Connecticut
Population: 3,626,205
Tax on retirement benefits: Yes
Cost of Living for Retirees: 15% higher than the national average
State income tax: 12.8%
Average property tax: 1.63% of market value
Even though this state has a much higher life expectancy than many other states in our country, it’s, unfortunately, a financial burden to many retirees looking to live out their golden years peacefully.
Connecticut is one of the few US states that taxes almost all forms of retirement income. It also has very high property taxes. In fact, the average tax per year is over $6,000.
But if you love this region and would really wish to move here, there are better, more financially good options in New England, including New Hampshire and Maine.
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