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For example, Maine offers a pension exemption, while pensioners, 59 ½ or over, may qualify for an exemption in New York. Unfortunately, there are states that tax Massachusetts pension in full. Connecticut, Rhode Island and Vermont are included in that group.
Is Maine a good place to retire? Maine is a popular retirement destination for many Americans seeking a peaceful and scenic environment with access to outdoor activities, fresh seafood, and a vibrant cultural scene.
Maine is a moderately tax-friendly state for retirement. The state exempts Social Security income from state income taxes, but other retirement incomes are taxable. Retirement incomes such as distributions from 401(k) and IRA, public pensions, and company pensions are taxed at the state income tax rates.
Maine Income Tax Brackets for 2023 Here's how it breaks down for this individual: The first $24,500 of income is taxed at 5.80% ($1,421) The next portion of income from $24,500 to $58,050 is taxed at 6.75% ($2,265) Finally, the remaining income from $58,050 to $350,000 is taxed at 7.15% ($20,874)
Most tax-friendly states for retirement. One of the states with no income tax, Alaska doesn't have estate or inheritance taxes, either. It does not have state sales tax, but local tax can easily result in higher total sales taxes than other states have, especially considering that groceries are also taxed.
Overview of Maine Retirement Tax Friendliness While Maine does not tax Social Security income, other forms of retirement income are taxed at rates as high as 7.15%. It also has above average property taxes. To find a financial advisor who serves your area, try our free online matching tool.
For tax year 2022, Maine allows for a deduction for pension income of up to $25,000 that is included in your federal adjusted gross income.