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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 .
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.
In addition to the nine states that simply don't impose any income tax on anyone, four more states don't tax retirement income from 401(k) accounts, IRAs, and pensions, even though they do still ...
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.
If you want to stretch your retirement savings as far as possible, don't focus solely on the cheapest places to retire. Pay attention to taxes in the places you're considering, too, because they ...
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 ...
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 ...
See, although you'll always be subject to federal income tax, there are 13 states that don't tax retirement income -- at all. Here's a rundown of those states. States that don't tax retirement income