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10 Best States To Retire For Income Taxes

If you live in one of these tax-friendly states for retirees, your retirement savings could last longer. As you approach retirement, or if you're already there, you may be thinking about moving to a different state to live out your golden years. If that's the case, consider moving to one of the most tax-friendly states for retirees. It can make a huge difference when you're trying to stretch out your retirement savings. Of course, there are other things to think about if you're exploring relocation. For instance, you'll want to take climate, proximity to family and friends, access to quality health care, and a host of other important factors into account before picking a new location. But make sure you add taxes on retirees in any state you're considering to the list of primary factors. Depending on your situation, the total state and local tax burden in one of the best states to retire for taxes can be thousands of dollars less per year than in another. To help you compare state taxes on retirees, try using Kiplinger's State-by-State Guide to Taxes on Retirees(opens in new tab). But if you're just looking for the 10 best states to retire in for taxes, check out the list below. Our results are based on the estimated state and local tax burden in each state for two hypothetical retired couples with a mixture of income from wages, Social Security, traditional IRAs, Roth IRAs, private pensions, 401(k) plans, interest, dividends, and capital gains. One couple had $50,000 in total income and a $250,000 home, while the other had $100,000 in income and a $350,000 home. All of the states on our "most tax-friendly" states for retirees list exempt Social Security benefits paid to seniors from state income taxes. Most also allow an exemption for at least a portion of our hypothetical couples' other retirement income, such as private pensions or IRA withdrawals. They tend to have low property tax rates and/or reasonable sales tax rates, too. Take a look and see for yourself why each state is considered one of the best states to retire in for taxes. We list the most tax-friendly state for retirees last. Email: [email protected] Facebook:   / bankoofy   Youtube channel:    / bankoofy   Fair Use Disclaimer: This channel may use some copyrighted materials without specific authorization of the owner but contents used here falls under the “Fair Use” Copyright Disclaimer under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favor of fair use. tax friendly states,, tax friendly states for high income, states with no income tax 2023, states with no income tax and no sales tax, states with no property tax, most tax friendly states 2023, most tax friendly states for middle class, states without sales tax, tax-friendly states for high income, states with no income tax 2023, tax-friendly states map, states with no property tax, tax-friendly states for retirees 2023, states without sales tax ax friendly states, tax friendly states for retirees, tax friendly states for retirement, tax-friendly states for retirees 2023, tax friendly states ranked, tax friendly states for military retirees, tax friendly states for high income, tax-friendly states map, tax friendly states 2023, tax friendly states for federal retirees, most tax friendly states, most tax friendly states for retirees, best tax-friendly states for military retirees, least tax friendly states, best tax friendly states to retire, kiplinger tax friendly states, map of tax-friendly states for retirees, income tax friendly states, most tax friendly states for high earners, tax and pension friendly states, tax income friendly states taxes for states, states with low taxes, state with lowest taxes, best states to retire taxes, states with no tax, tax burden by state, tax friendly states for retirees, tax-friendly retirement states, retirement tax-friendly states, tax friendly states to retire in, state tax comparison, states that don't tax military retirement, retirement taxes by state, most tax friendly states, most tax-friendly states, retirement friendly states, lowest tax states for retirees, tax friendly states for retirees 2023, tax-friendly states for retirees 2023, states without tax, Bankoofy. #Tax #Tax_Friendly_States #Retirees #bankoofy