades ago and have it completely paid off. Fossil fuels (heat, electricity, gasoline, air conditioning) are less expensive in CA overall since you use way less. Cars are more economical compared to the giant pickups back east. Not much winter heat is required. No air conditioning required on the coast. No state taxes on Social Security or I-Bonds. Cars last twice as long as eastern cars. Homicide rate is lower than florida and texas. Kaiser has great healthcare. I could go on and on.

[@BaskingInObscurity]

Great video. For all the hardships of subsisting on SSDI, it's worth it to me because of the Medi-Medi care, full variety of healthcare services available for my chronic psych and physical needs. I grew up and have lived here most of my life, so I'm accustomed to the natural beauty, diversity of people and their cultural contributions, diverse cuisine options and fresh foods galore, the social commitment to and respect for education, and a friends network I would be loath to abandon, even while many of my dearest have moved elsewhere to raise families and nearly all my family in the region died off.

[@CunninghamLegal]

Healthcare is incredibly important! Thank you for leaving a comment with your favorite things about California.

[@adesign3755]

I wouldn’t retire, meaning stop working. As soon as people retire they start getting sick, and deteriorating mentally. Best to work a part time and live a modest life. What a person does as a young adult will impact how you will live in the future. People throwing money on alcohol and cigarettes, partying is surely going to drain your pay fast. It’s not what you make but what you do with what you make! Live a modest clean life and you will be fine. Save money when you haves chance.

[@CunninghamLegal]

That's a very unique perspective!

[@gazelle3635]

100% correct. Agree with you.

[@StressLessFinancial]

Your perspective on staying active and living modestly is insightful and practical. Balancing work with retirement can indeed support long-term well-being. How do you envision balancing part-time work with a fulfilling lifestyle in your own future?

[@CunninghamLegal]

@@StressLessFinancial Some people choose to work in retirement for a variety of reasons. Many out of necessity, and not just for the money. The Japanese concept of “ikigai” comes to mind. Ikigaki is defined by the Oxford dictionary as “a motivating force; something or someone that gives a person a sense of purpose or a reason for living.” For my late father-in-law it WAS working well into his 80s. For others, it may be something else.

[@FrankDimino1]

I took my CALPERS pension and moved to Thailand!

[@CunninghamLegal]

That sounds like an interesting strategy! Thanks for sharing.

[@sandybeach3576]

Good for you

[@rogerngu830]

I’m also retiring with CALPERS and moving out of California and oversea!

[@Benzene75]

Here's a smart move. I'm planning to move to Cambodia when I'm retired

[@tomprieto5574]

yeah!

[@mapoune1]

Fire insurance is very expensive in foothills and mountains and becoming not available .

[@CunninghamLegal]

That's true- fire insurance can be a problem in the more rural areas. That's why California introduced California Fair Plan: www.cfpnet.com/

[@mapoune1]

I have California fair does not cover liability , strictly fire and for a lower value that would not cover cost of reconstruction. I just read that they have more claims than their funds can cover.

[@cherlgolja5402]

I love Northern California for over 40 years! 🇺🇸❤

[@CunninghamLegal]

That's wonderful. Thanks for sharing!

[@Justaguywithtruth]

That's not California up there, that's Reality with Conservative Good People, Should be separate😎👍

[@cf7045]

Beautiful place to live, but it’s damn expensive. BUT I do love the diversity of people and the beach and the mountains and the WEATHER!!

[@CunninghamLegal]

Agreed!

[@lisadiconti]

Thanks for this video. I am a retired teacher living in California. I am rethinking my plan to leave California.

[@CunninghamLegal]

You're welcome. Thanks for having an open mind!

[@davecomstock9544]

I've lived in California most of my life, so I already knew most of the things in your video. However, the Medi-Cal information was extremely interesting. My wife and I plan to retire in our current house in just a few years, and I thought we probably wouldn't benefit at all from Medi-Cal, since our income would be too high. But since a significant portion of our income is from 401Ks, if we take the RMDs in December, then it sounds like we potentially could benefit from Medi-Cal for the first 11 months of every year. That would be huge!

[@CunninghamLegal]

This is a rather new development in California and should benefit many people.

[@MarcO-bp3ds]

Born in California and retiring in California.

[@PorscheSpeedster-kz6nc]

Same here. Converting our 401k’s to Roth outside of California tax free and will move back to avoid inheritance taxes and get community property state with a full step up when a spouse dies. A good place to die compared to other states.

