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The Best Retirement Tax Haven States (And How To Determine Yours)

Retirement Watch Weekly
Brought to you by Eagle Financial Publications

Which States Are the “New Best” Retirement Tax Havens?

11/17/2017

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Bob CarlsonFellow Investor,

Taxes, especially when all types of taxes are added together, are one of the largest expenses of most retirees.

State and local taxes are a big portion of the taxes paid, and many people don’t realize the total they’re paying in all those taxes.

Of course, some states are considered high-tax states while others are low-tax states. What’s interesting is that retirees can be in a different category than the general population.

In fact, a generally high-tax state can be a tax haven for retirees, while a generally low-tax state might not be a haven for retirees.

That’s why my team and I at Retirement Watch evaluate state and local taxes, and stay up to date on them.

You see, they’ve changed a lot since the financial crisis…

A few states that were tax havens for retirees no longer are… Or they are less favorable to retirees than they were.

Michigan, for example, used to exempt all pension and retirement income (including IRA distributions) from its income tax. After the U.S. financial crisis, however, the rules changed.

Now, those types of income are exempt only for taxpayers with incomes up to certain levels, and only for taxpayers born before 1954.

Likewise, Ohio used to allow tax credits for retirement plan income, including lump sum distributions, to all taxpayers.

Now, the credits are allowed only to taxpayers whose individual or joint adjusted gross income is under $100,000.

Pennsylvania, on the other hand, is not generally a low-tax state, but can still be a retiree tax haven.

Most distributions from employer retirement plans and IRAs are tax exempt when received after age 59½. Social Security income is also tax exempt.

But you have to keep in mind that Pennsylvania has an inheritance tax, while many states have eliminated estate and inheritance taxes. Estate taxes are also relatively high in Pennsylvania.

To determine if a state is tax-friendly and a good retirement haven, you need to examine more than the income tax rate.

A state might have low income tax rates, or even no income tax, but more than make up for that with steep taxes in other categories, such as sales and property taxes.

This IRS “Booby Trap” Could Cut Your Retirement by 1/3

The IRS has “booby trapped” your tax-deferred savings. I’m talking about your IRAs… your 401(k)s and pensions, and your CDs and other savings. Truth is, the agency's been doing it for the last four decades -- and now they're ready to pounce.

So if you’re not willing to fork over up to a full 1/3 of your tax-deferred retirement savings, your best move is to follow this link and keep reading.

Washington also has an inheritance tax on estates worth more than $2 million. That’s why you want to focus on all the taxes imposed in a place you are considering for your retirement home, including the local taxes.

More importantly, consider your sources of income, spending and property owned and how those will be taxed. Don’t simply consider the general tax levels.

Likely retiree tax havens include most of the no-income-tax states, such as Nevada, Wyoming, South Dakota, Alaska and Florida.

Many of those states generate revenue from other sources, so overall taxes are low.

Wyoming, South Dakota and Alaska, for example, receive a lot of revenue from the energy industry (though not as much as a few years ago). Nevada has the gaming industry as a tax base, and Florida has tourism.

But not all no-income-tax states or low-income-tax states will be tax havens for you.

Tennessee has an income tax only on dividends and interest, and that tax is being phased out. But Tennessee has the highest combined state and local sales tax in the country.

Texas also has no income tax, but has relatively high sales and real estate taxes.

As a general rule, you’ll find most of the southern and southwestern states are tax-friendly to retirees.

Most states that are high taxers in general don’t discriminate; they impose high taxes on retirees, too.

California, New York, Massachusetts, New Jersey, Connecticut and Oregon are among the highest-tax states for retirees, and also for most pre-retirees. Of course, most states fall somewhere in between, being neither retiree tax havens nor high taxers.

You don’t want taxes to be the main determinant of where you live in retirement. But if you are thinking of relocating for retirement, you should estimate carefully how much you’ll pay in total taxes.

Don’t rely on a state’s reputation or some general commentary. Keep in mind that some states generally are tax-friendly but have some high-tax localities.

You don’t want to be surprised to find you have less to spend on other things because of high taxes.

You can find comprehensive information about major taxes in the different states at www.RetirementLiving.com/Taxes-by-State. The site has the latest laws in each state through at least 2015 on income, sales, property and estate taxes.

State and local taxes can change frequently, so be sure you have the latest laws before making a decision, and see if any major tax increases are being proposed.

To a better retirement,

Bob Carlson
Bob Carlson
Editor, Retirement Watch Weekly

P.S. Everybody knows we’re WAY overdue for a market correction. But who’s prepared for it? What will it take for you to protect your financial future? A one-day 10% drop? A one-week 20% fall? A month where indexes lose 40%? By then, it’ll be too late. If you’re not already prepared for the next meltdown, you’re in danger. That’s why I prepared this special presentation. In it, you’ll discover everything you need to know to survive the next meltdown.

Bob's Blog

Don’t Choose the Wrong Health Plan
by Bob Carlson
Editor, Retirement Watch


It’s open season for medical plans at many employers. In this article, Nobel Laureate Richard Thaler explains why most people select the wrong health plan. He reviews the research that shows many people are drawn to plans that cost them more for the same level of coverage available at less expensive plans.

According to the Kaiser Family Foundation, 49 percent of the United States population receives health insurance through an employer-supplied plan. And several studies indicate that a sizable fraction of employees choose needlessly expensive plans with low deductibles when high-deductible versions are available. (High deductibles are still unusual for health maintenance organizations, which limit consumers to a single provider.)

At one firm studied by Benjamin R. Handel, an economist at the University of California, Berkeley, the most-popular option was a health plan with a low, $250 deductible. Professor Handel’s study showed that employees would have saved money and received the same services, whatever their spending on medical expenses, if they had shifted to a plan with a $500 deductible.

Like Card Counting in a Casino… Yet 100% Legal

Card counters "measure" the cards as they're dealt... making snap decisions based entirely on the math, and playing their hand when they know the odds are in their favor. It's a clear advantage, which is why the law forbids it. Fortunately the markets allow for a similar advantage.

In fact, it's been practically perfected by a little-known Texas trader who recently cashed out on 21 consecutive trades. Read more about his amazingly accurate trading system in this brief write-up.

Want More Retirement Advice?

Check out my website, RetirementWatch.com, where you’ll find hundreds of free articles covering every aspect of retirement planning.

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Bob Carlson

About Bob Carlson:

Robert C. Carlson is the author of the books The New Rules of Retirement and Retirement Tax Guide, editor and investment director of the popular retirement newsletter, Retirement Watch, and editor of the free weekly e-letter, Retirement Watch Weekly.  Bob is a frequent speaker at investment conferences around the country, and you can also hear Bob as a featured guest on nationally-syndicated radio shows, such as The Retirement Hour, Dateline Washington, Family News in Focus, The Michael Reagan Show, Money Matters and The Stock Doctor.
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