If you are thinking of retiring soon and are wondering if Delaware might be right for you, let us share some insight from Jane Meggitt of ZACKS, an investment research firm, the that might be helpful in your decision.
Delaware offers multiple tax benefits for those reaching retirement age. While some of a retiree’s pension and 401K is subject to federal tax and state tax, anyone over the age of 60 is allowed a $12,500 exclusion for pensions or eligible retirement income. Property tax is considered low compared to many other states and if you are a 65 or older homeowner, you qualify for a tax credit of up to $400 on your primary Delaware residence. Also, Delaware does not have Sales Tax, a benefit that those of any age can benefit from.
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