[@69camaro19]

Me too.

[@jRieg]

Blah Ha Ha Ha

[@speedwayman100]

enjoy paying for all the illegals!

[@lynnf1659]

@@PorscheSpeedster-kz6nc are you keeping your property in California or are you selling it, moving to convert to Roth, then buying another home in California when you’re ready to return?

[@denovo09]

Up until recently, I was dead set on moving to Henderson/Summerlin, NV in 14 years at age 60.5. Then I kept reading about how bad the healthcare system was there. Now I'm thinking it's not such a great idea to move from a quality healthcare city (San Diego) to one of the worst during a time when I'll increasingly need healthcare more. So I'm thinking I'll stay.

[@CunninghamLegal]

Healthcare is a critically important consideration!

[@lettruthprevail9820]

The assessment can go up 2%, not the taxes. My taxes went up more than 2% when my city instituted a large increase in water/sewer charges on the tax bill. If prices go down, you can appeal your assessment. I was told my mom couldn't get Medi-Cal and she made less (she died in 2022). I also think the facilities that take Medi-Cal are limited and probably not too good. Thank you for the video. You pointed out several things I didn't know. Texas 3% tax, ouch.

[@CunninghamLegal]

Thank you for your comment. This is true that your “base year” value that the “1%” is based on can only increase 2%. However, each area in California can tax property beyond the 1% if such taxes are lawfully passed. These include municipalities, counties and other districts that are not the “State of California.”

[@sipo5800]

​@@CunninghamLegaland all the bonds added to property taxes, way more than 2%

[@FirstHillSeattle]

I decided a long time ago I wasn’t going to move just to get no state income tax. It’s not worth it to me to live somewhere I won’t like as much as California, especially since our income tax is already in my budget and I’m used to it.

[@CunninghamLegal]

Good for you! I'm happy you found a way to make CA work.

[@mikeflair6800]

I keep singing that song 'California Dreamin'...but on a summer's day! Getting 60 days+ of 110, and 120 days+ of 100, the Phoenix Valley is becoming unlivable. I have about 4 years left, and a San Diego retirement is only a 5 hour ride west on Interstate 8 - a fairly easy physical move.

[@CunninghamLegal]

Retirement in San Diego sounds incredible!

[@WebDesignSocal]

Just fyi Jim, the Golden Gate bridge isn't "natural" beauty. Men built it. It's "man made".

[@CunninghamLegal]

Yes, you're right. It's still beautiful, though!

[@Justaguywithtruth]

Oakland education system teaches it's Man-Made💩📕🤡🧐🤣😂

[@gracechan2538]

So appreciated for your information 🙏

[@CunninghamLegal]

Thank you!

[@dermoplast]

I have a house in Silicon Valley that I would like to rent out when I retire. Given how California laws favor renters and evictions are difficult; I may just have to cash out and think of taking my plans to another state. I agree with much of lifestyle pros but cost of living (gas,groceries,dinning,insurance etc) is a retirement killer.

[@mk500]

My father in law has rented out his properties to cover his retirement for decades here in the Bay Area. It’s really not a problem. Just talk to the renters and get to know them before renting. Find families who have ties to the community and give them a bit below market rates. They will likely stay for many years; maybe decades. Treat them well and you won’t have to worry about evictions. You are worried about rare situations.

[@mk500]

Gas and insurance are easy to deal with. Don’t buy the fanciest gas guzzling new Audi. Instead just buy a few year old Prius. It will sip gas, insurance is dirt cheap, it’s comfortable to get into and out of, and easy to park. We recently moved a queen size bed frame in ours for our guest room! (Hatchback for the win). And there are lots of great inexpensive restaurants all around. You just have to get into the cool neighborhoods and visit where the locals eat. I feel like a lot of people who have money problems in California are just terrible with financial planning, and will likely have exactly the same problem when they move to Texas or Tennessee. We live in SF and I do not think we spend as much on the items you listed as our friends in Austin; because we know where to shop. We live well on fresh produce from the local market.

[@toshibamouse60]

For rental, it pays if you screen your tenants. I screen my tenants myself and manage my rental properties for many years and I have no issue with tenants. For groceries, etc., it's inflation and it is not just Cali but global. For gas, I switch to EV. Insurance is ok. If u move to say Florida, you get hit with super high insurance. So big picture, I chose to stay. best place to live, and to me it's heaven on earth.

