12 States That Won't Tax Your Retirement Income
You've worked hard all your life, and now you're retired (or will soon retire). Unfortunately, there's a pretty good chance that Uncle Sam is going to take a cut of your 401(k), traditional IRA or pension income. But what about your state? Will it take a bite out of your retirement income, too?
Most states tax at least a portion of retirement income (not counting Social Security benefits). Your state might offer some tax breaks, but those breaks usually have limitations based on your age and/or income. Twelve states, however, completely exempt the most common types of retirement income--401(k)s, IRAs and pensions--from taxation. That's a huge plus for retirees living in those states. Take a look at the list.
Alaska
Retirement Income: Alaska usually isn't the first place that comes to mind when you think about places to retire. But if you live there, none of your 401(k), IRA or pension income will
You’re reading a preview, subscribe to read more.
Start your free 30 days