States That Won't Tax Social Security or My Pension in Retirement: Alabama, Alaska, Florida, Illinois, Mississippi, Nevada, New Hampshire, Pennsylvania, South Dakota, Tennessee, Texas, Washington State, Wyoming My two choices are Alabama and Wyoming. Thanks.
I’m in Mississippi, there are areas of the state that are nice. Just stay away from Jackson,Meridian and the Delta cities. The races actually get along better here than cities in Illinois and New York. It would hurt the narrative of the NYT and CNN to print the truth. Come for a visit.
I’m in New York and we pay over $14,000 in property taxes. Average size home on a small lot. Locally our sales tax is 8.22% . I’ve been telling my husband for years to move because this is absolutely ridiculous. I like Florida.
New York is a terrible place for seniors who are living on their savings and fixed income the state taxes are some of the highest in the country property taxes sales taxes etc etc everything costs more in the state California is another one that taxes it’s citizens to poverty probably why so many New Yorkers move to Florida.good luck I would cash out my property and move to a better cheaper place for my golden years and the twilight of life you could live very well on the money from selling your house and living in a better place for a lot less money besides anywhere is pretty nice to live if you have money
Some states like Texas have high sales taxes and property taxes. I found out that Delaware even with an income tax was cheaper than Texas. Another thing to watch out for is insurances.
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months , my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second daughter. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks.
@@zubairadamu2477 Quitting may not be the best approach if you ask me. This is where an AI comes into the picture. I barely have time to trade myself as my job swallows up most of my time. *MARGARET MOLLI ALVEY* , a licensed fiduciary whom has made me over 5 figures in profit in less than seven months, handles my investments. I could leave you a lead if you need help.
Massachusetts does not include Social Security benefits in its gross income, so Social Security is not taxable in Massachusetts. However, Social Security benefits may be included in federal gross income depending on income thresholds. Here are some other tax considerations for Massachusetts residents: Pensions: Most pension income is included in Massachusetts income, but some government pensions are exempt. 401(k) and IRA distributions: These are taxable. Railroad Retirement benefits: These are exempt. Rollover tax treatment: Rollovers that are tax-free for federal purposes are also tax-free for Massachusetts. Government Pension Offset: This reduces monthly Social Security benefits by $2 for every $3 from a monthly government pension. SSDI benefits: These are not taxable if total income is under a certain amount. ✌🏽🇺🇲
Nevada looks to be the preferred state to move to if one is moving-out of Kalifornia. The negatives: elevation, colder and longer winters, gambling and Nevada has gone to the Democrats. Nowhere to run to for us seniors. Every state has it's short-comings.
Please consider cost of living, cost of real estate and property taxes. Each state will take from one area, yet sock it to you in another. For example,PA has a very high school district tax And NH real estate prices is extremely high and they have a housing shortage. Be careful and wise.
26 дней назад
the video isn't about that, it's about SS and Pension.
It's important to factor in total tax burden when looking at where to retire. In addition to state and local income tax, property taxes and sales taxes. There are also taxes on purchases in addition to the sales tax on items sometimes referred to as "sin taxes" such as tobacco (currently $2.60 per pack in PA), alcohol (roughly 8 cents per gallon for beer and 6 cents per gallon for wine in PA). These taxes are in addition to the 6% state sales tax. Because liquor in PA is controlled by the state, there is only the 6% sales tax since the state doesn't tax itself. There is no state sales tax for medical marijuana in PA but there is currently a 5% medical marijuana tax levied by the state on those products. There are also gas taxes...in PA, the gasoline tax is 61.1 cents per gallon and diesel is 78.5 cents per gallon effective in 2023. Also consider "tax exclusions" when looking at sales taxes. Different states have items that not subject to sales taxes which can lead to significant savings. There are sites that have information about your total tax burden if you're thinking about moving to save money. Tax burden can vary in different parts of the state you're looking at.
you'll pay it all back in electricity for air conditioning in AL. Lived there 4 years, the humidity killed us - moving to Texas was a major upgrade in liveability.
We live in nj in an average house. We paid 6700 a year in property taxes and when im done in 9 years , I want to live to a state that don't tax my pension. My only question is that if I move to state of Florida per say, do I have to pay federal taxes
@@FirefightersFinancialToolbox Would not be surprised in the least to see them repeal prop 13 or find a way around it then that will be all she wrote for state. They will come up with something like, "it's for the kids" and/or everyone needs to pay their fair share or whatever line of bull they come up with.
