5. Maryland
This state doesn’t tax Social Security benefits, and that’s amazing. If you are 65 or older, you may be eligible for a healthy extension on 401(k), 403(b), and 457 plan distributions, as well as income from public and private pensions.
If you’re thinking about taking out a line of credit, then you should know that there is one available for seniors ($1,000). If your income is lower than $100,000, credits are as follows: a credit of $1,750 for joint filers, surviving spouses, and ahead-of-household seniors with a federal AGI of $150,000 or even less. Sales taxes are low in Maryland too.
And if you are 100 years old, you can exclude up to $100,000 of income from tax.
You need to swap out Alabama for Virginia. Virginia taxes literally everything ata a high rate. I pay almost much personal property tax for my 4 year old truck as I do for my house.
What about Texas? Sure, property taxes are a little high; however, if you are a 100% disabled vet you pay 0 property tax on your primary residence. There is no state income tax, they don’t tax military retired pay or your vehicle when you register it every year like some states. TX is also one of the most veteran-friendly states with many discounts for vets. Also some of the best laws for gun owners.
James
THE U.S. GOVERMENT TAXES NEARLY ALL OF MY SOCIAL SECURITY AND THAT IS A CRIME AND A SHME! ITSBLOODMONEY. HOW DARE THEY!! I HATE PAYING TAXES ON SOCIAL SECURITY!!!
I find Delaware FAR more affordable than Connecticut.
I wish we didn’t have to pay property tax after 65 in Alabama. We are 82 and yes we are paying property tax. It’s not near as high as most states but it’s misinformation that we don’t pay property tax after 65.