When it comes to finding a state to which to retire, there are plenty of factors to consider. There’s the weather, proximity to family and friends, access to health care, quality of life, and the list goes on, according to CCH, Wolters Kluwer. But one factor that you might want to weigh more heavily than others when deciding where to live in retirement is the degree to which your precious income and assets will be taxed.
“Retirees should really do their homework on the types of taxes they’d be responsible for paying and the rates they’d be taxed at when comparing different locations,” Sandy Weiner, a state tax analyst for Wolters Kluwer, said in a release. Specifically, you should consider, according to Weiner and others, state taxes on retirement benefits, state income tax rates, state and local sales tax rates, state and local property taxes, state estate taxes, state inheritance taxes, and the overall tax burden. read more »