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Old 08-20-2019, 11:42 PM
 
Location: Las Vegas & San Diego
327 posts, read 55,204 times
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Quote:
Originally Posted by DKM View Post
That's for singles. It's double that for marrieds. A married couple with 100k in retirement income and 30k of that being social security is not going to come close to an 8% tax on the highest dollar earned. Its going to end up being about the same as Arizona, or about half as much as in Oregon.
A single person at $50K or a couple with $100K in income above SS are at a 8% marginal rate. Most states don't have a marginal rate anywhere near 8% (only 7 others & DC). CA marginal tax rates increase very quickly, it is very tax unfriendly if retire with a decent pension in CA.
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Old Yesterday, 12:21 AM
 
Location: Las Vegas & San Diego
327 posts, read 55,204 times
Reputation: 332
Quote:
Originally Posted by TwoByFour View Post
That's meaningless for comparison. You need to compare tax rates.

Hawaii (my state) is the lowest in the US at 0.25%
California is ranked 16th lowest at 0.77%
Maine is ranked 35 at 1.35%
That CA figure is misleading, it is before things like bonds or other addon's. In San Diego, the real rate is more like 1.1% than 0.77% - see here https://sandiegorealestatebuzz.com/s...erty-tax-rates.

That figure for Maine is also misleading where the mil rate varies from 0.80 to 34.51 - see Maine Property Tax Rates by Town (The Master List)

Last edited by ddeemo; Yesterday at 12:30 AM..
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Old Yesterday, 04:15 AM
 
14,345 posts, read 7,654,668 times
Reputation: 26217
Quote:
Originally Posted by Mightyqueen801 View Post
Exactly.

I do like the Berkshires. Never thought about living there.
Stockbridge is 40 minutes on the Mass Pike to Albany. I get to Tanglewood once in a while to hear the Boston Symphony. Iím a salt water person but that part of western Massachusetts is civilized enough and close enough to a real city to be worth thinking about. Massachusetts has Proposition 2 1/2 so property taxes arenít crazy. Stockbridge is $9.76. Lenox $12.14. Iím around $10. Sales tax is 6.25%. No sales tax on groceries or inexpensive clothing. Gasoline is reasonable by northeast standards. The Berkshires have at least some natural gas for heating. You have blue state senior services so towns typically have senior centers, nurses, and social workers. Cars have an excise/property tax but it declines quickly. A 5 year old car is 2.5% on 10% of sticker price. A $30k new car would pay about $700. Valued at 90% of MSRP. A $30k car that is 5+ years old would pay $75. My 1969 sailboat was ~$10k new so I pay $25.
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Old Yesterday, 07:17 AM
 
655 posts, read 560,232 times
Reputation: 1895
Quote:
Originally Posted by ddeemo View Post
A single person at $50K or a couple with $100K in income above SS are at a 8% marginal rate. Most states don't have a marginal rate anywhere near 8% (only 7 others & DC). CA marginal tax rates increase very quickly, it is very tax unfriendly if retire with a decent pension in CA.
Funny, I pay more taxes in South Carolina on my salary than I would in California on the same. SC is supposed to be a tax friendly state, yet the top bracket, 7 percent, kicks in a 14k dollars, everything above that is 7 percent.

And we would pay more income taxes in retirement by staying in SC than by moving to California. Property taxes is another thing all together.
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Old Yesterday, 09:10 AM
 
