These Three States Offer Unique Financial Benefits for Retirees
Because of the cost-of-living, where you live during retirement has a huge impact on your quality of life. According to Yahoo! Life, three states offer a “unique combination of benefits that help retirees stretch their savings and sail through tax season, leaving more of their income to finance the lives and lifestyles they imagined during all those years of planning.”
Alaska has a regulation that “provides a mandatory exemption on up to $150,000 of the assessed value for the primary residence of seniors aged 65 years and older.” And municipalities can increase that even more. Additionally, Alaska has no individual income tax, estate tax, inheritance tax, or state sales tax.
Mississippi is one of the most tax-friendly states for retirement. It does not tax most forms of retirement income, including Social Security benefits, and has a flat income tax rate of 4 percent for those earning at least $10,000
Wyoming also has no state income tax and doesn’t tax Social Security benefits or other forms of retirement income. Plus, groceries and prescription drugs have no sales tax, and those are big expenses for seniors.
The Seniors Trust is committed to improving the financial well-being of older Americans through the passage of the Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and ensure the long-term solvency of the Social Security program.
