Choosing the right state for retirement can significantly impact the overall quality of life and on your income. In this article, the top states for retirement are ranked based on criteria such as taxes, cost of living, and climate.
The seven states with the most favorable tax policies for retirees, including no state income tax, no tax on retirement income, and discounts on other taxes, are Florida, Alaska, Georgia, Mississippi, Nevada, South Dakota, and Wyoming.
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The New Federal Tax Law signed at the end of 2017 by president Trump has clearly created a new trend of Tax Refugees trying to escape the high taxes of northern cities, to the shiny and tax privileged Miami. The most affected ones are the wealthy property investors after the law reinforced a deduction for state and local property taxes at $10,000. However, this doesn’t mean that these buyers are in a rush for changing residency and moving out to Florida.
This story has been all over the news, with shocking headlines it might have been misinterpreted as a drastic and radical movement that was happening from one day to the other. Nevertheless, this is not precisely the reality.
Miami Real Estate Blog 