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New Mexico taxes retirement income using state income tax rates, which range from 1.7% to 5.9% in 2024. Residents ages 65 and older can claim an $8,000 exemption to offset their tax burdens.
Dig deeper: How all 50 states tax retirement income: ... each allows seniors and retirees to exclude Social Security benefits from state or district taxes: Alabama. Arizona. Arkansas. California ...
Here are the states that do not tax Social Security benefits. Along with Washington, D.C., the following 41 states do not tax Social Security benefits: Alabama. Alaska. Arizona. Arkansas ...
Alaska. State sales and average local tax: 1.76% State tax on Social Security: None Effective property tax: 1.04% Income tax rate (65+): 0% Alaska is the most tax-friendly state for retirees ...
The first $9,000 of military pay of enlisted personnel is exempt from Arkansas tax; officers do not have to pay state income tax on the first $6,000 of their military pay. Retirees pay no tax on Social Security, or on the first $6,000 in gain on their pensions along with recovery of cost basis.
Here are some of the states that offer the best of both worlds for retirees who are looking to relocate — ranked by low taxes and cost of living, respectively. Top 10 States Ranked by Income ...
Retirement income consists of pensions, IRAs, 401(k)s, Social Security and annuities that provide retirement income and the sale of stocks, bonds and mutual funds you’ve owned for over a year.
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