Check out these states that make sure you get to keep all your retirement income by not taxing it!
Not all states are created equal! And while it may sound cheesy, it is something all retirees need to take into consideration (yes, taxes included) before they reach retirement age. It may not seem very important at first, but as you age, you will realize that where you retire is extremely important, and it can make or break your finances during what are supposed to be your most relaxing years!
While it may not look like you can save a lot of money if you choose your state carefully, it is actually the opposite. There are a lot of ways in which a retiree makes income during their golden years (be it social security benefits, IRAs, pensions, 401(k)s, etc.), and having that income taxed can end up depleting your nest egg faster than you could imagine.
This is where knowing your state well comes in: you should make sure that you are in the know about your state (or the state that you plan to retire to) and make all your calculations even before you reach the age of retirement. That way, not only are you prepared for taxes (or the lack thereof), but you will also lose the stress that comes along with it.
To help you prepare for this period of your life, we have gathered some of the states that are known for not taxing retirement income, so you can plan accordingly!