What are the Ultimate Retirement Hotspots for 2023? Our Picks for the Top 10 States to Retire In!
Choosing where to retire is a big deal because not all states offer the same retirement experience.
Taxes, living expenses, and the weather can impact how good a place is for your retirement. Where you are could turn the same money into a comfortable extra or just enough to manage. Today, we’re listing some of the best states that might be perfect for retirement.
Before you start packing, we advise speaking with an investment advisor portfolio manager. They can guide you in choosing the state that aligns with your unique financial situation. Factors like savings, taxes, and other details can vary, influencing which state is the most suitable for you.
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The benefits of working with an investment advisor portfolio manager vary from person to person, and these professionals are legally restricted from guaranteeing returns. However, studies indicate that individuals who engage with an investment advisor portfolio manager tend to feel more confident about their financial situation and may potentially have around 15% more funds available for retirement. ( Sources Provided at End of Article )
The Top 10 States in the USA We Feel Where You Could Potentially Pay the Least in Retirement Taxes
Certain states distinguish themselves for their competitive tax rates, particularly favorable to retirees. Our top picks in the tax category either impose no state income tax, exempt retirement income from taxes, or offer significant discounts on retirement income taxes, and that’s just the beginning. Each state on our list also boasts competitive sales, property, inheritance, and estate taxes.
Alaska
No state, retirement, or social security income tax
Arizona
No social security income tax
Florida
No state, retirement, or social security income tax
Iowa
No state, retirement, or social security income tax
Nevada
No state, retirement, or social security income tax
North Dakota
Partial social security income tax
South Dakota
No state, retirement, or social security income tax
Tennessee
No state, retirement, or social security income tax
Washington
No state, retirement, or social security income tax
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Wyoming
No state, retirement, or social security income tax
Not Happy With this List? Here are some Alternatives!
If the top states don’t align with your plan, explore our runner-up list of tax-friendly states. This includes the previously mentioned winners as well as states with fewer tax advantages for retirees, but with a significant perk: no taxes on social security income!
Top States Preferred by Retirees
Retirement involves more than just financial considerations. While tax policies are crucial, they may not be the sole determining factor for your unique situation. To offer a firsthand perspective, our next list highlights the states where residents aged 65 and above are most concentrated.
Based on the 2020 data from the Federal Interagency Forum on Aging Statistics, five states emerge as the clear favorites among the over-65 demographic. These states boast the highest density of residents aged 65 and older.
These are the Top Five States with the Highest Percentage of Retirees:
So Which State Is Our Pick Overall?
Florida — The Sunshine State
Florida is great for retirees because it has no state income tax and no retirement income tax. It’s also the second most popular state for retirees.
When choosing the best state for you, prioritize what makes you happy and aligns with your financial situation.
While many states have favorable tax policies, there might be one or two that suit you best. Consider factors like cost of living, climate, proximity to family, and healthcare.
An investment advisor portfolio manager can assist in creating a financial plan, allowing you to focus on more personal aspects of your decision.
And Finally….
Finding the best state for retirement is a deeply personal journey that goes beyond tax considerations. While favorable tax policies certainly play a crucial role, happiness, and financial compatibility should be at the forefront of the decision-making process. As we explored the tax-friendly states and those with high concentrations of retirees, it’s evident that individual needs vary. Whether it’s the sunny shores of Florida, the serene landscapes of Wyoming, or another state entirely, the key is to strike a balance that suits your lifestyle and financial well-being. Consulting with an investment advisor portfolio manager can provide invaluable guidance, ensuring that your retirement plan aligns with your financial goals and allows you to savor the aspects of life that bring you the most joy and fulfillment.
Have Questions? Contact us!
We’ve assisted our clients through every stage of life. Even when you’re not aware that something might impact your financial future, it likely will to some extent. Engaging in a conversation with your investment advisor about any financial changes is an excellent approach to keeping your financial goals in focus.
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Joe A. Macek, FMA, CIM, DMS, FCSI
Investment Advisor, Portfolio Manager
iA Private Wealth | iA Private Wealth USA
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