Delaware Taxes for Retirees
While it might not be one of the more common “dream destinations” for retirees, you may be surprised to learn how popular Delaware is with seniors. Besides the financial benefits, such as low
taxes and a relatively low cost of living, Delaware also has amazing beaches and easy access to cities like Philadelphia, New York City, and Washington DC.
Is Delaware Tax-Friendly for Retirees?
In short, the answer is yes, Delaware is tax-friendly towards retirees. Like most states, Delaware offers a few different benefits for retirees who choose to spend their golden years there. And of course, there is no state or local sales tax on anything purchased in Delaware.
Tax Benefits of Retiring in Delaware
Some of the benefits regarding Delaware taxes for retirees include:
- No taxes on Social Security benefits
- No state or local sales tax
- 50% of military retirement pay is tax exempt
- $12,500 exclusion for retirement income (such as pensions) if you are over 60
Should You Consider Moving to a Retirement Community in Delaware?
Besides the Delaware retirement tax benefits listed above, what other reasons are there to retire in Delaware? For one, the state has 28 miles of beaches, and a surprisingly vibrant restaurant scene and art scene. Plus, due to its popularity among the retirement set, Delaware is home to some of the most beautiful, amenities-filled retirement communities in the country.
If you’d like see the costs of retiring in a Delaware retirement community, choose one of our communities below to download a free information and pricing kit: