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For those thinking about retirement, the idea of living on a fixed income is often overwhelming. So, living in a place that you can afford in the long run is a big deal. Most states tax either social security or retirement pension income that is not earned by government employees; however, some states don’t. In this video we will highlight the states that 1) don’t have an income tax and 2) have elected not to tax social security and retirement pensions.

This doesn’t mean these state are all cheap, but if you have more fixed costs or less taxes this can help you successfully plan and budget for retirement. For those asking where should I retire, I would really do more than just look at these states. There is really more to consider than just how your finances will be taxed. If you are wanting some ideas on great places to retire, check out this video:
I also included links in this description to a couple of popular retirement/financial resources for people who want to learn more about finances or are serious about preparing for retirement.

The Most Tax-Friendly States to Retire:

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As retirement approaches, many individuals consider moving to a state that does not tax Social Security benefits or retirement pensions. With over half of the states in the United States imposing some form of tax on these forms of income, choosing a tax-friendly state for retirement can significantly impact one’s financial situation.

States that do not tax Social Security benefits include Alabama, Alaska, Hawaii, Illinois, Mississippi, New Hampshire, Pennsylvania, South Dakota, Tennessee, and Wyoming. Additionally, states that do not tax retirement pensions include Alabama, Hawaii, Illinois, Mississippi, New Hampshire, Pennsylvania, and Tennessee.

Choosing a state that does not tax Social Security benefits or retirement pensions can provide retirees with more disposable income to enjoy their golden years. Additionally, these states often have a lower overall tax burden, making them even more attractive for retirees on a fixed income.

For retirees looking to relocate to a tax-friendly state, several factors should be considered. These include the cost of living, access to healthcare, climate, and proximity to family and friends. While taxes are an important consideration, they should not be the sole factor in deciding where to retire.

Among the states that do not tax Social Security benefits or retirement pensions, Tennessee and New Hampshire are popular choices for retirees. Tennessee, in particular, has been attracting retirees with its low cost of living, mild climate, and no state income tax. New Hampshire, on the other hand, offers a high quality of life, scenic beauty, and no sales tax.

Ultimately, the best state for retirement will depend on each individual’s preferences and financial situation. Before making a decision, retirees should consult with a financial advisor to determine the potential tax implications of relocating to a different state.

In conclusion, retiring in a state that does not tax Social Security benefits or retirement pensions can help stretch your retirement savings further and provide a more comfortable lifestyle. Consider all factors when deciding where to retire, and choose a state that not only offers tax benefits but also meets your personal preferences and needs.