What Are the Best States to Retire for Taxes?
What Are the Best States to Retire for Taxes?
Overview of Retirement Tax Friendliness
Retirees have specific financial concerns and some states have taxes that are friendlier to those needs. Of special interest to retirees are generally issues such as whether Social Security benefits are taxable at the state level, what property taxes will be levied and how retirement account and pension withdrawals are taxed.
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Very Tax Friendly
States that either have no state income tax, no tax on retirement income, or a significant tax deduction on retirement income. In addition, states in this category have friendly sales, property, estate and inheritance tax rates. Alaska Florida Georgia Mississippi Nevada South Dakota Wyoming
Tax Friendly
States that do not tax Social Security income and offer an additional deduction on some or all other forms of retirement income. Generally, states in this category also have relatively friendly sales, property, estate, inheritance and income tax rates.
Alabama Arkansas Colorado Delaware Idaho Illinois Kentucky Louisiana Michigan New Hampshire Oklahoma Pennsylvania South Carolina Tennessee Texas Virginia Washington West Virginia
Moderately Tax Friendly
States that offer smaller deductions on some or all forms of retirement income. The sales, property, estate, inheritance and income tax rates in this category range in friendliness based on the degree of retirement deductions available.
Arizona District of Columbia Hawaii Indiana Iowa Kansas Maryland Massachusetts Missouri Montana New Jersey New Mexico New York North Carolina North Dakota Ohio Oregon Utah Wisconsin
Not Tax Friendly
States that offer minimal to no retirement income tax benefits. These states also do not have particularly friendly sales, property, estate and inheritance tax rates.
California Connecticut Maine Minnesota Nebraska Rhode Island Vermont
Retirement Tax Friendliness
For seniors who plan to move to a new city or state for their retirement, there are a number of factors to consider. Weather is important to many retirees, as are amenities and attractions such as golf courses, beaches, parks and senior centers. Another major consideration is the cost of living in a certain area. Taxes are a big part of that.
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6 Common Excuses for Not Saving Money By Tara Struyk
Have you ever settled on a new exercise program, only to get a bad cold a few days in and happily throw yourself on the couch, relieved to have a handy excuse? Excuses must be human nature; I know I usually make them when I'm facing something that’s new, that's hard, or that I just don’t enjoy. And I’ve certainly made excuses when it comes to money.
In the years that I’ve been writing about personal finance and investing, I’ve also heard my fair share of excuses, mostly from readers who don’t agree with my advice. The problem is, unlike good financial habits, excuses are easy to come by, even though most of them just don’t stand up to reason. Check out some of the ones I’ve heard most frequently so far.