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These 9 states tax Social Security benefits. Here are the nine states that do tax Social Security benefits: Colorado. Connecticut. Minnesota. Montana. New Mexico. Rhode Island. Utah. Vermont. West ...
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.
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 .
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.
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 ...
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Even after retirement eliminates income tax on your salary, some taxes still follow you well into retirement. Thankfully, some retirees will be relieved by their state's rules regarding retirement ...