South Dakota
If you’re fond of wide open spaces, walks through nature, and being able to reconnect with mother earth, then South Dakota may just be the state for your golden years. To add to the perks, they also do not have taxes on personal income, which means that all your retirement income (be it that comes from an IRA, pension, or 401(K)) will not be taxed. This makes this quaint state the perfect place where you can make the most of your retirement savings.
What’s more, there is also no estate or inheritance tax, so you do not have to worry about things like that either. Like other states that have no income tax, because if you are taking social security benefits as well, those are also not going to be taxed.
9 Responses
So much more needs to be considered when deciding where to retire. I have noticed a huge disparity in property taxes from state to state & sometimes towns or counties within the state. Maybe you’re not being taxed on retirement income but would pay a premium on property taxes & medical expenses etc. For example, Florida has no income tax but their property taxes are quite high as are condo dues if you’re living in an HOA. Do your research!
So, if the only income you’ve only received in 2022 was income for SNAP food services, must that be an actual income?
This would be a good article if a person did not have to click through page after page. This all could have fit on one page.
Wow…Texas?
Very very high real estate taxes
thanks for the information it is very useful
What about Kansas?
I thought Florida was one of the states that didn’t tax seniors
Good to know.