Looking For The Best Retirement States

It is true that seniors prefer the warm climate and leisure activities of states such as Florida and Texas for nationwide retirement solutions however they are not necessarily the best where income is concerned.  Many retirees judge the suitability of a state based simply on whether or not it has an income tax.  This is an oversimplified way to judge the amount of money owed each year to the state  Some of the states that have no income tax more than make up for it in other forms of tax.

Retirees naturally seek to preserve as much of their money each year as possible, and so many look to states like Pennsylvania that do not charge a dime on retirement income.  Despite the allure of no income tax, failure to investigate can cost these seniors dearly every year.  Ironically, Pennsylvania is actually one of the most expensive places in the United States to live.  The average property tax in Harrisburg, PA, amounted to  a whopping $6,551.  Combine that with $840 on average in sales tax, and Pennsylvania residents are actually paying around $7,391 in taxes per year.  

Surprisingly, states like Arkansas and Delaware are actually the most cost effective for seniors.For example if you live in Dover, DE, the avereage cost is around 0 for taxes.  Kentucky is great option for seniors, with residents of Frankfort paying around $1,114 per year.  This is a steal when compared to than supposedly tax friendly states such as Pennsylvania and Florida.  Residents of Florida pay around ,424 per year.  

Despite the importance of tax income,it is prudent to research the other factors at play.  Be sure to research the cost of homes, as well as cost of living.  In areas with high property values, property tax can eat up a great deal of income each year.  Look out for potential money sinks by researching state tax laws before making a move.Being happy living is the state is also an important consideration.  

Resources for example Taxsites and Kiplinger.com can help greatly in the search for the best retirement states.  Finding the best retirement states is all about striking a balance between taxes and livability.  Just because a state has the lowest taxes doesn’t mean you should move there, but don’t neglect to check out a state’s tax laws before moving.  Some states, such as Pennsylvania, can quickly eat away at your retirement fund if you are not careful.

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