So what’s OUR takeaway?… Taxes aren’t always everything!
A few states that have low or no income taxes might have higher property or sales taxes. For example, while Illinois doesn’t tax your retirement income, it has one of the country’s highest sales and property taxes.
Other low-tax states might have fewer programs that you may find useful, including senior centers and excellent public transportation. So ultimately, WHERE you live in your retirement hugely depends on what you can afford and also what makes you happy.
If you have a beloved grandchild in a high-tax state, you might conclude that the extra taxes are worth being nearby.
Side Note: You might not have paid any taxes on your retirement income, but that doesn’t mean that the state you live in doesn’t tax retirement income under particular conditions: 27 states tax a little bit on retirement or pension income.
Generally, these states limit the amount of tax based on income levels.
If this subject interests you, we have many more great reads! You should also check out: Tax Refunds: 6 Brilliant Ways To Spend Them Wisely
You have to click on each page number and you’ll be taken to the next. It’s not a huge headline, but the names are there. You read, click on the next number and so on.
Indiana does NOT tax SS benefits and neither does the Federal government IF that is your ONLY source of income. If you are employed in the state of Indiana, then you will be taxed on your employment income by both state and Federal tax.
What is the score for retiring in Georgia and Tennessee
It’s the same in Illinois. We are taxed to death.
Was Joe Biden the worst U.S. President in American History? Who leaves their home without a beg over their head who voted for Biden?
Mississippi does not tax retirement income… they are not on the list!
Mississippi does not tax Social Security either
Mississippi does not tax retirement income… they are not on the list!
New Jersey the same…I worked till I was 68. Now paying for it. Why can’t we just live our our lives better in our own state??
The EPA didn’t destroy anything. “Fair Market” conditions is what did US Steel in. We cannot compete with the Chinese steel on the open market. When you don’t give a crap about your employee’s lives and safety, you can have much lower overhead. You people who voted for the “businessmen” to run our democracy, are about to find out EXACTLY how little we all mean to a bunch of greedy f*cks like Musk, Bezos, etc. CONGRATS!
This is a joke!! The headline sais there are specific states that do not tax retirement income. Where is the list?????