Looking For The Best Retirement States
For the finest nationwide retirement solutions Florida is one of the premier retirement states in the country, both because of its non-existent income tax, as well as its beautiful beaches and great climate.Although it is obvious that many seniors prefer the warm climate and leisure activities of states such as Florida and Texas, they are not necessarily the best where income is concerned. Many retirees judge the suitability of a state based simply on whether or not it has an income tax. This is an oversimplified way to judge the amount of money owed each year to the state Some of the states that have no income tax more than make up for it in other forms of tax.
Retirees want to save as much of their money each year as possible, and many are drawn to states like Pennsylvania that do not charge a dime on retirement income. Although this is an understandable reaction, failure to investigate can cost these seniors dearly every year. Perversely, Pennsylvania is actually one of the least affordable places in the United States to live. The average property tax in Harrisburg, PA, amounted to a whopping $6,551. Combine that with $840 on average in sales tax, and Pennsylvania residents are really paying approximately $7,391 in taxes per year.
Surprisingly, states like Arkansas and Delaware are actually the most cost effective for seniors. Living in Dover, DE, costs on average around $543 per year in taxes. Kentucky is great option for seniors, with residents of Frankfort paying around $1,114 per year. This is much less than supposedly tax friendly states such as Pennsylvania and Florida. Residents of Florida pay around $3,424 per year.
Despite the importance of tax income, it is very important to research the other factors at play when looking for the first class retirement communities. Be sure to research the cost of homes, as well as cost of living. In areas with high property values, property tax can really end up costing an arm and a leg each year. Look out for potential money sinks by researching state tax laws before making a move. The general livability of a state is also important.
Resources such as Kiplinger and Taxsites.com can facilitate your search for affordable states. Finding the unparalled retirement states is all about striking a balance between taxes and livability. Just because a state has the lowest taxes doesn’t mean you should move there, but don’t neglect to check out a state’s tax laws before moving. Some states, such as Pennsylvania, can quickly eat away at your retirement fund if you are not careful.
No related posts.
Related posts brought to you by Yet Another Related Posts Plugin.
Tagged with: best retirement communitites • best retirement states • nationwide retirement solutions
Filed under: Family Topics
Like this post? Subscribe to my RSS feed and get loads more!
Leave a Reply