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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 ...
The Tax Foundation found that Wyoming is the most taxpayer-friendly state, The Tax Foundation recently released its 2025 State Competitiveness Index. This study revealed which states are taxpayer ...
Alabama. Won’t tax Social Security income. Won’t tax pension income. Won’t tax pension, but will tax 401(k)s and IRAs. Doesn’t tax military retirement income
Median household income and taxes State Tax Burdens 2022 % of income. State tax levels indicate both the tax burden and the services a state can afford to provide residents. States use a different combination of sales, income, excise taxes, and user fees. Some are levied directly from residents and others are levied indirectly.
2. Wyoming. State sales and average local tax: 5.36%. State tax on Social Security: None. Effective property tax: 0.56%. Income tax rate (65+): 0%. Wyoming is the second-best state to retire to ...
Find the best states for taxes in retirement.