Retiring to Nevada might be a good idea, just make sure not to gamble all your savings away. The state won’t tax your income, so you can hold on to your pension, 401(k), or IRA.
Your Social Security will also be untouchable if you retire here, meaning more money in your pockets at the end of the day! Also, you won’t need to worry about inheritance taxes or estate taxes either so you can leave your loved ones with a hefty amount if you want to.
Retirees in New Hampshire don’t have to pay taxes on their 401(k)s, IRAs or pensions, which is more than can be said about other states in the region. There’s just one caveat, which is that you do have to pay taxes on interest and dividends.
With no taxes on your inheritance or estate, you don’t have to worry about what you’ll leave your family with once you pass away.
Furthermore, the Granite State won’t tax your Social Security benefits either.