December 23, 2021

As you get older and plan ahead for retirement, it’s important to think about all the financial implications of the decisions that you make. For example, where will you live? This is important not just to choose how to be around family or the opportunities available with part time jobs for retirees in the area.

One of the biggest considerations for many people approaching retirement is whether or not the state taxes income at all. There are 9 states that have no income tax. In 2021 they are Wyoming, Washington, Texas, Tennessee, South Dakota, New Hampshire, Nevada, Florida and Alaska. There are also 28 other states around the country that have exemptions or credits to help taxpayers avoid paying taxes on social security at the state level.

They include Alabama, Arizona, Arkansas, California, Delaware, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Mississippi, Michigan, New Jersey, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Virginia, Wisconsin, and Washington DC. When making a retirement plan don’t forget to include the benefits of working directly with an estate planning lawyer.