Conclusion
The majority of retirees have a retirement home in mind for their superannuation.
It might be a picturesque beach house, a log bungalow deep in the woods, or a penthouse.
But whatever and wherever the dream home is, make certain that all the local tax situations in your ultimate destination are cross-checked before you pack your life and relocate to a new state.
State and local taxes can have a substantial impact on retirees.
The taxes retirees pay during superannuation can fluctuate significantly depending on where they decide to move. Similarly, income taxes on things like Social Security retirement reimbursements and retirement account withdrawals differ extensively in every state, as mentioned above.
What do you think about these tax-friendly states?
Also, there are massive variances between the property and sales tax rates across the country, so to make sure that you’re always informed, check out this amazing book here: Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes!
8 Responses
I am astounded you have left out NH. Taxes were a primary consideration after I retired from the Army in 1992. We have have NO income tax or state sales tax in our state. Need I say more? In addition we have the lowest state tax on gasoline in New England. The argument that our high property taxes wipe out the other tax advantages does not fly!
Utah would be a much better place to live than Nevada with its dependence upon gambling taxes.
very informative wish that I had known before retiring,
we live in Arkansas and we are at full retirement age. if we still work do we need to have taxes held out of our social security checks
Does anyone have personal experience with retirement in South Carolina? Is it as tax-friendly as it sounds?
Does anyone know if Arizona has an income tax for seniors? I’ve been thinking of moving there to be closer to family, but I would like a first-hand account from someone who retired there!
I’m considering relocating to Colorado. What are the long-term financial implications for retirees?
I’m moving from Florida to North Carolina any suggestions