The Motley Fool Discussion Boards

Previous Page

Politics & Current Events / Retire Early CampFIRE


Subject:  Leaving NJ...retiree says goodbye Date:  4/17/2019  5:07 PM
Author:  telegraph Number:  881484 of 888777

We moved from Brooklyn to North Plainfield in 1985. We have lived in the same three bedroom, 1½ bathroom house, raised three sons, and are now empty nesters. In 1985, our property tax bill was $2,805. It was over $10,000 a few years ago,

Recently, I looked online at a beautiful four bedrooms, three baths, very affordable house in Nazareth, Pennsylvania. The property tax is just over $3,100.

while a retiree’s Social Security benefits are not taxed, New Jersey only allows for a retiree to pay no income tax if income is below $100,000. At $100,001, you are taxed on the entire amount. We have worked hard and saved hard over the years, and I am proud that our retirement income will exceed that threshold. As a result, we will get no tax break. Pennsylvania charges no income tax on any retirement income, including pensions, IRA’s, 401K’s, and Social Security."

PA is five miles down the road from his house, which has gone down in value as more and more folks flee the state

Copyright 1996-2021 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us