How TENNESSEE Taxes Retirees

[@johnleger2924]

M family and I moved to the Chattanooga area from Taxachusetts in April 2019 and absolutely love it here.

[@HeritageWealthPlanning]

You didn’t bring Mass politics I hope

[@johnleger2924]

@@HeritageWealthPlanning No sir, not at all. I'm about as conservative as they come. It was one of the major reasons why we left. We've been married 32 years and have only lived in ultra liberal states. We wanted to live in a state that is in line with our values and Christian faith. I tell people that I grew up in the city but have a lot of country boy in this heart of mine.

[@Supsherry]

I'm happy to hear positive feedback on Tennessee 😊

[@joshuatree1886]

Tennessee is a Red state. It is run by conservatives and that is why TN is not a mess like California. I do not live in TN, I live in CA but plan to move to TN. And you can bet the farm that me and my spouse will do everything we can to keep TN a red state. We will not bring our CA attitudes to TN and we will not try to change TN into something other than what TN is right now. Keep Tennessee RED and keep the culture TN has now.

[@MrT6bill]

I think TN legislature is REQUIRED to have a balanced budget. EVERY YEAR.

[@jeffreylangdon7983]

For people where math is hard. Let's set the record straight! There's no income tax (2021) and property tax is very low, so let's address "high" sales tax. I am from NJ (moving to TN) and we pay 7% sales tax. TN has the same 7% sales tax, but also has a local tax that frequently can add on another 2.75%. Even with the additional local sales tax, TN is a less expensive state than NJ. The main reason is cost of living. An item in NJ costs more than the same item in TN. For example. An item that costs $5 in NJ, plus 7% tax is a total of $5.35. The same item, based on a lower cost of living, will not be $5. Let's assume, for example it's only 20 cents lower at $4.80 which is not a stretch by any means. That item at $4.80 with a total 9.75% sales tax only costs you $5.26 so even with a much higher sales tax the total cost of goods is less. Sadly, the expectation is you are too lazy to do the math and realize that TN is one of the best places to retire.

[@brianmcg321]

Been living in TN since 1999. I love it. I call it the last free state in the USA.

[@al77288]

Plans to buy acres in Bluff City, Tenn. Yes sales tax is 9.25%....but major purchases can be gotten in Bristol, Virginia were sales tax is 6%. Distance is only 11-miles away. 😉

[@wilburcollins8342]

Great information as I'm going to move north to either Alabama or Tennessee in the spring Tennessee's looking the best

[@SteveBuchanan1447]

Am considering a move to your beautiful state of Tennessee. This video was very helpful for making decisions regarding finances. Thanks for the post and keep up the good work!

[@vernwallen4246]

watch out for the hi-way robbers(police)civil assess forfeiture.

[@SteveBuchanan1447]

@@vernwallen4246 I am not sure what you mean by that.

[@deiadraper6358]

@@SteveBuchanan1447 civil asset forfeiture is when police stop you and they rob you and they can get away with it

[@BeverlyRichards]

In determining what state to retire in I am also interested in the cost of vehicle insurance. You speak about property tax and income tax and social security tax. All important things! But some states really have an exorbitant vehicle insurance expense. Can you address this in a future video?

[@kiddbrother3]

compared to New York, Tennessee is a home run! NY sales tax 8.875 percent! property tax is OMG!

[@HeritageWealthPlanning]

100% agree there

[@kurtwehrmann658]

Looking to get out of New York in the next few years looking to go to the Tennessee /North Carolina boarder area. Very good info in your video Thanks

[@scottstaggs7234]

I plan to put my house on the Market Rockwood Tn. Let me know if you want to know more.

[@neemguy81]

I'm perfectly fine with sales tax. I can choose more or less how much I pay in taxes.

[@HeritageWealthPlanning]

Rigjt on

[@jmm7390]

And it makes everyone pay taxes

[@rah62]

Not necessarily - because TN charges sales taxes on groceries too, unlike most other states. Do you plan not to eat?

[@luke_s.3168]

I live in Kingsport which is 20 mins from Johnson City

[@GeorgeMcKinley.]

That’s why I hang my hat in Tennessee.

[@fredost1504]

I like the idea of choosing to buy something and then paying tax, even if 9+%, rather than having income tax forced on me(NC is 5%), and then paying a reduced sales tax on top of this. NC income taxes for me last year were $5500. ill be surprised if TN sales taxes on the stuff I buy are this much.

[@HeritageWealthPlanning]

I 100% agree there, Fred. User pays. and if you don't want to pay, don't buy. I've no problem in that regard at all. THe best thing though is if you live say in Chattanooga, you can always go south a few miles and buy in No.Georgia!

[@fredost1504]

True. Appreciate your fine work Josh. Ive learned more about Social security planning in 30 days than in the last 30 years.

[@timothyward4811]

I have a place in east tennessee. Be there permanently in a year. Gas is cheaper, property tax is cheaper, car insurance is cheaper than in michigan where I live now. Home owners insurance is more and the sales tax.