[@torsten6777]

I do rentals full time in CA. You can get really good tenants in California if you provide them a nice modern updated place. I haven’t had an eviction in many years. My rentals in other cheaper states have more problems, even with more landlord friendly laws.

[@Justaguywithtruth]

Squatters rights, sell it and move to a Real State🧐🤔🤨👍

[@BradVaughn]

One of the benefits from Prop 13 is being able to take your property tax base with you when you move to another property after the age of 55. I have not yet taken advantage of this, but I am keeping this in mind.

[@CunninghamLegal]

That's great!

[@koogle612]

Moved here from NY the 1st time 30 yrs ago. Fell in love w/ NCal immediately. Ive researched every destination in the world for upcoming retirement in 5 yrs. Frankly selling everything to do so does not make sense. I love it here & have lived in a number of places. I dont want to leave. Maybe closer to the coast & a bit north...

[@timlinator]

Coastal California is expensive but not inland California. Furthermore California doesn't tax SSA and property taxes are low. Income tax is progressive so if you are making less in retirement you are not paying much taxes to the state. Healthcare is top notch and if you are low income subsidized.

[@Dobetter70]

Thanks for your video. I do have a couple of questions when in your example the wife and husband that bought stock and the husband died why wasn’t the gains in that stock tax? All you said was that it wasn’t because it was community property but other investments get taxed so what is the difference there their age? Something else? And then the second question I have is in your example of Medi-Cal covering the cost for the nursing home in the month that the woman took her $50,000 payout from her investments. Is she paying the nursing home that month out of that money so she will pay $10,000 of it to the nursing home in that one month?

[@ninamoreno8116]

❤ this. Thank you for solidifying my desire to remain in Northern CA. I'm 62 and intend to retire at 67. I am more concerned that my retirement funds will outlive me, and I will not enjoy my retirement for the 23 years I anticipate I get to enjoy it.

[@CunninghamLegal]

You can do it!

[@cynthialeech2507]

I'd rather be poor and live close to my grandkids in California than be rich anywhere else.

[@CunninghamLegal]

Absolutely!

[@catalinacatg8861]

And that legit reason is why seniors are moving here. Unless it is the "takers" to take advantage of the $ giveaways.

[@TheSUale]

Same here. Family is important as one ages.

[@harlanjackson6112]

That's right Cynthia, because the grandkids are the true riches... The gifts that keep giving.

[@homecameraroll]

Good eye opener for ca residents to stay for a long haul ! Thanks for sharing !

[@CunninghamLegal]

You bet. Thanks for watching!

[@raymonddee1059]

natures good , except politicians

[@T_1357_F]

All the PRO listed is dependent upon if you have the money to exercise your choices. Where to Live. What entertainment you want to enjoy. Where you want to see and experience What foods to enjoy

[@mitchcollins5840]

This was excellent, thank you.

[@CunninghamLegal]

Glad you enjoyed it!

[@Bbarfo]

I agree that the Sacramento area is a popular location to retire. I visited my brother in Oklahoma a few years ago and the fresh fruit and vegetables were not as abundant as they are in the Sacramento area. Me and my wife are fortunate to have very good state pensions with health benefits and can afford to remain in California.

[@rebecksbecker1493]

1% of $800,000 average cost for 3/2 = $8,000 increases by 1% each fiscal year. The gas $6/gal. Nuts $10 8oz. can. A chicken burrito $12. Today is 7/6/24.

[@CunninghamLegal]

Sadly, inflation is real. This is why, over time, California’s Prop 13 1% assessment (plus a 2% annual increase) becomes an increasingly valuable property right and hedge against inflation in California.

[@thomasmoran168]

@@CunninghamLegal They are finding workarounds to Prop 13 by adding "special assessments"... I already pay on FOUR school bonds for Pajaro Valley Unified School District, and they've put a 5th one on the ballot for next week. While my BASE property taxes are indeed 1%, my tax rate is already up to 1.3% and may go higher.

[@CunninghamLegal]

@@thomasmoran168 Thank you for your comment. You correctly highlight that Prop 13 limits “factored base year” (value at time of change in ownership plus 2% increase annual) to 1%. However, local government can lawfully impose additional percentage as well as “flat” parcel taxes if passed by voters.

[@SoBelle100]

You forgot to mention the spectacular wineries in Temecula! They rival many of the wineries up North.

[@CunninghamLegal]

Absolutely! Thanks for mentioning that.

