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Here's some very good news for those approaching or in retirement: Fully 41 states don't tax Social Security benefits-- and that number has been growing in recent years. But the news isn't all ...
Remember, too, that living in a state that doesn't tax any retirement income won't mean no taxes. There's still the federal government, which does tax some Social Security benefits .
Only eight states tax Social Security benefits, but even if you live in one of the 42 states that don’t tax your benefits, you still have to pay federal taxes on your Social Security payouts.
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.
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.
25. Michigan. State sales and average local tax: 6% State tax on Social Security: None Effective property tax: 1.44% Income tax rate (65+): 4.25 Retirees can benefit from Michigan's low income tax ...
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