These retirement havens will help you save on taxes
Watch out for income, estate, sales and property taxes.
Fourteen states will tax your estate; six will tax your heirs.
Alaska has the lowest combined state and local tax rates at 1.76 percent.
Sunshine and proximity to golf courses shouldn’t be the only drivers of where you spend your golden years. Taxes matter as well.
While no one state has it all in terms of favorable levies, Alaska comes close because it has no income, statewide sales or estate taxes. Municipalities within the state do assess sales and property taxes.
“Typically the case is that you have to make up the revenue somewhere,” said Morgan Scarboro, policy analyst at the Tax Foundation. “For instance, Florida leans heavily on the state sales tax.”
“I think if people are going to look at taxes, don’t discount sales, property and estate taxes,” said Tim Steffen, director of financial planning at Robert W. Baird & Co. in Milwaukee.
Here are the four key taxes you ought to consider as you choose your retirement haven, and the states with the lowest rates.
Seven states have no individual income taxes: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming.
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