It turns out, Colorado isn't just a cool place to raise a family, it's also a great place to retire in terms of money. According to an online financial guide, Colorado offers a lot of tax advantages for seniors.
As everyone knows...it's important to save for your golden years.
But according to Kiplinger.com, an online personal finance guide, Colorado has tax–friendly laws that help seniors save a lot of money during retirement as well.
For one thing, Colorado has a single, low state income–tax rate of 4.64 percent of federal taxable income.
Taxpayers 65 and above can exclude up to 24,000 dollars of Social Security and qualified retirement income from state income taxes.
Full–time residents 65 and older could qualify for a homestead exemption of up to 50 percent of their property value–up to a maximum of 200,000 dollars.
Also in Colorado, there is no inheritance tax.
The Colorado estate tax does not apply to decedents whose date of death is after January 1, 2005.
What this means is, according to Kiplinger.com, there are many tax benefits for seniors living in Colorado.
Talk to a tax professional to find out all the different ways you could be eligible to save money, starting at age 55, and the benefits grow as you get older.
See below for a link to Kiplinger.com.