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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.
Pension income isn't being considered either, although in most cases, states that impose income tax on retirees' retirement income also tax pension income, at least to some degree.
The next-best states to live in as a retiree, at least in regard to income taxes, are the following four, because while they do sport income taxes, they do not tax retirement income: Illinois Iowa
A 401(k) or IRA account are both popular retirement savings accounts that offer tax advantages such as tax-deferred growth. Pre-tax contributions to traditional 401(k) and IRA accounts are subject ...
On the other hand, you fund Roth IRAs and Roth 401(k)s with after-tax contributions, meaning you pay taxes on the money before it goes into the account. Qualified withdrawals from Roth accounts ...
However, if you withdraw enough money from your retirement savings to push your income above that level, you may owe taxes on up to 50% of your Social Security benefits.