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!
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!
excellent statement !
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.
Agree with Jim
These ads are a drag….
Agreed
Wow…Texas?
Very very high real estate taxes
No if you’re 65 or older.
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.
Well you are wrong. Florida texes is high.
I live in California and I do not pay taxes on my social security. Why wasn’t it included in this article?
True, CA does not tax social security retirement benefits, but does tax pensions, 401s and IRAs as high as 13%. Also, CA taxes military retirement income. CA has very high real property taxes too. I lived in CA 22 years, but left in 2018 when I retired.
I live in Tennessee – we have no state tax on income, social security or otherwise?