[@talldave7799]

I became curious about your claim that California State colleges offer Tuition-Free classes!! I checked with Cal State Haywarrd and they said they offer NO discounts to seniors let alone FREE tuition! In fact, the Over 60 Program has been killed since the Fall of 2012! I would suggest you fact-check your slides more often than once every 2 years!

[@CunninghamLegal]

Education Code 89330 authorizes the popular Cal State system to provide free tuition for senior citizens. Each campus must grant tuition waivers to California residents aged 60 and older. Waived fees include those for tuition, applications, health services, and instructional-related activities. Seniors can enroll in regular-session, undergraduate-level courses in subjects such as art, the humanities, agriculture, and computer studies. Here's the legal code: leginfo.legislature.ca.gov/faces/codes_displayText.xhtml?lawCode=EDC&division=8.&title=3.&part=55.&chapter=3.&article=4 (and here's the link to the information on CalState.edu: www.calstate.edu/attend/paying-for-college/csu-costs/tuition-and-fees/fee-waivers/Pages/other-fee-waivers.aspx)

[@danielpadilla386]

Enjoyed listening to why California is a great place to live and better to retire in. We love it here!!!!!

[@CunninghamLegal]

That's great! Thanks for sharing.

[@DonaldMark-ne7se]

This is my fifth year after retirement. I’e been following the 4% rule thing I saw on a youTube channel, but this isn’t really how hard I expected things to be. After I cashed out a lump sum, I still have about $760k left, but at this rate, and with how the market is (we were putting money away in an index fund), I’m starting to get really worried.

[@PitcockRoth-9876]

Not a lot of people are able to save that much in a lifetime. But now you are retired and depend on your investment, it’s best you redistribute your capital. To simplify the process, you could allocate your resources with the help of a financial advisor.

[@CunninghamLegal]

You can contact CunninghamLegal if you are looking for a referral to a financial advisor!

[@mariyaterzi7364]

Beautiful climate 🙄 110 degrees for 15 days straight in Sacramento

[@Mike-cv7hv]

It was 68 on the Monterey Peninsula

[@delayedgratification581]

110 F isn't ideal obviously, but it's mostly unbearable in the afternoon only (try to stay inside with AC). In Texas and Florida I believe it's the whole summer, 24/7 heat WITH humidity.

[@jml9550]

110 is not the norm here. We hit 104 in some areas in the Bay Area and this is rare occurrence.

[@mariyaterzi7364]

@@delayedgratification581 it would be nice to stay home and AC 24/7. Got to work

[@MrDennis052]

It was 78 at La Jolla.

[@WilliamCunninghamII]

As hard as it is to admit, I agree, in general, with your analysis. A caveat Re property taxes. Although 13 is a lifesaver, local bond issuance is adding up quickly. The bond interest and principal is paid for by taxes on RE. In our neck of the woods these payments are approaching 10% of our prop tax bill and growing each election cycle. Our tax dollars are poorly allocated with poor results in many areas including homelessness, unemployment insurance, public schools to name a few. Admittedly not big issues for retirees in the state but a concern for the future. Having said this, the physical reality for us is family and extremely advantageous Mort rate...and some of the best sailing in the World 😂

[@CunninghamLegal]

Thanks for sharing your perspective! It's true that while Prop 13 helps keep property taxes low, local bond measures can add to the tax burden over time. Despite challenges like tax allocation and public spending, it sounds like the combination of family ties, a great mortgage rate, and amazing sailing keeps California appealing for you. You have a great name, by the way.

[@rfletcherrfletcher]

I use to live in California. Not any more. It is the last place I would ever considering retiring.

[@CunninghamLegal]

I'm sorry to hear that!

[@torsten6777]

You should watch this video! It’s not just the most beautiful state, but also has so many advantages over other states!

[@tomroelofs9935]

Thank you . This is what I thought of.you confirm it.

[@CunninghamLegal]

Great! Thanks for leaving a comment.

[@69camaro19]

Born and raised in Norcal, love it.

[@CunninghamLegal]

That's great! Thanks for sharing.

[@theexponent3834]

After watching your channel (your first episode on this same topic), I've reconsidered and I think it does make sense. Besides I LOVE CALIFORNIA. 😊

[@CunninghamLegal]

That's great to hear. California is a great place to be!

[@ojaghian]

Very informative, Thank you

[@CunninghamLegal]

Of course! Thanks for watching.

[@theodoreresultan3312]

Retirees love indian gaming casinos! Taking my Elderly mom every week casino hopping in northern California: Cache Creek, Thunder Valley, Red Hawk, Graton. Food is great!

