Have you heard that these states won’t tax retirement distributions?
When it comes to retirement, every penny counts, even more so than it did while we were actively working. And when it comes to retirement distributions, be it an IRA, 401(k), Social Security, or pension, we should be able to use that hard-earned money as we want when we want. That’s where the concerns of many retirees come in: there are states that are going to tax your retirement distributions and some that will not!
Relocating for retirement is a testy subject for many, especially if they feel like their nest is not as plentiful as they would like it to be. However, there are many reasons why someone would move from their state when they reach retirement age, or even earlier, and sometimes it has everything to do with retirement distributions and how they are taxed! Why stay in your state when you can move to another one that is more affordable and where you will not have to pay taxes on your retirement distributions?
To understand how it is possible for some states not to tax retirement distributions and which states are going to be great hubs for retirees, keep reading!
Have you considered moving for retirement? Let us know where and why if yes, or why not if no, in the comments down below!
It would benefit my husband and myself to live elsewhere (we are in NJ) however have no desire to leave our family.