Last Updated: 2026-04-09
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If you receive pension, investment, or other income from outside the US alongside Social Security, Wise transfers international income at the real exchange rate — avoiding expensive bank conversion fees that erode your retirement income.
⚠ For currency exchange only — not a bank account replacement.
Manage International Retirement Income →As of 2026, 41 states (plus Washington DC) do not tax Social Security benefits at the state level. The 9 states that still tax SS benefits are Colorado, Connecticut, Minnesota, Montana, New Mexico, Rhode Island, Utah, Vermont, and West Virginia. Among these, most offer exemptions for lower-income retirees — so average-benefit SS recipients (around $1,907/month) may owe little or no state SS tax even in these states. Missouri, Kansas, Nebraska, and Iowa all eliminated or substantially phased out their SS taxes between 2023 and 2026. Additionally, the 9 states with no income tax at all (Florida, Texas, Nevada, Wyoming, South Dakota, Tennessee, Alaska, Washington, New Hampshire) never taxed SS benefits.
Federal SS taxation uses a 'combined income' formula: AGI + nontaxable interest + 50% of SS benefits. For single filers: if combined income is $25,000-$34,000, up to 50% of SS is taxable; above $34,000, up to 85% is taxable. For married filing jointly: $32,000-$44,000 = up to 50% taxable; above $44,000 = up to 85% taxable. These thresholds have not been adjusted for inflation since 1983. Note that 'up to 85%' is the maximum fraction subject to tax — the actual calculation follows a phase-in formula in IRS Publication 915, not a cliff effect. The IRS's Interactive Tax Assistant or Tax Withholding Estimator can calculate your specific SS tax obligation.
Both are excellent. Pennsylvania's advantage is that it exempts ALL retirement income — not just SS, but also pensions, IRA withdrawals, 401(k) distributions, and government pensions. Florida has no income tax at all (same result), plus no estate tax, warmer climate, and generally lower healthcare costs for healthy retirees. Pennsylvania has one disadvantage: an inheritance tax (4.5% to children, 12% to siblings, 15% to others). For wealthy retirees concerned about estate planning, Florida is better. For middle-income retirees with significant pension income in a location near family (who may live in the Northeast), Pennsylvania can be extremely attractive — especially cities like Pittsburgh that offer affordable, high-quality living. The 'better' choice depends on your personal circumstances, family location, health needs, and climate preferences.
Yes, several strategies reduce the taxable portion of SS benefits by lowering your 'combined income': (1) Roth conversions before SS begins — converting traditional IRA to Roth reduces future required minimum distributions (RMDs), which increase combined income; (2) Qualified Charitable Distributions (QCDs) — if 70½ or older, donate directly from IRA to charity up to $105,000/year (satisfies RMD without adding to AGI); (3) Strategic withdrawal ordering — drawing from Roth accounts vs traditional accounts in high-income years keeps AGI lower; (4) Tax-loss harvesting — offsetting investment income with losses; (5) Delaying SS to age 70 to reduce the number of years in which SS is taxable alongside other high income sources. IRS Publication 915 contains the full worksheet. Consulting a fee-only retirement planner familiar with SS optimization is recommended for complex situations.
West Virginia is phasing out its Social Security income tax. Under legislation passed in 2023, WV began a gradual exemption: in tax year 2024, 35% of SS benefits were exempt; in 2025, 65% were exempt; by tax year 2026, the phase-out should be largely complete for most income levels (check the West Virginia State Tax Department at tax.wv.gov for the current year's exact rules, as details can vary). WV also reduced its income tax rates significantly starting 2023 (now 2.36%-5.12%). West Virginia is an increasingly attractive affordable retirement state — low cost of living, natural beauty, and improving tax treatment. This state has dramatically improved its retirement tax profile in recent years.
For a retiree with multiple income sources (SS + pension + IRA withdrawals), the best states are those that exempt ALL retirement income, not just SS. The clear leaders are: (1) Pennsylvania — exempts SS, all pensions, and all IRA/401(k) withdrawals; flat 3.07% on remaining earned income; (2) Mississippi — exempts all retirement income; very low cost of living; (3) Illinois — exempts all retirement income; 4.95% flat applies only to earned income; (4) Florida, Texas, Nevada, and other no-income-tax states — exempt everything. Contrast with states like New York or California that exempt SS but fully tax your $40,000 pension and $20,000 IRA withdrawals at their high progressive rates — the SS exemption may save you $1,500/year while the tax on other income costs $6,000-$10,000/year.