Which State is the Best Retirement State?

As the Baby Boomer generation begins to prepare and enter into retirement, there are several options based on your financial state and needs.

The states that have no income taxes include: Washington, Wyoming, South Dakota, Nevada, Texas, Alabama, Tennessee (newest entrant as of January 1, 2021), and Florida.

New Hampshire however, will charge income tax on dividends and interest.

These states have flat income tax rates from 3.07% to 5.0% percent: Vermont, Colorado, Michigan, Illinois, Indiana, Kansas, Pennsylvania, North Carolina, and Rhode Island.

These states do not charge corporate income tax: Washington, Nevada, Wyoming, South Dakota, and Ohio

Lastly, these states follow the community property, so if one of the partners pass away, marital property transfer is less of a hassle: Washington, Idaho, Nevada, California, Arkansas, New Mexico, Texas, Louisiana, and Wisconsin.

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