Ask Bob: What Are Tax-Friendly States for Retirees?
Robert Powell, CFP®
Question: Where can I get the most tax-efficient income in retirement? My wife and I currently live in Ohio and we are looking to buy a second home in Nevada or Utah. We would like to establish residency of six months and a day in one of those two locations.
We expect to have income from two 401(k)s, my wife's pension, Social Security, and part-time income. I'm not sure how our retirement income will get taxed in Ohio compared to Nevada or Utah. Where do you think we will get the most bang for our buck?