Mississippi less taxing for retirees

 

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By BECKY GILLETTE

Mississippi has been named the No. 4 most-friendly tax state for retirees by Kiplinger’s Personal Finance in the recently released 2017 Retire Tax Map which looks at the most and least tax-friendly states for retirees across all 50 states.

Sandra Block, senior editor, Kiplinger’s Personal Finance, said one reason Mississippi scores so high for being tax friendly for retirees is because the state exempts all qualified retirement income from state taxes.

“For that reason, it compares favorably with states that have no income tax (unless seniors have earned income from a part-time job, which would be taxable),” Block said.

On the local level, property taxes are more favorable in Mississippi than many states. Block said property taxes are below average for the U.S.—the median property tax on the state’s median home value is the 14th lowest in the U.S.

Mississippi Development Authority Executive Director Glenn McCullough, Jr. was not surprised at Mississippi’s high ranking for being tax friendly to retirees.

“Mississippi offers our residents an abundance of affordable, unique and authentic lifestyle offerings,” McCullough said. “Mississippi honors and recognizes the professional and civic contributions of retirees. The state’s generous exclusion of taxable Social Security benefits, retirement income such as pensions, IRAs and 401ks is attractive to retirees seeking to relocate. Mississippi’s high ranking for being tax-friendly to retirees serves as another competitive advantage found in the Magnolia State.”

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