Nevada
When it comes to Nevada, a lot of people just think about Las Vegas instantly, yet there are many other places where you could go, both to visit and to make your new forever home. Nevada is one of the friendliest states when it comes to taxes because it has the same tax regime as Wyoming does; they are just in different regions, no matter how close they may seem.
Nevada, much like Wyoming, does not have an income tax, so your retirement distributions will not be taxed, no matter what type of account they will be coming through. Likewise, Social Security is not taxed, and any wages you may have if you choose to work do not have any special rates.
What you should be careful of if you’ve got your eyes on Nevada is the state sales tax. While it does not have high property taxes, the sales tax is higher than the national average. If this does not seem like something that is going to impact you, we definitely recommend the Silver State!
If you want to understand how budgeting works best for your retirement, make sure that you read more on the matter after this article! This is one of the books we have found most helpful when it comes to this subject!
It would benefit my husband and myself to live elsewhere (we are in NJ) however have no desire to leave our family.