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Most Important Financial Benefits For Retirees Offered By Each State

May 11, 2021 · Retirement Life

Illinois

– Social Security and all income from federally qualified retirement plans are exempt from state taxes, as well as capital gains on employer securities

– Residents aged 65 and more benefit from free classes for credit at Illinois public institutions

– Discounts for Chicago public transportation and paratransit with a permit; free shuttles with stops at supermarkets

– Discounts for camping for people 62 and older

– Reduced fees for hunting and fishing licenses

– Discount for license plates

A senior couple shopping for fresh vegetables at an outdoor market.
A happy senior couple enjoys Indiana’s affordable lifestyle while shopping for fresh produce at a local market.

Indiana

– Social Security income is not taxed

– There’s no estate tax

– Residents aged 60 and older get 50% reimbursement for up to nine credits a semester at Indiana University

– Discounts for taxi services, wheelchair services, and transportation to essential services in most municipalities

– Senior citizens aged 64 and older can pay $3 for an annual fishing permit or $17 for a lifetime fishing permit

– 50% discount for an annual pass to state parks for citizens aged 65 and older

A senior man riding a bicycle through a golden field.
A happy retiree cycles past golden cornfields and rustic barns in the peaceful Iowa countryside.

Iowa

– Social Security income is not taxed, and other retirement income of up to $6,000 for individuals, or $12,000 for joint filers is exempt from state tax in the case of residents aged 55 and older

– Tuition exemptions for one for-credit course per semester at Des Moines Area Community College for senior citizens aged 62 and older; similar waivers at other community colleges

– Low-income seniors aged 65 and older don’t have to pay any fee for hunting or fishing licenses

– Half-priced cards for Des Moines Area Regional Transit for residents 65 and older

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One response to “Most Important Financial Benefits For Retirees Offered By Each State”

  1. min aung says:
    April 18, 2022 at 5:45 pm

    California impose tax on Social Security on mine.

    Reply

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