A new study by personal finance tech firm SmartAsset has revealed the best U.S. states in which to take an early retirement. Using its retirement income tax calculator, SmartAsset simulated more than 600 different tax scenarios in each state to determine effective income tax rates for retirees ages 55 to 64. The firm also factored in cost of living and the concentration of arts, entertainment and recreation establishments, among other factors.
Highlights among the SmartAsset findings include:
● 0 percent effective income tax: States that do not tax retirement income were more likely to make the top 10 list.
● The Great Outdoors: States with attractions and activities appealing to outdoor adventure-loving early retirees placed well.
● Whistling Dixie: More than half of the top 10 is comprised of Southern states.
More on the SmartAsset study, including full methodology and rankings, can be found at https://smartasset.com/retirement/the-best-states-for-an-early-retirement-2016-edition.
Posted 12 December, 2016