Best States to Retire Tax wise

Best States to Retire Tax Wise: Retirement is a golden period to enjoy with family and friends but surely a big hit on the pockets. The golden period of an individual's life comes with ample financial concerts. Around July, Bankrate took a survey to find the top states to retire. The analyst Alex Gailey said in a statement. "Choosing where to retire is deeply personal, but Iowa's affordable cost of living, inexpensive but high-quality health care and low crime make it a compelling option for retirees looking to stretch their retirement income in this economy." 

List of Best States to Retire Tax Wise

The name of the top 10 states that retire tax-wise, as per Bankrate are:

Iowa

• According to the Council for Community and Economic Research, Iowa is the sixth most affordable state in America to live in, which is good news for retirees on a fixed income.
• According to Redfin data, the median home price in Iowa is $239,400, which is significantly less than the national median home price of $388,800 and lower than the average for homeowners insurance.
• Along with many other advantages, the state ranks No. 23 for property taxes and No. 22 for state and local sales taxes.

Delaware

• Delaware combines high-quality healthcare and low taxes in terms of selling points. It ranks number 2 for retirees.
• It is in the middle of the pack in our rankings for both the expense of healthcare and crime. Also, natural disasters including earthquakes, tornadoes, and hurricanes are uncommon. 
• The only area where the state does worse is in the affordability category; for the cost of living, this East Coast state ranks No. 31 in the Bankrate Study.

West Virginia

• West Virginia has the best affordability in the US because of its cheap cost of living.
• People living here have a minimal tax load. 
• The state came up at number 26 in the category of wellness, placing it in the centre of the pack.

Missouri

• For retirees, Missouri is a reasonably tax-friendly state. For seniors earning less than $85,000 per year if filing single and $100,000 per year if filing jointly, Social Security retirement income is completely exempt. 
• Property taxes in Missouri are a little lower than the national average. 
• An estate tax and an inheritance tax are absent in Missouri.

Mississippi

• Mississippi does not impose taxes on any retirement income, including Social Security benefits, IRA, 401(k), and pension income.
• The state has low property taxes and moderate sales taxes. 
• An average cost of living that's lower than the national average. 

Wyoming

• Wyoming is a tax-friendly state with no personal income tax, no state-level estate tax, and relatively low property taxes. 
• The state is full of scenic beauty and a nature-oriented environment which turns it into a paradise for retirees.
• The state’s welcoming nature creates a strong sense of responsibility improving the quality of life for retirees.

Pennsylvania

• It does not tax social security income and offers an additional deduction on some or all other forms of retirement income. 
• Pennsylvania's historical sites and cultural attractions provide enriching experiences for retirees.
• Access to quality healthcare, including renowned medical centres, ensures retirees' well-being in their golden years with friendly sales, property, estate, inheritance and income tax rates.

Florida

• Florida is a tax-friendly state. It allows retirees to keep most of their retirement income with a homestead exemption, no inheritance tax, or any other additional tax.
• The sunny weather of Florida is a comfortable and pleasing weather for retirees. 
• Florida has special retirement communities, helping senior citizens with various amenities and activities.

Hawaii

• Hawaii is one of the states that offer smaller deductions on some or all forms of retirement income. 
• It has one of the lowest sales taxes in the US. Also, the state offers exemptions on social security and pension income.
• Retirees can enjoy major discounts on healthcare benefits, grocery items and live a healthier lifestyle.

Nebraska

• The cost of living in Nebraska is lower in comparison to national averages.
• Retirees can enjoy relatively affordable house options in the state.
• Also, the state offers various tax benefits for retirees, including Social Security exemptions and tax deductions.

During your retirement, do not forget to explore new experiences and making new friends while managing finances. Also, make sure to have a finance advisor to plan and explore healthcare options and other local resources.