What Is The Most Tax-Friendly State For Retirees In 2023?


America's Most and Least TaxFriendly States for Retirees (Infographic
America's Most and Least TaxFriendly States for Retirees (Infographic from financialengines.com

What is the Most Tax-Friendly State for Retirees in 2023?

What are the Tax-Friendly States for Retirees in 2023?

Retirees looking to maximize their after-tax income should look to states with the most favorable tax structure. In 2023, the most tax-friendly states for retirees include Florida, South Dakota, Texas, Wyoming, Nevada, Alaska, and Washington. Each of these states offers a variety of tax benefits and incentives that can help retirees stretch their retirement dollars.

Florida: No Income Tax and Low Property Taxes

Florida is one of the most popular retirement destinations due to its warm climate and low taxes. Florida does not have a state income tax, which means retirees can keep more of their Social Security, pension, and investment income. Additionally, Florida has some of the lowest property taxes in the country, with the median property tax rate coming in at just 0.98%.

South Dakota: Low Tax Rate on Retirement Income

South Dakota is another great option for retirees looking to save money on taxes. The state does not have an income tax, which means Social Security, pension, and investment income is tax-free. Additionally, South Dakota has a low tax rate on retirement income, with the top tax rate coming in at just 4.5%.

Texas: No State Income Tax

Texas is an attractive option for retirees due to its lack of an income tax. This means retirees can keep more of their Social Security, pension, and investment income. Additionally, Texas has some of the lowest property taxes in the country, with the median property tax rate coming in at just 2.14%.

Wyoming: Low Taxes on Retirement Income

Wyoming is another great option for retirees looking to save money on taxes. The state does not have an income tax, which means Social Security, pension, and investment income is tax-free. Additionally, Wyoming has a low tax rate on retirement income, with the top tax rate coming in at just 6.5%.

Conclusion

Retirees looking to maximize their after-tax income should consider relocating to a tax-friendly state. In 2023, the most tax-friendly states for retirees include Florida, South Dakota, Texas, Wyoming, Nevada, Alaska, and Washington. Each of these states offers a variety of tax benefits and incentives that can help retirees stretch their retirement dollars.


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