Wisconsin
Population: 5,892,539
Tax on retirement benefits: Yes
Cost of Living for Retirees: 6.10%
State income tax: 4% to 7.65%
Average property tax: 1.73% of market value
Even though all income from government pensions and Social Security benefits are exempt from state taxes in this state, any other retirement revenue is fully taxable at rates that range anywhere between 3.86% to 7.65%.
As a small benefit, retirees aged 65 or older with an adjusted gross income of less than $15,000, or $30,000 for married couples who file jointly, can deduct up to $5,000 of their retirement earnings from their state taxes.
And while Wisconsin doesn’t have any estate or inheritance taxes, property taxes are pretty steep. In fact, it ranks as the fifth highest in the US.
The average property tax on a house valued at $350,000 is $6,055, and no special exemptions are available for seniors living on a low income. One fantastic aspect about this state is that Wisconsin has one of the country’s lowest combined state and local sales tax rates.
And residents can save even more when they shop by snapping pictures of their receipts to earn cash-back rewards.
And if this information wasn’t enough to deter you, Milwaukee is going through a rough patch that includes low job and population growth and a dangerously high violent crime rate.
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