State by state: retiree tax friendly and unfriendly

jkom51December 2, 2010

The original article came out Sept 2009, but was updated this year, so I thought it might be useful to others.

The most (and least) tax-friendly places to retire

Where you live can make a lot of difference in how far your retirement dollars stretch, and the story goes way beyond which states have no income tax.

By Kiplinger Personal Finance Magazine, October 2010

"Best and worst states for retirees

Where's the best state for you to retire? A lot will depend on your sources of income. For retirees, while relocating to an income tax-free state such as Florida or Texas may sound appealing, sometimes the best retirement destination is a state that imposes an income tax but offers generous exemptions for Social Security benefits, pensions and other types of typical retirement income.

Here are five of the most -- and least -- tax-friendly states for retirees. Just make sure that, before you move anywhere in retirement, you factor in local taxes, too. Municipalities can impose hefty property taxes or other assessments. Federal taxes? They'll be about the same no matter where you live."

(slideshow is linked below)

*****

Also, DO NOT MISS checking out Kiplinger's state by state interactive map URL - it's full of surprises and may change your mind about where to retire. Some states I'd thought were good retirement possibilities, actually had real disadvantages from a tax standpoint:

Excellent interactive state-by-state tax map:

http://portal.kiplinger.com/tools/retiree_map/

Here is a link that might be useful: 5 Best states/5 worst states slideshow

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blueheron

When I try to open the link, I get a message, "This link cannot be found."

    Bookmark   January 15, 2011 at 8:00PM
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jkom51

Apologies - I have reposted this in a new thread. Kiplinger updated the interactive map for 2011. Thanks for the notice!

Please consider this thread CLOSED and see the new one, for anyone coming late to this.

    Bookmark   January 24, 2011 at 12:19PM
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