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Since TN taxes this income and for most retirees this is primary income, have you moved your $ to tax exempt investments? Or in other words are the taxes coming up equal to living in a state with moderate income taxes? On the state sales tax, since it is on everything including food is this proving more of burden than you expected?
In short is living in TN more of a benefit than not financially in your golden years? |
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Moving to TN from NY was one of the best moves we ever made. Tax implications should only be one factor, not the decisive factor, in making a financial decision such as moving. That said, TN insurance rates, labor costs, property taxes, car fees, and general pricing levels for many goods are far below those of NY. Furthermore, TN does not tax pension income and has only a limited personal (income) tax on dividends, etc.. A one percent or so incremental addition to the sales tax rate over another taxing jurisdiction in another state, albeit very inclusive in TN, does not outweigh the savings I just mentioned.
Our property taxes in NY were over $12,000 a year. My neighbor's were $16,000. Those are not typo errors. Here they are $1,100 a year. Our dollars go much further here in TN. They can keep NY. We love it here! |
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Tennesse is third from the lowest state for overall tax burden Vs. income (8.5%). While New York is third from the top (13.8%).
May not answer your question on how interest and divs are taxed. Try this link: Taxes by State Tom |
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