Best States for Small Business Owners to Go When They Retire

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A comfortable retirement is a lifelong goal common to people of almost any age, in any profession, and from every state.

But that isn’t to say retirement has equal value across state lines. Taxes, cost of living, and even climate give certain states an upper hand when it comes to retirement; the same income and investments can have much different values in different parts of the country. Today, we’re ranking the top states that can be ideal for retirement.

Before making any plans, we recommend speaking with a financial advisor, who can help you find the state that makes the most sense for your financial situation. Our free quiz can match you with up to three fiduciary advisors in just a few minutes, each obligated to work in your best interest.

The value of working with a financial advisor varies by person and advisors are legally prohibited from promising returns. However, research suggests people who work with a financial advisor feel more at ease about their finances and could end up with about 15% more money to spend in retirement.1

Best States for Minimizing Taxes in Retirement
If shrinking your tax liability is high on your list of priorities, a few states stand out. The winners on our list below either have no state income tax, no tax on retirement income, or a substantial discount on the taxes levied on retirement income. But that’s just the start.

While several additional states have no state income tax, the states that made our list also have favorable sales, property, inheritance, and estate taxes.

Alaska
Florida
Georgia
Mississippi
Nevada
South Dakota
Wyoming
If those seven locations aren’t ideal, consider the next tier of tax-friendly states. Tax benefits aren’t quite as high as those above, but they do stand out in one specific category: no taxes on social security income.

That’s not to say they don’t make up for it in other areas, however. Washington State, for example, has no state income tax, but does have a 6.5% state sales tax. Still, it’s always beneficial to avoid income tax when possible.

Alabama
Arkansas
Colorado
Delaware
Idaho
Illinois
Kentucky
Louisiana
Michigan
New Hampshire
Oklahoma
Pennsylvania
South Carolina
Tennessee
Texas
Virginia
Washington
West Virginia