[@CunninghamLegal]

That sounds fun. Good luck!

[@cf7045]

Beautiful place to live, but it’s damn expensive

[@CunninghamLegal]

It can definitely be both of those things!

[@danielalexander799]

Retire in California ? I wouldn't even fly over California on my way to somewhere else.

[@torsten6777]

Sounds like you live in one of those cheap undesirable flyover states.

[@Faben202]

You’re the one missing out on California’s natural beauty if you’re not visiting. It is not missing out on you.

[@SuzCGee]

Thank you for this information! It makes me proud to be a Native Californian ✌🏻

[@CunninghamLegal]

Me too!

[@Justaguywithtruth]

🤖🎪🧐🤔🤨😂👍

[@stanmarcusgtv]

they told US that we didn't need to make English the official language by legislation because that was crazy to believe any other language would be used - THEY LIED over 100 languages is a reason CA has one of the worst public school systems in the country

[@mk500]

I think our school system is great. My daughter attended CA public schools and just graduated. She was able to learn Japanese throughout grade school and could speak and read when we visited Japan. She attended an arts high school, again public, which enriched her creative side with theater, costuming, and music education. Now she thrifts clothes and sews amazing outfits. But she also was able to take AP classes in Calculus, History, Environmental Science, etc. She got into a great college. And none of her schools banned books or limited her access to our great libraries. Our diversity is our advantage! Being multi-lingual (English + another language) has been proven to improve cognitive skills. That’s how it is in California. We are preparing our kids to be leaders and thrive in a world of 8 billion diverse people.

[@stanmarcusgtv]

@@mk500 CA schools are ranked at the bottom in aggregate - FL is ranked at the top

[@rockscrambler6700]

40 year Californian here. You're either lying or you've lapsed back into the eighties. Either way you shouldn't be posting.

[@tomallen5837]

What are you smoking? just because flyers from the state come in 120 different languages doesn't mean they teach anything but English in the public school system. I have two children going through the public school system, including College. Please step away from those who are ill advising you.

[@stanmarcusgtv]

@@tomallen5837 lol

[@jeffbreazile411]

At what estate value does it make sense to hire your firm for legal services related to estate planning and tax planning strategies?

[@CunninghamLegal]

Typically, estates with over $1M+ in Net Worth (all assets including retirement accounts, investments, real estate, etc.) see the most benefit from the tax planning that we are able to do with estate planning strategies. But avoiding probate is one of the key factors for creating an estate plan!

[@donnajoyvigil157]

No asset test for Medi-Ca is crazy!!!

[@CunninghamLegal]

It certainly is an interesting change!

[@marlajones26]

I'm a native Californian and retired. I can't afford to rent a home, let alone a studio apartment. I can barely afford food and have to go to the food bank on a regular basis. The cost of living even in rural areas is horrendous. Come to California if your retired and single your gross income needs to he at least $113,652 annually in order to live your best life.

[@mm669]

SF Bay area native here and I agree, $113K is needed if you are single and don't want to watch every penny. I make $82K but can only afford basic needs. My entertainment is limited to walking and enjoying the beautiful neighborhood, public library, and volunteer work. I can't accept casual lunch dates with friends, happy hours, dinners, concerts, movies, weekend wine tasting or plays like I use too. $113K is needed for that.

[@Justaguywithtruth]

California Sucks, Move to Huntsville, Alabama. Great Area..😎👍

[@CunninghamLegal]

I completely understand if you are happy and have a love for the Bay area (or a love for nearby family), but it might be worth looking into other nearby California counties! California is MASSIVE, even larger than some European counties. Here is a list of some of the most affordable counties in CA: www.kiplinger.com/taxes/cheapest-places-to-live-in-california

[@marlajones26]

@@CunninghamLegal I live in Trinity Co.

[@zerozerop-xv4yb]

@@Justaguywithtruth I hate rain, hail, tornadoes, floods etc. l am well adjusted to earthquakes. l will remain in California.

[@reneeferreira3218]

I literally thought this video was going to be a joke…..he’s actually serious 😂😂😂😂

[@CunninghamLegal]

Of course! Although it may not be perfect, California is a pretty great place to be.

[@harlanjackson6112]

Sounds like you consume GOP favored media which shows CA homeless/crime videos on a loop. Attempt is to get CA residents to vote GOP, the downside is it gets GOP voters to move out to retire. Without knowing all the things Jim just covered.

