Taxes and Retirement — How Does Your State Compare?
Retirees need to consider the impact taxes will have on their income. But that's not the only thing they should think about when deciding where to retire.
There are several factors to consider when looking for a place to retire — including the cost of living and access to healthcare. A state that isn't the most tax-friendly might actually be a good fit for your retirement needs.
Up Next: 10 Best and Worst Things to Do When Looking for a Place to Retire
Methodology: GOBankingRates examined four tax rates: 1) average state and local sales tax, sourced from the Tax Foundation; 2) state tax on Social Security benefits, sourced from Kiplinger; 3) effective state property tax, sourced from the National Association of Home Builders; and 4) state income tax rate based on the median income of adults ages 65 to 74, sourced from the Bureau of Labor Statistics. State tax on Social Security benefits was weighted twice as much as other taxes.