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Most state taxes are income taxes (some states exempt SS income and some other retirement income so yu have to check), sales tax and property tax. Run simulations on the states you're interested for your situation to se what is optimal. I ran this on Washington state, Montana, Idaho and Arizona...turned out that it wasn't enough difference in state taxes to make a decision on. More importatn was housing prices and areas where I wanted to live.
I live in Washington County in Oregon. I have been taking a look across the river in Washington. To get a similar neighborhood to mine I would not be downsizing in price and I am not sure I would have the same quality of life (sometimes paying taxes you actually get something for it too -- in some cases you get what you pay for)... I will need to do a lot more research and I have a lot of time to decide.
Yes, that would make sense and appreciate your input. How about NJ property taxes reduction for the elderly? I know NY has the reduction for the elderly.
I live in Washington County in Oregon. I have been taking a look across the river in Washington. To get a similar neighborhood to mine I would not be downsizing in price and I am not sure I would have the same quality of life (sometimes paying taxes you actually get something for it too -- in some cases you get what you pay for)... I will need to do a lot more research and I have a lot of time to decide.
You should be able to run your own analysis because the rules on state taxes on income, property taxes and sales taxes are easy to research and you should be able to estimate your own situation using those tax rules.
When we moved from Oregon to Washington state, our state taxes dropped dramatically but that was when we were still working and Oregon has a high income tax. For us is was better in Washington state by far. When I retired, the tax advantage of Washington state over Oregon became much less because of the lower income in retirement so I looked again at returning to Oregon but we decided to move to Arizona.
You should be able to run your own analysis because the rules on state taxes on income, property taxes and sales taxes are easy to research and you should be able to estimate your own situation using those tax rules.
When we moved from Oregon to Washington state, our state taxes dropped dramatically but that was when we were still working and Oregon has a high income tax. For us is was better in Washington state by far. When I retired, the tax advantage of Washington state over Oregon became much less because of the lower income in retirement so I looked again at returning to Oregon but we decided to move to Arizona.
It is very complicated when you consider real estate. No way am I going to put a bridge between me and my job while I am still working; then, like you said why not stay in Oregon with a lower income and have more services available.
If climate change wasn't happening and I wasn't worried about water, etc. I actually really love Arizona (I'm originally from S. NV so I did used to love the desert). It just seems unrealistic now.
However things can get a bit crazy at various limits as far as getting ss taxed …you can take an extra 1k out of an ira and see a marginal tax rate on that extra 1k of over 40% as ss taxes accelerate
I live in Washington County in Oregon. I have been taking a look across the river in Washington. To get a similar neighborhood to mine I would not be downsizing in price and I am not sure I would have the same quality of life (sometimes paying taxes you actually get something for it too -- in some cases you get what you pay for)... I will need to do a lot more research and I have a lot of time to decide.
People here in the Northeast will moved to the NC, SC or PA. I had friends that moved to Delaware as well.
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