So I've been using the Fidelity planner for a while and have just started playing with state of residence setting in order to see how it calculates the tax impact of various retirement locations.
Since I'm now in New Jersey, I've gotten used to the idea that having a primary residence here would be foolish due to the HCOL - especially housing costs (amount of capital tied up + insane property taxes).
However, when changing the "Primary State of Residence" setting in the "Taxes" section - it seems to indicate NJ being better than SC or NC or even PA (which I don't believe taxes 401K/IRA withdrawals).
Why would this be? Seems very unintuitive and not what I'd expect.
Here's the Fidelity Planner link for those that haven't tried it - I think you can use it as a guest as well:
https://www.fidelity.com/retirement-planning/overview
Since I'm now in New Jersey, I've gotten used to the idea that having a primary residence here would be foolish due to the HCOL - especially housing costs (amount of capital tied up + insane property taxes).
However, when changing the "Primary State of Residence" setting in the "Taxes" section - it seems to indicate NJ being better than SC or NC or even PA (which I don't believe taxes 401K/IRA withdrawals).
Why would this be? Seems very unintuitive and not what I'd expect.
Here's the Fidelity Planner link for those that haven't tried it - I think you can use it as a guest as well:
https://www.fidelity.com/retirement-planning/overview