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?