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The Most And Least Friendly States For Retirees

TedTed
in Fund Discussions
FYI: It’s less taxing to retire to Wyoming.

While retirees flock to Florida in part for its tax-friendliness, those who really want to save big on their tax bill may want to head west. An analysis released this week by the personal-finance publisher Kiplinger revealed that the state of Wyoming was the most tax-friendly for retirees.

“For Wyoming, it starts with the fact that there is no state income tax,” explains Rocky Mengle, the tax editor at Kiplinger. That means the state does not tax Social Security benefits, pension income, 401(k) plan withdrawals and IRA distributions, or other income. “You can’t beat that,” he says, adding that property and sales taxes are also relatively low in Wyoming. “When you add it all up, Wyoming offers retirees the most tax-friendly environment around.”
Regards,
Ted
https://www.marketwatch.com/story/this-is-the-least-tax-friendly-state-in-america-for-retirees-and-surprise-its-in-the-midwest-2019-11-06/print

Comments

  • LewisBraham
    edited November 2019
    And guess which states have the best public services for seniors--free or reduced price and comprehensive ones--such as transportation, meals on wheels, or free senior college classes, or the best medical care/nursing homes or the most easily accessible entertainment options for seniors. I bet it ain't Wyoming.
  • davidrmorandavidrmoran
    socialist
  • LewisBraham
    Hilarious.;-)
  • davidrmorandavidrmoran
    progtard
  • InformalEconomist
    But think of the antelopes playfully leaping!
    NH, lacking a sales tax or tax on wages, has a very high property tax rate and a lot of problems. Have looked into the state (which I *heart*) as retirement for self and relatives, and concluded it was a bad deal.
  • LewisBraham
    Since many seniors end up being physically incapacitated before they pass away, I can't think of a much worse place to retire than Wyoming unless you're rich or have a truly dedicated family so you can either hire a chauffeur or have family members drive you around. A better ranking might look at services for the disabled like this one: https://wallethub.com/edu/best-worst-cities-for-people-with-disabilities/7164/ How isolating must it be to be a senior who has limited mobility stuck in a state with limited services for seniors? By default, you could argue that living in a city with good medical care--doctors and hospitals nearby--and easily accessible public transportation or senior transports to get food, medical care and entertainment makes a lot more sense than living in the country. These rankings that only look at taxes seem to ignore completely the fact that as we age we become by default more dependent on other people or technology--and yes, those "dreaded words," society and and government--to have a full life. And providing those services costs tax dollars. I suppose one could move to some pre-fabricated senior community with services in one of these no-tax states, but I wonder how boring that can get after a while? It could end up seeming like a well-manicured prison.
  • TedTed
    edited November 2019
    @Lewis: To bad they don't let left-wingers live here !
    Regards,
    Ted:)
  • LewisBraham
    edited November 2019
    @Ted Too bad that in Wyoming they probably want to shoot these instead of watch them. Oh, and too bad all the right-wingers there miss this:
    image

    Or this: image
  • BenWPBenWP
    I think the above discussion highlights the folly of making a major decision based solely on the criterion of taxes. I, for one, could never live in a place that didn't have a full-line super market close by and open late at night. Or a really good public library, or an educated population, etc.
  • CrashCrash
    BenWP said:

    I think the above discussion highlights the folly of making a major decision based solely on the criterion of taxes. I, for one, could never live in a place that didn't have a full-line super market close by and open late at night. Or a really good public library, or an educated population, etc.

    AGREED. Hawaii now, for us. Even without A/C, as long as a fan is blowing on you, it's just lovely. While New England and the rest of the Northern tier of States endures 17 degrees and snow. So EARLY for dat shit. From the apt. we share with cousins, there is a fabulous view from the kitchen of the Koolau Mountains and the water is a very short drive. Botanical Garden just up the Kamehameha Hwy, off a side-street. Taxes are NOT wonderful here. But a lower income means lower taxes, anyhow... Kaneohe. ZIP: 96744.
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