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.

Click on a state to see a full overview and calculate your taxes  LINK

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.

To continue reading, please go to the original article at

https://smartasset.com/retirement/retirement-taxes?utm_source=taboola&utm_medium=cpc&utm_campaign=tab__falc_content_famistakes&utm_term=580&utm_content=203587794

Advice, Tip of the DayDINARRECAPS8