Are you about to retire or know someone who is? Well, now is a good time to learn about the different states that are better for retirement. So, if your state isn’t already on this list, you may want to move!
A couple of studies have been done to give retirees an idea of where they should relocate if they want to pay the lowest taxes. These states are considered ‘tax heavens’ because they often do not include Social Security benefits in the state income tax charges. Some of these tax heavens also exclude various military and government employee pensions while others offer blanket exclusions, which are hard to pass up.
Sure, there are some states that don’t have any income tax at all – Florida and Texas are two – but that doesn’t mean they are necessarily the best for retirees hoping to relocate. Although, both states do have a particularly high number of retirees in their population! Some of the states best suited for retirees simply offer really wonderful exemptions for retirement income.
Always take a look at the local taxes before you decide to move to a particular area. But, before you can even get that far, it helps to know what the best states for retirees actually are. Here’s a list of ten states that are extremely tax friendly for retirees and many baby boomers are beginning to take note and are moving to these areas already.
3. South Carolina