Although it is not a tax haven, New Mexico does provide some tax advantages to its citizens. For instance, the state provides a low-income tax credit and there is no state tax on Social Security benefits. A excellent spot to own a home is the state because it also has a low property tax rate.
There are many excellent possibilities in New Mexico if you’re looking for the greatest spot to call home. Popular city Santa Fe features a thriving arts and culture scene in addition to fantastic recreational pursuits like skiing and hiking. Another excellent choice is Albuquerque, which has a diverse population and lots of career options. With a solid economy and a low cost of living, Las Cruces is also a fantastic choice.
Due to its affordable cost of living and pleasant environment, New Mexico is a fantastic state to retire to. With the state’s low property tax rate, buying a home is simple for those living on a fixed income. The state also provides retirees with a number of financial advantages, such as a tax exemption on up to $8,000 of retirement income.
In New Mexico, you can retire at any age, but some retirement benefits might not be available to you until you reach a specific age. For instance, you can begin getting Social Security benefits as early as age 62, but if you do so before reaching your full retirement age, which is typically about age 67 for most people, you will receive a lower payment. Furthermore, depending on the pension plan, you might not be able to begin collecting payments if you have a pension until you reach a specific age.