Georgia Named Top Low Tax Retirement State
Who wants to pay taxes with hard earned dollars? Pick the state of Georgia and spend your retirement dollars on spa services, renting jet-skis and golfing on world-class golf courses at Lake Oconee or living in the mountains instead. Along with the entertainment and the coveted lake lifestyle, retirees are comparing Georgia taxes on retirement income against other states are liking what they see.
This year the state earned a reputation and recognition in the U.S. for their amazing tax benefits. Lake Oconee real estate developments and several of the most affordable mountain towns have benefitted from the headliner – ‘Georgia Named Top Low Tax Retirement State!’ Now, the secret is out and retirees are anxious to save some money during their retirement.
Investorplace.com named Georgia third on the list and mentioned the ideal climate for people interested in mild winters. Georgia does not charge estate or inheritance tax. Residents who are 65 and older can exclude $65,000 individually or $130,000 per couple from their state income tax. They can also claim an exemption on state property tax for up to ten acres. Georgia taxes on retirement income are just a few more perks for those deciding searching for inexpensive places to live in the state.
Kiplinger.com listed Georgia as a tax friendly state. Income tax for those under 65 is still very low. The income tax ranges from 1-6%, while the state sales tax is a super-saver deal at 4%. Depending on the local taxes, this percentage could increase another 4%, but prescriptions and food are exempt from this state tax. Other tax exemptions are offered for Georgia residents who qualify, and it is important for retirees to discuss this information with a certified accountant beforehand.
Retirement income adjustments are available for residents who are 62 or older or who are disabled. Homestead exemptions are also available for senior citizens who are maintaining a permanent residency. Social security benefits are also not taxed in this state. The only tough choice is deciding where to retire in Georgia, to live in one of the most affordable mountain towns like Dahonega or find the best places to retire on a lake.
As retirees will discover, Georgia provides many opportunities for residents to save a few bucks, while settling into the next chapter of their lives. Retirees do not have to worry about Georgia taxes on retirement income and instead can focus on the amazing lifestyle and activities in gated communities like Harbor Club at Lake Oconee. Once a retiree settles into their gorgeous custom-built home, joins the tight-knit community in fun and games and explores the beautiful nature terrain, there is no question that this is the place to be! The tax man gives a break in the state of Georgia.
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