Wondering Where Your NJ Lifetime Income Went?

[45Doll 5,881]

Yes, it's an estimate. By that estimate, we are the worst state in the nation.

Life of Tax: How Much Tax is Paid Over a Lifetime | Self.

This much of your lifetime wages go to taxes — where does NJ rank (nj1015.com)

[Shocker 151]

I get the added benefit that since I have a TSP rather than a true 401(k) they tax my retirement too. Yaaaay!

[leahcim 680]

16 hours ago, Shocker said:

I get the added benefit that since I have a TSP rather than a true 401(k) they tax my retirement too. Yaaaay!

You need to leave NJ when you retire. They will still levy tax on contributions to TSP and traditional IRA, but if you leave the state, they cannot tax your withdrawals.

If you stay in NJ. they'll tax everything

[W2MC 1,699]

17 hours ago, Shocker said:

I get the added benefit that since I have a TSP rather than a true 401(k) they tax my retirement too. Yaaaay!

You NEED to move across the Delaware.  Pensions not taxed in PA

 

[Shocker 151]

31 minutes ago, leahcim said:

You need to leave NJ when you retire

From your lips to God’s ear. Or whatever the internet version of that is. 

[JimB1 555]

23 hours ago, 45Doll said:

Yes, it's an estimate. By that estimate, we are the worst state in the nation.

 

It's not an estimate, it's a promise. NJ is the worst in the nation in so many ways.

[leahcim 680]

3 hours ago, JimB1 said:

It's not an estimate, it's a promise. NJ is the worst in the nation in so many ways.

And it's sad because there's a lot to like, especially South NJ, the North West, and the Beaches.  Like Washington State, the Illiberals have managed to take something good and totally destroy it.

[10X 3,306]

On 4/25/2024 at 7:34 AM, leahcim said:

You need to leave NJ when you retire.

Pretty good chance we'll be out of here by mid-summer!    It's so close I can taste the freedom.

[leahcim 680]

2 hours ago, 10X said:

Pretty good chance we'll be out of here by mid-summer!    It's so close I can taste the freedom.

We're almost there as well!