7. Connecticut
The biggest disappointment for the retirees who wanted to move here… why? Because taxes in this state are exorbitant, but they are on the rise. Beginning in 2022, the income from a pension is exempt for joint filers with less than $100,000 or federal adjusted gross income.
Other taxpayers with federal AGI of less than $75,000 are also affected. Did you know that Connecticut has the third-highest median property tax rate in the United States?
The only good news is that the state offers property tax credits to homeowners who are 65 years old.
In case you didn’t know, Connecticut is the only state with a gift tax.
8. Michigan
When it comes to “The Great Lakes State,” Michigan is actually collecting more state and local taxes from retirees than many other states in America. And that’s disappointing. The state’s median property tax rate is the 14th highest in the nation despite the fact that they give some property tax breaks for retirees with lower incomes.
The situation with taxes is weird in Michigan because if, for example, you were born in 1946, the tax breaks for you might be pretty good. In case you were born later, the state won’t be that indulgent with you.
Are you planning on relocating right after retiring? We hope we’ve covered at least some of the states you’re thinking about!
If you are interested in taxes, then we have more like this. Don’t forget to check out 7 Amazing Places You Should Travel to When You Retire.
Any American drawing Social Security, Military Retirement, Post Office Retirement, etc… have lived in this country and turns (80) eighty should not pay no sales, property, state, city, gasoline, or any other taxes. NO TAXES AFTER (80) EIGHTY.
Hmmmm, all blue states….
Posts seem to disappear on here. Not worth writing them if they disappear.
This site is a waste of time. The censors cut out perfectly legitimate comments!
NEW HAMPSHIRE! No sales tax so the property owners support the state. Stay away!
I am an old guy and a bit grumpy. Before I grew a brain, I lived in and loved California. I “happily” paid all my taxes and thought how smart the legislatures were who were managing the state and our money. Reluctantly, I moved to Oregon and then to Washington State. That is when I started to grow a brain. I looked around at the infrastructure in Oregon and the wonderful equipment they had to maintain the roads and building during the summer and winters. Lots of snow in the winter and flooding every simmer. Things started to change when the Democratic administration voted to sell the equipment and the soft on criminal voters started singing kumbaya. This transition from legislatures who care about the middle class to their worship of the almighty dollar and the Hollywood braindead actors started about the same time. I requested a transfer and relocated to Washington State about the same time our current Governor was elected. It was not long before he was in bed with the elite crowd in Oregon and Washington State started to look a lot like California. I still live in Washington State and my prayers are directed towards a Republican President fulfilling his promises to restore sanity to our Federal and local governments. I, like millions of other Americans, can deal with the rain, snow and high taxes but, we need a break from all the crime, both in our local governments and our Federal government. As an American citizen who is a 100% disabled combat veteran, I want to be proud of my President. I want to hold my head up high and wave the stars and strips as he passes by. I long to shout, “that’s what I fought for, it was worth it”. I have not felt that pride for too many years, certainly not during the last four.
You really missed out when you did not talk about Mississippi. No state income tax on any retirement income including Social Security and 401 K and regular IRA distributions. Exemptions on property taxes if totally disabled. Property taxes on vehicle depend on its value, I own 4 vehicles and pay a total of around $325 for license plates for them all and it goes down each year for tax and license combined. Trailers are even cheaper to Keep plates on a camper, utility trailer and 2 boat trailers cost me about $150 dollars registration per year total. Gas is very close to being the least expensive in the nation. Property in inexpensive, and cost of food is lower than most states.
I am drawing 3 disability checks, one military, one social security and one civil servant. I live in a 3-bedroom mobile home I bought last year. I buy a new mobile home every 4 years and sell my old one. I live 35 miles from a major city that has a military base. I shop on base for my food, beer, wine and liquor. I have access to many younger ladies that have husbands serving overseas so I am quite satisfied with my situation.
Is there any tax breaks for me with a more of a disease on total disability. The disease is stiff person syndrome, which is the same thing. Céline Dion has his pain 24 seven.
I live in NC and we are required to pay personal property taxes on our vehicles before we can renew the license plate. We pay taxes at the DMV. If we are 1 day late renewing the license plate we get charged a late penalty of $15 .