10 States Where Retirees Would Save the Least

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10 States Where Retirees Would Save the Least

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What could a retiree’s financial picture look like without Social Security taxes? Donald Trump, the *********** candidate for president, has presented an economic plan to eliminate tax on Social Security wages along with a lowered corporate tax rate.

While this plan would provide some seniors with immediate relief, this type of federal tax cut wouldn’t be universally beneficial to all in

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. This is particularly true of retirees who live in states where they are taxed the most. Because Trump’s proposed federal tax cut would not affect state taxes, these retirees ultimately would save the least.

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Utilizing GOBankingRates data ranking all 50 states based on the best and worst to retire rich in, we pulled 10 states with tax rates and state taxes that still would make it complicated for

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if Social Security taxes were eliminated.

DenisTangneyJr / Getty Images/iStockphoto

State sales tax: 8.85%

Median property tax rate: 0.75%

Estimated property tax: $6,017

Average Social Security benefits: $1,883

State tax on Social Security benefits: No

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State sales tax: 7.81%

Median property tax rate: 0.55%

Estimated property tax: $3,087

Average Social Security benefits: $2,022

State tax on Social Security benefits: Yes

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DenisTangneyJr / Getty Images/iStockphoto

State sales tax: 6.35%

Median property tax rate: 1.79%

Estimated property tax: $7,510

Average Social Security benefits: $2,171

State tax on Social Security benefits: Yes

Art Wager / Getty Images

State sales tax: 4.50%

Median property tax rate: 0.32%

Estimated property tax: $3,180

Average Social Security benefits: $1,942

State tax on Social Security benefits: No

DenisTangneyJr / Getty Images/iStockphoto

State sales tax: 6.25%

Median property tax rate: 1.14%

Estimated property tax: $7,227

Average Social Security benefits: $2,080

State tax on Social Security benefits: No

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DenisTangneyJr / Getty Images/iStockphoto

State sales tax: 6.60%

Median property tax rate: 2.23%

Estimated property tax: $11,806

Average Social Security benefits: $2,139

State tax on Social Security benefits: No

Sean Pavone / Getty Images/iStockphoto

State sales tax: 7.62%

Median property tax rate: 0.67%

Estimated property tax: $2,016

Average Social Security benefits: $1,789

State tax on Social Security benefits: Yes

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FilippoBacci / Getty Images/iStockphoto

State sales tax: 8.53%

Median property tax rate: 1.40%

Estimated property tax: $6,108

Average Social Security benefits: $1,931

State tax on Social Security benefits: No

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State sales tax: 7.00%

Median property tax rate: 1.40%

Estimated property tax: $6,470

Average Social Security benefits: $2,018

State tax on Social Security benefits: Yes

DenisTangneyJr / iStock.com

State sales tax: 6.36%

Median property tax rate: 1.83%

Estimated property tax: $7,035

Average Social Security benefits: $2,045

State tax on Social Security benefits: Yes

Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on

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Tax data was sourced from The Tax Foundation and is accurate as of May 7, 2024.

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#States #Retirees #Save

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