In this episode of Ready for Retirement, James discusses how state taxes impact Roth v. Traditional Contributions.
- How should you determine what tax strategy is best based on your state?
- What’s the best strategy to utilize when it comes to determining when to prioritize Roth contributions?
- How does this impact your overall retirement strategy?
- Don’t forget the state tax impact when considering Roth v. Traditional contributions, which is so often overlooked!
- You don’t have to conduct a state tax analysis you plan on retiring in the same state you’re in today.
- 9 states don’t have any income tax at all.
- 3 states don’t tax you on distributions, although there is income tax.
- 2 states don’t tax you on your pension.
4:07 – State Tax Considerations
8:17 – Every State Has Their Ideas!
11:30 – IRA Distributions
12:19 – Big Picture
15:55 – Aligning Your Money With What You Care About Most
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