Texas
Also known as the Lone Star state, Texas has no retirement income tax at all. They will not cap or threshold your income, and you can easily enjoy all your income, no matter where it is coming from. What’s more, it also doesn’t have a personal income tax, so if you want to open a small business or do some sort of work, that income will also slip through the not taxable cracks.
Because there is no income tax, there is also no perception that social security benefits income either. If you are eligible for them, from the moment you decide to start taking payments until the moment you stop, there will be no tax on this type of income. This will easily allow you to save your money or spend it on something else that may bring you joy instead of taxes!
However, not all retirees are as lucky! Read all about how these states tax their retiree’s social security benefits income!
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.