The Government Wants You to Retire in New York

First, a disclaimer--I am not an accountant but I have looked a lot things up And yes, you heard correctly. The government Wants you to retire in New York. How do I know this? well, for one thing, did you know that the first $20,000 that you draw each year from your pension is New York State and New York City tax free? even if you have a private or out-of-state public pension.That's for each of you--your spouse, partner, etc.

(Source: recycledpetsnorcal.org)

New York allows residents 59½ and older to exclude up to $20,000 of private or out-of-state public pensions from taxes, regardless of their total income.
Read more at http://www.kiplinger.com/article/retirement/T006-C000-S002-tax-friendly-places-to-retire.html#As3FlCT80qUO2uO2.99

And, New York is one of 10 states that exclude all federal, military, and in-state government pensions from taxation (Kiplinger).

exclude all federal, military and in-state government pensions from taxation
Read more at http://www.kiplinger.com/article/retirement/T006-C000-S002-tax-friendly-places-to-retire.html#As3FlCT80qUO2uO2.99

exclude all federal, military and in-state government pensions from taxation
Read more at http://www.kiplinger.com/article/retirement/T006-C000-S002-tax-friendly-places-to-retire.html#As3FlCT80qUO2uO2.99

exclude all federal, military and in-state government pensions from taxation
Read more at http://www.kiplinger.com/article/retirement/T006-C000-S002-tax-friendly-places-to-retire.html#As3FlCT80qUO2uO2.99

exclude all federal, military and in-state government pensions from taxation
Read more at http://www.kiplinger.com/article/retirement/T006-C000-S002-tax-friendly-places-to-retire.html#As3FlCT80qUO2uO2.99

(Source: retirementincomevisions.com)
Plus, New York is one of 27 states that does not tax Social Security. Or Railroad Retirement benefits.

(Source: railroadhow.com)
There are also property tax benefits for New Yorkers 65+ with income limits--STAR--see http://www.tax.ny.gov/pit/property/star/index.htm or your accountant for more info on that.

On the other hand, New York is one of 12 states that has the highest tax on cigarettes. If you fall into this category and you don't want to leave New York, you should stop smoking immediately; the taxes are terrible.

I'm not saying that if you quit, you will look like Gwyneth

(Source: healthline.com)
or become president

(Source: healthline.com)
but it couldn't hurt.

#newyorktaxbenefits
#retiredinnewyork
#stopsmoking