Joseph A Leonard - Wealth Management & Consulting

In an attempt to draw well-off retirees to Georgia, Governor Perdue has increased the tax breaks that they would receive as residents of the state. There are new taxes on hospitals however, if you are over the age of 62, you are not subject to income tax on your social security income or any income you make up to $70,000 with this amount rising to $130,000 by 2016. However, Georgia is not the only state trying to attract the retirees.

There are seven states that do not have a state income tax, which retirees may find extremely appealing. They are Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. Other states only tax dividends and interest earned. Many other areas simply do not tax social security benefits at all. These are all things to consider when you are trying to figure out where is the best place to go when you do decide to retire. Contact your local Retirement Planner in North Carolina to review your comprehensive retirement options.