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Picinisco

Gilbert, AZ

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Posted: 06/23/18 03:53am Link  |  Quote  |  Print  |  Notify Moderator

Is there a list anywhere showing comparison of taxes required by State for pensions, social security, vehicles etc.


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kerrlakeRoo

Va

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Posted: 06/23/18 04:25am Link  |  Quote  |  Print  |  Notify Moderator

There are numerous articles and list on the subject, including several by AARP geared towards retirees. You can easily google "income taxes by state" and get those numbers. Some states have segregated their taxation, not taxing some forms of income but taxing others such as interest and dividends.
Every state has to get its money somewhere for roads and all the other govt programs, and income taxes are one part and method. Other states have much higher sales or property tax.
Overall cost of living by state may be of interest to you as well, and there are articles and guides on that
http://time.com/money/5177566/average-income-every-state-real-value/

There are so many variables it can become daunting to find what fits your exact situational needs.
Hopefully this at least gives you an idea of what to look for.

pulsar

Lewisville, NC

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Posted: 06/23/18 05:29am Link  |  Quote  |  Print  |  Notify Moderator

I don't know how any one list could handle all of the variations. That said, here are some sites you can check out.

Kiplinger State-by-State Guide to Taxes on Retirees
By clicking on the states (in the map) you can create a list comparison list. Also, use the links on the bottom left for such things as The 10 most tax-friendly states for retirees.

Retirement Living Information Center
Click on the Taxes by States link on the right side of the page.

When looking at lists, I wonder how up to date they are. For example, many list will show the tax rate for North Carolina to be 5.75% - but it is 5.4999% currently. (It's a flat rate.)

About variations. The Kiplinger page (above link) list NC as not tax retiree friendly. However, if one is a "Bailey" retiree (defined on the NC page) all retirement funds (social security, pensions, IRAs, 401Ks) are exempt. (I'm a "Bailey retiree [emoticon]) Note: social security is exempt for all retirees.

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accsys

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Posted: 06/23/18 08:57am Link  |  Quote  |  Print  |  Notify Moderator

There is a reason why most full-timers choose Texas, South Dakota or Florida for their domicile state.


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TechWriter

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Posted: 06/23/18 06:07pm Link  |  Quote  |  Print  |  Notify Moderator

accsys wrote:

There is a reason why most full-timers choose Texas, South Dakota or Florida for their domicile state.

Unless you're under 65, then the first 2 are out.


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bucky

Bunn NC

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Posted: 06/24/18 04:58am Link  |  Quote  |  Print  |  Notify Moderator

It's easy to drive yourself crazy on this topic. The states are going to fund their budgets with our money one way or another. No state income tax?, better watch out for sales and property tax and so on.
Live where you want to and enjoy the rest of your life.


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Picinisco

Gilbert, AZ

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Posted: 06/24/18 05:33am Link  |  Quote  |  Print  |  Notify Moderator

I believe you are right. Probably best to stick with the devil I know.

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PawPaw_n_Gram

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Posted: 06/24/18 07:19am Link  |  Quote  |  Print  |  Notify Moderator

One problem I have with those retiree guides is that a significant part of the ‘cost’ of a state/ city is sales tax and fuel taxes.

We’ve been in 46 states since starting our full-time journey on March 6, 2014. Some as little as one-day, some such as a volunteer stretch with the COE in Connecticut for six months.

How do those sales and fuel taxes impact my residence/ domicile of Texas if I wanted to bother figuring it out.

Those guides are based upon a presumption that the retiree will spend 48 or more weeks per year in their primary residence location.

RVers don’t do that.


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accsys

Green Cove Springs, FL

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Posted: 06/24/18 10:12am Link  |  Quote  |  Print  |  Notify Moderator

bucky wrote:

The states are going to fund their budgets with our money one way or another. No state income tax?, better watch out for sales and property tax and so on.
Live where you want to and enjoy the rest of your life.

Not entirely true - some states do a better job of managing their money than others. As an example we are spending the summer in Yavapai County, AZ where the sales tax is a little over 9 percent on almost everything you buy, including groceries and electricity. They also have a state income tax.

Our home base is in NE Florida where the sales tax is 7 percent with many exemptions, food being one of the major ones AND the state has no income tax. The property tax on our 200,000+ home is less than 1,500 per year. The FL annual registration on our MH and two cars is less than $200 per year yet they manage to have some of the best roads in the country. Of course FL collects a lot of sales tax from tourists but then AZ gets its share as well.

California is an example of the extreme waste and you see high sales tax, property tax and income tax and a constant need for more money as they cannot manage what they have.

accsys

Green Cove Springs, FL

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Posted: 06/24/18 10:14am Link  |  Quote  |  Print  |  Notify Moderator

TechWriter wrote:

accsys wrote:

There is a reason why most full-timers choose Texas, South Dakota or Florida for their domicile state.

Unless you're under 65, then the first 2 are out.

Please explain, how does being under 65 hurt you in SD and TX?

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