In The Top Ten States for Military Retirees- Part One, we gave you the top five best picks to spend military retirement in. Five others fall among the best states for military retirees.
In the top ten states for military retirees part one, at the top of the list, in the number one spot was Florida, followed by Texas, Alabama, Tennessee and Mississippi.Wondering what other states made the list? If the top five didn’t catch your attention, maybe one of these will:
#6-Nevada: Are you a military retiree who likes to gamble? In sixth place is Nevada. Nevada has no income tax and no tax on retirement income and social security benefits. Although, there is a 6.5% state sales tax and there are also no property tax breaks for seniors in Nevada (perhaps you’ll win this back on weekend trips to Las Vegas).
#7-Washington: Washington ranks as the seventh best state to live in for military retirees. All retirees don’t pay taxes on their retirement income, social security benefits or pensions. Like Nevada, Washington has a 6.5% state sales tax and this percent can even increase to 9.5%, depending on the local tax. There is a four property-tax relief program for seniors owning homes.
#8-Illinois: Illinois at seventh place, exempts retirement tax for military retirees and does not tax social security benefits. The state sales tax is also 6.25% and can go as high as 10% in some areas. For seniors, there is a homestead exemption which allows $5000 reduction of the property that is paid taxes on. Illinois does not have an inheritance tax.
Continue reading “The Top Ten States for Military Retirees- Part Two”
