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Here’s what Florida retirees should know about taxes in 2025, and how they might affect their golden years: Trending Now: Suze Orman's Secret to a Wealthy Retirement--Have You Made This Money Move?
When you hit age 72, or age 70 1/2 if you are 70 1/2 before January 1, 2020, the IRS requires that you start taking required minimum distributions from your retirement savings in qualified plans ...
The IRS considers an individual to be 65 on the day before your 65th birthday. So when claiming your standard deduction for 2023, you can take a higher standard deduction amount if you were born ...
For retirees moving from high-tax states like New Jersey, where residents pay an average $8,797 thanks to the state’s 2.47% average effective tax rate, moving to Florida can feel like a windfall.
“Alabama is one of the most tax-friendly states for retirees,” said Shelley. “The state has no taxes on Social Security benefits, pension income or withdrawals from retirement accounts such ...
Consider tax diversification: Maintain a mix of taxable, tax-deferred, and tax-free accounts (like Roth IRAs) to provide flexibility in retirement income planning.
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Retirees don’t pay state income tax on their Social Security benefits or pensions in Alabama. But your 401(k) and IRA withdrawals are fully taxable at the state’s 2% to 5% income tax rate ...