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Is there a link somewhere that will tell me which States tax SSec. and/or annuities? We don't want to retire somewhere that will tax us on our SSec. and pensions. We're in PA right now and don't pay taxes on these two items. But we're definitely moving. At first we thought NY, but someone told me that they tax the heck out of our SSec. and pensions!
there are several links and some with specific taxation by state, the discussion was good too. This link is helpful if you have a specific state in mind Taxes by State
basically the tax information requirements of retirees is tough to find, you need to dig...
needs are different, some have pensions, some have none, some rent prop, some own, and some of us have no clue where we will end up, but it needs to be cheaper on fixed costs !
There is I believe 5 State that don't tax your income. Alaska, Nevada Washington, Texas and Tennesse.
Arizona and California from what I've heard is the worse for taxing your income, some other states offer an exempt amount but will tax anything over and above the exempt amount.
For those States that don't tax your income you need to look at the sales tax percentage, some state even tax groceries. Alaska has borough's and some cities that have a sales tax but they also have a maximum you can be taxed on which is $500.00 in most parts that have a tax base.
You could always move to another country... Your dollars are more valuable in Mexico than in ANY state in the U.S. A lot of people retire in another country and live like kings..... and queens too ;P
I find this to be one of the best summaries. Another review which I can send if you want evaluates state capitals for retirement. Dover Delaware was best and surprise Harrisburg Pennsylvania was last. Pennsylvania may not tax pensions but their property tax is a killer.
This is exactly what I was looking for ... thanks!
The very reason we are not buying here in PA is because of the property taxes. But I've got to tell you, I think the State's policy on Soc. Sec. and retirement income really rocks.
I know that property taxes in NY are high, BUT they have a policy that if you are a 100% service-connected disabled Vet, property taxes are $0. I haven't found any other State like that. Maybe I'm just not looking in the right place.
I haven't found anything like that for here in PA. Besides, NY has those casinos that we love, and let's not forget the fishing!!!
And yes, I know about the snow. I lived in upstate NY the first 24 years of my life and although we are old and feeble now we'll be fine. We'll be hiring someone to shovel and do landscaping.
Around here disabled vets get a big exemption in property taxes, and even though they would be eligible to pay income taxes generally they do not earn enough to pay income taxes, they earn less than their deductions.
I am not 100% disabled, though I am a vet, and I pay no income taxes.
Tables like that give a summary of income taxes. But the devil is in the details. Local taxes, sales taxes, property taxes, personal property taxes, etc. can make the total tax bill much bigger in some places than in others. It is really hard to get all the information and foolish to just rely on tables with only one form of taxation to make your decision.
Tables like that give a summary of income taxes. But the devil is in the details. Local taxes, sales taxes, property taxes, personal property taxes, etc. can make the total tax bill much bigger in some places than in others. It is really hard to get all the information and foolish to just rely on tables with only one form of taxation to make your decision.
I agree.
Though a person does need a place to start.
I find it interesting also how two families can both live in the same area, and they can each find entirely different economies.
Having recently spoken with town clerks in two neighboring towns; I learned that in one neighboring township their mil rate is exactly double my town's mil rate, and that in the second bordering township their mil rate is three times my town's mil rate.
We all use the same school district, for our children. But our property taxes are not similar to each others at all.
I hunted long and hard for a home with land to buy, I bought from the previous owner and I got 42 acres with riverfrontage. However within my township, I see realtors listing homes for five times what I paid, and those homes have no river frontage and no acreage and are only small lots.
Where does any of this fit into those tables?
It does not.
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Taxes/State
