Top 8 States For Retired Taxpayers

21 Comments

  • Feel free to connect via the facebook page too https://www.facebook.com/heritagewealthplanning/ or www.heritagewealthplanning.com for the blog posts.

  • Most NH town have increasingly generous exemptions for the elderly on property tax. Eg nashua

    65-74 years of age as of April 1st = $155,000
    75-79 years of age as of April 1st = $180,000
    80 years of age and older as April 1st = $225,000

    Deduct the big number from assessed value.

    Having said that there are income and asset (excluding home) limits.

  • Hawaii is an awful place to retire, cost wise. Yea, property tax % is low, but property tax per capita is high, because property in Hawaii is really expensive. Same for sales tax. Low sales tax on groceries doesn't matter much when you're paying two or three times as much on the base price of anything that isn't manufactured in Hawaii.

    Your cost of living is going to be very high in Hawaii. If you retire very wealthy, then maybe you want to live there anyway, to enjoy the tropical environment, but you certainly don't want to live there because the cost is low, because it's just not.

    https://www.newsweek.com/most-expensive-place-live-us-hawaiitoilet-paper-costs-more-628977

  • Use www.smartasset.com all the time. Nevada and Wyoming are really appealing when considering an early retirement. My home state of Illinois doesn't tax retirement income including SS but property taxes kill you so we are looking to move out west in a year or so. Wyoming and Nevada also has low property tax. Love wind by the way.

  • Tn has a "HALL tax" that taxes earned interest and dividends……This Tennessee Hall Income Tax, an individual income tax was enacted in 1929 and is imposed only on individuals and other entities who receive interest from bonds and notes and dividends from stock. Tennessee Hall Tax Facts: The Hall Tax levies a 6 percent tax on earned dividends and interest

  • I live in Washington, DC and if one avoids Northern Virginia and goes to areas south of Charlottesville it looks much better. Lynchburg and Roanoke are reasonable.

  • Kentucky overall is a very poor state with few benefits for seniors. The aging population is very ill there due to mining industries.

  • A Best states to retire list should consider cost of living, Senior services, and walkability. Wyoming is a great state if you want to drive everywhere….the physical beauty is great, but one does not want to be isolated in old age.

  • I guess all those folks retiring to Florida have got it wrong.
    They need to retire to Wyoming and save 0.5% in taxes even if they live in isolation freezing their asses off.
    Makes a lot of sense.

  • Plus in Alaska there is also the oil royalty thing-a-ma-jig. But Im not sure how many days you have to physically be in Alaska to get it. And how much it usually is.

  • Even as an ardent hunter and fisherman I’d not want to live in Alaska! I lived in Hawaii for a brief time and lived the weather but it’s isolated! And food costs are high! Agreed with you about Georgia!

  • Grocery taxes are a minor factor for retired folks. Less people in the house with the kids gone and more eating out.

  • Ranchers and farmers pay high property taxes. Also the miners. Perhaps these are reasons for high per capita taxes in WY.

  • If native ameican indian rents his lot out to a non native american indian does the non native american indian pay a tax?

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