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The Grand Canyon State has been attracting more residents. The state saw a 0.89% population increase in 2023, and more than 7 million people call Arizona home — that includes retirees who are ...
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.
Many retirees fear taxes, and for good reason. Taxes tend to go up regularly, after all, and these folks are often living on fixed or at least limited incomes.
Illinois charges a flat state income tax of 4.95 percent, but all retirement income is exempt from paying the tax. This includes pension payments as well as distributions from retirement plans ...
Note: New Hampshire levies taxes on income from interest and dividends, but the state government has repealed that tax, which will go into effect Dec. 31, 2024. These four states make exceptions ...
So while important, taxes on retirement income should not be your only consideration when thinking about which state to live in. The $ 22,924 Social Security bonus most retirees completely overlook.