State Tax Burden can Impact Net Income in Retirement - Pick the Right Place
Source: WalletHub 2024 Best States To Retire - Sal Lesley The States Tax Burden in 2024 wallethub.com Adam McCann, WalletHub Financial WriterApr 2, 2024 When choosing a place to retire, pick some places you like for quality of life. Cost of living will vary among them, and a large part of the cost is the tax burden that each state and locality will take from you to live there in order to pay for its services. Uncle Sam takes his cut of our past year’s earnings every April, even if you become an expat, and since the tax code is so complicated, it’s hard for the average person to tell how they will be impacted. One simple ratio known as the “tax burden” helps cut through the confusion. Unlike tax rates , which vary widely based on an individual’s circumstances, tax burden measures the proportion of total personal income that residents pay toward state and loca...