Current and future retirees know just what kind of balancing act their finances require. Often, adding in various taxes can add another degree of strain. For those worrying about funding their reinvention years, don’t panic. In fact, there are states that offer tax breaks to retirees! Time to take advantage of them.
- They say everything’s bigger in Texas. While this popular maxim may not hold up every time, it rings true for tax breaks. In the Lonestar State, you will never ever pay income tax. This is great for those in the workforce, but don’t worry—retirees aren’t left out. Those who have reached their reinvention years have no taxes to pay on their important pensions. As for Social Security—it’s also untouchable. Time to pull on some cowboy boots and head over to the second-biggest state in America.
- What about the biggest state in America? As it turns out, Alaska holds plenty of benefits for retirees. Not only can nature lovers fish to their hearts’ content, but they can also look forward to larger amounts of daylight. The cherry on top? You’ll never have to pay a cent out of your Social Security or pension to the Land of the Midnight Sun.
- There’s a reason why Florida is synonymous with happy, worry-free retirees. The palm trees, and warm weather alone could convince someone to plant their roots in this sunny place. Even better, it holds a place among the states that offer tax breaks to retirees—and residents in general. With the amazing lack of state income taxes, Florida is a hotspot for savings. As for retirees, they can look forward to drawing from their pension without dreading any taxes at all. Did we mention that the same goes for Social Security?
- Over time, a high sales tax can deplete your savings. Well, Wyoming offers a low sales tax rate—only 4 percent. Plus, your Social Security is safe and sound. The Cowboy state chooses to give advantages to retirees, refusing to tax their hard-earned Social Security checks. Plus, this state proffers pristine open land, letting you spend your golden years admiring the beauty of nature.
- In Pennsylvania, enjoy a combination of retiree-friendly savings. You can prosper in the State of Independence—and so can your pension. You can collect it, tax-free. As for your Social Security—it isn’t left out either! Every day, you’ll save money too. After all, Pennsylvania is home to the cheapest city to live: Lancaster.
It’s true—tax breaks can make you or break you. As you’re planning out the reinvention phase of your life, it’s wise to consider making your home in one of these states that offer tax breaks to retirees.
With the help of the financial experts at Ty J. Young Inc., you can grow your retirement wealth. If you’re ready to get started with our money-protected guarantee, give us a call at 877-912-1919. If you want to grow your retirement knowledge, you can also read through our helpful blog.