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Having not quite yet retired I did not realize until last night that Oregon does not tax Social Security. Maybe another good reason to max it out.
There is an initiative on the ballot for 2024 to Freeze Property Taxes on people 65 and older.
I live just minutes from Washington State that does not tax income, but, does have a sales tax. Washington tends to have a higher cost of living than Oregon. It may not be worth making that move; but, if you are downsizing it may be worth considering. Maybe when RMD's kick in (for me at 75) when I am also ready to downsize.
Last edited by Wile E. Coyote; 09-17-2023 at 10:20 PM..
That one I was aware of . I'm originally from Vegas. I actually lived in Carson City a couple of years (and I know you are in Reno). Question for you... What is Reno's source of water? Does it come down from Tahoe? Is there any concern with it over the next 10-20 years?
No State Tax on Social Security Benefits: Alabama, Alaska, Arizona, Arkansas, California, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Nevada, New Hampshire, New Jersey, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Virginia, Washington, Wisconsin, Wyoming
That one I was aware of . I'm originally from Vegas. I actually lived in Carson City a couple of years (and I know you are in Reno). Question for you... What is Reno's source of water? Does it come down from Tahoe? Is there any concern with it over the next 10-20 years?
I don't live in Reno but visited once on business trip. The locals told me about the following.
Reno has no lack of water. It enjoys rain from the water moisture from Sierra Nevada mountain nearby to the west, but the rain overshoot Reno and falls to the east and collects at the Pyramid Lake. The Truckee river flows the water through Reno.
No State Tax on Social Security Benefits: Alabama, Alaska, Arizona, Arkansas, California, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Nevada, New Hampshire, New Jersey, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Virginia, Washington, Wisconsin, Wyoming
Yes, I realize I can research it myself. I wanted to hear first-hand accounts from actual people regarding their local tax situations. Reading about it never tells the whole story. People may have relocated in consideration, at least in part, of the tax consequences.
New Mexico stopped taxing social security last year.
Not quite - NM still taxes SS if you have income over $100K if single and over $150K if married. So most will see no tax on SS but a few still will have a tax on SS in NM.
Can you elaborate on that? LOL You know, like DDeemo explained the NM scenario better...
Is the tax scenario part of your equation for staying or is it any part of your consideration for retiring in place?
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Maybe another good reason to max it out.
. I'm originally from Vegas. I actually lived in Carson City a couple of years (and I know you are in Reno). Question for you... What is Reno's source of water? Does it come down from Tahoe? Is there any concern with it over the next 10-20 years?
