Income Exclusions
On the subject of moving to states that offer seniors tax benefits, it would be a good idea to start researching income exclusions too. In some areas of the U.S. you may exclude a portion of your retirement income before taxes kick in, though not everywhere. For example, Rhode Island there are no such exclusions.
In Tennessee, you can slash $68,000 before taxes, in Georgia $65,000 and in Kentucky $31,110. But perhaps most impressive of all is the state of New Jersey, where married seniors can exclude up to $100,000.
If your retirement is around the corner and you’re struggling to find solutions as to how you’ll handle taxes then we highly recommend you to some research on income exclusions as they can help ensure you’ll keep more money in your pockets as you grow older.