@michaeltipton5500 : Yep... seems to be the commies goal, run off the opposition, or jail them if they won't shut up . Took my company, my employees, and my assets to a much safer and constitutional state. Good luck with ur echo chamber comrade . Not the America I want to live in
yah, and how many of these states would anyone , retiree or not, want to live in? For retirees many of these states have high crime, terrible climate, ignorance and prejudice (deep south/florida/texas) frozen, wyoming, alaska
Lol! Ignorance and prejudice are your main concerns. I doubt you’ve ever visited those places you accuse of being racist. You just rely on MSM to indoctrinate you. How narrow minded.
Utah legislators and Governor Cox have now enacted a bill that will eliminate the state tax on Social Security benefits for individuals with incomes up to $45,000 and couples with incomes up to $75,000. The benefit also phases out for those whose incomes are above those amounts so many more will receive a partial credit to reduce their state tax.
I’m from Ny to, One more year and I’m getting out of here. New York really does suck
States That Won't Tax Social Security or My Pension in Retirement:
Alabama, Alaska, Florida, Illinois, Mississippi, Nevada, New Hampshire,
Pennsylvania, South Dakota, Tennessee, Texas, Washington State, Wyoming
My two choices are Alabama and Wyoming. Thanks.
I’m in Mississippi, there are areas of the state that are nice. Just stay away from Jackson,Meridian and the Delta cities. The races actually get along better here than cities in Illinois and New York. It would hurt the narrative of the NYT and CNN to print the truth. Come for a visit.
I’m in New York and we pay over $14,000 in property taxes. Average size home on a small lot. Locally our sales tax is 8.22% . I’ve been telling my husband for years to move because this is absolutely ridiculous. I like Florida.
Florida is a very popular place especially if you live on the right coast :)
There are other states.
This is robbery by NYState on its citizens.
New York is a terrible place for seniors who are living on their savings and fixed income the state taxes are some of the highest in the country property taxes sales taxes etc etc everything costs more in the state California is another one that taxes it’s citizens to poverty probably why so many New Yorkers move to Florida.good luck I would cash out my property and move to a better cheaper place for my golden years and the twilight of life you could live very well on the money from selling your house and living in a better place for a lot less money besides anywhere is pretty nice to live if you have money
Florida is very tax friendly,BUT auto insurance and homeowners insurance eat all that savings.@@FirefightersFinancialToolbox
Some states like Texas have high sales taxes and property taxes. I found out that Delaware even with an income tax was cheaper than Texas. Another thing to watch out for is insurances.
Move out of the USA pay no taxes and lower cost of living exchange rate of 56$. To 1
Thanks for the info. I am surprised Illinois doesn’t tad SS, they tax almost everything else!
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months , my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second daughter. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks.
@@zubairadamu2477 Quitting may not be the best approach if you ask me. This is where an AI comes into the picture. I barely have time to trade myself as my job swallows up most of my time. *MARGARET MOLLI ALVEY* , a licensed fiduciary whom has made me over 5 figures in profit in less than seven months, handles my investments. I could leave you a lead if you need help.
@@EmilyEvelyn-90 Oh please I’d love that. Thanks!
@@zubairadamu2477 *MARGARET MOLLI ALVEY*
Lookup with her name on the webpage.
Massachusetts does not include Social Security benefits in its gross income, so Social Security is not taxable in Massachusetts. However, Social Security benefits may be included in federal gross income depending on income thresholds.
Here are some other tax considerations for Massachusetts residents: Pensions: Most pension income is included in Massachusetts income, but some government pensions are exempt. 401(k) and IRA distributions: These are taxable. Railroad Retirement benefits: These are exempt. Rollover tax treatment: Rollovers that are tax-free for federal purposes are also tax-free for Massachusetts. Government Pension Offset: This reduces monthly Social Security benefits by $2 for every $3 from a monthly government pension. SSDI benefits: These are not taxable if total income is under a certain amount. ✌🏽🇺🇲
Nevada looks to be the preferred state to move to if one is moving-out of Kalifornia. The negatives: elevation, colder and longer winters, gambling and Nevada has gone to the Democrats. Nowhere to run to for us seniors. Every state has it's short-comings.
You didn’t mention Missouri were they subtract $100,000 off your gross income in if it’s under that then you don’t pay taxes on Social Security
The gene pool is so small Missouri that you have to deal with a lot of idiots.
You couldn't pay me to live in most of those states.
