SearchExclusive.com

7 States With The Lowest Taxes For Retirees

After working for nearly all their lives, most people look forward to a peaceful and hassle-free retirement. The lack of deadlines and work pressures does make things easy for retirees, but the flip side of a retired life is that the income reduces drastically. Also, if the state where you have retired to has unfriendly tax laws, then your savings will be further impacted. Hence, it is best to move to states that have the lowest taxes for retirees. The following are the states that have the lowest retirement tax burden.

Alaska: Irrespective of the warm weather that most retirees comprehensively consider a strong parameter while retiring, one of the major indicators for individuals to move to this state is the lenient tax policies. An exemption from retirement income tax is an additional impetus with over 24 of the 164 municipalities levying a property tax, which makes Alaska a fairly good choice for retirees. Also, there is an additional provision of no or low sales tax along with the rule that residents older than the age of 65 amongst the 24 communities mentioned above are exempted from property-based taxes as well, based on their home’s assessed monetary value after a fixed slab. Hence, Alaska is a definite pick for retirees.
Nevada: Away from the glamour of its other counterparts, Nevada is known for the city’s quieter suburbs and tranquility. With the state’s tax burden rated as the second lowest in the country, the best benefits that one can accrue from Nevada is its no income or inheritance tax as the cost of the living is comparatively very less as compared to the neighboring states. Also, the housing market hasn’t rebounded from the 2008 housing bubble crisis, which means that buyers can get great deals in the housing sector.

You Might Also Like : 10 Most Tax-Friendly States In The Country

Washington: With its beautiful landscapes and strategic location, Washington has no income tax. With high sales tax rate and a median home value of $270,400, one of the best benefits that Washington has to offer to retirees is its additional property tax exemptions.
Wyoming: Ranking as the top-most state in the Tax Foundation’s 2015 Business Tax Climate Index due to no tax on personal or corporate income, low property tax, and a low sales tax of 4%, Wyoming is one of the best states for retirees in terms of low taxes. With a lesser cost of living along with no excise tax, Wyoming is one of the most ideal places for retirees.
Texas: Also known as the Lone Star state, Texas boasts of no tax on personal income. With the sales and use tax on high-end goods at an approximate percentage of 8.25, Texas has property rates that vary by county. Also, the median home prices are at $159,000 on an overall basis. One of the best elements is that people who are 65 years and older qualify for a homestead exemption of $10,000 for school taxes along with a sturdy exemption of $15,000 for homeowners.
South Dakota: The mid-western state of South Dakota has the most favorable tax structure in the country. With no tax levied on retirement income, inheritances, and estates, South Dakota has relatively lower sales tax pegged at 4%. With the median home price at $126,000, South Dakota is one of the good options that retirees have.
Florida: Florida has mixed advantages with no retirement income tax but extensive property tax burdens. Despite ranking 23rd out of 50 in terms of the highest property tax rates, Florida has a special policy for residents 65 years and older who qualify for a $50,000 property tax exemption on their properties. It is a decent place overall for retirees.

Keep yourself updated with the latest on Taxes . Like us on Facebook and follow us on Twitter for more on Investments.

Related Reading

Tips for Buying the Best Dog Food

Most of the dogs do not have a food fuss and may eat almost anything that you feed them. Dogs are not choosy at all when it comes to food and nutrition. Hence, it is important to make sure that the food that you are purchasing for your dog is healthy. The landscape of dog food has been developing by leaps and bounds in recent times. There is a wide variety of options to choose from in the online and offline market. Given the wide range of options that are available today, buying the best dog food might seem to be a confusing task indeed. All the commercial pet food that is available in the market today is regulated by the FDA. Therefore, most of the products do contain nutritious, healthy, and safe ingredients. But it does help to know certain basic factors you should look for while buying food for your dog. Prioritize on the nutritional guarantee The best dog food, which meets the dog’s needs adequately has a statement written on the label of the product, from the Association of American Feed Control Officials. Buy from some of the best dog food brands, such as Fromm Family Foods, Earthborn Holistic, Nature’s Variety Instinct, and The Honest Kitchen.

Different Types of Kitchen Cabinets Available for Your Home

The most important aspect when designing your kitchen is deciding on the type of cabinets. In addition to functionality, kitchen cabinets score on aesthetics as well. Once the layout is planned, you can go ahead with choosing the cabinets. If you’re remodeling your home or just the kitchen, what you need to consider are the types of cabinets that furnish your kitchen. Here are a few types of kitchen cabinets that you can choose from. Base cabinets These kitchen cabinets are mounted on the floor and they are placed after checking out the floor plan. A major part of your job in the kitchen is on these base cabinets, which hold and support the countertops. These base cabinets are combined to carve out kitchen islands. A number of base cabinets are fused/set against one another and installed on site. The base cabinets, in addition to supporting the countertops, serve as drawers to hold your cutlery and appliances. Wall cabinets Mounted on the walls, these cabinets can store everything, right from your cookware to cookbooks. In terms of design, they offer utmost flexibility. Wall cabinet kitchen is available in varying heights, multiple widths, and custom depth options. This customization helps you to fit in your stuff of varying shapes and sizes into the wall cabinets.

How to Pick the Right Dog Food for a Sensitive Stomach

In today’s world, where you are presented with over a dozen choices for every item you would purchase for your own kitchen, it is not surprising that you have an equal number of options for your dog’s food. However, choosing the perfect brand and formula for your dog out of a range of options in the market is not an easy job. Your pet depends on you and trusts you to make the right choice for them. Therefore, it is imperative that you do your research about the products available in the market, understand what your dog needs, know what might be your pet’s problems, and then make a sound decision. What is a sensitive stomach? Dogs are known to have voracious and large appetites. Keeping that in mind, it is normal to assume that they have strong stomachs. They can eat close to anything be it sweets, bakes, chewy gum, hard leather or even woolen socks for that matter! It always so happens that the strongest of them are prone to allergies and can develop a disorder which is medically translated as a sensitive stomach. This might be due to a sudden change in the food habits or even due an infection picked up from somewhere.

All You Need to Know about Cat Food

For cat owners, cat food is a hot topic. You need to think about it in different aspects. The best thing is to know which ingredients are good for cat food and which are harmful. If you are aware of this, you can get an idea about the quality of the cat food just by going through the label. It is always sensible to stick to one brand of cat food. However, you may also want to try and prepare cat food yourself. There are also various options for wet cat food as well. Cat’s love for fish is universal, so you can do without going for expensive cat food. Nevertheless, whether you buy it or prepare cat food at home, you need to ensure that the food contains enough nutrition and calories. You would need to have some idea about the ingredients that must be present in cat food and make a worthy selection for your cat. Basic ingredients present in good cat foods Cats need a variety of nutrients to stay healthy and active; they need various vitamins, minerals, fats, proteins, and oils. The following is a brief explanation of the basic ingredients that should be present in cat foods.