When it comes to retirement, seniors have a lot to consider. The most important factors usually come down to the cost of living, climate, and taxes. The goal is to find the optimum blend of those criteria. AAA consulted financial advisors to get their read on what states might prove best in 2022.
When it comes to managing taxes, you have to take into consideration a wide range of options. States vary in terms of income, sales, property, inheritance, and estate taxes.
AAA reports seven states that come out on top in terms of taxes, with Alaska being the best. Next are Florida, Georgia, Mississippi, Nevada, South Dakota, and Wyoming.
The next level of tax-friendly states includes: Alabama, Arkansas, Colorado, Delaware, Idaho, Illinois, Kentucky, Louisiana, Michigan, New Hampshire, Oklahoma, Pennsylvania, South Carolina, Tennessee, Virginia, and Washington.
Analysts also looked at which states are most favored by retirees. The top six states are: Maine, Florida, West Virginia, Montana, and Delaware.
But what state came away with the Blue Ribbon as the Best Overall? To no one’s surprise, Florida, with its reasonable cost of living, favorable taxes, and wonderful year-round climate.
Council of Seniors Wants Retirement Money to Go Further
More income during retirement makes it more enjoyable. Here at Council of Seniors, we’re committed to getting Congress to pass The SAVE Benefits Act. You need this bill to make up for insufficient Social Security cost-of-iving adjustments (COLAs) that haven’t kept up with inflation. If it passes, seniors will be reimbursed the $581 that should have been paid all along.
Sign our petition today so we can work together to show Washington politicians how many people support this bill.
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