Hawaii does not tax social security or employee pension plans. Wondered wy this was missing from your list.
Please consider cost of living, cost of real estate and property taxes. Each state will take from one area, yet sock it to you in another. For example,PA has a very high school district tax
And NH real estate prices is extremely high and they have a housing shortage. Be careful and wise.
the video isn't about that, it's about SS and Pension.
Missouri doesn't tax pensions and give older retirees a $1,100 a year of property taxes when you are over 65
It's important to factor in total tax burden when looking at where to retire. In addition to state and local income tax, property taxes and sales taxes. There are also taxes on purchases in addition to the sales tax on items sometimes referred to as "sin taxes" such as tobacco (currently $2.60 per pack in PA), alcohol (roughly 8 cents per gallon for beer and 6 cents per gallon for wine in PA). These taxes are in addition to the 6% state sales tax. Because liquor in PA is controlled by the state, there is only the 6% sales tax since the state doesn't tax itself. There is no state sales tax for medical marijuana in PA but there is currently a 5% medical marijuana tax levied by the state on those products. There are also gas taxes...in PA, the gasoline tax is 61.1 cents per gallon and diesel is 78.5 cents per gallon effective in 2023. Also consider "tax exclusions" when looking at sales taxes. Different states have items that not subject to sales taxes which can lead to significant savings. There are sites that have information about your total tax burden if you're thinking about moving to save money. Tax burden can vary in different parts of the state you're looking at.
I totally agree, there are always many factors besides simple taxes.
you should add Delaware
Thanks for the info!
you'll pay it all back in electricity for air conditioning in AL. Lived there 4 years, the humidity killed us - moving to Texas was a major upgrade in liveability.
In Nevada I pay federal income tax on s/s and my pension. Is that correct.😊
Yes, he is only talking about state income taxes, not federal government.
Exactly!
We live in nj in an average house. We paid 6700 a year in property taxes and when im done in 9 years , I want to live to a state that don't tax my pension. My only question is that if I move to state of Florida per say, do I have to pay federal taxes
Unfortunately , yes in all states.
@@FirefightersFinancialToolbox then I don't understand when they say I don't have to pay income tax if I move to Florida when retiring
HOA fees, flood insurance, wind insurance, homeowners insurance, car insurance and property taxes will get ya in florida.
State income tax. Michigan was 4.25% when I left, zero hero in Florida.
@@fh3486 They're talking about a state levied income tax that goes along with the federal income tax.
Social security benefits are not taxable by the State of California
Yes, but all of CA's other taxes make it quite unfriendly for retirement (IMO)
@@FirefightersFinancialToolbox Would not be surprised in the least to see them repeal prop 13 or find a way around it then that will be all she wrote for state. They will come up with something like, "it's for the kids" and/or everyone needs to pay their fair share or whatever line of bull they come up with.
Glad I live in Nevada 😊
Best state to live in as a retiree
I happily live in Washington State.
I happily left Washington state, you can have it.
Too many nutty Dumocrats for me .
That means one less crazy Republican for us!
@michaeltipton5500 : Yep... seems to be the commies goal, run off the opposition, or jail them if they won't shut up .
Took my company, my employees, and my assets to a much safer and constitutional state.
Good luck with ur echo chamber comrade .
Not the America I want to live in
Washington State has 8.5% sales taxes.
Depends on where you live in Washington. Some counties are over 10%
Thank you.
You're welcome!
yah, and how many of these states would anyone , retiree or not, want to live in? For retirees many of these states have high crime, terrible climate, ignorance and prejudice (deep south/florida/texas) frozen, wyoming, alaska
One must definitely way all points before choosing a place to retire. This video just points out taxation, not over all livability.
Lol! Ignorance and prejudice are your main concerns. I doubt you’ve ever visited those places you accuse of being racist. You just rely on MSM to indoctrinate you. How narrow minded.
You forgot the cost for an actual place to live.
UTAH beats the hell out of people but its probably worth it. Great place to live!
Utah legislators and Governor Cox have now enacted a bill that will eliminate the state tax on Social Security benefits for individuals with incomes up to $45,000 and couples with incomes up to $75,000. The benefit also phases out for those whose incomes are above those amounts so many more will receive a partial credit to reduce their state tax.
What about Delaware, no tax on SS, Pension and IRA's up to a certain amount.
Good to know, not sure why the article didn't mention that.
Florida will screw you with HOME and auto insurance so in actuality it is not cheap to live there😂