37. New York
Income tax: 6.45%
Property tax: 1.35%
State sales tax: 8.49%
State tax on Social Security: None
Thanks to a high cost of living, New York is one of the states where you’re most likely to live paycheck to paycheck. And retirees get hit hard by taxes from all sides. New York’s sales tax rate is the eighth highest in the U.S. Its income tax rate is the 10th highest. And New York’s property tax rate is higher than in a majority of states.
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2 thoughts on “The Most and Least Tax-Friendly States for Retirees”
What about our massive Seniors living here. Just in Port St. Lucie Florida 34952 had to sell my mobile home to live. Every week Gardner A/C broken we do not know but you pay 300.00 food money. It’s a rip them off culture. I went on a wait list to a small but nice low rent apt. Sold my furniture still over 800, a month low income regular 1,400 can you imagine??????? But papers to fill out. Need a grab bar ? Shower nothing to hold on to? Must take a form to dr to fill out. I have given. In California took car of my mother for 6 years Parkinson’s with Lewey Body California said if you care for her and not US. You can get a discount on your social security. Now I am 73 I started at 72 being 24/7 and now???? No family nothing at 866 my social and a ebt card. Some cash for tomorrow if it comes. Our social security is not enough. Give to IRAN. But our SENIORS are hurting. Take care one one one. I will Stan up and peacefully speak.
While some of your “best places to retire” may have no state income tax and no sales tax and low property tax, it’s not indicated whether state pensions are taxed if income exceeds a defined level. Some retirees receive +$50k pensions in addition to SS. While Pennsylvania does not tax state employee pensions, some states might regardless if taxes were paid in the initial investment. Is this not correct?