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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.
To qualify for the retirement income exclusion, the Department explains on its website that the taxpayer must be: 55 years of age or older on Dec. 31 of the tax year, or disabled, or a surviving ...
Affordable living costs and moderate property taxes make it one of the most practical states for stretching retirement income. Tennessee Property tax rate: 0.68%
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
States with no income tax. Retirement distributions from 401(k) plans or IRAs are considered income for tax purposes. Fortunately, there are several places with no state income tax: Alaska ...
Illinois: This is where the differences are simplest -- distributions from 401(k) and other retirement accounts along with pension income and Social Security payments aren't subject to income tax ...
So while important, taxes on retirement income should not be your only consideration when thinking about which state to live in. The $ 22,924 Social Security bonus most retirees completely overlook
Oh, and if you're collecting or planning to collect military retirement pay, know that even most states that charge ordinary income tax still don't tax this particular income. Of the 16 that do ...