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I'm sure this has been done a time or two but not with me.......... LOL
Which one is better for a soon to be retiree?? Just wondering everyone's opinion because I understand Tennessee has no income tax but taxes everything else and Kentucky has a better program for Pension taxes and SS taxes or none of either, But what makes either one better than the other if so??
To be honest, it's hard to find differences, except for the taxes.
Kentucky does not tax social security or retirement income (under a certain amount)but
Tennessee has a higher sales tax, but in Kentucky you pay no taxes for food or medicine.
Here in Tennessee we have no state income tax, we have regulated Utilities for lower cost, also Tennessee does not tax Social Security or Retirement accounts Ky does. Average property tax in Ky 0.85% in TN 0.75 other than that Tennessee has lots water, mountains at least in East Tennessee. Ky is more about Night life in Larger Cities and surrounding states. It just depends on what your looking for.
Which states do not tax Social Security?
The states that don't tax Social Security benefits are Alabama, Alaska, Arizona, Arkansas, California, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Nevada, New Hampshire, New Jersey, New York, North Carolina, Ohio, ...Feb 2, 2019
Overview of Kentucky Retirement Tax FriendlinessKentucky fully exempts all Social Security income from taxation while providing a significant deduction for seniors receiving other types of retirement income. The state has relatively low sales and property taxes. https://smartasset.com/retirement/ke...tirement-taxes
Social Security is not taxed in Kentucky. Other retirement isn't either unless it exceeds a certain amount. (In Tennessee last I heard almost no income is taxed).
Sales tax in Kentucky is 6 percent, and we do not tax food or medicine, which Tennessee does.
Here in Tennessee we have no state income tax, we have regulated Utilities for lower cost, also Tennessee does not tax Social Security or Retirement accounts Ky does. Average property tax in Ky 0.85% in TN 0.75 other than that Tennessee has lots water, mountains at least in East Tennessee. Ky is more about Night life in Larger Cities and surrounding states. It just depends on what your looking for.
Financially, Tennessee makes more sense vs Kentucky when looking at taxes. One of the reasons I left KY was due to the relatively high taxes with poor return on services offered. Kentucky State Government is underfunded. State Income Tax, personal property tax, local taxes they tax everything.
Tennessee has no State income tax and even though the sales tax is higher, it still equals out better, at least it has for me.
But keep in mind, Middle Tennessee property prices are much more expensive than KY and sometimes it’s all about the feel of the State to determine which one is right. KY is a beautiful state as is Tennessee, but KY is much more rural.
with convenient healthcare, TN wins.
state taxes are a "wash" in our opinion.
"Convienient" healthcare is a matter of location. You can be in rural Tennessee and healthcare won't be very convenient just like rural Kentucky. However if you are located near a big city with many healthcare options (Louisville, Lexington or northern Kentucky (Cincinnati metro)), I would thing that would make healthcare also a wash wouldn't it?
For retirees (or those looking to relocate), why not compare if social security is taxed, if retirement income is taxed, what the property taxes compare to, and how the overall cost of living compares?
Don't retire in KY. Constantly bad weather most of the time, you had also better like constant rain and flooding a good chunk of the time.
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Kentucky doesn't Have mountains or water???????
