States that don’t tax your pension or Social Security: Simply take all the states wiht no state income tax and then add Alabama, Illinois, Mississippi and Pennsylvania.
Yes, you heard that right, Illinois is one of the few states that leave your pension AND Social Security alone!
Oh, don’t get me wrong, they make up for it in other ways but in terms of income from retirement accounts Illinois is going to be hard to beat.
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When it comes to retirement planning, one major concern for many individuals is the amount of taxes that will be deducted from their pension or social security benefits. However, did you know that there are thirteen states in the United States where residents are not required to pay any state tax on their pension or social security income? You might be surprised to learn that state number five on this list will truly shock you. Let’s take a closer look at these states that could be retirement-friendly and could potentially save retirees a significant amount of money.
1. Alabama: Known for its beautiful beaches and warm climate, Alabama is also known for being tax-friendly, especially for retirees. The state does not tax social security benefits and allows taxpayers over the age of 65 to exclude up to $7,500 of income per person from their retirement accounts.
2. Alaska: If you can handle the cold temperatures, Alaska might be the perfect retirement destination for you. Not only does Alaska not levy any state income tax, but it also does not impose any state sales tax. This means that retirees can keep more of their hard-earned money.
3. Florida: Known for its retirement-friendly communities, Florida does not impose any state income tax on its residents. This has made the Sunshine State one of the most popular retirement destinations for individuals looking to make the most of their pension or social security benefits.
4. Illinois: While Illinois may have high property taxes, it does offer a major benefit for retirees. The state does not tax social security benefits and also exempts all pension income from state taxation.
5. Nevada: Brace yourself for the shocker! Nevada, popular for its casinos and stunning landscapes, does not have state income tax, which includes pension and social security income. This makes it an incredible destination for retirees looking to stretch their retirement funds even further.
6. Mississippi: In addition to its low cost of living, Mississippi exempts all retirement income from state tax. This includes social security benefits, pension income, and even distributions from retirement savings accounts like IRAs and 401(k)s.
7. New Hampshire: Unlike most states, New Hampshire does not tax wages or salaries. Furthermore, the state does not tax social security benefits or any employer-sponsored retirement income.
8. Pennsylvania: Known for its rich history and vibrant cities, Pennsylvania offers a unique benefit to retirees. Social security benefits are not subject to state income tax, making it an attractive state for retirement.
9. South Dakota: South Dakota is renowned for its natural beauty and no state income tax. Retirees can enjoy their pension and social security income without the burden of additional state taxes.
10. Tennessee: The Volunteer State is another tax-friendly option for retirees. Tennessee does not tax wages, salaries, or social security benefits, making it an appealing destination to retire.
11. Texas: With its warm weather and diverse landscapes, Texas is a popular choice for retirees. The state does not impose any state income taxes, including on pension and social security income.
12. Washington: This northwestern state not only offers gorgeous scenery but also exempts residents from paying state income tax on pension and social security income.
13. Wyoming: The last state on the list is Wyoming. Known for its picturesque landscapes and low population density, Wyoming does not impose any state income tax, making it a top choice for retirees.
With these thirteen states not imposing any state tax on pension or social security income, retirees have the opportunity to keep more money in their pockets. Whether you dream of coastal living in Florida or crave the stunning landscapes of Wyoming, retiring in one of these tax-friendly states could be the key to not only enjoying a comfortable retirement but also potentially saving a significant amount of money. So, if you’re planning your golden years, give these thirteen states a closer look and discover the retirement-friendly havens they offer.
Right on Josh! Just watched this one again. I am considering moving after I retire so this valuable.
Step one. Do a change of residence to a non tax state. Step two. Move overseas. You’ve now eliminated all state and local taxes and fees. Pay your federal income tax and avoid every hidden US tax.
You talk too much. Just give the info. We can look up info if we need more details. Christ!
Why did it take you so long to get to the point…boring.
You get too distracted too easily…stay topic.
Wow. This could all have been said in 2 minutes.
All right already with football I want to hear about the taxes
I live in Washington. House will be paid off this month with no debt and 1 year left till retirement at 59 to stack some cash up. I have a pension that will be coming in. I plan on taking SSI at 62, and have a 401K that I don't want to get into any more than necessary, although I may have to use as a buffer until SSI comes in.
No State tax yes… but every state federal tax! You can't escape Uncle Sam!
What about no federal taxes ?
Texas does tax my social security
A lot of babble. Get to the point.
funny you never mentioned NJ. New Jersey does not tax social security and does not tax other incomes if your total income is below 100K After subtracting you SS… that's if you married… So I will not be paying any income tax in New Jersey but I do pay $8,200 in property taxes which is OUTRAGEOUS!
Folks say that there as is taxed here in pa
I in western pa look upper mi or Ohio or stay where I am
Wouldn't want to live in any of those states…. maybe Tennessee…
This is state tax savings only …which is a smaller portion of your overall tax burden.
That is surprising , Illinois taxes anything that moves!!!
Barry Sanders!
Can you simply list the places in the space below, that certainly include this topic? You want to
add words or elaborate – as you will.
Welp he has to get you to watch the whole thing so he gets paid leave him alone.
If you can not get your point accross within the
first 15/20 seconds on this video then I dont need
to waste my time in boring garbage.. you mentioned 9 states not 13.
Dude, I lost interest after you started rambling on about who was the best quarterback.