Vancouver's Urban Retirement Community Under Construction

Workers on Vancouver's wonderful waterfront have been busy the last few months excavating the site of the massive Springs Living High Rise community on Block 18. The 12 story building will cover nearly all of the 1.29 acre site and feature three levels of subterranean parking. The excavation is more than 30 feet deep at this point. 

Retirees looking for the city living opportunity with all the creature comforts of a full service retirement community should look no further than the Springs Living at the Waterfront. The project should complete sometime in 2024. According to the Springs website the facility will provide independent living as well as assisted living and memory care. Its location right on the mighty Columbia will provide residents with breathtaking views of the river as well as city skyline views of Vancouver and the Waterfront.

The location has quickly become the premier Waterfront location int he entire Metro Area. A fabulous waterfront park and pier are just a short stroll out the front door. There are scores and scores of restaurants, tap rooms, wineries and more all within walking distance.

I would expect many Portlanders interested in city retirement living to flock to this as Washington's favorable tax situation will pad their wallets for years to come. The Springs is just one of many reasons to retire to Washington State.

With Inflation eating away Retirement, Income Tax is a Killer

Once again the ugly monster of retirement is taxes and income taxes tend to chew up net income. When coupled with the worst inflation since the Carter Administration, retirees should be real careful when choosing a new destination. 

Washington State continues to have no income tax or gains taxations. For retirees pulling income from investments or pensions, the lack of an income tax takes away some of the inflation pain. Income taxes are a bit hidden as they are typically taken out of income checks as payroll deductions. The net check is noticeably smaller than the gross check. Sales taxes are visible, right up in your face every time you buy something. This is why I refer to income taxes as a hidden killer.

Our state neighbor to the south has one of the most aggressive income taxes in the nation. Although Oregon's top bracket is not as brutal as states like California, New Jersey, and New York, it starts the 8.75% bracket at income as low as $9200 a year. Yikes! Income taxes tend to negatively effect savings rates. Since less money is available at the time of receiving income it can be difficult for saving. One can always cut back on expenses to save sales tax, but when your income is being eaten before you receive it, that's impossible to overcome.

During these inflationary times, Washington State again looks attractive for potential retirees. Especially when contrasted with Northwest Oregon.