Some things are inevitable and when it comes to paying taxes, they are something you most likely will have to deal with the rest of your life. For individuals who are retired, paying and living off taxes makes up an important element in life, especially fiscally. Retirees generally live off of social security and have a fixed income, which is why it is crucial to maximize income in any way possible. For individuals who are retired, your residence is important when it comes to paying taxes. Listed below are 12 of the best places for retirees to live and pay low amounts of taxes.
For Americans, retiring in Florida is a commonality. For decades now, individuals flock to Florida for a way to take in and enjoy the great weather, beaches, and low taxes. Taxes in general are not necessarily low for the regular population; however, when you retire in Florida, tax breaks sure do set in to where you can stretch your dollar just a bit further. Florida has zero state income tax and retired individuals do not pay taxes on Social Security or pension income. Talk about a great way to live it up during the Golden Years of your retirement years.