Best State For Retirement Taxes?

[@LiamOlivia-4]

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for...

[@LeilaniClaire]

I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes....

[@LiamOlivia-4]

@@LeilaniClaire That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well

[@LeilaniClaire]

@@LiamOlivia-4 My advisor is VICTORIA CARMEN SANTAELLA;

[@LeilaniClaire]

You can look her up online

[@FlorentGulliver]

@@LeilaniClaire The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?

[@KristinPMosher]

Many folks struggling to cover basic expenses often face this challenge because they didn't save enough during their working years. The choices made in preparing for retirement have significant impacts, as seen in my own family. Different investment strategies led to different outcomes. With guidance from a financial advisor, I'm now enjoying my retirement.

[@JackBJacobs233]

Yes, I'm in my mid-50s, and a few years back, I moved my investments to my wife's wealth manager. While I haven't caught up to her long-term gains, my current earnings and the growth of my retirement fund, compared to just relying on the 401(k), are pretty satisfying.

[@mariaguerrero08]

I totally agree; I am 66 years old, recently retired, with approximately $1.2 million in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, I didn't do all this alone, but with the help of a financial advisor. Having one is currently the best way to trade in the stock market, especially for people nearing retirement.

[@ThomasChai05]

@@mariaguerrero08This is exactly how i wish to get my finances coordinated ahead or retirement. Can you recommend the financial advisor you used to get ahead?

[@mariaguerrero08]

CAMILLE ALICIA GARCIA maintains an online presence. Just make a simple search for her name online.

[@diane.moore-]

Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.

[@DadBradTo5]

Texas has OUTRAGEOUS Property Taxes, so one needs to "Run the Numbers" to make sure that what you'll save by moving there, won't be wiped out by their property taxes!! (I'm originally from Texas, and the "No State Income Tax" argument simply didn't "wash" in our case, for what we'd be paying in Property Taxes). Btw, don't forget to also calculate in the high Home Owners Insurance Rates, due to all of the natural disasters they have down that way!!)

[@KnightD456]

I agree!

[@Johnbaker-pt8rn]

After 40 years I left Texas because of insurance and taxes and moved to Delaware. Here we have low taxes and no sales tax. As for the income tax, my social security is not taxed and the first $12500 of my pension is not taxed.

[@SharpeIowa]

Texas prop taxes were bearable back when housing was dirt cheap, but those days are gone. I left in 2011 and have never looked back, even though I love Texas.

[@mjr7991]

I’m in IL near Chicago and the property taxes are outrageous, so yeah, I would be better off in TX

[@miketracy9256]

NH is a great state, but property taxes are very high.

[@uncareid5557]

plus those lovely winters

[@rockyzman]

I retired to Illinois from Ohio. I looked at the cost of living for the stuff I purchase and housing prices and I wanting to stay in the Midwest. I know the the northern part of Illinois is very expensive to live but in downstate Illinois "the central and southern part of the state" is very affordable. My house here cost a good $100,000 less than a comparable house in other states in the Midwest that I looked at. A hundred thousand dollars can pay for a lot of years of property tax and my Insurance for my house and car is lower here too. Also in Illinois you can purchases car tags at a senior rate too. Illinois doesn't have a city or county income tax and there's no property tax that you pay on your car like many states have. Also in Illinois there is no income tax on any retirement income. I don't drive that much so a higher gas doesn't effect me much though since I live very close to another state so I have the opportunity to go over the state line for lower sales tax if I choose though I must admit I very rarely do. And if I decide not to drive we have free busses for anybody to ride. What I did might and probably wouldn't be a good fit for everybody. Anyway I want to thank you for a good video.

[@thefastestfour]

Thanks for watching! 🙌

[@chessdad182]

You hear a lot of bad things about Illinois, but no taxes on retirement income is nice.

[@adrianasoldevila630]

I’m looking for a state to move to from Oregon because the taxes and high cost of living are killing us here. I’v been considering colorado and Illinois but colorado is almost as expensive as Oregon. Your comment is helping me decide to do a better search on housing in your state -Any particular area you might recommend? Thank you

[@johnniezimmerman6015]

@@adrianasoldevila630 I live in Macomb It's a small university town of around 15,000 in West central Illinois. I do go to Peoria at times it's a small city of 110,000 about 75 miles from here to go to the zoo and places. No matter where you decide on living you really need to do your homework comparing the cost. Of course there will be pluses and minuses you just have see what works best for you. And no matter where you decide I would go there for a few weeks or months and see if you could live there. I missed that one, I moved from a metro area of 3 million people to a very small town and what jumped out at me was how quiet it was here and dark yes dark where I live before we didn't need nightlights in the house but here the first night I had to go to Walmart and buy some nightlights now after 3 years I'm use to the small differences. On the plus side with how much darker it is here I have went out at night and see a lot of stars, shooting stars, satellites and the American and the Chinese space stations going overhead.

[@MorrisGreen-i6r]

Did he ever answer the question of which state? Could not endure 4 minutes of Dr. Statistics lecturing.

