37 states that don't tax Social Security benefits Social Security benefits are not taxed in 37 states, but some of these states may not be tax-friendly for retirees, according to this article on Motley Fool. For example, although California doesn't tax retirement benefit, the state's average combined state and local sales tax bracket is 8.48%, while almost all types of retirement income, including distributions from 401(k)s, IRAs and pensions, are subject to tax.
Making a living as a freelancer? Here’s how to save for retirement A Roth IRA, a solo 401(k), a SEP IRA, and SIMPLE IRA are among the tax-advantaged savings vehicles that self-employed workers and freelancers can use to build their nest egg, according to this article on The Wall Street Journal. While retirement saving can be challenging, self-employed people should make it a priority and develop a long-term plan for building their nest egg. “Whether you are taking a gig or working full time for a corporation, you still need to have that same long-term plan. Your long-term plan doesn’t stop just because your source of income has changed,” says a certified financial planner.
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