Quote:
Originally Posted by BugsyPal
You are so wrong.
New York State has a vast and bewildering array of taxes that will affect your happy behind just from living here, regardless of retirement.
Property taxes on your home be it a rental or owned.
Estate/Death Taxes after your death
If your income post retirement is large enough and depending upon its source, yes you will be paying taxes.
Everything your purchase and or use from a gallon of milk to electricity is effected by NYS/NYC taxes.
Once again why do you think so many retirees even with pensions (civil or private) high-tail it out of NYS/NYC. Their income and savings will go much further in say Florida or Georgia than New York. Now if your situation is like *that* and such things don't cause worry then that is another matter.
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for most new yorkers , new york has no estate taxes's anymore . in fact as of today , april 1st 2015 you can pass 3 million bucks tax free without even a trust . 6 million as husband and wife with trusts. next year it is 4 million and 8 million with trusts.
new york does not tax social security nor does it tax the first 20k in pension income from private pensions.
federal gov't and local ny gov't pensions are not taxed at all. ny gives us a 1600.00 tax credit for having a long term care policy . the ny standard deduction is higher than the federal .
new york is expensive but it does have it's perks.
income in retirement is like water , it will always seek its own level.
no matter how much folks have they end up making do. we have folks living on ss by room sharing in ny and we have wealthy people and some how everyone manages.
we have friends who retired last year to florida because their finances didn't let them live the life they wanted in ny . but what they found is the bar just shifts and now they live a better lifestyle but they still don't have enough to live how they want. the money gets allocated differently.
up here they had a 1 bedroom apartment . down there they got a whole house . they need 3 bedrooms now since all the kids visit and stay over. they have 24/7 ac going , expensive home insurance , landscaping and eating out all the time with friends.
no matter how much you have , unless you are really wealthy there will always be to much month at the end of the monwey no matter where you go.
many of the biggest expense's stays the same regardless . healthcare for retirees even with medicare can be insane . medicare , an f-plan medigap policy , drug coverage and long term care insurance will cost us almost 18k .
buying a car is about the same , want to go to a local college , about the same . clothes , not much difference. nyc has low real estate taxes , lower than many areas outside of nyc . while we have a state and local income tax a lot of retiree income is not taxed at all.
in fact our first year in retirement a 6 figure income will have us paying about 2400 bucks ,if that much in local taxes. just real estate taxes in florida can run that much. in fact we were paying 3k for real estate taxes in the poconos.
nyc has lots of money grabbers though like tolls and even parking meters . we put a few hunderd bucks a year in meters alone going to the gym. tolls to see the kids run 100 a month.
there may be lower cost cities but they generally lack something nyc has that one wants or needs in retirement .
retirees can find it very difficult finding any work elsewhere that pays them well or even offers more than low wage jobs.
but of course the biggest issue is whether you want to be a part of the daily lives of family and friends.