[@dat.lynguyen4156]

Some areas in California are expensive, but for several reasons why people moving to California

[@CunninghamLegal]

That's what we covered in the webinar! We hope you enjoyed it.

[@michaeljohnson7632]

I went to europe for two years, it was awesome

[@CunninghamLegal]

Great to hear!

[@kevinsmith4559]

Great video! One thing I think worth mentioning is the Capital gains tax on sale of home with the $500K exclusion at Fed and State level. Works in your favor if only $500K gain but against you heavily if the excess gain triggers your income to move up several brackets and thus you can be paying another 9-12% on the excess gains on the CA side. Not uncommon for a house bought at $350K and sold at $1.5M. That severely taxed cap gain portion above the $500K exclusion in this scenario is $650K which gets hit already at 15% and then a portion at 20% by the Feds and the gain automatically throws you into the 9.3% California tax bracket without even considering other income so you may jump into the 10.3% pretty easily.. this was based on joint tax tables 2023. Maybe a video would be good on CA gets you on this on, eating away your Cap Gain profits. Additionally there are a series of “Transfer” fees when selling at the State, County and sometimes City level that further eat away on the gains of a real estate sale. Don’t know how this all compares to other states with similar income tax ranges so your mileage may vary in that case. Hopefully I stated all this correctly here.

[@CunninghamLegal]

Broadly speaking you are correct, each real estate transaction has to be evaluated on a case-by-case basis. Often. People have a loss carry-forward that can also mitigate the tax bite. We will be covering strategies in a future webinar.

[@SGPhil597]

@@CunninghamLegalthank you, we’re planning to go back to our CA home, selling our vacation home in SV to buy another one in Orange County. Have been searching for 121 exclusion information. Thanks

[@CunninghamLegal]

@@SGPhil597 Congratulations!

[@rudeman1914]

Social Security does get tax. It’s called 1099 as income still need to file and pay Tax.

[@CunninghamLegal]

It is true that Social Security is subject to payment of federal income tax. Our discussion centers around state income taxation of Social Security Benefits.

[@GearMaven]

He referred to STATE income tax throughout the video NOT federal.

[@janiegolden5338]

The Golden State is my love ❤

[@CunninghamLegal]

I'm happy to hear that!

[@logicalblueberry]

Washington has the highest death tax? What if a Washington resident dies in another state? Is the tax based on where you die or where you reside at the time of death? I'm guessing it's the state of residence that matters. So many factors to consider.

[@CunninghamLegal]

Generally, it is where you live (residence) that determines state death tax, as well as presence of property in that state. Sometimes “intangibles” are excluded from property. This means that if a California resident owns a commercial property in Washington State, if the property is held by an LLC and not in that individuals name (or their trust), it may be possible to avoid Washington State death taxes.

[@etutlf4176]

Mild climate?! A high of 115 in Fresno today. California is burning up. Water could become a problem in most areas. Oh, the earthquakes!! California probates are also very expensive which means you need to get a lawyer involved to create trusts etc.

[@CunninghamLegal]

California is one of the few places where five major climate types occur in close proximity. In CA, the Desert, Cool Interior, Highland, and Steppe climates border a small Mediterranean climate. This makes it very diverse! You are absolutely correct about needing a Living Trust or some kind of Estate Plan to avoid California's expensive Probate process!

[@kay203]

Interesting that some arguing for California for retirement. Looks like cost of living is the biggest risk but if you can bear that, the weather, food, and everything else seem pretty good

[@CunninghamLegal]

California is beautiful and culturally diverse. It comes with a cost, but to many, it is well worth it!

[@OldsmobileCutlassSupremeConver]

Actually I have Sharp health care. They are not any good.

[@CunninghamLegal]

I'm sorry to hear that you are unhappy with your provider. Here are some resources to find other healthcare providers in California: www.healthforcalifornia.com/covered-california/health-care

[@GearMaven]

Change! There are great health insurance plans in California and such a variety for any need or income level.

[@ManinaHarris]

Thank u!

[@CunninghamLegal]

You're welcome!

[@kelly5049]

Wait, prop 13 was/will be replaced by New one(49?) that nullifies that savings, right?

