Retirees have specific financial concerns, and these five states have taxes that are friendlier to those needs.
Retirees have specific financial concerns, and these five states have taxes that are friendlier to those needs.
Planning For Your Retirement
Living independently and maintaining an active social life means having enough money to pursue your desired retirement lifestyle. Considering the state’s cost of living is essential to achieving lifestyle goals, and retiring to a tax-friendly state helps you to widen your retirement income.
Here Are The Five States With The Most Friendliest Tax Offers For Retirees
These are the list of the most tax-friendly states for Seniors in 2023, and those retirees who plan to move in the new year, here’s a look at the findings:
1. Alaska
Alaska ranked on the list of tax-friendly states in 2023, with a record-breaking of no state income, Social Security, estate, or inheritance taxes, and a very low average state and local sales tax of around 1.76%. Moreover, Alaska also has the lowest gas tax in the nation at $0.09 per gallon.
2. Delaware
Delaware does not have a state sales tax or vehicle property tax, Social Security income is exempt in the state, and residents ages 60 and older can exclude up to $12,500 in pension and other retirement income. It also has lower gas and diesel taxes at 0.22 cents per gallon, and the sixth-lowest property taxes in the nation.
3. Wyoming
Residents of The Equality State don’t pay any state income tax, inheritance tax, or estate taxes. The median property tax rate in the state is 0.61%, which is among the lowest in the nation The average state and local sales tax for Wyoming come in at 5.22%, but groceries and medical prescription drugs are tax-exempt in the state, and gas taxes are at $0.24 per liter.
4. Florida
Florida’s warm weather paired with a tax-friendly environment has long made it a destination for retirees. The Sunshine State has no estate taxes, inheritance tax, or state income tax, nor does it tax Social Security retirement benefits, pensions, or income from IRAs or 401(k)s.
5. New Hampshire
This is the only New England state without an income tax or even no state or local sales taxes and estate taxes. Inheritance taxes are also exempt in the state.
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