It's not just about when you retire, but where.
Georgia landed at number five on Kiplinger.com's list of the Top 10 Most Tax-Friendly States for Retirees . Alaska is the most tax friendly state for retirees, while New York (surprise!) is the least tax friendly.
The newly launched 2015 Retiree Tax Map compares taxes on retirees across all 50 states. Findings include a comparison of taxes on income (including Social Security benefits, pensions and other forms of retirement income), property, everyday purchases and more. You can also learn about special senior tax breaks across all 50 states.
In Georgia, some of retiree benefits are that Social Security income is tax exempt along with up to $35,000 of most types of retirement income for residents age 62 to 64. For those 65 and older, the exemption is $65,000 per taxpayer. In addition to a homestead exemption for full-time residents, seniors may qualify for additional deductions from property taxes.
State-by-State Guide to Taxes on Retirees (Georgia)
Here's the list of the best and worst states:
Top 10 Most Tax Friendly States for Retirees
- Alaska
- Wyoming
- Nevada
- Mississippi
- Georgia
- Delaware
- Arizona
- Louisiana
- South Dakota
- Florida
The 10 Least Tax-Friendly States for Retirees
- Vermont
- Connecticut
- Rhode Island
- Minnesota
- Oregon
- Montana
- California
- Nebraska
- New Jersey
- New York
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