The average social security benefit that retirees receive is $1,503 per month.
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One of the moments in which every person thinks while he is active in his working life is if his savings will be enough the day he retires, also if it will be enough to contain inflation and pay taxes.
The truth is that people who are about to retire or are already have specific financial concerns and some states have taxes that are more friendly to those needs.
SmartAsset, a firm specializing in financial studies, released a study in which it provides a list of the states in the country where retirees do not have so many affectations due to tax issues.
Experts in personal finance and retirement recommend that people who are about to retire, or are already, they must bet on a more austere lifeso they recommend moving to more affordable places.
The SmartAsset study reveals which states can benefit all those who wish to retire without having a large tax burden that affects their personal finances.
For this reason, those who do not plan to pay state income taxes, taxes on retirement income or a significant tax deduction on retirement income, these states are the best option:
-Alaska
-Florida
-Georgia
-Mississippi
-Nevada
-South Dakota
-Wyoming
In addition to these benefits, these entities in the country have friendly tax rates on sales, property, wealth and inheritance, a situation that retirees should not lose sight of, since this will allow them to have a more affordable life.
On the other hand, in case retired people, or those who are about to do so, are not entirely convinced by the above list, there are also entities where the tax expense is not so high and provides some benefits:
-Alabama
-Arkansas
-Colorado
-Delaware
-Idaho
-Illinois
-Kentucky
-Louisiana
-Michigan
-New Hampshire
-Oklahoma
-Pennsylvania
-South Carolina
These states do not tax Social Security income and offer an additional deduction on some or all other forms of retirement income. In general, states in this category also have relatively affordable sales, property, estate, inheritance, and income tax rates.
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