We recently moved to Minnesota, a high tax state with estate taxes. It doesn't much matter now as we're living off savings and won't draw social security or my pension or IRA distributions for four more years.
By 2028, state taxes will be around $14,000 a year. It would be even more if we didn't hold so many treasuries in after tax accounts.
When that kicks in, I just know I'm going to be thinking about living north of Chicago, or looking at Des Moines, Fargo, or even in Wisconsin between fond du lac and Green Bay. We have no family driving our decision.
But we really like it here. Cycling is phenomenal. Places to canoe. Near the driftless region and bird watching. Great healthcare. Low crime. Great Independent living location adjoining a city park. Restaurant scene is improving. Some repertory theater, jazz, chamber music and orchestral.
Have other retirees with high incomes made peace with their high tax states, for reasons other than family? Or are you always looking over the state line? (And with these high estate taxes, yes, we will be giving much more now and spending more abundantly)
By 2028, state taxes will be around $14,000 a year. It would be even more if we didn't hold so many treasuries in after tax accounts.
When that kicks in, I just know I'm going to be thinking about living north of Chicago, or looking at Des Moines, Fargo, or even in Wisconsin between fond du lac and Green Bay. We have no family driving our decision.
But we really like it here. Cycling is phenomenal. Places to canoe. Near the driftless region and bird watching. Great healthcare. Low crime. Great Independent living location adjoining a city park. Restaurant scene is improving. Some repertory theater, jazz, chamber music and orchestral.
Have other retirees with high incomes made peace with their high tax states, for reasons other than family? Or are you always looking over the state line? (And with these high estate taxes, yes, we will be giving much more now and spending more abundantly)
Statistics: Posted by Hebell — Sat May 18, 2024 11:38 am — Replies 22 — Views 636