5 more tax favorable states for retirees to consider
When it comes to choosing a place to retire in the United States, financial considerations play a significant role in the decision-making process. After all, you want to ensure that your retirement savings will stretch as far as possible, and you don't want to be burdened by high taxes and living expenses.
Here are some of the best U.S. states to retire in from a financial perspective:
- 1. Florida - Florida is one of the most popular retirement destinations in the United States, and for good reason. The state has no state income tax, and its property taxes are relatively low. Additionally, the cost of living is reasonable, especially if you opt for a smaller city or town. With its warm climate, abundant beaches, and vibrant culture, Florida is an excellent place to spend your golden years.
- Texas - Texas is another state with no state income tax, making it a popular destination for retirees on a fixed income. The cost of living is generally lower than many other states, and there are many excellent healthcare options available. Additionally, Texas has a robust economy, which can be beneficial for those looking to work part-time or start a small business in retirement.
- Arizona - Arizona is known for its warm weather and stunning natural scenery, making it a popular destination for retirees. The state has a relatively low cost of living, and property taxes are reasonable. Additionally, Arizona offers a range of activities for retirees, from golf courses to hiking trails, making it an excellent place to stay active in retirement.
- South Carolina - South Carolina is another state with a low cost of living and a reasonable tax burden. The state has some of the most beautiful beaches on the East Coast and a mild climate, making it an attractive place to retire. Additionally, South Carolina has a rich history and culture, with many charming small towns and historic landmarks to explore.
- Tennessee - Tennessee is known for its southern charm, scenic beauty, and friendly people. The state has no state income tax, making it an excellent choice for retirees on a fixed income. Additionally, the cost of living is relatively low, and the state offers many cultural and recreational activities to keep retirees busy and engaged.
Ultimately, the best state to retire in from a financial perspective depends on your personal preferences and priorities. However, the above states are known for their affordability, low tax burden, and excellent quality of life, making them excellent choices for retirees looking to stretch their retirement savings as far as possible.
While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors of RJFS, we are not qualified to render advice on tax or legal matters. You should discuss tax or legal matters with the appropriate professional.