The Impact of Your State on Your Social Security Benefits
Wednesday, 8 May 2024, 14:00
Impact of State on Your Social Security Benefits
Your benefit won't change, but the amount you get to keep might. Moving can alter your financial plans due to differences in the cost of living.
Factors Affecting Your Benefits
- The number of years you have worked.
- Your income during those years.
- Your claiming age.
State Taxes and Your Benefits: Ten states tax Social Security benefits for some seniors, impacting how much you keep based on your residency.
Conclusion: Your Social Security benefits may not change due to a move, but state tax laws can affect the amount you retain, emphasizing the importance of evaluating the financial implications before relocating.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.