Best Retirement States
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Although it is obvious that many seniors prefer the warm climate and leisure activities of states such as Florida and Texas for nationwide retirement solutions however they are not necessarily the best where income is concerned.A lot of people considering retiring will appraise the acceptability of a state based simply on whether or not it has an income tax. This is an oversimplified way to judge the amount of money owed each year to the state Some of the states that have no income tax are actually among the most expensive tax wise in the United States.
Retirees want to save as much of their money each year as possible, and so many look to states like Pennsylvania that do not charge a dime on retirement income. Despite the allure of no income tax, failure to investigate can cost these seniors a great deal of money. Ironically, Pennsylvania is actually one of the most expensive places in the United States to live. The average property tax in Harrisburg, PA, amounted to an unbelievable $6,551. Combine that with $840 on average in sales tax, and Pennsylvania residents are really paying approximately $7,391 in taxes per year.
Surprisingly, states like Arkansas and Delaware offer the best deal for seniors.If your living in Dover, DE, for example you will pay on the average around 0 for taxes. Kentucky is another affordable state for seniors, with residents of Frankfort paying around $1,114 per year. This is a bargain when compared to than supposedly tax friendly states such as Pennsylvania and Florida.People living in Florida pay nearly 00 per year.
Although income tax is a major component of overall tax burden, it is very important to research the other factors at play. Be sure to research the cost of homes, as well as cost of living. In areas with high property values, property tax can eat up a great deal of income each year. Avoid paying too much by researching state tax laws before making a move. The general livability of a state is also important.
Online sources such as Kiplinger and Taxsites.com can facilitate your search for affordable states. Finding the best retirement states is all about striking a balance between taxes and livability. Just because a state has the lowest taxes doesn’t mean you should move there, but don’t neglect to check out a state’s tax laws before moving. Some states, such as Pennsylvania, can quickly eat away at your retirement fund if you are not careful.
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