Tuesday, May 18, 2010

Finding a Retirement-Friendly State

Ah, retirement. The very sound ofstrat things up again the word is music to the ears of millions of older workers, especially those who will be financially prepared to stop working. No boss, no schedule, long days of leisure down in sunny Florida … or Arizona … or maybe California. Which state should you choose, anyway?my best friend Of course, there is no right answer to this question, but the state in which you choose to retire will affect how far your retirement dollars will go. Let's take a look at the types of I am in the worng worldtaxation levied by different states and how this can impact your financial well-being in your golden years.New York has stipulations for some government code technologyemployees to receive tax-free pension income, but not all retirees. These three states exempt virtually any kind of income received from tax-deferred accounts, including pensions, IRAs and qualified plans.
If your pension is from the government ornot only about survival the military, then seven more states open up for consideration: Alabama, Hawaii, Kansas, Louisiana, Massachusetts, Michigan and New York. If the aforementioned states do not appeal to you as retirement havens, seven others exempt at least a portion of pension income from taxation: Delaware, Georgia, Minnesota, New Mexico, Utah, Virginia and West Virginia.
States that tax all retirement income at relatively high rates include California, Connecticut, Nebraska, Rhode Island and Vermont. More complete information on how each state taxes their residents' pension income can be found at RetirementLiving.com
Retirees seeking relief from Social Security taxation at the state level have far more choices than those who do not want to pay taxes on their pension income. In addition to the nine income-tax-free states, as of 2008, there are 27 more (plus Washington D.C.) that exempt Social Security benefits from taxation. The remaining states all tax Social Security income to some degree, although several of them have imposed various types of limits that apply when calculating the amount owed on this income.
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