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12 States That Won't Tax Your Retirement Income

Source: kiplinger.com - Dec 9, 2020

You've worked hard all your life, and now you're retired (or will retire soon). Unfortunately, there's a pretty good chance that Uncle Sam is going to take a cut of your 401(k), traditional IRA or pension income. But what about your state? Will it take a bite out of your retirement income, too?

Most states tax at least a portion of retirement income (not counting Social Security benefits). Your state might offer some tax breaks, but those breaks usually have limitations based on your age and/or income. A few states, however, completely exempt the most common types of retirement income—401(k)s, IRAs and pensions—from taxation. That's a huge plus for retirees living in those states.

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Category: General Business