The 15 Worst States for Retirement TaxesThe 15 Worst States for Retirement Taxes
Ranking jurisdictions based on retirement income tax, any state-imposed estate or inheritance taxes, average state and local sales tax and average effective property tax.
December 23, 2020
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Its the dream of many clients to eventually retire to somewhere warm and sunny when their working days are over.
But before they start making plans, it’s worth encouraging them to look at the tax situation in any state they’re considering.
Taxes are one of the biggest potential fiscal threats to those living on a fixed income, and some jurisdictions impose significantly harsher taxes on retirees than others.
A recent ranking from Moneywise takes into consideration how much tax each state imposes on retirement income, any state-imposed estate or inheritance taxes and the Tax Foundation’s estimates for average state and local sales tax and the average, effective property tax. It also highlights some of the tax credits and exclusions fow hich seniors may qualify.
Here are the 15 worst states when it comes to taxing retirees:
