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SMALL BUSINESS
Best Retirement
Tax Havens
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Best (Unknown) Retirement Tax Havens
Accepted wisdom: Tax-averse retirees should move to Florida or Nevada, which have no state income or estate taxes. But what if you don't worship the sun or relish a long-distance move? In recent years other states, too, have been lavishing tax goodies on retirees, including affluent ones. With a little research you might discover your own retirement tax haven is close to home.
Read Full Story
Next: MichiganMore From Forbes.com:
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Michigan
*Exempts all Social Security income
*Taxpayers 59.5 and up get an exemption from state income tax for up to $81,840 per couple in pension income, including IRA account withdrawals
*Taxpayers 65 and up can use $18,255 of the $81,840 exemption to shelter income from non-retirement investment accounts
*Each taxpayer 65 or older gets an additional $2,100 personal exemption
*No state estate tax
More on Michigan
Next: GeorgiaMore From Forbes.com:
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PictureQuest
Georgia
*Exempts all Social Security income
*Couples, 62 and older, can exclude up to $60,000 a year of interest, dividends, capital gains, rents, pensions, IRA withdrawals and annuities from taxable income. In 2008, the exclusion rises to $70,000 per couple
*Each taxpayer 65 or older gets an additional standard deduction of $1,300
*No state estate tax
More on Georgia
Next: PennsylvaniaMore From Forbes.com:
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Pennsylvania
*Exempts all Social Security income
*Exempts all private and public pension payouts, including IRA account withdrawals, from state income tax, regardless of taxpayer's age
*Each individual taxpayer can deduct $12,000 per child a year in contributions to any state's 529 college savings plan.
More on Pennsylvania
Next: MississippiMore From Forbes.com:
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Mississippi
*Exempts all Social Security income
*Exempts all private and public pension payouts, including IRA account withdrawals, from state income tax, regardless of taxpayer's age
*Each taxpayer 65 or older gets an additional $1,500 personal exemption
*No state estate tax
More on Mississippi
Next: IllinoisMore From Forbes.com:
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Illinois
*Exempts all Social Security income
*Exempts all private and public pension payouts, including IRA account withdrawals, from state income tax, regardless of taxpayer's age
*Each taxpayer 65 or older gets an additional $1,000 personal exemption
More on Illinois
Continue Best Retirement Tax Haven Gallery
Next: Also on AOL ...More From Forbes.com:
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Joerg Sarbach, AP
Also on AOL: Most Expensive Cars to Insure
Those buying a $100,000 convertible might brush off insurance costs as an afterthought. They should think twice. Annual rates can be almost 20 percent of a new car's sticker price, often an extra $20,000 a year for today's top models.
See Most Expensive Cars to Insure Gallery
Next: Also on AOL: Extreme Weather CitiesMore From Money & Finance:
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Also on AOL: Extreme Weather Cities
Would you be surprised that America's true "windy city" isn't Chicago, but Milton, Mass.? Using figures from the National Climatic Data Center, Texas weather chronicler Dan Baker compiled a list of U.S. metro areas that get the most annual wind, sun, rain, snow and humidity.
See Extreme Weather Cities Gallery
Next: Also on AOL: Most Expensive Homes in the U.S.More From Money & Finance:
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Sotheby's International Real Estate
Also on AOL: Most Expensive Homes in the U.S.
While the housing market may go boom and bust, the value of these palatial estates continues to rise as the world's most expensive homes exceed $100 million. Click through for a peek at these mega mansions.
See Most Expensive Homes in the U.S. Gallery
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More Retire in Style Guides:
Ideal Cities for Retirees
Retire Early
Retire a MillionaireMore From Money & Finance:
More Ideal Cities for Living Your Life
Check out more of these ideal locales. Find one to suit your lifestyle.
- Best Rural Places to Live
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- Best Business Places
Best Retirement Gigs
We're not talking crossing guard duty! Maybe you travel the country and get paid for writing a blog about it? Or taste test chocolates?
'Retire in Style' Series
As part of our special retirement series, we take a focused look at how to make sure your golden years become as bright and shiny as they can be.
What We Cover:
- Make Retiring a Reality
- Ideal Cities for Retirees
- Retire a Millionaire
- Retire Early or Else!
- Senior Living Trends
