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New Mexico taxes retirement income using state income tax rates, which range from 1.7% to 5.9% in 2024. Residents ages 65 and older can claim an $8,000 exemption to offset their tax burdens.
Nevertheless, with most state income tax rates ranging anywhere from 4% to 13%, avoiding these income taxes could save you hundreds if not thousands of dollars per year.
Average retirement income varies widely across the U.S. In the state with the highest-income retirees, the average retired household brings in more than twice as much in the state with the lowest ...
Median household income and taxes State Tax Burdens 2022 % of income. State tax levels indicate both the tax burden and the services a state can afford to provide residents. States use a different combination of sales, income, excise taxes, and user fees. Some are levied directly from residents and others are levied indirectly.
How much does the average couple have saved for retirement? According to the latest numbers via the Federal Reserve’s 2022 Survey of Consumer Finances, the mean retirement savings balance was ...
The next-best states to live in as a retiree, at least in regard to income taxes, are the following four, because while they do sport income taxes, they do not tax retirement income: Illinois Iowa
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