Are You Planning to Retire in 2023? Here's What You Need to Know
If you’re one of the many individuals planning to retire in the year 2023, you’re probably already researching your options. One important aspect to consider is the taxation of Social Security benefits. The taxation of Social Security benefits varies from state to state, and there are some states that don't tax Social Security benefits at all.
13 States That Don’t Tax Social Security Benefits
The good news is that there are currently 13 states that don’t tax Social Security benefits. If you’re looking to retire in 2023, you may want to consider one of these states. Here’s a list of the states that don’t tax Social Security benefits and some of the benefits of living there:
Alabama
Alabama has no state income tax and no Social Security tax. This means that you’ll be able to keep more of your retirement income in Alabama. The state also offers a number of tax credits and exemptions for retirees, such as the homestead exemption and the retirement income exclusion. Alabama also has a low cost of living and a mild climate, making it an attractive destination for retirees.
Alaska
In Alaska, Social Security benefits are not taxable at the state level. The state also doesn’t have a state income tax, so you’ll be able to keep most of your Social Security benefits. Alaska also has some of the most beautiful landscapes in the country and is a great place to enjoy the outdoors.
Florida
Florida is one of the most popular states for retirees, and it’s easy to see why. Not only does the state have no income tax, but it also doesn’t tax Social Security benefits. The state also has a warm climate and plenty of activities for retirees, from golf courses to beaches.
Hawaii
Hawaii is another great destination for retirees. The state has no state income tax, and Social Security benefits are not taxable. The state also offers a number of benefits for retirees, such as tax exemptions and discounts on prescription drugs. Hawaii also has a mild climate and plenty of opportunities for outdoor activities.
Illinois
Illinois is another state that doesn’t tax Social Security benefits. The state also has a low cost of living and a number of tax credits and exemptions for retirees. Illinois also has a vibrant culture and plenty of activities for retirees to enjoy.
Iowa
Iowa is another state that doesn’t tax Social Security benefits. The state also has a low cost of living and plenty of activities for retirees. Iowa also offers a number of tax credits and exemptions for retirees, such as the Homestead Tax Credit and Senior Citizen Tax Credit.
Louisiana
Louisiana is another state that doesn’t tax Social Security benefits. The state also has a low cost of living and plenty of activities for retirees. Louisiana also offers a number of tax credits and exemptions for retirees, such as the Homestead Exemption and Senior Citizen Tax Credit.
Maine
Maine is another state that doesn’t tax Social Security benefits. The state also has a low cost of living and plenty of activities for retirees. Maine also offers a number of tax credits and exemptions for retirees, such as the Homestead Exemption and Senior Citizen Tax Credit.
Mississippi
Mississippi is another state that doesn’t tax Social Security benefits. The state also has a low cost of living and plenty of activities for retirees. Mississippi also offers a number of tax credits and exemptions for retirees, such as the Homestead Exemption and Senior Citizen Tax Credit.
Nevada
Nevada is another state that doesn’t tax Social Security benefits. The state also has a low cost of living and plenty of activities for retirees. Nevada also offers a number of tax credits and exemptions for retirees, such as the Homestead Exemption and Senior Citizen Tax Credit.
New Hampshire
New Hampshire is another state that doesn’t tax Social Security benefits. The state also has a low cost of living and plenty of activities for retirees. New Hampshire also offers a number of tax credits and exemptions for retirees, such as the Homestead Exemption and Senior Citizen Tax Credit.
South Dakota
South Dakota is another state that doesn’t tax Social Security benefits. The state also has a low cost of living and plenty of activities for retirees. South Dakota also offers a number of tax credits and exemptions for retirees, such as the Homestead Exemption and Senior Citizen Tax Credit.
Tennessee
Tennessee is another state that doesn’t tax Social Security benefits. The state also has a low cost of living and plenty of activities for retirees. Tennessee also offers a number of tax credits and exemptions for retirees, such as the Homestead Exemption and Senior Citizen Tax Credit.
Washington
Washington is another state that doesn’t tax Social Security benefits. The state also has a low cost of living and plenty of activities for retirees. Washington also offers a number of tax credits and exemptions for retirees, such as the Homestead Exemption and Senior Citizen Tax Credit.
Conclusion
If you’re planning to retire in 2023, you may want to consider one of the 13 states listed above that don’t tax Social Security benefits. These states offer a number of benefits for retirees, from a low cost of living to tax credits and exemptions. Each state also has its own unique set of activities and attractions for retirees. Do your research and find out which state is right for you.
