Kiplinger.com unveils list of tax heavens, hells for retirees - WDAM-TV 7-News, Weather, Sports-Hattiesburg, MS

Kiplinger.com unveils list of tax heavens, hells for retirees

WASHINGTON, DC -

This is a news release from Kiplinger.com

Kiplinger’s has released its annual ranking of the most and least tax-friendly states for retirees. The list was unveiled as part of Kiplinger’s Retiree Tax Map—available at kiplinger.com/links/retireetaxmap—which offers an easy-to-use visual guide that compares taxes on income (including Social Security benefits, pensions and other forms of retirement income), property, everyday purchases, and, ultimately, your estate. The guide also reveals special senior tax breaks across all 50 states.

“What many people don’t realize is that where you retire can be just as important—or, in some ways, even more important—than what you have when you retire,” said Sandra Block, Senior Associate Editor at Kiplinger’s Personal Finance. “Retirees and near-retirees can use Kiplinger’s 2015 Retiree Tax Map to explore their options and determine which locations would be the best fit for them, taking into account their personal finances, needs and lifestyle.

The 10 Most Tax-Friendly States for Retirees:

  1. Alaska
  2. Wyoming
  3. Nevada
  4. Mississippi
  5. Georgia
  6. Delaware
  7. Arizona
  8. Louisiana
  9. South Dakota
  10. Florida

The 10 Least Tax-Friendly States for Retirees:

  1. Vermont
  2. Connecticut
  3. Rhode Island
  4. Minnesota
  5. Oregon
  6. Montana
  7. California
  8. Nebraska
  9. New Jersey
  10. New York

The Retiree Tax Map is a sister project to Kiplinger’s annual Tax Map—which presents each state’s income taxes, sales taxes, gas taxes, “sin” taxes (for products such as alcohol and tobacco) and other tax types, rules and exemptions. The 2015 Tax Map launched in September.

The 2015 Retiree Tax Map features comprehensive retiree tax profiles of each state, a list of the 10 most tax-friendly states for retirees and a list of the 10 least tax-friendly states for retirees, as well as additional roundups including states with no sales tax, states that don’t tax Social Security, states that tax Social Security and states with estate and/or inheritance taxes.

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