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Honestly you get beaten somewhere. My parents sold their home on LI and moved to Ft Lauderdale. They live in a condo, not a house, and they pay $6k in taxes, $550 in HOA, but their homeowners insurance is $3600 for a tiny little apartment. Their car insurance also doubled. All in, they’re not too far off from their 3200 sq ft house in Merrick. My mom said everyone thinks it’s so cheap when you come to Florida but that has not been her experience.
We have some rentals and a home down there. The real savings is if retired is the no state tax on investments for people with some cash. If a house/ condo was purchased prior to 2020 you did very well on the LI sale and FL purchase.
We have some rentals and a home down there. The real savings is if retired is the no state tax on investments for people with some cash. If a house/ condo was purchased prior to 2020 you did very well on the LI sale and FL purchase.
we draw a six figure income in retirement here in nyc and we hardly pay state and local taxes at all .
new york doesn’t tax social security , they don’t tax my wife’s pension , they don’t tax the first 20k in qualified retirement money and they don’t tax our treasury interest
.
part of our portfolio is long term treasuries, short term treaasuries and treasury money markets .
we also get up to a 1600 dollar tax credit from the state for having long term care insurance .
for years now we have to carry part of that credit over because we pay so little in state and local taxes .
we draw a six figure income in retirement here in nyc and we hardly pay state and local taxes at all .
new york doesn’t tax social security , they don’t tax my wife’s pension , they don’t tax the first 20k in qualified retirement money and they don’t tax our treasury interest
.
part of our portfolio is long term treasuries, short term treaasuries and treasury money markets .
we also get up to a 1600 dollar tax credit from the state for having long term care insurance .
for years now we have to carry part of that credit over because we pay so little in state and local taxes .
so for us taxes here a non factor
State, city county etc pensions aren’t taxed as you pay the taxes when you contribute. Private pensions are 100% taxed by NY. Treasuries, I bonds etc are only federally taxed.
State, city county etc pensions aren’t taxed as you pay the taxes when you contribute. Private pensions are 100% taxed by NY. Treasuries, I bonds etc are only federally taxed.
this pension was non contributory so no taxes were paid by her .it is a city pension
private pensions are not taxed on the first 20k in ny , same applies to retirement accounts…
state ,federal or city pensions have no limit as far as not being taxed so they can be as high as the sky and not taxed .
“If your pension is taxable to New York and you are over the age of 59 ½ or turn 59 ½ during the tax year, you may qualify for a pension and annuity exclusion of up to $20,000. This exclusion from New York State taxable income applies to pension and annuity income included in your recomputed federal adjusted gross income”
Last edited by mathjak107; 04-13-2023 at 06:44 AM..
Honestly you get beaten somewhere. My parents sold their home on LI and moved to Ft Lauderdale. They live in a condo, not a house, and they pay $6k in taxes, $550 in HOA, but their homeowners insurance is $3600 for a tiny little apartment. Their car insurance also doubled. All in, they’re not too far off from their 3200 sq ft house in Merrick. My mom said everyone thinks it’s so cheap when you come to Florida but that has not been her experience.
It used to be a lot cheaper maybe 20 years ago. Starting 10 -15 years ago, the gap started to narrow as more higher paying employers moved to FL. Post COVID, it's not cheaper at all. Give it another 10-15 years and FL will be one of the higher COL states just like NY, CA, MD, etc. due to the influx of residents over the previous 5 years.
State, city county etc pensions aren’t taxed as you pay the taxes when you contribute. Private pensions are 100% taxed by NY. Treasuries, I bonds etc are only federally taxed.
one can put 225k in to an spia today and get about 20k a year in annuity income and that wouldn’t be taxed by ny.
i think they are up to about 1642 a month for a 225k spia annuity.
that isn’t bad when you figure 1 million spins off 40k inflation adjusted via your own investing
this pension was non contributory so no taxes were paid by her .it is a city pension
private pensions are not taxed on the first 20k in ny , same applies to retirement accounts…
state ,federal or city pensions have no limit as far as not being taxed so they can be as high as the sky and not taxed .
“If your pension is taxable to New York and you are over the age of 59 ½ or turn 59 ½ during the tax year, you may qualify for a pension and annuity exclusion of up to $20,000. This exclusion from New York State taxable income applies to pension and annuity income included in your recomputed federal adjusted gross income”
We'll see how long that lasts in New York. All of these state pensions are going to be very difficult to sustain considering how absurd taxes are for people currently working, and how much worse they are going to get with Boomers retiring. If you factor in property taxes and sales tax, people in New York State are paying Scandinavian levels of taxation with few of the benefits. People think this is wealth transfer to poor people, but what it really is is tribute paid to people who are members of public unions who control state and local government.
Luckily I have one of those factored in my household income and retirement as well, but the frustration of those who don't is understandable. When I look at how much I'd have had to put into my 401K to get the returns my wife's pension will return....well I never could have afforded to do that. It's easily a $30K average difference in net comp that should be factored in. So when you look at seethroughny and see that teachers making 140K or that cop pulling 200K....that's not anything close to the real net comp.
It used to be a lot cheaper maybe 20 years ago. Starting 10 -15 years ago, the gap started to narrow as more higher paying employers moved to FL. Post COVID, it's not cheaper at all. Give it another 10-15 years and FL will be one of the higher COL states just like NY, CA, MD, etc. due to the influx of residents over the previous 5 years.
I’m in FL right now visiting family, also grew up here. The amount of building going on is insane, much worse than the boom of the 90s. There is also a growing housing crisis here and FL just passed SB 102 a massive high density housing plan to try to relieve it. All the “desirable” metro areas with jobs are becoming very expensive, property taxes are low for those who bought here years ago but not as low as you think for new buyers. Also homeowners insurance is getting insane, my parents are paying over 4k a year now and they are not on the water or in a flood zone. Can you live in the middle of nowhere for cheap? Yes but you can do that in just about every state and that’s not what most people do. I’m sure it’s similar stories in areas of NC, SC, TN, TX ETC
I’m in FL right now visiting family, also grew up here. The amount of building going on is insane, much worse than the boom of the 90s. There is also a growing housing crisis here and FL just passed SB 102 a massive high density housing plan to try to relieve it. All the “desirable” metro areas with jobs are becoming very expensive, property taxes are low for those who bought here years ago but not as low as you think for new buyers. Also homeowners insurance is getting insane, my parents are paying over 4k a year now and they are not on the water or in a flood zone. Can you live in the middle of nowhere for cheap? Yes but you can do that in just about every state and that’s not what most people do. I’m sure it’s similar stories in areas of NC, SC, TN, TX ETC
Been talking to someone about rents in Florida right now. Garden apartment rents are starting to get into the range of Long Island in Manu areas. They are going up 100s per month every renewal for the last 5 years.
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