burden point of view, as measured by the Tax Foundation.
Alaska: Alaska might not seem like a retirement haven based on the
usual factors considered such as, say, weather. But it might be the
perfect place for one's golden years if taxes are a big concern.
Alaska doesn't tax personal income, including Social Security benefits
and pension income. And, there's no state-imposed sales tax. This is
not to say that you won't pay any taxes in Alaska. Instead, it means
that you'll pay other types of taxes, such as property taxes.
Nevada: Many retirees rely on income from several sources to make ends
meet these days. If you fall into that camp, Nevada might be the place
for you. This state doesn't tax income, Social Security benefits or
pension income. And its property taxes are reasonable, too. Its sales
tax, however, is higher than the national average.
South Dakota: It might not be the first or even the second state that
you think of when contemplating where to live in retirement. But South
Dakota is nothing if not a tax friendly state. The state doesn't tax
individual income, Social Security benefits or pension income. And the
overall tax burden is among the lowest in the nation.
Wyoming: There's no individual income tax on Social Security benefits
or pension income in Wyoming, according to CCH. But that's not to say
you won't have to pay any taxes in Wyoming. Property taxes and sales
taxes tend to be higher than the national average.
Texas: In Texas, there's no individual income tax. But property and
sales taxes tend to be higher than the rest of the nation.
Florida: There are plenty of reasons why people choose to retire to
the Sunshine state, the low tax burden being among those reasons.
There's no individual income tax on Social Security benefits or
pension income. There are pipers to pay, however, in the forms of
property and sales taxes.
Washington: Another state not generally viewed as a traditional
retirement haven is, however, income tax friendly for retirees.
There's no individual income tax on Social Security benefits or
pension income. But if you plan on spending lots money while in
retirement, Washington might not be your first choice. It has a
relatively high sales tax.
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