Baby Boomers nearing retirement age will have many factors to consider in choosing where to live in retirement, including state taxes, according to CCH tax experts.
“As the economy begins to improve, more retiring baby boomers may begin looking at where they may want to live in retirement,” said CCH state tax analyst Kathleen Thies. “Taxes are one of the things they should consider when determining the costs of different areas they are looking at.”
When evaluating the financial implications of moving, senior citizens should consider the state taxes on retirement benefits; state income tax rates; state and local sales tax, including the growing taxation of services; state and local property taxes; and state estate taxes.
Retirement income is safe from state income taxes in the seven states that do not tax individual income: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. Two oth
Tags: Retirement, Retirement Destinations