Location: Coastal New Jersey
56,934 posts, read 55,245,359 times
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Quote:
Originally Posted by GeoffD View Post
Stockbridge is 40 minutes on the Mass Pike to Albany. I get to Tanglewood once in a while to hear the Boston Symphony. Iím a salt water person but that part of western Massachusetts is civilized enough and close enough to a real city to be worth thinking about. Massachusetts has Proposition 2 1/2 so property taxes arenít crazy. Stockbridge is $9.76. Lenox $12.14. Iím around $10. Sales tax is 6.25%. No sales tax on groceries or inexpensive clothing. Gasoline is reasonable by northeast standards. The Berkshires have at least some natural gas for heating. You have blue state senior services so towns typically have senior centers, nurses, and social workers. Cars have an excise/property tax but it declines quickly. A 5 year old car is 2.5% on 10% of sticker price. A $30k new car would pay about $700. Valued at 90% of MSRP. A $30k car that is 5+ years old would pay $75. My 1969 sailboat was ~$10k new so I pay $25.
Very good info, thank you. I didn't know about the NY/MA reciprocal deal.

I first went to Great Barrington four years ago for my niece's wedding. She lives in the Boston suburbs and married a man from Montreal, so they chose that spot because it worked out well traveling for both the Montreal and Jersey families.

It's only about 15 miles over the NYS line (the way we drive up from Jersey). My dd was living in Albany at the time, so it was less than an hour for her.

My sister and I liked the area but didn't get to see much of it because we were there for the wedding festivities, so we went back for a weekend the next year.
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Old Yesterday, 07:20 PM
 
1,645 posts, read 315,858 times
Reputation: 1840
Quote:
Originally Posted by MG120 View Post
Funny, I pay more taxes in South Carolina on my salary than I would in California on the same. SC is supposed to be a tax friendly state, yet the top bracket, 7 percent, kicks in a 14k dollars, everything above that is 7 percent.

And we would pay more income taxes in retirement by staying in SC than by moving to California. Property taxes is another thing all together.
SC is retirement tax friendly.

SS is not taxed.
A portion of your pension/401K/IRA/etc is not taxed (scales by age: $3K under 65, $15K 65+)
Once you hit 65 you get additional deduction of homestead($50K)
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Old Yesterday, 08:13 PM
 
Location: Forests of Maine
30,866 posts, read 49,766,471 times
Reputation: 19391
Quote:
Originally Posted by ddeemo View Post
... That figure for Maine is also misleading where the mil rate varies from 0.80 to 34.51 - see Maine Property Tax Rates by Town (The Master List)
My town is not listed on that site.

I go to this site to find my property tax mil rate. https://www.maine.gov/revenue/proper...y/taxrates.htm

I live in Argyle which is in Penobscot County. Our mil rate is: 0.00879

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Old Yesterday, 08:15 PM
 
Location: Forests of Maine
30,866 posts, read 49,766,471 times
Reputation: 19391
Quote:
Originally Posted by TMSRetired View Post
SC is retirement tax friendly.

SS is not taxed.
A portion of your pension/401K/IRA/etc is not taxed (scales by age: $3K under 65, $15K 65+)
Once you hit 65 you get additional deduction of homestead($50K)
In my state military pensions are not taxable.

I would dislike living in any state where I had to pay income taxes.
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Old Yesterday, 08:52 PM
 
1,645 posts, read 315,858 times
Reputation: 1840
Quote:
Originally Posted by Submariner View Post
In my state military pensions are not taxable.

I would dislike living in any state where I had to pay income taxes.
I previously lived in Texas...no state income tax.
My property tax last year was over $6000 and the 2019 appraisal would have shot it up to over $7000.
My property tax here in SC will be $498 approximately and will not change for 5 years.
My estimated state income taxes will not be anywhere near $5500 which would make living in SC the same as living in Texas.

It's not one single tax; it's the total tax burden in my case.
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Old Today, 02:09 PM
 
Location: Forests of Maine
30,866 posts, read 49,766,471 times
Reputation: 19391
Quote:
Originally Posted by TMSRetired View Post
... It's not one single tax; it's the total tax burden in my case.
I agree.

My total tax burden is around $800 / year. I have a large new house on 150-acres of dense forest with a quarter-mile of river frontage.

I can go kayaking, hunting, fishing, foraging mushrooms and ginseng, all without leaving my property.

Retirement is great
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