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Old 11-11-2009, 05:39 PM
 
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I just read an article that NY State does not tax social security or pensions...is that correct?

thanks !
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Old 11-12-2009, 10:36 AM
 
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Default New York Taxes Everything

I seriously doubt that. New York taxes everything. New Yorkers have the highest tax burden in the country when you consider, property taxes, etc. Try Pennsylvania. I heard recently that they don't tax pensions. I don't know if it is true or not, so before you pack your bags, verify that information.

Retirement Living - Taxes by State: New York - Wyoming

This site has a lot of information about New York state taxes. The link above has information on Pennsylvania too.

The sales tax in NY state is 7% or more. A lot of websites say that the sales tax in NY is 4%, but each county adds 3% or more so the real sales tax rate is 7% or more.

John Tedder's Random Notes
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Old 11-12-2009, 02:48 PM
 
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I live in California and our state taxes just got raised 10%, not raised to 10% but raised an additional 10%. Don't even get me started on that...
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Old 11-12-2009, 06:46 PM
 
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NYS does not tax NYS pensions. Federal and private ones might be a different story.
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Old 11-14-2009, 06:07 AM
 
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NY allows $20K exemption on pensions, doesn't tax SS or military pensions. Also provides several exemptions on property tax (STAR, military and senior reduction on school tax, etc.)

Best advice, use a cost of living calculator for various states. PA currently exempts pensions but is considering a tax. Take everything into consideration when retiring i.e. what activities, hobbies, culture, etc. is in the area. Although financial is a priority you don't want to move someplace where you are lonely or bored. In NC & SC, housing and property tax are cheaper but there are a lot of other taxes that aren't so obvious.
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Old 11-16-2009, 04:43 PM
 
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so what I read was accurate, no taxes on SS and if my pension is under $20k, no taxes there either. Something to consider but it's awhile yet before I can (semi) retire. thanks for the info.
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