Paying taxes is something few people like, and it’s even more undesirable when you have to pay taxes on your Social Security benefits. I mean, you’ve been paying your Social Security taxes for years, and it may seem unfair to you that you’re still paying them on your retirement checks.
Well, there are some states in which there are no taxes on Social Security benefits. Just as you read it! You may be about to discover that there are other states where your retirement money yields much more. More than 71 million people in the United States of America receive Social Security benefits, including Supplemental Security Income (SSI) and retirement payments.
The Top States That Don’t Tax Social Security Benefits
We have chosen three states that do not charge social security taxes and, in turn, have the lowest cost of living index, from a list of a total of 41 states where retirements, pensions and other Social Security income are tax-free.
The first state on our list is Mississippi, which has one of the lowest cost of living scores, which, according to the most recent measurements, is around 85.30 points. This southern state offers a low cost of housing, food, transportation and healthcare, making it a retiree’s paradise.
Mississippi does not collect taxes on Social Security income, which undoubtedly saves retirees significant amounts of money each year. Additionally, the state of Mississippi offers tax breaks on retirement properties that meet certain requirements. These can significantly reduce your property tax bill.
And if this were not enough, the mild climate is maintained all year round, with mild winters and pleasant summers, which makes it the right place for many people looking for a relaxed and affordable retreat.
Move Here to Make the Most Out of Your Social Security Money
Another state that may appeal to you is Kansas, which has everything a retired couple could want to have a peaceful and memorable golden years. The cost of living index is 86.00, making it one of the lowest in the United States. Its location exactly in the center of North America makes it a very good point to travel by air, easy, cheap and fast, to all of the United States and Canada. And yes, Kansas doesn’t charge Social Security taxes. So your checks will yield a lot more because they’re going to take a lot less out of you every month.
There are also tax advantages for retirees looking to buy housing in this oasis of pleasant climate all year round. Are you looking for outdoor activities for retirees, including fishing, hunting, hiking, golf and boating? Kansas is the perfect state with all this, because it is home to several national and state parks.
Finally, the state of Missouri could also be an option to consider. With a cost of living index of 88.40, next to Kansas, food, transportation, housing and medical care are within the reach of most retirees, and it is all of good quality to have a good and comfortable life.
Let’s remember what has us here: nothing to pay in taxes, and well, Missouri is one of these states that offers tax facilities to retirees by not charging them taxes on their income. The state offers property tax exemptions to retirees who meet specific requirements. These exemptions can greatly reduce their property tax bill.
