Author Topic: Kipplingers 10 least tax advantage states for retiree's  (Read 5259 times)

soccerluvof4

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foobar

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Re: Kipplingers 10 least tax advantage states for retiree's
« Reply #1 on: February 13, 2014, 07:26:49 PM »
Given how much peoples situations differ, I always find these lists pretty meaningless.  You need examples of what a person making 25k, 50, and 100k end up paying in taxes.  In most states the 25k will pay almost zero income tax. Take CA which is one of the highest tax states out there. Make 25k and you pay 348 in taxes. Not enough to lose sleep over.  Property tax may or may not be high (depends when you bought the house. And heck maybe you lucked out and had a parent gift you a 1980 tax basis house).  If your living the MMM lifestyle taxes really shouldn't be an issue.

In case you were wondering. Good read!

http://www.kiplinger.com/slideshow/retirement/T006-S001-10-least-tax-friendly-states-for-retirees/index.html?cid=32

dragoncar

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Re: Kipplingers 10 least tax advantage states for retiree's
« Reply #2 on: February 13, 2014, 07:38:43 PM »
Given how much peoples situations differ, I always find these lists pretty meaningless.  You need examples of what a person making 25k, 50, and 100k end up paying in taxes.  In most states the 25k will pay almost zero income tax. Take CA which is one of the highest tax states out there. Make 25k and you pay 348 in taxes. Not enough to lose sleep over.  Property tax may or may not be high (depends when you bought the house. And heck maybe you lucked out and had a parent gift you a 1980 tax basis house).  If your living the MMM lifestyle taxes really shouldn't be an issue.

In case you were wondering. Good read!

http://www.kiplinger.com/slideshow/retirement/T006-S001-10-least-tax-friendly-states-for-retirees/index.html?cid=32

Yeah, some of these are probably the best places to retire with "mustachian" level income.  Espectially CA -- low property taxes with capped increases, and low income tax if you don't earn much.  No tax on social security.  You don't spend much so the relatively high sales tax is no big.

ginastarke

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Re: Kipplingers 10 least tax advantage states for retiree's
« Reply #3 on: February 14, 2014, 12:05:04 AM »
The Beaver State has no sales tax, but its income tax is one of the highest in the U.S
Read more at http://www.kiplinger.com/slideshow/retirement/T006-S001-10-least-tax-friendly-states-for-retirees/index.html?cid=32#ydmaMYuY2EeslxTm.99

Well, that  answers my question of  why we always owe state taxes while getting a federal refund :P

SnackDog

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Re: Kipplingers 10 least tax advantage states for retiree's
« Reply #4 on: February 14, 2014, 06:07:06 AM »
Taxes are a good way to keep popular states from getting too populated.  Is it any wonder California is top of the list?  Everyone wants to live there!

foobar

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Re: Kipplingers 10 least tax advantage states for retiree's
« Reply #5 on: February 14, 2014, 01:15:42 PM »
Yeah who would want to live among the redwood forests up north, near the mountains of lake tahoe or be within a short drive of Yosemite. California isn't just SD, LA or SF.



Snack dog, not everyone! I haven't understood why people like it there!

Numbers Man

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Re: Kipplingers 10 least tax advantage states for retiree's
« Reply #6 on: February 14, 2014, 01:32:49 PM »
Apparently nobody from Kiplinger's had to pay property taxes in Illinois.

Huffy2k

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Re: Kipplingers 10 least tax advantage states for retiree's
« Reply #7 on: February 14, 2014, 01:50:32 PM »
Mostly blue states, interesting how that works out!

Eric

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Re: Kipplingers 10 least tax advantage states for retiree's
« Reply #8 on: February 14, 2014, 01:58:00 PM »
Snack dog, not everyone! I haven't understood why people like it there!

Where?  The whole state?  The terrain and weather is about as diverse as the whole country combined.  Beaches, mountains, deserts, rainforests, flat wide open spaces and places where even the trees are sick of all the trees are all in California.  We have few swamps though, so if that's your thing, look elsewhere.

AlanStache

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Re: Kipplingers 10 least tax advantage states for retiree's
« Reply #9 on: February 14, 2014, 02:36:21 PM »
Yep Ca can give you just about anything you want in terms of life style and the exact opposite will probably not be more than 4hr drive away.  My home town there had one blinking red stop light and I had a graduating class of 100, but was ~1.5hr from San Francisco.

foobar

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Re: Kipplingers 10 least tax advantage states for retiree's
« Reply #10 on: February 14, 2014, 08:42:38 PM »
Here is the list of worst states to retire in

http://money.msn.com/retirement/10-worst-states-to-retire-in

pretty much all red (I think New Mexico is blue)

It turns paying for services is expensive but tends to make it a better a place to live. Not too surprising.

Of course if you disagree with their criteria you can use
http://www.usnews.com/news/articles/2013/05/06/the-10-best-states-for-retirement

which thinks a lot of those states are good to go. If you  really think about it this lists are far to vague to be useful. As I said earlier living in LA is a lot different than living in Truckee, living in Nashville,Tn is different than living in Centerville, TN and so on.

I would still love to see the tax difference for someone living in on lets say 30k in every state of the union (obviously they would have to make a lot o guess on sales tax and property tax). I am guessing the tax burden is pretty even. Bump that up to 100k and then I would expect to see drastic differences.



Mostly blue states, interesting how that works out!

Huffy2k

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Re: Kipplingers 10 least tax advantage states for retiree's
« Reply #11 on: February 17, 2014, 10:29:34 AM »
Here is the list of worst states to retire in

http://money.msn.com/retirement/10-worst-states-to-retire-in

pretty much all red (I think New Mexico is blue)

Mostly blue states, interesting how that works out!

That could be the single most ridiculous article I have ever read - of course the comments are priceless.

dragoncar

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Re: Kipplingers 10 least tax advantage states for retiree's
« Reply #12 on: February 17, 2014, 01:10:17 PM »
rainforests, flat wide open spaces and places where even the trees are sick of all the trees are all in California. 

What? This is the only CA rainforest I know of:



(of course I did look it up -- I guess the redwoods count as "temperate" rainforest, but I was thinking "tropical" rainforest)