Kiplinger recently updated its “Retiree Tax Map” to reflect the latest information on which states carry the friendliest tax structures for retirees. As aging workers start planning their exit from the workforce, taxes come into focus when planning for retirement. There may be taxes on income, government benefits, purchases and real estate — all of which affect retirees’ finances.
The map can prove to be valuable for anyone who plan to relocate to states that allow them to stretch their savings and cut costs on sales/property taxes. The map also shows states with tax structures that are least friendly to retirees.
According to Kiplinger, the 10 best states for retirees include Alabama, Alaska, Delaware, Georgia, Louisiana, Mississippi, Nevada, Pennsylvania, South Carolina and Wyoming.