[@CunninghamLegal]

Prop 13 is still the law of the land. You might be thinking about Prop 19 which gave some property owners more flexibility in transferring their Prop 13 taxes to a replacement residence. Prop 19 did take away the broad parent-to-child reassessment exclusion. You can watch one of our recent videos on Prop 19 here: kzbin.info/www/bejne/nYG9gqKkhrJrqKs

[@mims2582]

Great video

[@CunninghamLegal]

Thanks for the visit.

[@junwang4272]

How about Fed tax? Even without CA Sate tax, we still need to pay Fed tax, right?

[@CunninghamLegal]

You are correct. You are still subject to Federal income tax!

[@bonniegaither3994]

I love your Abel Baker, Charlie Delta. Sounds like you were in the military?????

[@CunninghamLegal]

Those are actually the names they use in law school to keep it consistent. I also use: Hal = Husband and Wanda = Wife!

[@smnair0572]

If a CA resident moves to India to retire, do they pay Social Security taxes as per CA rates?

[@CunninghamLegal]

California does not tax social security. The Federal government does tax a portion of a social security benefit based on the total amount of income. It is US (Federal) sourced income, which is typically subject to US (Federal) taxation. Because we are a law firm based out of California, USA, I can't comment on the taxation in India.

[@MariE-go7ol]

I’m confused why Granny’s estate isn’t sold to go towards her SNF stay? In Ohio, we had to sell my mothers home and go through that money before she had no money then was placed on Medicaid. I am wondering if California only looks at savings, pensions and SS as pay outs.

[@CunninghamLegal]

If Granny were in California, the State only looks at the INCOME from those assets and not even the underlying assets anymore. For many years in California, a person who receives care in a skilled nursing care facility can keep a personal residence of any value and not have that counted against them for qualifying for public assistance benefits. You raise an important point that each state has its own laws. The upshot is that if you will likely end up on public assistance benefits, California can be a great place.

[@logicalblueberry]

Thank you so much! Is it really good to be in a community property state if a spouse dies? I thought it was a disadvantage because in a community property state, spouses are liable for their spouses medical debt. If a spouse has high medical debt, isn't it best to move to a non comunity property state before the spouse passes away? We have friends here in CA and one in WA who are paying off huge medical bills because their spouses had cancer. I would be interested to know how they could have avoided being saddled with this responsibility. Thank you.

[@CunninghamLegal]

When it comes to debts, the rules are different among the states. California tends to be more creditor friendly than other states. Each of us needs to evaluate our individual needs when deciding where to retire. This includes debts as well. Thank you for your comment!

[@HeritageWealthPlanning]

28:00 is reimbursement amount based solely on the probated estate or the entire estate? Thanks!

[@CunninghamLegal]

If there is a “formal” probate in California, the State of California is entitled to reimbursement from the probate estate.

[@facemakerable]

san Jose Ca, not apply PRo .13

[@CunninghamLegal]

Please check out our Prop 13/19 videos: kzbin.info/aero/PLAoOpG0ejJDdbZcbpUSqTupNVvB6tG5M6

[@gracebowman7468]

Did you say there is No Capital Gains in California????? Please advise Thank you

[@CunninghamLegal]

California does have a capital gains tax, but unlike the federal government, California makes no distinction between short-term and long-term capital gains. It taxes all capital gains as income, using the same rates and brackets as the regular state income tax. Here is additional information: www.ftb.ca.gov/file/personal/income-types/capital-gains-and-losses.html

[@nathanielcarreon5634]

No brainer to retire in CA if you bought your house several decades ago.

[@CunninghamLegal]

You’re right! Retiring in California is a no-brainer if you bought your house decades ago because Prop 13 keeps your property taxes low (1% of the purchase value with limited annual increases). Plus, you get to enjoy the state's great weather, diverse culture, and graduated tax system.

[@bruintoo]

28:27 What? Rich Granny qualifies for Medi-Cal in a skilled nursing facility for long term care?!? Without liquidating her assets? What????? This seems like a loophole that is being taken advantage of.

[@CunninghamLegal]

Yes! California's Medi-Cal program no longer “counts" the assets of the Medi-Cal applicant (and spouse). Rather, it looks only at income for financial eligibility, not assets. Applicants with significant assets can qualify for long-term care benefits in a skilled nursing care facility. They cannot “keep” the income, however. Their income (minus $35) forms part of the “share of cost” and is paid to the facility.

[@dillonreeve]

How many people just came for the comments. Hahaha!

[@CunninghamLegal]

It seems that retiring in California is a highly controversial topic!

