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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 ...
Every state taxes retirement income a bit differently. More often than not, the way retirement income is taxed can impact a person's decision on where to spend retirement. Discover More: 7 Tax...
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. This table ...
This article originally appeared on GOBankingRates.com: 5 Best Tax-Friendly States for Retirement in 2025. Show comments. Advertisement. Advertisement. In Other News. Entertainment. Entertainment.
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 good ...
Trending Now: Suze Orman's Secret to a Wealthy Retirement--Have You Made This Money Move? ... State Income Tax Rates Comparison. State. Tax Rate or Range. Alabama. 2% to 5%. Alaska. No State ...
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.
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 .