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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 ...
SEE ALSO: 50 Best Places to Retire in All 50 States Moving from a pricey part of the country to one with low housing prices could also lower your expenses and make your retirement savings last longer.
Nine states tax military retirement benefits, but only partially. These states include Colorado, Delaware, Idaho, Kentucky, Maryland, New Mexico, Oregon, South Carolina, West Virginia and the ...
Here's a look at how various states tax retirement income. The nine states that don't tax income. When it comes to the taxation of income, you're in luck if you live in one of the following states ...
20. Texas. State sales and average local tax: 8.19% State tax on Social Security: None Effective property tax: 1.69% Income tax rate (65+): 0% Seven of the cheapest cities to retire are in Texas ...
States that tax income but not retirement income All the other U.S. states still have income taxes. However, four of them don't tax retirement income, including money received from Social Security ...
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.
Here's a look at which states tax which kinds of retirement income. Two people looking shocked and alarmed. Image source: Getty Images. These 9 states tax Social Security benefits.