[@sundance2005]

I have been in CA for about 35 years and love it. I am now retired and have looked at retiring out of CA but I think what I have seen here the best place to stay is here in N. California. My only complaint is the Newsom and the CPUC (in criminals in bed with the power company's) that are constantly attacking the cit of CA with increased costs in one way or another, oh I for got organized crime by the name of PG&E. Great video.

[@CunninghamLegal]

Thanks for sharing your thoughts! It's great to hear that you've enjoyed living in Northern California for so long and find it a fantastic place to retire. While the cost increases and issues with the CPUC and PG&E are frustrating, it sounds like you believe the overall lifestyle and environment make it worth staying.

[@Ambassador055]

How does “Granny” qualify for Medical with $3M in assets?

[@CunninghamLegal]

“As of January 1, 2024, Medi-Cal will no longer count assets to determine eligibility. This means that anyone, regardless of how much they own, may receive Medi-Cal benefits, including: Individuals in skilled nursing or intermediate care facilities or those who qualify for home and community based services; People who are 65 or over, blind or disabled; Low-income persons with dependent children; Children under 21; Pregnant women SSI and other categorically-related recipients are also automatically eligible for Medi-Cal.” Source canhr.org/overview-of-medi-cal-for-long-term-care/

[@Ambassador055]

@@CunninghamLegal interesting. Thanks for the info. As a Californian I pay $2600/yr for Long term insurance. Maybe I should cancel?

[@thachnnguyen]

One is crazy to retire in CA. I live in San Jose, CA. They tax you to death. They find every which way to get money from you. They being the state and local governments. Health care ain't that great, and very expensive. If you own a house, look at what the property taxes are, despite prop 13 (because they slap all kinds of fees to your property). $1000 a month just to pay property taxes! Water, garbage, electricity costs? Just look at the bills. Sales/use tax is like almost 10% now. Gas tax is among the highest in the nation. CA is more like you come to make your money, then when you have enough, go somewhere else to retire (like Southeast Asia).

[@CunninghamLegal]

Thank you for your comment. Retiring in California is not for everyone. It sounds like you are headed to SE Asia! Before you retire outside of California you should make sure you get your legal affairs in order for your US assets before moving.

[@jjgreek1]

I’m never leaving California

[@visittavee7773]

Are we do have dead tax on propositions 19 ?

[@CunninghamLegal]

We have an entire playlist dedicated to Prop 19. Check it out!: kzbin.info/aero/PLAoOpG0ejJDdbZcbpUSqTupNVvB6tG5M6

[@delayedgratification581]

My biggest issue is how California taxes state pension and all investments, including 401K and taxable accounts. Anything I can do, other than converting as much 401K to Roth IRA as possible?

[@CunninghamLegal]

Yes, there are many options. This is why for many clients we recommend a team approach, using an A-Team structure. This is an approach where your savvy estate planning attorney works closely with your Certified Financial Planner and CPA to craft a customized, multi-year strategy to minimize overall taxes and maximize the creation and preservation of personal and intergenerational wealth. Ascent Wealth Management has been on many of our videos and I would encourage you to look at those and set a time to meet with them: www.lindseyandlindsey.com/ascent-wealth-management

[@charlespatterson3936]

I left the Bay Area 25 years ago and never looked back. You can have it. San Francisco is a dumpster fire.

[@rfink222]

Except for the beautiful weather.

[@liangang8627]

IRS do tax you on social security income and yes State of California do not tax on social security income

[@CunninghamLegal]

You're correct that the IRS taxes Social Security income at the federal level, but California does not impose a state tax on it. This can be a significant benefit for retirees living in California.

[@Sword_of_justice103]

Lmao!!!

[@zombieapocalypse3837]

I lived in New Jersey when I was in the Air Force from 1978-1982. New Jersey is the California of the east coast and California (I lived there 1998-2004 when I was in the Air Force for the second time) is the New Jersey of the west coast. I would not retire in either of these states, both are high tax, expensive places to live that elect only Democrats to office, so there is no balance of political power, a very bad situation.

[@CunninghamLegal]

Thank you for sharing your perspective!

[@rfink222]

They are also great places to live.

[@masoncnc]

Homeowner's insurance is $6000 for a 1400 s.f. house, lol

[@CunninghamLegal]

Unfortunately, this is not uncommon. Is this in California? I know that Florida is having the same insurance issues as well.

[@masoncnc]

@@CunninghamLegal yes Kali. Trying to sell my house and buyers are getting scared with all the costs

[@GearMaven]

Depends on the area.