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The Best States for Retiree Taxation

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If you have a few minutes I believe your time will be well spent reviewing this piece I posted back on February 16, 2018.

During your working career you can make adjustments on the fly. Paychecks are still coming in, and you can cut some spending to shore up holes in your savings plan.

But once you retire, there’s no more income to offset any unexpected spending you may have done. That’s why you must be acutely aware of how you position yourself and your money in retirement.

After you have invested your money to best avoid risk, the biggest threat to your income is taxation. Retirees must do everything possible to avoid the painful bite of income taxes. To help them, GoBankingRates.com has developed a list of the best and worst states for retiree taxation.

The winners are:

1. Alaska
2. Wyoming
3. Delaware
4. New Hampshire
5. Washington
6. Nevada
7. Florida
8. South Dakota
9. Tennessee
10. Hawaii

The worst states for retiree taxation are:

50. Nebraska
49. Minnesota
48. Connecticut
47. Kansas
46. Missouri
45. Vermont
44. Rhode Island
43. New Mexico
42. West Virginia
41. Utah

If you want to make the most of your retirement, you may have to consider moving to a state that treats you and your money better.

Read more here from GoBankingRates.com.

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.