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!
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?