Retired couple keeps $7,200 more in Texas
A 68-year-old couple with a $2M dividend portfolio and $54k Social Security keeps $137,200 of spendable income in Texas.
This is compared to $130,000 in California, a $7,200 annual gap driven by California’s 7% state tax on dividends and Social Security.
The couple’s $2 million dividend portfolio generates $96,000 of annual income at a 4.8% blended yield, mostly qualified dividends from broad-market dividend ETFs.
Combined Social Security adds $54,000 a year, totaling $150,000 gross income.