[@gradosa8272]

yeah NYC is expensive but you are a 5 to 10 minutes away of a urgent care or emergency room. Some other states, I wonder what they do during an emergency.😳🧐There’s no free lunch in America, you get what you pay for.😆🧐

[@gradosa8272]

@@1-Wheel-Drive do you know how terrifying is to have a child with a severe injury, a broken bone or an asthma attack and trying to drive miles away to the nearest hospital? That’s the only reason I’m pointing this. Yes, NYC is expensive but you are close to medical care.

[@HungNguyen-se8dn]

1. Florida 2. Texas 3. Nevada ❤❤❤❤

[@CageyLeigh]

Great, 3 states that I would not want to live in.

[@stevelopez372]

Yes, I agree. Florida is on the opposite coast and humidity is more than I can stand. Texas and Nevada are like living on the moon. I guess I’ll stay in SoCal and go broke while I’m enjoying the pacific coast. Lol.

[@vinyl1Earthlink]

People live in NYC for a simple reason - the salaries can be really high. There are thousands of jobs in NYC that pay over $500K - you won't find jobs like that our in the boondocks. It is the middle class who are leaving, not the wealthy. NYC actually exempts both SS and the first $20K of IRA withdrawals from taxes.

[@edwardhousemaniii2732]

All the lowest are Democrat cities and states, think about that 😮

[@Johnbaker-pt8rn]

Texas has very high real estate taxes and. High sale taxes. Homeowners insurance is also expensive in Texas. I move from tex😊Texas to 😅 Delaware and I have a lot more money in my pocket!

[@bryanwhitton1784]

I found it a bit disingenuous talking about California has a high tax rate like he did. Yes the top tax rate is high but it doesn't tax SS and the tax structure is weighted heavily towards high income earners. Most retirees are not going to be retiring in the highest tax tier. Most are going to be in the 4 - 8% tax rates as the SS isn't taxed at all. Still not 0% but with the property tax increases being limited and if you have owned your home for a while you property taxes are going to be lower than say moving new to Texas. Sales tax is about the same but most retirees don't buy a whole lot.

[@speedwayman100]

homeowners insurance if you live in a rural area is beyond ridiculous,i am looking to move from this crap state.

[@bryanwhitton1784]

@@speedwayman100 Why would the increases be? Could it be because they paid out huge amounts of money for the fires we have had over the last few years? Insurance is a crap shoot. You pay into it hoping you never need it. When massive losses like what has happened in California, and let's not forget Florida and other states as well, the rates have to go up. They can't afford to pay out billions of dollars with no consequences. They don't keep all the money you and everyone else has been paying to them for massive payouts like what has happened. That money went out for huge mansions and yachts for the executive staff. Do you know how much it costs to have business meetings in Hawaii and have to rent out two separate resorts so they can have their wives in one and their meetings and mistresses in the other. Just to be fair I live in San Jose, that's a pretty big city, and I have had nothing to require them to pay a dime for and my rates went up about 30% for both my house and cars. So don't feel too bad.

[@speedwayman100]

@@bryanwhitton1784 insurance should also be based off of what someone does on their property.I keep my two acres cleared and i have a fire hydrant on the corner so i don't give a rats ass about the fires they had up north as that was the fault of utility companies the bulk of the reason,i'm fed up with paying for other entities lack of preparation.

[@bryanwhitton1784]

@@speedwayman100 Oh, I agree with you. As far as I am concerned the executives of PG&E should have been thrown in jail. The company was found guilty of homicide. But essentially paid nothing. I live in a city. No way a fire other than my own house, will burn my house down but my rates went up. Insurance is a collective. We all pay into it so that "others" get fixed if they need it and hope we are never in that group. If they pay out too much then everyone has to pay more. Collectivism at its finest. The amount of money shelled out on claims has been enormous. As a result everyone has to pay more, a lot more. The alternative is that the insurance companies go out of business. Then you either go without(banks would never allow that) or the governments have to take on the coverage. Will the rates ever go down? Maybe. But not soon.

[@speedwayman100]

@@bryanwhitton1784 i hear ya,we all know insurance companies aren't going to eat it but i've been looking to leave this state for awhile but this may well do it.

[@frankt1720]

Nevada taxes are lower than California. Nevada cost of living is far less than most of California. Nevada is a better place to raise kids too.

[@ralphjohnson3202]

@frankt1720 As long it's not Las Vegas.

[@frankt1720]

@@ralphjohnson3202 Reno. I visit Vegas annually though

[@stevelopez372]

Retired empty nesters. Nevada is like living on Mercury. I’ll pass.

[@rj-me3fh]

NH has no income or sales taxes. Property taxes are a little steep but the quality of life is high.

[@phyllis9750]

You couldn't psy me to live with Gregg Abbott! Sell your soul to live in Texas!

[@fedgirl7318]

You couldn’t pay me to live in Texas. Abbot is a cruel, corrupt governor. Their grid is crap. And of let’s not forget Cancun Cruz, who could care less about his constituents. I’m not saying all Texas people are bad, so don’t come at me. But you honestly couldn’t pay me to live there.

[@johngarceau541]

Texas is a great state.

[@stevelopez372]

@@johngarceau541 yea I like visiting our relatives in San Antonio but their property taxes are outrageous and I live in SoCal. I like the desert but west Texas is like living on Mercury.