Enjoying retirement isn’t just about how you live – it’s about where you live.
Some states charge state tax on Social Security benefits. While the tax usually hits mid-to-upper income level retirees, it’s still a burden that many people would prefer to avoid if possible.
States with this rule include Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont, and West Virginia.
You’ll want to visit your state’s website and review tax information to see how you could be impacted and how much of your benefits you stand to lose. If the cost is substantial, you may want to consider moving – even if you land in a different state where the same tax is in place, a lower cost of living could help it even out.
Here at NORA, we’re always looking for ways to help seniors get the most out of their Social Security benefits – to help us out, you can sign our petition and follow us on Twitter and Facebook for more news like this.