Good to Know! Georgia is one of “15 Best States for Taxes on Retirees”

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peachesAccording to this recent article on msn.com, Georgia is #5 on the list of 15 best states for taxes on retirees; these 15 states impose the lowest taxes on retirees. Click here for the full Kiplinger article by Sandra Block.

Moving to Georgia

According to Kiplinger’s 2015 analysis of state taxes, Georgia is #5 of the 15 states with the lowest taxes on retirees, however, the article warns:

“Before packing your bags and moving to a state with no income tax, though, pay attention to the trade-offs. Some states with no income tax impose above-average sales taxes or tax a broader array of goods and services. Property taxes may be higher, too. Take a look.”

 State tax policies can “greatly affect the financial well-being of someone living on a fixed income.” Questions retirees may want to ask include:

  • Are Social Security benefits taxed?
  • Is there a state estate tax?
  • Are there property tax breaks for seniors?

Georgia State Taxes for Retirees:

* State Income Tax: 1% (on income up to $750/individual, $1,000/joint) – 6% (on income over $7,000 individual, $10,000/joint)

* State Sales Tax: 4% (The statewide sales tax is 4%, but jurisdictions may add up to 4% of their own taxes. The average combined state and local sales tax rate is 6.96%, according to the Tax Foundation. Food and prescription drugs are exempt.)

* Estate Tax/Inheritance Tax: No/No

If you are thinking about moving to Georgia, please consider Park Springs with its outstanding amenities, award-winning design, and four distinct dining venues located on a beautifully landscaped 54-acre campus, near top quality medical facilities and the world’s busiest airport.

To learn more about living at Park Springs, Atlanta’s premier continuing care retirement community, please contact one of Park Springs’ Residency Counselors by calling 678-684-3300 or visiting www.parksprings.com.

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