These States Don't Tax Social Security, 401ks & IRAs (2 Will Shock You!)

[@stevenwolfgang2744]

Iowa is a great state to live in, low crime, great work ethic, strong family values and great education system.

[@nchristy5700]

True, but too much snow and ice for me

[@ada-yw1bb]

Idaho doesn't tax SS, gives the same standard deduction as the feds,doesn't tax federal & state pensions . The property taxes are low enough to cover the state income taxes compared to washington .

[@myvenusheeler]

Iowa for some reason is the headquarters for a number of large life insurance companies that operate 401K's,403B's, and retirement annuities. Perhaps they had some influence with the Iowan law makers. Either way, good move Iowa.

[@vernshird711]

I'm a Marylander who is seriously considering a move to PA when we both retire.

[@georgekraus9357]

If you are thinking of buying property in PA, be careful, some of the counties in PA have high property taxes. You can check out these over 55+ developments but ask for their property tax information.

[@M22Research]

Even when focusing on solely Financial aspects of a state under consideration, always look at your personal situation and include all state-related taxes, not solely income taxes. For example, factor in property taxes sales (which often vary within a state), and inheritance taxes. As well as insurance and everyday costs like gas and groceries. These can really add up. And when considering moving, consider whether your current state inflation-protects property taxes. (If we sold and rebought our current home, our property taxes would DOUBLE.) And factor in home selling and moving costs as well as typical travel costs (flight cost competitiveness, distance from your primary travel locations, etc…) You might be surprised when factoring in all the onetime and ongoing costs, that even if the costs of an alternative location are lower, they might not be materially lower.

[@murrayhaven]

Retired and living in TN. And, my property taxes are lower compared to my previous homes in NY and PA. TN Sales tax, however, is high.

[@susanc6367]

Property taxes and insurance are expensive in Texas.

[@jessn6974]

Yep, Illinois is retirement friendly but our property taxes are a killer. Our homeowners insurance isn't bad at all though.

[@harryinoklahoma1866]

I lived in Iowa 10 yrs. I'll never move back because of the horrible winters.

[@emerycreek8016]

Iowa's new rules are awesome. I retired 2 years ago and this has really helped.

[@2Rugrats9597]

Another great video, I never knew those states didn’t tax SS and 401K’s. I wish they were in warmer states because indefinitely don’t want to move into a cold weather state again and if I did it would be Pennsylvania.

[@CarlMichels]

Thanks for the video Josh and nice haircut. Hope the biopsy comes back negative. I went through it a couple of years ago. Not a big deal, just annoying. Iowa is beautiful in the summer but I've already had to shovel snow a couple of times and we had a HUGE ice storm last weekend. Gov Reynolds and the Republican legislature have done great work on income taxes but property taxes in Dubuque county are high.

[@ez2beme00]

I'm retired in Iowa, if Trump elimates the tax on SS my only tax liabilty will be federal tax on my pension, we also get a property tax reduction when my wife and I are both over 65. With the low cost of living here it's pretty sweet deal if you can handle the weather, I do a lot of hunting and ice fishing in winter so I love it here.

[@wwz1011]

Really strange here in Utah, one of the most conservative states in the western US, yet they are one of just a handful of states taxing social security. In addition, Arizona just made a major move to lower their state tax rate, Utah hasn't lowered theirs a bit. Pennsylvania also has city and township income taxes, and high property taxes, so it does add up.

[@rayanderson3164]

Only reason to stay in Illinois except that family is here!

[@hardcor1313]

I've always been told that you can watch the corn grow in Iowa.

[@gcburkett]

Illinois is ok if you have income and you don't mind the criminal politicians, but if you are limited to social security income the property taxes make for a difficult time.

[@melodygrandinetti5016]

Hey dude you forgot to do Washington lol

[@mrbigcat9]

FYI NH has no tax on income and no sales tax?

[@zman5539]

Arkansas needs to adopt Iowas no tax for seniors on 401k’s, pensions, and Social Security! Plus lower the sales tax! It’s 10%!!

[@jpmiller99]

Democrat states will eventually get around to taxing all sorts of income

[@maubunky1]

Iowa is not so great, at least I know Council Bluffs property taxes are very high so I would favor states like Wyoming that have much lower property taxes. We're talking the difference between $9,000 per year property tax for a home that would be only $2500 or less in states like Arizona or Wyoming.

[@matthewwall9699]

I retired with a NYC Pension and live in NY my pension is not taxed by NYC or NY State also does not tax Social Security Benefits, or military retirement also the first 20K on retirement distribution's is not taxed if you are 59 1/2

[@SoCal9705]

One twist - if you don't have kids consider the "death tax" in some of these states is extremely high (hello PA?), like 15% of your estate goes to the government at your death. It's not always about income tax. If you do have kids though, this don't apply to you!

[@BSinNH]

Illinois? No thank you. NH? Already here and considering that it is the friendliest state for the 6th year in a row from a business perspective, I'll stay put. Yes, it gets cold and yeah, we get snow. So what? Having four seasons is a wonderful thing.

[@badabing308]

Alaska at the state level is the absolute tax winner. No other state is close. The State levies no taxes on individuals at all - zip - nada. No State income tax, no State sales tax, no State property tax. The state pays out an annual dividend, this year it was $1600 per person. Some local towns and boroughs (counties) do have sales taxes and property taxes. Anchorage (the biggest city) has no sales tax. Where I live has a property tax, but there is a $350K assessed value exemption for 65+ on your residence. I don't pay state or local taxes at all. Even my car plates are free because I drive cars that are 10+ years old. Please take the above as just banter. In no way does anyone in Alaska want anyone else to move here. Many other states try to prove that people are residents to add them to the tax roles. Alaska investigates whether you meet residency requirements in order to exclude you if you don't.

[@52CA]

Tax friendly doesn’t necessarily translate to cheap place to live. Florida is the best example of that. Some of the cheapest are totally unknown to most. If they were known and lots moved there then they wouldn’t be the cheapest anymore.

[@johnscott2746]

Florida is great if you are already here. I own a home in town and a farm in the country. My property taxes for all of that are less than $1200 per year. There is no sales tax on food or medicine. No income tax. The only two things that are not great is the property insurance which they are working on fixing and the heat during the summer which you can’t do anything about. We are retired so what we do is spend May at the beach and then leave in our Winnebago in June and travel until September. October through April is cooler and very pleasant.

[@52CA]

@ I’m surprised property taxes are that low. Maybe they make up for it with all the darn tolls.

[@johnscott2746]

@@52CAThe county that I live in takes great pride in having the lowest property tax rate in the state. The only toll in this county is the mid-bay bridge that goes out to Destin but you don’t have to take it. It’s just longer to go around.

[@Gary-rh2tc]

NC.

[@2Rugrats9597]

@@Gary-rh2tc NC is NOT that tax friendly. It’s in the middle of the pack out of all the states

[@Ethan-bu2zy]

@@2Rugrats9597NC taxes military retirement among other things. They have that stupid car tax too. No thanks.

[@wilsonle61]

R CAN SAW.

[@610boating5]

I go to the barber because I like the ladies, you should be a little more specific when you go to your hairdresser.

[@cutehumor]

His wife gives him haircuts 😊

[@billybilly4630]

my NH cousins made it very clear to me when i said wow no income tax, that you have to get money from somewhere to fix the roads so while they may not have an income tax they have LOTS and LOTS of smaller nonstop taxes.

[@billtisdale6122]

NH restaurant and hotel taxes, property taxes are high, but still lower than other states with state income taxes.