State With No Retirement Income: Alaska
- Percent of 65 and older population: 8.4%
- Income Tax Range: None
- Social Security: None
- Inheritance and Estate Taxes: None
- Median rent per month: $1,837
- Utilities: $295
- Meal at average restaurant: $15
Alaska isn’t typically the first place that probably comes to mind when you think about places you would like to retire. But if you were to live there, NONE of your 401(k), IRA, or pension income would be taxed.
True, it can be cold, but the Alaska tax code is pretty good for the state’s senior citizens. This state is an excellent choice if you want to save money in retirement.
However, consider that senior care might cost you a small fortune because it’s among the most expensive states for senior care services. At the same time, retiring in Alaska can be financially beneficial.
You can escape state income tax by living in Juneau, but you can also get paid for living in this particular state, thanks to its oil wealth.
Locals receive an annual dividend from the Alaska Permanent Fund, created in 1976 to share the state’s oil income with persons who’ve been a resident for at least a year before applying. The dividend is currently $1,100.
I am retired from the State of Texas thru ERS and I am taxed on my retirement and there is all taxes on Estate and inheritances.
How is Tennessee not listed? Maybe I missed it?
I live in Ohio, retired widow for 27 years, had to work because husband died at 48, lost my pension in Steel mills I am still taxed to death because I had to work longer to pay off all his medical bills, and no pension and to build up my Social Security. You cannot get ahead in this state. We are taxed to the hilt here. Tough for retirees to survive.
why not states need taxes broke for senior citizens that retired don’t think we live o fixed income to
Indiana does tax social security. Indiana taxes social security as frderal irs does