Posted by: News_Desk on 10/06/2016 03:30 PM
Updated by: News_Desk on 10/06/2016 03:30 PM
Expires: 01/01/2021 12:00 AM
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California Ranks As The #6 Least Tax Friendly State For Retirees
Washington, DC...Kiplinger has revealed its annual list of the most and least tax-friendly states for retirees. Kiplinger’s 2016 Retiree Tax Map reveals senior tax breaks across all 50 states, and compares taxes on income (including Social Security benefits, pensions and other forms of retirement income), property, everyday purchases and, ultimately, your estate. California ranks as the sixth least friendly state for retirees.
“Retirees and near-retirees, particularly those considering a move, will get great use out of the Retiree Tax Map,” said Sandra Block, senior associate editor of Kiplinger’s Personal Finance. “It’s not just what you have—but where you live—that can make all the difference for your golden years."
The 10 Most Tax-Friendly
States for Retirees:
1. Alaska
2. Wyoming
3. Nevada
4. Mississippi
5. South Dakota
6. Florida
7. Georgia
8. Delaware
9. Louisiana
10. Tennessee
The 10 Least Tax-Friendly
States for Retirees:
1. Vermont
2. Connecticut
3. Minnesota
4. Oregon
5. Montana
6. California
7. Nebraska
8. New Jersey
9. New York
10. Utah
The Retiree Tax Map is a sister project to Kiplinger’s annual Tax Map—which outlines each state’s income taxes, sales taxes, gas taxes, “sin” taxes (for products such as alcohol and tobacco) and other tax rules and exemptions. The 2016 Tax Map launched in August.
The 2016 Retiree Tax Map features comprehensive retiree tax profiles of each state, a list of the 10 most tax-friendly states for retirees and a list of the 10 least tax-friendly states for retirees, as well as additional roundups including lists of states that don't tax your Social Security benefits, states with their own estate taxes, and much more.
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