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Old 07-08-2010, 12:13 PM
 
Location: OKLAHOMA
1,436 posts, read 1,799,706 times
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Quote:
Originally Posted by jiminnm View Post
Rich, 15 states currently tax social security benefits(primarily because these states use federally taxable income as a base for their state income tax, and up to 85% of social security benefits can be federally taxable) - CO, CT, IA, KS, MN, MO, MT, NE, NM, ND, RI, UT, VT, WV & WI.

Colorado too? I've been looking at both NM and CO for retirement. I am probably better off staying put here in Eastern OK. Although, my husband says we have paid higher income taxes in this State than any other State we have lived in which would be Utah, Ill., Ky., and we can't remember what we paid in CA (been 30 years since moving from that State).

Is there a site to compare retirement income?
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Old 07-08-2010, 12:33 PM
 
314 posts, read 168,174 times
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Quote:
Originally Posted by debbie at bouontiful View Post
Colorado too? I've been looking at both NM and CO for retirement. I am probably better off staying put here in Eastern OK. Although, my husband says we have paid higher income taxes in this State than any other State we have lived in which would be Utah, Ill., Ky., and we can't remember what we paid in CA (been 30 years since moving from that State).

Is there a site to compare retirement income?
Just do a google search, not sure on the linking of sites here, for retirement tax states. At least one site will show you all of the taxes rates in each state with the exception of property taxes.
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Old 07-08-2010, 12:42 PM
 
Location: New Mexico USA
16,495 posts, read 16,287,984 times
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Here are three sites which help you determine the taxes and retirement issues:

RETIREMENT LIVING INFORMATION CENTER - Retirement Communities and senior lifestyle data
State-by-State Guide to Taxes on Retirees, 2009-2010 - Kiplinger
State Comparisons


Rich
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Old 07-08-2010, 01:18 PM
 
Location: Albuquerque
5,554 posts, read 8,840,782 times
Reputation: 2427
Quote:
Originally Posted by GregW
... counting all income from all sources. ... you pay
taxes on your Social Security. If not then not.
That was my earlier point. If all you have is SS then
after the standard deduction and exemptions, it will
be free or mostly free from taxation.

Quote:
Originally Posted by MG120
... I think that it is pertinent.

I might want to retire to San Diego for it's perfect climate,
beaches and other things, but if I am relying solely on Social
Security, I don't see that happening unless I want to live in a tent.
If all you have is SS income, it won't make any difference.
It will be essentially untaxed. The fact that the cost of
living is high there is a totally different issue than if the
income you are getting from SS is taxed or not.
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Old 07-08-2010, 01:51 PM
 
314 posts, read 168,174 times
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Quote:
Originally Posted by mortimer View Post
That was my earlier point. If all you have is SS then
after the standard deduction and exemptions, it will
be free or mostly free from taxation.


If all you have is SS income, it won't make any difference.
It will be essentially untaxed. The fact that the cost of
living is high there is a totally different issue than if the
income you are getting from SS is taxed or not.
Ok...I see your point now and your correct.
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Old 07-09-2010, 06:52 AM
 
Location: OKLAHOMA
1,436 posts, read 1,799,706 times
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Quote:
Originally Posted by Poncho_NM View Post
Thank you, quite helpful!
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Old 07-09-2010, 09:52 AM
 
Location: Albuquerque
5,554 posts, read 8,840,782 times
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Quote:
Originally Posted by Mike Horrell
Uhh... whadda ya think it's gonna be like in Kalifornia 3-4 years from now?
Uhh... worse?

CA has one of the absolute highest max tax rate at 9.3%. (*)

What's worse is that it kicks in at really low income levels.
I checked one time and if you made just over minimum wage,
it ( CA tax tables ) kicked you into the maximum marginal
tax rate so that people making $20k-something pay the
same percent that people making $200k-something.

(*) Look for this to exceed 12% pretty soon.

( Look for NM's max rate to exceed 7%-8% pretty soon. )
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Old 07-09-2010, 10:30 AM
 
1,974 posts, read 2,645,638 times
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Quote:
Originally Posted by mortimer View Post
Uhh... worse?
CA has one of the absolute highest max tax rate at 9.3%. (*)
( Look for NM's max rate to exceed 7%-8% pretty soon. )
I think Kali has four basic options..

One; continue as they have been with God knows what end result
(and I wouldn't rule this out)

Two: Drastically cut back services to a sustainable level (unlikely)

Three; Drastically raise taxes while doing their best to hide as much of it as possible.

Four; Declare bankruptcy wiping out all existing debt while pacifying the mindless voter..

as well as any number of combinations of the above.

New Mexico is hurting, but not as bad as that. My guess would be that the state sales
tax, property taxes, service fees, etc., etc, will all go up before there is any appreciable
change in income tax because they are less obvious.
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