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9 of the most tax-friendly states for retirees who want to save money

Published by Business Insider on Sun, 10 Nov 2019

Not all states are equally friendly to retirees. From sales tax to property tax, paying taxes can be a big expense to retired people living on a fixed income in the US.Data from Kiplinger shows that nine states stand out when it comes to tax affordability, based on low income, property, sales, and estate taxes.Wyoming, Nevada, and Delaware top the list of the best states for retirement taxes thanks to low property and income taxes.Read more personal finance coverage.Even in retirement, taxes can be a big expense. But, it's also an expense that could be avoided with some planning, as some states are friendlier than others when it comes to taxes.Personal finance site Kiplinger created a list of the most tax-friendly states in the US for retirees, and considered factors like average property tax paid, income tax rate, whether or not the state had an estate or inheritance tax, and the sales tax across all 50 states. Wyoming came out on top, offering the most affordable taxes all around.None of the states on the list tax Social Security income. Three states on the listWyoming, Nevada, and Floridadon't have any income tax.While it's not possible to change federal taxes, these tax-friendly states could help retirees save on state taxes. Here are the nine best states for retirees wanting to save on their tax bills, along with each state's income and property tax rates.9. GeorgiaThe Peach State has nice weather most of the year and relatively low taxes, making it a friendly state for retirees.Income taxes: 1% to 5.95%Average property tax: $1,000 per $100,000 in home value8. FloridaWith no state income tax, Florida retirees will be able to keep more of their money.Income taxes: noneAverage property tax: $1,041 per $100,000 in home value7. Mississippi Mississippi residents have a big benefit when it comes to retirement: funds from IRAs, 401ks, and other retirement accounts aren't taxed. Combine that with low property tax rates, and it's easy to see why Mississippi is ideal for retirees.Income taxes: 3% to 5%Average property tax: $862 per $100,000 in home value 6. TennesseeWith both urban and rural settings and acres of nature, Tennessee is more than just good for tax savings. Affordable property taxes make it easy to own your own home in this state as well.Income taxes: No income tax, 2% on interest and dividendsAverage property tax: $768 per $100,000 in home value5. South CarolinaRetirees wanting coastal living and tax savings might find that making a home in South Carolina is ideal. With low income taxes, affordable property taxes, and generous retirement income exclusions, this state's nice weather is only part of the reason to move there.Income taxes: 3% to 7%Average property tax: $601 per $100,000 in home value4. AlabamaAlabama residents will have low living costs and affordable taxes. Low income and property taxes will make it easy for retirees to make a home there.Income taxes: 2% to 5%Average property tax: $432 per $100,000 in home value3. DelawareWith lots of shoreline and no sales tax, Delaware is ideal for retirees. While the state's property taxes are slightly higher than some of the southern and western states on the list, it's still fairly tax-friendly to live there.Income taxes: 2.2% to 6.6%Average property tax: $604 per $100,000 in home value2. NevadaThis affordable western state has been attracting retirees in droves in the past few years, and it's tax-friendliness might be why.Income taxes: noneAverage property tax: $693 per $100,000 in home value1. WyomingTaxes in Wyoming are incredibly low across the board, from property to sales tax. This state doesn't have any income tax, and there's no estate or inheritance tax either. Throw in relatively affordable costs of living, and Wyoming might just be the ideal state for retirement.Income taxes: noneAverage property tax: $635 per $100,000 in home valueMore savings and retirement coverageHow to retire earlyHow to save more moneyAre CDs a good investment'When to save money in high-yield savings
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