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Unlike NY, NJ does tax government pensions for its residents, although you aren't required to pay taxes on the portion representing returned contributions to a plan (https://www.state.nj.us/treasury/tax...20Income%20Tax.). Just saying.
We were going to retire in pa where we owned a house in the poconos .
Once we put our retirement hats on we had second thoughts about leaving bayside .
If I couldn’t drive there was no public transportation system
Nothing to do all winter
Everything was a drive
No comparison to New York hospitals , medical facilities and specialists.
No where to work if I wanted to except for mom and pop businesses at low wage .
Ny is very tax friendly to retirees ... we pay nearly no state and local taxes on a six figure income .
No tax on my wife’s city pension , no tax on social security, no tax on all our treasury interest ...ny has a very large estate tax exemption....the first 20k in retirement money can be excluded if not a govt pension
Last edited by mathjak107; 04-02-2021 at 10:23 AM..
We were going to retire in pa where we owned a house in the poconos .
Once we put our retirement thats on we had second thoughts about leaving bayside .
If I couldn’t drive there was no public transportation system
Nothing to do all winter
Everything was a drive
No comparison to New York hospitals , medical facilities and specialists.
No where to work if I wanted to except for mom and pop businesses at low wage .
Ny is very tax friendly to retirees ... we pay nearly no state and local taxes on a six figure income .
No tax on my wife’s city pension , no tax on social security, no tax on all our treasury interest ...ny has a very large estate tax exemption....the first 20k in retirement money can be excluded if not a govt pension
Talk that talk
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