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Although the U.S. tax code may not change often, state tax rates on many levels do. Many states don’t have income taxes but may make up for that in sales taxes. Also, each locality might have additional taxes and of course, property taxes can differ dramatically.
To break it down, Kiplinger looked at several tax aspects to find the top 10 states for retirees. The states that are best for retirees aren’t necessarily the best regarding taxes for individuals before retirement, so some of the results were a bit surprising.
(Related: 12 Best Small Cities for Successful Aging: 2017)
So check out the 10 states that have the best tax environment for retirees.
The Magnolia State provides a Southern charm complete with warm weather (usually), beaches on the Gulf of Mexico and some of the lowest taxes in the country, including very low property taxes.
More than just the Kentucky Derby, this state’s rolling hills of horse country to the Appalachians offer mainly temperate weather. Its taxes are appealing as well.
Birthplace of our constitution, the Keystone State offers up plenty, for urbanites to those who love rural settings. Winters, however, can be harsh.
(Related: 10 Most Tax-Friendly States: 2017)
With Atlanta one of the fastest growing cities in the country, Georgia has become a haven for retirees, who can enjoy the Atlantic coast, usually warm weather and tax-friendly hospitality.
With its tax receipt enrichment from Las Vegas and gambling, Nevada doesn’t have any state tax. Warm weather also makes it popular with retirees.
Yes, typically known as the state where most retirees migrate, Florida’s tax atmosphere is friendly, but the hurricanes always are not.
4. South Dakota
The Mount Rushmore state has its share of history and natural and man-made attractions, especially for the weather-hardened retiree, and better yet, its tax system is one of the most favorable in the country.
(Related: 15 Cheapest States for Long-Term Care: 2017)
The Cowboy state varies dramatically from the flat expanse of the prairie to the Grand Tetons and Rocky Mountains, while the low taxes make up for those winter chills.
Onward Alaska! Because of oil industry tax revenue, residents pay no state income tax (and actually get a dividend from the oil revenues) and a small state sales tax. Retirees who venture north also get property tax breaks.
1. New Hampshire
Live free or die is how New Hampshire lives with no sales or state income tax, but does make up for it on property taxes as well as taxes on dividends and interest. Definitely, a retiree haven aside from the cold winters.
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