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these states without pension or Social Security taxes and man number five is gonna shock you I'm telling you I know let's click baby but it's I mean it's amazing I've done a iteration of this with just Social Security tax before but I wanted to throw the 13 states that don't tax both because I think it's actually even more important to especially if you have a pension now a lot of us don't have pensions anymore I get that but some of us still do in fact I'm not a not a not a small minority stars pension I think it's like 20 to 25 percent the population so this is a good video for you because if you have a pension and Social Security there are a couple of states in here they're gonna shock you that there might be a place for you to live I'm just telling you we shall see so welcome heritage playing both the head hair as well planning YouTube channel my friends the place you come to learn all taxes everything taxes everything's financial planning so subscribe down below and don't forget to hit the little bell up there are things up there to be notified for future content so let's dive right into it I just read this from US news I think is amuse news yeah US News and World Report and I used to give this as a hard copy a long time ago probably 25 30 years ago or something like that it's just funny how the magazine industry is just died so everything is now online now it's actually pretty interesting which is good because you can put more info out there in the land of the interwebs as opposed to a magazine like here's my Popular Mechanics one and you only got so much space you can put in there but I do say I still like having magazine where you can edit you here's a portable table saw for instance I just like the idea have a magazine my hands but I tell you they do they do end up pile up and pile up and very few get read that's too bad all right so what's top of the 13 states reduce your tax retirement tax bills retirees can help their savings last longer by moving to a place with lower taxes that's crazy who knew these 13 states don't tax Social Security or pension income however they have very different property and sales tax rates your property sales tax rates are different but in terms of income tax rate that is something you can control so it's good to be advised which should also be taken in consideration according to the data Wolters Kluwer attacks in the county and I'm a big fan of Walters and Kluwer I follow all that stuff that they do actually I don't have access to their premium website and I'm sure they have one CC CC H also is one I camera but there's a bunch of different tax forms AICPA thing a CC h Wolters Kluwer so anytime there's an article from these guys i'm always on it like white on rice alright so let's jump right up we're gonna talk about Alabama first and we got this little slide shows state of Alabama doesn't tax Social Security benefits or traditional pension payments property owners now Bama paid just a median of five hundred fifty six dollars in real estate taxes the state's sales tax is also relatively low I'm not that's finite the other day I'm just mostly interested right now and Social Security or pension so Alabama doesn't tax Social Security or traditional pension payments now you I've did a video on all this on my fifty state-by-state guide to taxes in retirement for property sales and income tax and right now I'm just gonna focus on the income tax side of it so Alabama if you have a pension Social Security your tax free all right obviously the last we can be next as you can see Alaska there we go guys scroll up I guess yep there we go Alaska is the only state with no state income tax and no state sales tax and we talk about property but they don't have a state income tax so if you don't have a state income tax inherently you don't have tax on pension or your Social Security so let's keep going down for do the same thing I'm telling you Sephora des has a doesn't have an income tax either so I mean if you don't have an income tax so Tennessee in Hampshire those are gonna be part of this but there's a couple of surprises right here Illinois the state of Illinois is allows retiree residents to subtract their social security income from their AGI just gross income income from federally qualified pension plans and IRAs is also generally exempt from state tax let me just tell you I was working with a wonderful couple in Illinois just last week big bucks big bucks they're gonna have coming from pensions IRA distributions and Social Security not big taxes the fact we're we're running the numbers and the taxes are going to be minimal at best something because Illinois is a heavy Union state and the yunus government poison is love but the facts are they lobbied hard to get tax benefits retired benefits free now you might not like that frankly doesn't matter it is what it is and so if you're a retiree in Illinois with pension and or Social Security you're not paying any income tax which is crazy in a good way it's crazy when you think about this Illinois were talked about Illinois we're not talking about Tennessee and yet these guys are gonna live large and so we're doing lots of Roth conversions to take advantage of the tax code because you never know what the tax law changes I mean at some point Illinois is gonna have to pay the piper for their sick pension god they just their pension system is just messed up there's no other way around that at some point they have to pay it so I'm telling these guys I'll tell user at resident of Illinois better start moving money over the Roth because you will not pay state of Illinois taxes on those conversions and you won't pay on a pension and you won't pay on your Social Security either so if you start switching that sucker over as much as you possibly can that's a good place cuz at some point that tax law might change alright so Illinois that's number five that's the one that's always shocks people for sure then we got a little advertisement here and let's keep going the power of online experiments Mississippi is another favorable one pension and annuity payments and income from qeh plans and IRAs are exempt from state tax as well as Social Security so again we've got pension annuity payments and I raised Keogh plans and in Social Security Mississippi and obviously it's a low cost living State - but man the humidity whoo hew maybe we'll get you down there for sure but it's a beautiful state that's where Walter Payton Jackson State University the best running back of all time other than Jim Brown in my opinion some will say Eric Dickerson I don't think so I think Walter Payton somebody said what same Emma Smith Walter Payton don't forget Walter Payton didn't have any opera linemen for the first decade of his career and the Bears are horrible horrible and he was still getting you know 1,800 yards a year and that was when I think Billy started with 14 games - I think they what they went to 16 is 77 and Peyton's first two years is just 14 games he's still got like 1,500 yards with no alignment to speaka Nevada again that doesn't shock you they don't have a state income tax so that's oh that's a no brainer there let's keep going New Hampshire no state income tax now they do tax dividends and an interest but no state income tax in New Hampshire will happen they won't charge a pension or their social security because there's no state income tax let's keep rolling here have PA is a big one so we're security benefits are not included in taxable income in the state of Pennsylvania distributions for 401k and similar type work a workplace retirement accounts and Ira drawers are also generally extent exempt from state income tax as well so again so scary Bevin saw tax and basically distributions from other retirement accounts are not taxed as well so PA is another shocker right Pennsylvania again how Union states so they're going to have to protect in the pension so that the union members get and again that's what unions are supposed to do they're supposed to protect their members that's fine and so PA doesn't tax Social Security and they don't tax basically all your other distributions as well from retirement accounts that's that's good place to be let's keep going South Dakota no state doesn't income tax no income tax no tax it's just blue that simple we're gonna get to Tennessee here next let's see where we are Tennessee dividends an interest in only thing the tax so they're not tax offenses they're not taxed social security because there's no income tax in Tennessee all right so we know that taxes no state income tax the knock on tax your divot or you're not going to tax your pensions or social security because there's no income tax washing a state no income tax so they're not going to tax your pensions or do our social security because there's no income tax either and we're not talk about property taxes again or sales taxes I've already done that and again Wyoming if I only doesn't tax having income tax either so at the end of the day the two big ones here are Illinois and Pennsylvania when it comes to not having where they do have state sales or state income tax but they don't tax pensions and they don't tax Social Security so it's pretty interesting huh I'm a big fan I don't know who Emily Brandon is who wrote this article about a year and a half ago but PA in Illinois right up there no taxes on Social Security and or pensions Alabama's the same thing even though they do have an income tax Mississippi same thing even though they have an income tax I should say for Soga Alabama Mississippi Illinois and Pennsylvania so there you have it if you're living in one of those four states you don't need to relocate to Texas or Tennessee or New Hampshire because you're already in a tax-free state for your pension maybe your IRA and certainly their Social Security as well hope you find this helpful my friends as always comment down below subscribe subscribe thumbs up always help go the blog at heritage wealth planing calm got the podcasts out there I'll show you that we're gonna do lots of calculators on there as well so if you like what you see just go there and then subscribe here to the YouTube channel see you next time thanks guys