If you plan to move to another state when you retire, examine the tax burden you’ll face when you arrive. State taxes are increasingly important to everyone, but retirees have extra cause for concern since their income may be fixed.
Illinois state income tax, for example, does not tax retirement income (including Social Security benefits).
But keep in mind that state income tax rates are not the total tax situation for any state, by a wide margin, as there are many additional state taxes as well.
State Income Tax Rates
Some of the Taxes Americans Pay Each Year
COMMENT: Not one of these taxes existed 100 years ago and our nation was the most prosperous in the world, had absolutely no national debt, had the largest middle class in the world and Mom stayed home to raise the kids. What the hell happened?
Post Updated May 2, 2015
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