Is it better to pay full price than admit you’re a senior citizen? Hell to the no! 🤸 As soon as we turn 50, we’re calling AARP. We’re putting the disco back in discount, one coupon at a time. 🪩💸
Switching into retirement mode often means shifting over to that fixed income life. Want to get the most bang for your buck? Move to where the taxes aren’t! 🚚
Here’s Five Fast Facts on tax-friendly states for retirees:
- 🎰 Winner’s Circle - Put it all on black, baby! If you love that casino life, move to Nevada and say bye bye to state income, inheritance, and estate taxes. You’ll also benefit from low property taxes and affordable healthcare. On the flip side, Nevada has higher sales taxes…and pricey car insurance. Thank Nevada’s booze-n-cruise crowd for that one (don’t drink and drive)!
- 🐊 Later, Gator - Retirees have loved Florida forever, and it’s not just the balmy weather. The Sunshine State is income-tax free and doesn’t have inheritance or estate taxes either. Cost of living is a bit on the higher side, but sales taxes are fairly reasonable. Wear your SPF and watch out for crocs.
- ⛰️ Rushmore Retirement Club - Mount Rushmore’s home state of South Dakota is about as retiree-friendly as it gets. Not only is SD estate and inheritance tax-free, the state also doesn’t tax Social Security benefits. Property values are also low along with the cost of living. Cons? South Dakota’s got some extreme weather (harsh winters and hot summers).
- 🌅 Eskimo Estates - Wanna truly get away from it all? Pack it up and head to Alaska. The Last Frontier is free of state sales, inheritance, and estate taxes. Alaskan residents of a year or longer also get annual payments from the state’s Permanent Dividend Fund. However, Alaska does have high property taxes and local sales taxes in some areas. Oh, and did we mention it’s cold?
- 🪕 Neighborly In Nashville - If you’re a country music superfan, why not retire in good ol’ Tennessee? There’s no state income tax and property taxes aren’t too shabby. You also won’t worry about taxes on Social Security, estate, or inheritance. However, sales tax in the Volunteer State is higher than average.
🔥Bottom line: You can’t outrun the tax man, but you can run off to a tax-lax state! You worked hard for your money, so try to keep as much of it as possible. We’re in the thick of tax season right now and scammers are out in full force. Protect yourself from their evil tricks with these tax identity theft tips!
Would you retire in any of these states?
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