DENVER, CO / 2022 / The golden years are for enjoyment, not constant budgeting and financial worry. Barry Bulakites has a passion for helping individuals plan a comfortable retirement. He is an expert in retirement distribution strategies and consulting CPAs on retirement taxation. He recently offered his expertise on the best states to live in for retirement taxation.

Tax-Friendly States for Retirees

Moving to a lower-tax state, Barry Bulakites explains,  can help a person or family’s retirement savings or income last longer. The following are five states he recommends. 

Delaware

Delaware is an underrated state and one of the best for retirees. Property taxes are low, there’s no sales tax, and there are no death taxes. Zero local and state sales tax saves retirees money on almost everything they purchase daily. It is just one of a few states with no sales tax. 

Low property tax means more money to spend on enjoyment, and no inheritance or estate taxes lets retirees pass down more money to their loved ones.

Wyoming

Wyoming is the wild west, and in addition to being one of the most scenic states in the country, it’s one of the best for retirement. Wyoming does not implement income, inheritance, or state taxes for seniors. It has the eighth-lowest sales tax rate in the U.S., and property taxes are low too. 

Eligible seniors in the state can postpone up to 50 percent of property taxes if finances become difficult during retirement.

District of Columbia

Many retirees don’t consider Washington, D.C., an option for retirement because of the city’s high cost of living. However, they don’t have a lot of tax burden here because property taxes are low, sales tax is just 6 percent, and D.C. does not tax Social Security payments. Senior residents may also qualify for Washington D.C.’s refundable income tax credit for property taxes paid. This refund can amount to roughly $1,225 per tax year. 

South Carolina

South Carolina offers more than southern hospitality to retirees. According to Barry Bulakites, Social Security benefits are exempt from taxation in the Palmetto State. Taxpayers over 65 can deduct $10,000 of retirement income and $15,000 of other income from the burden of taxation. Veterans can also exclude their full military pension. 

Nevada

Nevada is a state known for going against the grain, and that’s partly why it’s a great place to retire. Nevada does not implement inheritance or estate taxes, and there’s no state income tax either. This state also has the seventh-lowest property tax rate in the country.  

Barry Bulakites and Retirement Taxation

Bulakites made a career of helping people preserve their retirement savings for personal use or to pass them down to loved ones. He currently serves others as the President and Chief Executive Officer at Table Bay Financial Network in the Denver Metropolitan Area.