Seniors don’t typically think of retiring to Alaska unless they plan on really getting in touch with nature and they can withstand cold temperatures. But, actually, this state represents an untapped potential when it comes to retirement finances because your 401(k), your pension, or your IRA will not be taxed. Retirees have the lack of an income tax to thank for that!
Furthermore, your Social Security won’t be taxed either, and since the Lat Frontier doesn’t have an estate or an inheritance tax, you don’t have to worry about what you plan on leaving your loved ones with after you pass away.
Florida has long since been dubbed the ideal retirement destination of the U.S. It’s not hard to see why. Between the bountiful senior communities, the huge expanse of beaches, and lack of income taxes, it really is like paradise for retirees!
On top of not paying taxes on your pension, 401(k) and traditional IRA, you also won’t be forced to pay taxes on your Social Security. That means that you can do with your money as you please, including investing in your hobbies and vacations!
If you want to leave something for your family after you pass away, Florida makes it easy by doing away with pesky inheritance and estate taxes.