Living in Louisiana does have its perks. Its low cost of living, variety of amenities and activities, distinctive foods and laid-back lifestyle, make it an attractive destination. When it comes to taxes, the Bayou State applies income tax rates ranging from 2% to 6%. However, Louisiana does not tax Social Security retirement benefits or income from public pensions.
Find out if Louisiana has made it onto our Top 10 States with the Lowest Property Taxes!
North Carolina’s personal income tax rate is 5.25%, but Social Security beneficiaries are exempt from such tax. Senior citizens and retirees in the Tar Heel State do have to pay taxes for other types of retirement income such as the state’s sales and property taxes. It still makes it a pretty good place to spend your golden years.
On that note, check out these 13 Overlooked Locations for Retirement in the U.S.
Hawaii feels like paradise to many, especially retirees who don’t have to pay any taxes for Social Security benefits or employer-funded pension. However, Hawaii has an overall high cost of living and personal income tax rates ranging from 1.4% to 11%. Quite high, compared to other states.
When it comes to retirement, the Aloha State is actually retiree-friendly and provides lower-than-average healthcare costs. It also ranks high in the top “10 States with the Cheapest Property Taxes” in the nation.