In addition to the 9 states that don’t have an income tax, 4 states do not tax retirement income: Illinois, Iowa, Mississippi and Pennsylvania. In my state of Illinois, they charge a flat state income tax of 4.95 percent, but all retirement income is exempt from paying the tax. This includes pension payments as well as distributions from retirement plans such as 401(k)s and IRAs. Social Security payments are also exempt.
Some information that’s pertinent. If you want to establish an address in Florida let’s say, you have to sever ties to your current state which includes turning over your drivers license. Something that’s prohibitive if you want to get an international DL until you pass the test in the country you’re moving to.
Is there any reason to choose a state that would be easy (as in close) to return to? Currently live in Nevada, looking to retire in Europe. Florida would be closer to fly back to US if necessary....but not sure if it would matter with a virtual mailbix?
In addition to the 9 states that don’t have an income tax, 4 states do not tax retirement income: Illinois, Iowa, Mississippi and Pennsylvania. In my state of Illinois, they charge a flat state income tax of 4.95 percent, but all retirement income is exempt from paying the tax. This includes pension payments as well as distributions from retirement plans such as 401(k)s and IRAs. Social Security payments are also exempt.
This is great information Linda. Thank you for this!
You just saved me a bunch of money!! Great info! I had no idea Pennsylvania didn"t tax. I happen to be moving thier in a few months. Thanks again!
Great video. I think I’m changing my residence to one of those states today.
Great video Ray. Is the Randy [Columbia] interview available as I cant seem to find it
Here it is. ua-cam.com/video/G-5lS-1_G-k/v-deo.html
Some information that’s pertinent. If you want to establish an address in Florida let’s say, you have to sever ties to your current state which includes turning over your drivers license. Something that’s prohibitive if you want to get an international DL until you pass the test in the country you’re moving to.
There are lots of reasons to establish a good home base before heading overseas. This is a great one.
European choices such as Georgia and Romania are going to hell in a hand basket. But folks aren't talking about it.
How so? Most of Europe is screwed and going down hill quickly
Sounds good! I already live in Texas, but how much do the "Traveling Mailbox" services run?
Is there any reason to choose a state that would be easy (as in close) to return to? Currently live in Nevada, looking to retire in Europe. Florida would be closer to fly back to US if necessary....but not sure if it would matter with a virtual mailbix?
You live in a state where no state income tax is required. You are already set up!
@adventurefreaksss correct, but we will be selling our house....