Save Money on Your Social Security: Check Which States Have Lower Taxes in 2023

All US citizens are required to pay taxes, but it’s important to know the secrets that can save you money on your Social Security check. Different states have varying tax rates for 2023, meaning some residents will pay more or less in taxes.

If you plan on moving to a different state, consider those with lower tax rates in 2023 to save more money on your Social Security in 2024. This can provide some relief for those looking to live with a bit more financial freedom each month.

Certain states will offer lower Social Security taxes in 2023, reports MoneyTalksNews. Alabama will allow taxpayers aged 65 and older to exclude the first $6,000 from taxes. Delaware offers a tax exclusion of $12,500 for seniors over 60. Iowa exempts residents aged 55 and older, disabled individuals, and widows from various taxes. Rhode Island exempts military pensions from taxes, and Social Security retirees who have reached Full Retirement Age also receive a tax break. Finally, some eligible taxpayers in Nebraska can receive a 60% Social Security tax break, while veterans aged 55 and older in Virginia can enjoy discounts on retirement taxes.

Living in certain states can significantly impact our monthly Social Security benefits, but we can seek help if we have tax-related questions. Remember, we have until April 18 to file our 2022 tax returns.