One cannot escape taxes even after one retires. But there are certain states that are more tax-friendly than others. And for the individuals who are going to retire and live on a fixed income, these tax-friendly states can be a better choice. So that they can comfortably spend their money as well as enjoy their golden retirement years in peace. This list examines the best states for retirement in terms of taxes and takes into account the three types of taxes, i.e. income tax, sales tax and property tax.
Wyoming
With no individual or corporate income tax, Wyoming has low excise and sales taxes of 4.65% and property taxes of 0.61% (one of the lowest in the country). Which is why Wyoming is so popular amongst retiring individuals. But low taxes doesn’t mean, mediocre state services, Wyoming is equally known for its top-notch approach towards public welfare.
Alaska
Alaska actually pays its residents the Permanent Fund Dividend of Alaska distributes an annual payment to each legal citizen, which pays an Alaskan around an $1000 on an average, every year. The state doesn’t have income tax, its average sales and excise tax is a merely around 1.65% and the property tax is 1.18%.
South Dakota
South Dakota levies income tax in the state, and has a property tax of 1.32% with low sales tax rates (sales tax is applicable to non-prescription drugs and food, effectively raising it to 5.,37%). The state is renowned for its quality services in sectors like infrastructure such as real estate and transport. It also known for a great healthcare system.
New Hampshire
Although NH doesn’t charge income tax and has low effective excise and sales taxes of 1.65%, it has high property taxes of 2.15% (one of the highest in the country). It also taxes interest and dividend incomes at 5%. However, New Hampshire has a brilliant safety services.
North Dakota
North Dakota does have income tax between 1.1%-2.9%, making it the nation’s lowest, with property taxes of 1.1% and effective excise and sales taxes of 5.58%.
Florida
Sunny Florida is not just an ideal destination for vacation but also a great tax friendly option for retirees. It has a property tax of 1.06% and no income tax. On the other hand the effective sales and excise taxes range around 5.45%.
Washington
No income tax (personal or corporation), with 1.09% on property tax, Washington the highest effective excise and sales tax is around 8.16%. This makes Washington a great option for retiring individuals who have a higher spending capability.
There are companies that work on collecting and maintaining credit information of consumers. These are known as credit reporting agencies (CRAs). There are three such major CRAs in the country, namely Equifax, Experian, and TransUnion. Apart from these, there are other smaller-scale agencies too that specialize at the job. If you’re worried about “where to get my credit score?,” the larger CRAs are the most reliable bets.
These major CRAs obtain information from companies that you hold business and transactions with. People or companies that lend you money regularly report to these CRAs on your repaying status. There is also detailed information on the amount you are indebted and whether you have ever defaulted on your payments. Aside from the reports obtained from lenders, these companies also tally your general records based on certain other aspects. Some of these aspects are your public records from the local and state judiciary. These include your tax records and bankruptcy information. This information makes up an important chunk of your credit score and its report.
Equifax
Present in 24 countries, Equifax is an agency that offers consumers protection against identity theft and credit fraudulence. They also sell credit reports and credit monitoring assistance to businesses.
Experian
Experian started off in London and is now a trusted agency in 39 different countries. It provides you with a credit score, credit report, and even credit tracker on subscription. The agency uses FICO 8 system of credit score calculation. Experian was a part of Forbes’ “World’s Most Innovative Companies” in 2018.
TransUnion
Based across 30 countries with a database of over 1 billion consumers, TransUnion is another CRA giant. The agency, like the other ones, will provide you with your credit score and your credit reports. In case you decide to freeze your TransUnion credit report, it will also go the extra mile to notify Equifax and Experian, which frankly is a big help especially in case of identity theft and credit fraud.
So, the next time you are sat wondering “where to get my credit score?,” think of these three giants that provide you with an annual credit score and credit report for free once each year. However, if you are looking for more frequent updates, you can subscribe to their services and receive your monthly updates.
Did you know that you have more than a single credit score? Agencies calculate your credit score based on the data in your credit reports. If you are wondering, “where to get my credit score?,” there are three main credit reporting agencies. These can have different credit scores for you if your information on each of their credit reports is different. Also, these agencies charge a fee to reveal your credit score.
Recently, it has become easier to track and get hold of your credit score without paying any fees. You can get it from your credit card company, your loan provider, and even from a non-profit counselor. Here are a few tips you can use to check your score.