Most states in America do not tax social security benefits. They want retirees to stay. But there are ten states that will tax social security benefits in 2024. Those include:
- Colorado
- Connecticut
- Kansas
- Minnesota
- Montana
- New Mexico
- Rhode Island
- Utah
- Vermont
- West Virginia
Different states have different rates, so paying taxes on social security benefits in Minnesota, where the average tax bracket (Calculated by Tax-Rates.org, not the highest bracket) is 7.46%, and paying in Montana, where the average tax bracket is 3.96%, are going to mean different things. In any case, no one wants to pay taxes on social security benefits if they don’t have to.
Action Line: If you’re looking to move in retirement, be sure to investigate the taxes you’ll face in any prospective destination. And be sure you’re moving somewhere politicians treat your money and your business with the respect they deserve. Begin your search with Your Survival Guy’s 2024 Survival States. And whether or not you’re moving, I want to talk to you about your retirement journey. When you’re ready, I’m here. In the meantime, click here to subscribe to my free monthly Survive & Thrive letter.
