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Taxes, Taxes, Taxes!
Ever the hot-button topic, it seems that taxes are unavoidable, no matter where you live. Even Social Security income isn’t completely exempt from being taxed by the Federal Government, but the tax rules in each of the 50 United States are a bit different. Although Social Security benefits aren’t taxed at all by most U.S. States, there are twelve which may tax some of your Social Security benefits (the state rules for taxing benefits vary). This Investopedia article by Ward Williams reveals which states may tax your Social Security benefits and which ones don’t, but you shouldn’t make a decision on where to live based only on that fact. Reality is that just because a state taxes retirement benefits doesn’t necessarily mean it’s more expensive to live there, as this article points out. The article tells all you need to know about State taxes on Social Security benefits. Click here to read more.
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