These are the most tax-friendly states for retirees heading into 2023

Nicole Webb, Wealth Enhancement Group Senior Vice President, gives insight into building a retirement savings fund using ‘Making Money.

Many Americans who live in high-cost areas were forced to move to cheaper states by the pandemic to work from home. They also had to take advantage of the flexibility that allowed them to make more money.

However, inflation is now but it will take months near a 40-year high, retirees and those who will soon exit the work force are looking for ways to cut costs themselves – and a similar migration might make sense for those unencumbered by the burden of heading to an office.

Retirement Living discovered that half of its readers would consider moving to another country to lower their tax burden. (iStock / iStock)

Jeff Smith, senior content manager at Retirement Living, told FOX Business The publication found that nearly half of its readers would consider moving to a different state if they could save more money or reduce their tax burden.

“One consistent theme we’ve noticed when polling our readers is that many retirees are paying closer attention to the taxes levied on them by the state—especially now, as their income is increasingly affected by the macro economy and inflation,” Smith explained.

RECORD-HIGH SOCIAL SECURITY INCREASE COULD MEAN STEEPER TAXES FOR SOME RETIREES

The outlet published its top ten most popular products earlier this month. tax-friendly states for retirement For those who are considering moving in the New Year, 2023. Here are the results:

1. Alaska

The Last Frontier was the top tax-friendly state in 2023. It has no state income or Social Security taxes and no estate or inheritance taxes. “a gloriously low average state and local sales tax” 1.6% Alaska also has the lowest gasoline tax at $0.09 per g, pushing it to the forefront of the pack.