Arizona is NOT as tax-friendly towards retirees as one might think.  

Arizona, the home of Barry Goldwater, the Goldwater Institute, the birthplace of real school vouchers etc, is, well was, in many ways about as close as one could come to a libertarian dream state. But not so much anymore.

By and large, AZ is still favorable, indeed.  Lots to be optimistic about in their tax code.  But it is getting more and more complex.  And complexity is the enemy of solid financial planning. 

From a sales tax perspective you may be inclined to think Arizona isn't that bad.  After all, it's only the 28th highest sale tax state in the nation.  But throw in local sales tax and Arizona ranks #11 in total sales tax rates. 

Income tax is better as Arizona does not tax Social Security benefits. , Most retirement income is fully taxed with a small exemption for government and military pensions. 

However, unless you are married with over $100k TAXABLE income you're only going to be in the 3% or so bracket.  $25k of Social Security and $50k of retirement income will have a tax bill of less than $1k.  Of course, proper planning can make even this small tax be minimized. 

Lastly, property taxes in Arizona are quite low, in the bottom third of the entire nation at only a .70% tax rate. 

So, while Arizona isn't as favorable as it probably should be, it's still a rather favorable state for retirees. 

North Carolina has a flat tax of 5.49% and basically everything is subject to taxation, except for Social Security.  

If you are retiring to North Carolina you should be doing some proactive tax planning indeed. Roth IRAs and Social Security maximization strategies should be your first order to business.

State and local sales tax puts North Carolina smack dab in the middle of the rest of the nation. Not low, but not high either.  Groceries are not taxed by the state but can be by the localities. 

Property taxes are pretty low. Only the 30th highest property tax in terms of percentage but because median house value is pretty low te actual dollar amount citizens pay in property tax put the state in the top 10 for lowest burden. 

Tax Loss Harvesting should NOT just be done in December.  It should be done throughout the year.  But to do tax loss harvesting you need to have investments which actually you can tax loss harvest. 

Bonds don't grow.  Have I ever said that? Oh, a million times!

But what if you own bonds in your taxable accounts and stocks in your tax deferred accounts?

You're making FUNDAMENTAL investing mistakes beyond just tax loss harvesting which I explain in this video. 

There is ample evidence that retirees are not only NOT going to run out of money but they are also NOT spending enough during their retirement.

We can attribute this frugality to many things but hopefully it's based on a reasoned assessment and not some perceived fear that doesn't exist. 

Remember, you can't take it with you.  So, if you've got it and don't want to spend it on yourself, you'll be amazed the joy you have in giving it away.  

https://www.onefpa.org/journal/Pages/NOV17-Are-Your-Clients-Not-Spending-Enough-in-Retirement.aspx

================================

Get the PDF version of my Tax Bomb book for free follow this link.

https://mailchi.mp/7e528cd3cfb3/taxbomb

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https://www.audible.com/pd/B07ND4H9K9/?source_code=AUDFPWS0223189MWT-BK-ACX0-141987&ref=acx_bty_BK_ACX0_141987_rh_us

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Be on the lookout for my 4th book coming out soon, YOU CAN RETIRE ON SOCIAL SECURITY!

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If they get this wrong, RUN out of their office!  If you are nice and want to give them a second chance ask them HOW they get to their response.

https://www.onefpa.org/business-success/Documents/2018%20Trends%20in%20Investing%20Survey%20Report%20-%20FIN.pdf

================================

Get the PDF version of my Tax Bomb book for free follow this link.

https://mailchi.mp/7e528cd3cfb3/taxbomb

Get my books on Audible here:

https://www.audible.com/pd/B07ND3K5Y5/?source_code=AUDFPWS0223189MWT-BK-ACX0-141746&ref=acx_bty_BK_ACX0_141746_rh_us

https://www.audible.com/pd/B07ND4H9K9/?source_code=AUDFPWS0223189MWT-BK-ACX0-141987&ref=acx_bty_BK_ACX0_141987_rh_us

Was this video worth a buck or two? Donate a cup of coffee here: https://bit.ly/2WmP7O4

Want to support what I'm doing for $10 a month? Join my SubscribeStar page.

https://www.subscribestar.com/joshscandlen

Be on the lookout for my 4th book coming out soon, YOU CAN RETIRE ON SOCIAL SECURITY!

If you like what you see, a thumbs up helps A LOT. It tells YouTube that people are engaged and so the Youtube algorithm will show the video to others who may be interested in the content. So, give me a thumbs up, please!

Don't forget to SUBSCRIBE by clicking here: https://www.youtube.com/channel/UCSEzy4i9xrKPoaU9z0_XbmA?sub_confirmation=1

My Amazon Product page: 

https://www.amazon.com/shop/heritagewealthplanning

Anything you buy there Amazon pays me a commission.  Much appreciated!

Contact me: [email protected]

GET MY BOOKS:  

ALL are FREE to Kindle Unlimited Subscribers!

The Tax Bomb In Your Retirement Accounts: How The Roth IRA Can Help You Avoid It

https://amzn.to/2LHwQpt

Strategic Money Planning: 8 Easy Ways To Put Your House In Order

https://amzn.to/2wKGi50

State by State Tax Guide For Retirees:

https://amzn.to/2A1TmkH

GET ALL MY LATEST BLOGPOSTS:

https://heritagewealthplanning.com

PODCAST:

https://itunes.apple.com/us/podcast/josh-scandlen-podcast/id1368065459?mt=2

http://heritagewealthplanning.com/category/podcasts/

LET'S SOCIALIZE!

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If I'm an advertiser, I need to make one critical decision, reach a HUGE audience or reach a focused audience.  If I want a HUGE audience, the ONLY way to do that is through advertising on Broadcast TV live sports events. 

However, if I want a NICHE audience, man, oh man,  there is a wonderful world of options out there for you, nowadays.  Why you would waste your money advertising on scripted-broadcast TV, such as say Modern Family or some other show?  That simply boggles the mind. 

https://thebiglead.com/2019/06/12/a-party-like-its-1969-the-remarkable-resilience-of-live-sports-on-broadcast-tv/

Understand the difference between a life insurance NEED and a life insurance WANT before you talk to an agent.  They'll try to convince you a want is actually a need.  Don't fall for it. 

Read the Bloomberg article here: https://www.bloomberg.com/news/articles/2019-06-13/world-s-retirees-risk-running-out-of-money-a-decade-before-death

And the World Economic Forum article here:  https://weforum.ent.box.com/s/w6cth9cdasx1k7g1vjnsqxttkv34t2su

Visit Devin's Youtube channel at https://www.youtube.com/channel/UCy8uDv16fjTy51bz0iS8T-Q

Craig Israelsen, PhD. of the 7Twelveportfolio.com joins us to talk a little bit of investing but a lot more about LIFE!  Such a great discussion.