(FinancialHealth.net) – When you’re trying to decide where to live when you retire, there are a lot of factors to consider. Do you like the weather? Are there community activities? And, of course, what is the tax situation in the state you want to live in?
Some places, like Florida, don’t require residents to pay state income taxes. Did you know there are also states that don’t tax Social Security retirement income?
In fact, more than half of the states in the union don’t tax Social Security benefits.
— SJ Lefevre (@AJBCSurveys) June 24, 2020
Here are the states:
- New Hampshire
- New Jersey
- North Carolina
- South Dakota
Obviously, a state that doesn’t levy an income tax on your Social Security benefits should be an option if you’re thinking about moving. Make sure you check out the cost of living as well. Some areas are more affordable for retirees than others, and you want to move somewhere that allows you to have fun in your golden years.
~Here’s to Your Financial Health!
Copyright 2020, FinancialHealth.net