[@HeritageWealthPlanning]

Make sure you vote red though

[@timothyward4811]

@@HeritageWealthPlanning for sure

[@freebirds6047]

After being gone for 19 years, we're back in East TN and it's changed very little! The beauty of living here in God's country is that VA is just 10 miles away where we can save 4% tax on groceries. PLUS, we have property tax breaks via the "Greenbelt" rule. So yes, we could move to GA, but I think the savings would be a wash ;- }

[@robertgonzalez8419]

Thank you for your videos you seem very knowledgeable I’m looking to start a homestead thanking Tennessee but also been leaning towards Kentucky not sure what areas to purchase looking to buy150 acres plus just like to ask your opinion on which State would be best leaning towards Kentucky because of the more milder summers but I have to look at the big picture here considering property tax. you seem to have a good insight thank you for any information God bless

[@RS-io6vm]

it is gods country. and I like how you say Chattanooga is a great city

[@HeritageWealthPlanning]

oh yeah, BIG fan of Chattanooga! Minor league baseball, no state income tax. relatively low property tax, mountains... not much of a commute... man, oh man, not sure it gets much better.

[@jatkins47]

You are a good reader.

[@jmm4081]

If this were true, then the homes on the GA side of Lookout MTN would sell for more than those in TN, but they don’t.

[@thedopplereffect00]

The sales tax is still less than in California.

[@JackMeyHoffer562]

I live in Los Angeles county, Sales tax is over 10.5%, Car registration for my ex 2018 Accord was over 300.00 My '99 ES300 is over $100 and smog check is due. We have state income tax, We have high property taxes, High gas prices. We get financially abused by the state govt.

[@uncareid5557]

look up the Kiplinger map now- Tn. is green, Ga. is white.

[@kenmartin1919]

I’m from California, retired, well educated, and prudent, yet I want to enjoy my retirement on my both our public employees retirement. The TVA is amazing verses where I live and the cost of energy. It’s HUGH!

[@lharchmage6908]

New Hampshire gets its money from state run Liqour stores all Liqour stores are basiacally franchises. Also the Liqour prices are good enough that people from CT and Taxachuseetts go thre for alcohol.

[@Lorddarthvader1701]

Nope I do not pay pension tax here. In Michigan they do....terrible

[@sharingallgoodfruit8513]

This needs an update since there are several tax deductions starting in 2021.

[@bryanyoung9004]

Local sales taxes are only collected the first $1,600 of each item. Then the state gets the local rate for the next $1,600. So in my county buying a car for example, the first $3,200 is taxed at 9.75% and everything after that is taxed at only the state rate of 7%.

[@HeritageWealthPlanning]

Great info! Thanks Bryan. Folks, if you have info like to this to share please do so. I'm only going off what various websites say. So, I had no clue about this info Bryan shared. But it's certainly helpful to know.

[@deborahcangialosi355]

California 10.25 sales tax

[@zsuzsuspetals]

Very good video. My parents are retired in TN. One thing I always wonder when I'm there ( or any of the deep south states) is if everything is so cheap, why is there so much poverty? Just googling the top 10 poorest states, and most of them are in the south including TN. It always seemed to me that states like TN are good for people on a fixed income. But maybe not so good for someone just beginning a career and wanting to work their way up.

[@drewschumann1]

Tennessee poverty is intergenerational, so it shouldn't affect young folks starting a career

[@TheManny1952]

I wonder the cost of purchasing a new vehicle sales tax as well as registration.fees

[@TheManny1952]

@AbuHamid al-Ghazali thank you. I have noticed when state gov. Cut tax in one spot and as you say relief they slide it in somewhere else. I guess the trick is to add up all tax liabilities.

[@vernwallen4246]

What you lose on apples you make up on the bananas.

[@taylorjackson7908]

Shh! Don’t tell everybody!

[@charlesebyjr2925]

I don’t know, isn’t what I wanted to hear.

[@kevindarrell3500]

Dang it brother. Quit telling everybody. Or it may..... or will change.

[@ridgerunner5772]

The Culture has CHANGED and, for the WORST...... Nashville is becoming Little LA.....and, it is Dangerous; almost as Bad as Memphis.......

[@mkshffr4936]

I understand that taxes on investment income is going away. Can anyone confirm details?

[@HeritageWealthPlanning]

It’s a done deal now

[@fozzybear9114]

Sales tax is a fair tax. In commie mn i pay 6.85% sales, crazy high income tax, 600 yr for truck reg. Crazy high property tax.

[@TSTatum]

I’m 65 just started Social Security what will I be taxed

[@nickcooper3412]

Your tax news is 2 years old dude! This is 6/8/21 currently..

[@borlach321]

What about Texas?

[@greenspiraldragon]

Only 2 things are certain, death and taxes.

[@lindsayjohnston7465]

Live better work Union

[@mikephillips6906]

Tennessee taxes for retiree of another state

[@billmitchell1955]

I looked it up and it was not mentioned. Just that pensions are not taxed. I think it would have said if out of state pensions are taxed. I hope not. I might move there.

[@tomloeffler2777]

I am a retired Tennessee resident who does his own taxes. The only tax on income is on certain investments. That is the "Hall income tax." There is a standard deduction as well as limitations based upon total income. The entire "Hall tax" will go away soon. No pensions are taxed. I receive a military pension, a State retirement and Social Security. Nothing in the previous sentence is taxed.

[@moneygrinds4216]

Tennessee sucks i been here 100% of my life

[@LeglessWonder]

Unless you live in Memphis, you're wrong. It's a great place. Lived in East TN all my life.

[@zsuzsuspetals]

TN would be great if it wasn't so far from the ocean. My parents are retired there. It has a lot of benefits but they miss being close to a beach.

[@archetypex65]

#stfu

[@vh-1fancentral12]

Always that one person that gotta be negative

[@al77288]

Move to a Blue state and you will be singing "Take me home country roads".....😜

[@lindsayjohnston7465]

Red States horrible quality of life